Magnolia Petroleum will receive $240,750 in cash for the minority interests which range between 0.0068% and 1.54%.
The sale is part of the company’s ongoing portfolio management of leases covering more than 13,500 net mineral acres in proven US formations.
The transaction proceeds will be used by the company to reinvest to help prove-up additional reserves in core areas in North Dakota and Oklahoma.
Magnolia Petroleum COO Rita Whittington said: "We are delighted with the $240,750 sale proceeds for these wells, which, at a multiple of almost three times the value ascribed to their PDP reserves, provide a ready-made example of how the market values non-operated properties in the US.
"The value of our PDP reserves for our producing wells now stands at more than $9m, while our proven reserves have been independently valued at $31.832m.
"With a remaining 147 producing wells, 79 additional wells at various stages of development and more than 600 potential drilling locations on our acreage, there remains considerable scope for further significant growth, as we prove-up the reserves on our leases through drilling."
