The company has a 1.3344% working interest in this well in the prolific Bakken formation and drilling is expected to begin on 15 February 2012.
Magnolia COO Rita Whittington said the company is now participating in six wells in the Bakken formation, where production continues to increase.
"Outside of the Bakken, we remain highly active in the Three Forks Sanish formation in North Dakota, the Woodford/Hunton reservoirs in Oklahoma and the oil rich Mississippi also located in Oklahoma," Whittington said.
