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Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, announces its final results for the year ended 31 December 2013.
Highlights:
* 48% increase in number of wells on Magnolia’s leases in proven US onshore formations to 149 as at 31 December 2013 (2012: 101) – 140 producing and 9 drilling/completing
* 244% increase in full year revenues to US$2,443,244
* Full year EBITDA of U$975,622 compared to loss of US$359,944 in 2012
* US$5 million three year revolving line of credit secured to help fund multiple proposals to drill new wells on Magnolia’s 13,500 net mineral acres
* £1.5 million capital raised to acquire acreage in proven onshore US formations such as the Bakken, North Dakota and participate in wells with leading operators such as Marathon Oil and Statoil
Magnolia CEO, Steven Snead said, “As evidenced by the 48% year on year increase in the number of wells to 149, 2013 saw a step up in drilling activity on our leases in proven US onshore formations such as the Bakken and Three Forks Sanish, North Dakota, and the Mississippi Lime and Woodford, Oklahoma. Not all of these wells were producing by the end of the period, but we still saw a 244% jump in full year revenues to US$2.443 million. We are delivering on our strategy to rapidly grow production and generate higher revenues that are recycled into new wells, and in the process systematically prove up the reserves on our leases. 2014 has got off to a good start and we expect further strong growth in well count, production and revenues. Already our well count including those that are producing and under development now stands at 171, a 15% increase since the year end.”
