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Magnolia Petroleum gains stake in new Oklahoma gas wells

Edward Swift

LONDON (ShareCast) - (ShareCast News) - Magnolia Petroleum (LSE: MAGP.L - news) has announced it is working with Continental Resources (NYSE: CLR - news) to drill 10 new gas wells in Oklahoma. The AIM listed company announced on Friday the new wells will be drilled in the Woodford formation, from which it's estimated a total of 3.2bn barrels of conventional oil have been recovered from 60 reservoirs.

It (Other OTC: ITGL - news) will hold an average net working interest in each well of 0.525%, with the company's total cost for all 10 wells estimated at $0.59m. The total cost of each well ranges from $8.8m to $13.1m.

The first well will spud in October.