Magnolia Petroleum COO Interview Q1 FY12

Friday, Feb 10 2012 by
5
Rita Fern Whittington Magnolia Petroleum Chief Operations Officer
Rita Fern Whittington, Magnolia Petroleum, Chief Operations Officer

Magnolia Petroleum (LON:MAGP) is an AIM listed independent oil and gas exploration and production company, targeting prime areas of US oil and gas development in North Dakota and Oklahoma. Magnolia Petroleum who raised £1.2m as a part of its November 2011 UK listing move from the Plus market to the AIM, is based in Tulsa, Oklahoma and has non-operated interests in two unconventional resource plays in North America, namely the Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the Woodford/Hunton reservoirs in Oklahoma. Also, as a strategic move following its AIM listing Magnolia Petroleum have acquired a 100% interest in 800 acres in the oil producing Mississippi Lime formation, Oklahoma and minority interests in leases over a further 284 net acres, with the aim to spud a first Magnolia operated well by the end of this year.

Since the AIM move, Magnolia Petroleum has seen the volume of shares traded rise considerably and seems to have captured the interest of UK retail investors. Some other popular UK listed ‘penny share range’ O&G companies with US interests include, Range Resources (LON:RRL) who have oil and gas producing interests at the North Chapman Ranch and in East Cotton Valley Texas, Aminex (LON:AEX) who are interested in producing assets in a number of Texas projects as well as from the Shoats Creek Field in Louisiana, Caza (LON:CAZA) focus on the development and production of hydrocarbons in the Texas Gulf Coast, South Louisiana, Southeast New Mexico and the Permian Basin of West Texas regions of the United States, and Nostra Terra Oil And Gas Co (LON:NTOG) who are a sub penny play focusing on exploiting emerging plays in Kansas, Texas, Colorado and Oklahoma.

Following the recent AIM listing and Mississippi Lime formation acreage acquisition, Rita Whittington, the Magnolia Petroleum, Chief Operations Officer, has taken time out to discuss various aspects of the business, including, current drilling operations, the Bakken and Mississippi formation and their growth strategy.

Q1. Briefly, could you describe Magnolia Petroleum’s history and business model?

Magnolia is an oil and gas exploration and production company that was founded in 2008 to acquire and develop oil and gas properties in known and proven…

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Disclaimer:  

This content has been created for information purposes only, and is NOT, in any way, a recommendation to invest.  This communication is a snapshot of a certain aspect of a discussed business at a moment in time, and is merely a basic starting point for research.  The article/thread has been created with honesty and integrity in mind and is based on publically available information sourced in relation to the title, such as from, RNS announcements, published reports, management comments, analyst reports, media coverage etc.  To this extent the author who has written the piece in good faith accepts no liability for the accuracy of the information and urges all readers to verify the content independently.  Please note that the value of investments may fall or rise and you may not get back the amount originally invested, or in some cases your investment may be wiped off altogether.  When investing, bear in mind that past performance is not a guide to future performance and that qualified independent financial advice should be sought before buying or selling shares.  The Author of this article may hold shares in the companies discussed.


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Magnolia Petroleum plc is a United Kingdom-based oil and gas production company. The Company acts as a holding company and conducts its business through its subsidiary, Magnolia Petroleum Inc. (Magnolia), an independent oil and gas exploration and production company. The Company, through Magnolia, is principally engaged in the acquisition, exploitation and development of oil and gas properties primarily located onshore in the United States. Magnolia holds leases in respect of approximately 11,520 gross acres across 28 sections, equating to around 421 net mineral acres within the boundaries of the Bakken/Three Forks Sanish formations. Magnolia holds leases covering approximately 5,500 net mineral acres in the Mississippi Lime formation in Oklahoma. Magnolia also holds leases in the Woodford formation in Oklahoma and interests in five wells from various other formations in Oklahoma, such as Hunton, Springer and Cleveland. more »

LSE Price
0.175p
Change
 
Mkt Cap (£m)
2.2
P/E (fwd)
n/a
Yield (fwd)
n/a

Range Resources Limited (Range) is an exploration and production company. The Company is engaged in oil and gas exploration, development and production in Trinidad where it has interests in three onshore production licenses, including Beach Marcelle, South Quarry and Morne Diablo, as well as additional prospective exploration acreage on Guayaguayare and St Mary's licenses. more »

LSE Price
0.48p
Change
1.1%
Mkt Cap (£m)
37.3
P/E (fwd)
n/a
Yield (fwd)
n/a

Aminex PLC is a United Kingdom-based company, which is engaged in exploration for and the development and production of oil and gas reserves. The Company's operating segments include Producing Oil and Gas Properties, Exploration Activities and Oilfield Services and Supplies. The Company operates in Tanzania, Egypt and Moldova. In Tanzania, the Company operates through its wholly owned subsidiary Ndovu Resources Limited (Ndovu), which has a 58.5% working interest and is the operator of Kiliwani North Development license. Its other operations in Tanzania include Ruvuma Exploration License and Nyuni Exploration License. At the West Esh el Mallaha-2 (WEEM-2) concession in Egypt, the Company holds a free-carried 10% interest through a shareholding in Aminex Petroleum Egypt Limited. The Company has an interest under the terms of a partnership agreement with Valiexchimp SRL, the concession-holder of two licenses for the Valeni and Victorovca oil and gas fields in the Republic of Moldova. more »

LSE Price
1.25p
Change
-3.9%
Mkt Cap (£m)
24.5
P/E (fwd)
0.4
Yield (fwd)
n/a



  Is Magnolia Petroleum fundamentally strong or weak? Find out More »


3 Comments on this Article show/hide all

Elias Jones 16th Feb '12 1 of 3

Rita mentioned in the recent interview that they had acquired 800 acres in the Mississippi
Lime Formation, now yesterday they announced that they have acquired an additional 480 gross acres in the reopening oil play with an average 83.33% working interest.

http://www.stockopedia.com/share-prices/magnolia-petroleum-LON:MAGP/news/rns/120215magpp06d6.htm/?title=foa-signed-for-additional-acreage

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Elias Jones 25th Apr '12 2 of 3
1

Anyone interested in meeting Rita Fern Whittington (the lady pictured above) and asking some questions?

Magnolia Petroleum who have participated in 27 out of 28 successful commercial wells to date are presenting to interested investors in London on Wednesday 23rd May 2012 at the Novotel, London Tower Bridge.

Mining and Resources Quarterly Investors Event
Registration & Details

http://www.mrqonline.co.uk/events/


Oilbarrel published a good Magnolia Petroleum article covering the progress to date and Mississippi Lime play potential today:

Magnolia Petroleum Acquires More Acreage In The Emerging Mississippi Oil Play In Oklahoma
http://oilbarrel.com/news/magnolia-petroleum-acquires-more-acreage-in-the-emerging-mississippi-oil-play-in-oklahoma

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Elias Jones 12th May '12 3 of 3

If anyone is interested in Magnolia Petroleum but are unable to attend the investors event noted above, I am hoping to attend the event and also meet up with Rita for a chat during the week at St Brides bow street offices. I will write up and share with the Stockopedia users the information gleaned and responses to my questions.

If someone has a pressing question they would like asked and are unable to attend the event, just let me know and I will do my best.

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About Elias Jones

Elias Jones

I invest in sectors that are of interest to me and tend to look for the penny share AIM companies that have the transformational potential, which also tend to be by nature high risk investments, some come off some fail. One key aspect of investing for me is the approachability, quality and integrity of management, once I fear those have gone or if the fundamental aspects take a nose dive, that’s usually it for me regardless of asset/future potential. I only invest in a clutch of firms and usually keep an eye on a few other potential firms which I may add at some stage. I don’t mind waiting around if there is potential, I still keep my Marconi certificate to remind me of what can happen, and to the day kick myself for not snapping up Next at 18p many moons ago when I was so close to buying! more »

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