PORTLAND, Maine, Oct. 25, 2011 /PRNewswire/ -- Magellan (NASDAQ: MPET) (ASX: MGN) has begun a new series of infill wells at Poplar Field in Roosevelt County, MT. The aim of this drilling program is to boost Magellan's production levels while providing useful data for implementing a CO2-enhanced oil recovery pilot.
The first infill well, EPU 119, was completed during the week of October 17th in the B-2 zone of the Charles formation. Swab testing indicates oil production of approximately 45 barrels per day. Following several weeks of pump-testing, Magellan will evaluate a second interval in this well given the significant upside potential in several zones behind pipe.
Magellan will continue to communicate significant operational results to the market as they occur. Going forward, Magellan will release information on partner activity, marketing, and other material events only as developments become definitive.
FORWARD LOOKING STATEMENTSStatements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are: (i) whether the recent infill well activity at the Poplar Field will successfully boost Magellan's production level and yield data necessary to successfully implement a C02-enhanced oil recovery pilot; (ii) whether swab testing results accurately depict future oil production capabilities from the B-2 zone of the Charles; and (iii) the production levels from the Poplar Field and the recoverable reserves at that field. SOURCE Magellan
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV