The onshore US-focused company said on Friday it would pay a cash consideration of $546,000 for the acreage, which is predominantly located in Daniels County. Funds were expected to be derived from Magnolia’s existing cash balance.
This acquisition brings the company’s total acreage in the district to 31.8 square kilometres.
Magnolia chief operating officer Rita Whittington said the area was believed to have potential to become a significant extension for production from the Bakken/Three Forks Sanish formations.
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