Magnolia Petroleum Plc (OTC: MGPTF) secured a new US$6 million two-year credit facility, which will support drilling and future acquisitions in U.S. onshore formations, the company said Sept. 9. It replaced the $5 million facility, the company added.
An initial borrowing base of about $4.5 million was set and will be reassessed every six months, Magnolia said.
Magnolia has 162 million barrels of oil and condensate and 540 million cubic feet of gas reserves that are proved developed producing. They have a net PV-10 value of about $9.1 million, the company added.
Magnolia Petroleum Ltd., incorporated in the U.K., has a main office in Broken Arrow, Okla. It acquires and develops oil and natural gas properties in the U.S.
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