Magnolia Petroleum revenues surge in the first half

10th Sep 2013 07:24

Magnolia Petroleum's first-half revenues jumped by more than 200 per cent and the pace of increase is increasing, the oil and gas company said.Revenues increased by 223% to $910,721 (£580,188) in the six months to June 30th and were 27% up on the full year for 2012, the company said in a statement. June 2013 revenues were 1.5 times higher than January's.Stripping out foreign exchange losses, earnings before interest, tax, depreciation and amortisation (EBITDA) swung to a profit of $237,552 from a loss of $485,464 a year earlier.Magnolia's business is focused on potentially fertile US oil grounds in Oklahoma and North Dakota. It is seeking to fund its activities internally through rapid development of existing sites. Chief Executive Steven Snead said: "We expect to see a major upgrade in our 2P [proven plus probable] reserves and a further increase in net daily production, all of which will demonstrate that we are moving ever closer to transforming Magnolia Petroleum into a significant US onshore focused oil and gas company."As reported on September 9th, AIM-listed Magnolia's production increased by 75% to 214 barrels of oil equivalent per day at August 1st from the start of the year.