Source - SMW
Magnolia Petroleum said its total developed producing oil and condensate reserves had fallen to around 274.5m barrels, down from 282.7m barrels.

Net gas reserves, meanwhile, had fallen to around 1.69bn cubic feet, down from 2.34bn cubie feet. 

The decreases were related the sale of some wells, partly to pay down debt.

"The updated reserves report demonstrates the significant asset backing behind Magnolia, even after taking into account factors such as the realignment of our portfolio of producing wells," chief executive Rita Whittington said.