Magnolia Oil and Gas Corp. plans to continue operating a two-rig program in South Texas this year, which it expects to generate “high single-digit production growth” from the Eagle Ford Shale and Austin Chalk programs, CEO Steve Chazen said last week.

Magnolia

CFO Chris Stavros said one rig would be “dedicated to drilling development wells” in the Giddings field, where Magnolia launched a full development program in 2021. The second rig would drill appraisal wells in Giddings, as well as “a mix of development wells” in Giddings and in Karnes County  acreage.

Investor relations chief Brian Corales told NGI the company is drilling in the Eagle Ford and Austin Chalk in the Karnes asset. In Giddings, north and east of Karnes, the company is targeting the Austin Chalk.

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