VAALCO, a partner with Magellan in Roosevelt County announced their Q3 results. For the quarter their profits were up over $5 million dollars over last quarter.
During the third quarter of 2011. The Magellan deal with a working interest in 22,000 net acres on the Poplar formation closed in September. Meanwhile they have begun to plan to exercise their 70% working interest in their Sheridan county property. Planning and contracting for drilling rigs on both Roosevelt and Sheridan county properties is underway and at least one well should be drilled before the end of the year.
Robert Gerry, Chairman and CEO, commented: "Domestically, we have contracted for a rig to commence drilling at Poplar Dome in Montana in early December. While the Bakken formation remains the main target, we will also evaluate the Three Forks, Nisku and Red River formations."
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