Marathon Oil’s Early Test Results Extend Bakken Core Position

Marathon Oil Corp. (NYSE: MRO) reported strong Bakken core extension rates that the Houston-based E&P said in a Dec. 11 press release were encouraging plus the company is offering additional share buybacks.

The four-well Gloria pad targeting the Middle Bakken in Marathon’s Ajax area of the Williston Basin in Dunn County, N.D., achieved an estimated average 30-day IP of over 2,400 barrels of oil equivalent per day (boe/d), 84% of which was oil.

Lee Tillman, president and CEO of Marathon Oil, said the strong rates were the result of enhanced area-specific completion designs and “a lot of hard work from our Bakken team.”