Company: MGY
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001698990-25-000006
Chunk: 132

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 132
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 149.3 Proved undeveloped reserves:Balance, December 31, 202112.0 39.1 7.0 25.6 Balance, December 31, 20229.4 68.5 10.6 31.4 Balance, December 31, 202311.0 73.4 11.3 34.6 Balance, December 31, 202414.2 78.4 15.1 42.4 

For the year ended December 31, 2024, extensions contributed approximately 40.1 MMboe to proved reserves. This was primarily related to developing new well locations at the Company’s Giddings and Karnes operations that extended the proved areas. This was comprised of 30.6 MMboe from adding new proved undeveloped reserves and 9.5 MMboe resulting from adding new proved developed reserves attributed to drilling wells in areas that did not meet the requirements for proved reserves prior to 

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evaluating the drilling results. Additionally, the Company had upward revisions of 7.9 MMboe. These were comprised of increases of 6.8 MMboe for improved performance in the Giddings area, 2.0 MMboe related to infill drilling in the Karnes area, and 1.0 MMboe for lower costs, which were partially offset by decreases of 1.5 MMboe due to lower year-end 2024 SEC-based prices and 0.4 MMboe for optimizing Giddings area development activity. Bolt-on acquisitions added approximately 6.7 MMboe.

For the year ended December 31, 2023, extensions contributed approximately 39.9 MMboe to proved reserves. This was primarily related to developing new well locations at the Company’s Giddings and Karnes operations that extended the proved areas. This was comprised of 24.6 MMboe from adding new proved undeveloped reserves and 15.3 MMboe resulting from adding new proved developed reserves attributed to drilling wells in areas that did not meet the requirements for proved reserves prior to evaluating the drilling results. Additionally, the Company had downward revisions of 9.4 MMboe. Downward revisions were comprised of a decrease of 15.3 MMboe due to lower year-end 2023 SEC-based prices and 4.6 MMboe for optimizing development activity primarily in the G