magnolia oil & gas corporation engages in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids reserves in the united states. the company's properties are located primarily in karnes county and the giddings field in south texas principally comprising the eagle ford shale and the austin chalk formation. as of december 31, 2019, its assets consisted of a total leasehold position of 450,854 net acres, including 22,088 net acres in karnes, gonzales, dewitt, and atascosa counties, texas; 428,766 net acres in the giddings field; and approximately 1,141 net wells with a total production capacity of 66.8 thousand barrels of oil equivalent per day. the company is headquartered in houston, texas.