Hi there Please see attached a Research Note by Northland Capital on Magnolia Petroleum, the AIM listed US onshore oil and gas company focused on acquiring and developing leases in proven US onshore formations to rapidly build production and reserves.

Unlike a large number of oil and gas companies on AIM, Magnolia has a high return/low risk business model as evidenced by a 20-fold increase in 2P reserves and production between its listing on AIM in November 2011 and 1 January 2013 thanks to a c.

98% success rate in well participations with leading operators including Marathon Oil.

Northland expects to see a step change in growth this year as the Company exploits new acreage and increases the size of its well participations.

The broker points out the shares are trading at a discount to the value of its 2P reserves and has a 4.6p price target for the shares. Cheers Frank [cid:image001.png@01CE56E6.6FD0BA20]