🕐28.06.13 - 09:27 Uhr

MAGNOLIA PETROLEUM: 59 BOEPD INCREASE IN NET PRODUCTION THANKS TO STRONG INITIAL
PRODUCTION AT GUSTAFSON BAKKEN WELL, NORTH DAKOTA,



Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 28 June 2013 Magnolia Petroleum Plc (Magnolia or the Company) Excellent Initial Production at Gustafson Well in the Bakken, North Dakota Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to report an update on its activities in proven US onshore formations including an initial production rate of 1,216 boepd for the Marathon Oil operated Gustafson 31-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue interest. Commencement of Production The Company has been informed by the relevant operator that production has commenced at the following four wells, with the Initial Production Rate (IPR) as set out below: Well Name Targeted Formation Operator Gross IPR Magnolias NRI % Net IPR Gustafson 31-30H Bakken, North Dakota Marathon Oil 1,216 boepd 4.071 50 boepd Condit 1-5H Woodford, Oklahoma Continental Resources 1,546 boepd 0.5 7.7 boepd Voise 1-10H Mississippi Lime, Oklahoma Devon Energy 105 boepd 1.25 1.3 boepd Joan 1-21* Mississippi Lime, Oklahoma Tessara Energy 12 bopd 2.812 0.3 bopd *Joan 1-21 is a vertical well Rita Whittington, COO of Magnolia, said, "We are delighted with the initial production rate for the Gustafson well which demonstrates the prolific nature of the Bakken formation in North Dakota.

Combined with a 4% NRI in the well, net production attributable to Magnolia from Gustafson is currently 50 boepd.

As a result, this well alone represents a 40% increase on the 122.5 boepd reported in the Competent Persons Report (CPR) as at 31 December 2012.

Since then, in addition to Gustafson, a number of new wells have come on stream and we therefore expect our next CPR to report a significant increase in production as at 31 December 2013. "With Gustafsons excellent results in mind, we are looking forward to receiving the initial production rate for the Helgeson well, situated close to Gustafson, in which we also hold a 4% NRI, as we look to continue to increase net production and prove up reserves on the 13,500 plus net mineral acres we hold in proven US onshore formations." Existing well updates The Company has been informed by the relevant operators of a change in status in the following wells in which it is participating: Well Targeted Formation Status NRI % Operator
Sullins 1-6MH Mississippi Lime, Oklahoma Completed 3.718 Devon Energy JKL 1-08 H Mississippi Lime, Oklahoma Completed and waiting on frac 1.719 Devon Energy Murl#1 Wilcox, Oklahoma Expected to spud within 10 days 3.047 Basis
** ENDS ** For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following: Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Jo Turner / James Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes / Alice Lane / Luke Cairns Northland Capital Partners Limited +44 20 7796 8800 Lottie Brocklehurst St Brides Media and Finance Ltd +44 20 7236 1177 Frank Buhagiar St Brides Media and Finance Ltd +44 20 7236 1177 Notes Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company.

Its portfolio includes interests in 117 producing and non-producing assets, primarily located in the highly productive Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich Mississippi Lime and the substantial and proven Woodford and Hunton formations in Oklahoma. Summary of Wells Category Number of wells Producing 117 Being Drilled / Completed 11 Elected to participate / waiting to spud 30 TOTAL 158
This table excludes four out of six wells acquired as part of the acquisition of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as announced on 10 February 2012.

These four wells are currently shut in and will require a workover programme at some point in the future to bring back into production.
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