🕐06.11.13 - 09:27 Uhr

MAGNOLIA PETROLEUM: 4 NEW WELLS COMMENCE PRODUCTION BRINGING TOTAL TO 129 IN PRO
VEN US ONSHORE PLAYS - FURTHER STRONG GROWTH IN PRODUCTION AND RESERVES EXPECTED WITH 51 WELLS UNDER DEVELOPMENT



Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 6 November 2013 Magnolia Petroleum Plc (Magnolia or the Company) Operations Update Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to provide an operations update across its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Mississippi Lime, Oklahoma.

This update is in line with the Companys strategy to rapidly build production through drilling and in the process prove up the reserves on its leases. Commencement of production at the following four wells brings total number of producing wells in which Magnolia has an interest to 129: Well Name Targeted Formation Operator Gross IPR Magnolias NRI % Net IPR Sullins 1-6MH Mississippi Lime, Oklahoma Devon Energy 296 boepd 3.718 11 boepd Reta#1* Bois D Arc, Chimney Hill, Viola, Simpson, Oklahoma Basis 130 bopd (gas being tested) 2.31 3 bopd LeMarr#1* Oswego, Oklahoma Stephens Exploration 15.7 bopd 4.67 0.75 bopd (payout in less than 12 months) Omega 1-33H Hunton, Oklahoma Equal Energy 692.03 mcf/d 0.799 5.53 mcf/d *Vertical well Participation in the following two wells at an aggregate net cost of US$349,369 brings total number of wells under development to 51: Well Name Targeted Formation Operator Magnolias WI/NRI% Net Cost to Magnolia Voise 24-1WH Mississippi, Woodford, Oklahoma Devon Energy 9.375/7.5 US$330,970 Nevada 1-29** Hunton, Simpson Dolomite, Oklahoma Phoenix Oil and Gas 6.25/5.0 US$18,399 ** re-entry into existing well Rita Whittington, COO of Magnolia, said, "We now have interests in 129 producing wells in established US onshore formations.

With an additional 51 wells at various stages of development, we are well placed to significantly grow this total in the near term.

Furthermore, as the Voise and Nevada wells demonstrate, we are not only continuing to replenish our pipeline of new drilling activity alongside leading operators such as Devon Energy, but with interests of 7.5% and 5.0% respectively, we are also increasing the average size of our net revenue interests.

As a result, the strong growth seen to date in Magnolias daily production and the value of our proven (P1) reserves, which as at 1 August 2013 stood at 214 boepd and US$40.721m respectively, is set to continue, as we focus on our goal to build shareholder value." Existing well update The Company has been informed by the relevant operator of a change in status in the following well in which it is participating: Well Targeted Formation Status NRI % Operator
Parmley 1-1WH Mississippi, Woodford, Oklahoma Expected to spud within the next 30 days Up to 14.06 Devon Energy
** ENDS ** Glossary boe means barrels of oil equivalent: a unit of energy based on the approximate energy released by burning one barrel (42 US gallons or 158.9873 litres) of crude oil. There are 42 gallons (approximately 159 litres) in one barrel of oil, which will contain approximately 5.8 million British Thermal Units (MBtus) or 1,700 kilowatt hours (kWh).

The value is necessarily approximate as various grades of oil have slightly different heating values.

BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure. boepd means barrels of oil equivalent per day bopd means barrels of oil per day, Abbreviation for barrels of oil per day, a common unit of measurement for volume of crude oil.

The volume of a barrel is equivalent to 42 US gallons IPR means initial production rates Mcf/d means Thousand Cubic Feet per Day NRI means net revenue interest WI means working interest 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 129 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 129 Being Drilled / Completed 16 Elected to participate / waiting to spud 35 TOTAL 180
[cid:image002.png@01CECBDD.61F8A860] Frank Buhagiar St Brides Media & Finance Ltd 3 St Michaels Alley, London, EC3V 9DS www.stbridesmedia.co.uk Tel: 0207 236 1177 | Mob: 07788410221 | Twitter: @StBrides1



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