🕐21.12.13 - 07:27 Uhr

MAGNOLIA PETROLEUM: 200 BOEPD INCREASE IN DECEMBER DAILY PRODUCTION FOLLOWING EX
CELLENT INITIAL PRODUCTION AT 10% OWNED MISSISSIPPI LIME WELL, OKLAHOMA



Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 20 December 2013 Magnolia Petroleum Plc (Magnolia or the Company) Excellent Initial Production at 10% Owned Mississippi Lime Well, Oklahoma Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to report an initial production rate of 455 boepd for the Great White 1-14H well (the Great White) which is producing from the Mississippi Lime formation, Oklahoma.

Magnolia holds a 10.21% net revenue interest in the Great White which is operated by Red Fork.

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 for the following two wells Well Name Targeted Formation Operator Gross IPR Magnolias NRI Net IPR Great White 1-14H Mississippi Lime, Oklahoma Red Fork 455 boepd 10.21% 46.5 boepd Campbell 1-17H Mississippi Lime, Oklahoma Truevine 390 boepd 0.089% 0.35 boepd
Rita Whittington, COO of Magnolia, said, "As a result of the initial production rates for the Great White and the recently reported four Statoil operated Jake wells, over 200 boepd have been added to our net daily production this month alone.

Bearing in mind our average daily production stood at 214 boepd as at 1 August 2013, we expect our next CPR, due in Q1 2014, to report another significant increase in production, even after expected decline rates are taken into account. "Rapidly growing net production is a key part of our strategy.

Combined with the recently secured US$5m debt facility, the associated higher revenues from increased production fund Magnolias participation in new wells with leading operators, as we systematically prove up the reserves on our leases in proven US onshore formations, and in the process generate value for shareholders." ** 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 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 136 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 136 Being Drilled / Completed 9 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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