🕐04.03.14 - 08:27 Uhr

MAGNOLIA PETROLEUMS WELL COUNT UP TO 205 AFTER ANNOUNCING 2 NEW WELLS IN PROVEN
US ONSHORE FORMATIONS



Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 4 March 2014 Magnolia Petroleum Plc (Magnolia or the Company) Participation in Two New Wells in Oklahoma Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce its participation in two new wells in Oklahoma, in line with its strategy to rapidly build production and prove up the reserves on its leases in oil rich formations, including the Bakken in North Dakota and Woodford and Mississippi Lime in Oklahoma. Participating in the following two wells at an aggregate net cost of US$263,708: Well Name Targeted Formation Operator Magnolias WI/NRI% Net Cost to Magnolia Jimmy 1-28H Woodford, Oklahoma Red Fork Energy 3.777/3.022 US$139,662 Peters 1-27H Woodford, Oklahoma Paul Gillham 5.208/4.167 US$124,046
Increase in interest in Skunk Creek wells, North Dakota & Estimate of Reserves The Company has increased its interest in the spacing unit in North Dakota where the Skunk Creek 14H and Skunk Creek 15H wells are currently producing from the Bakken and Three Forks Sanish formations.

Magnolia now holds a 0.90% and 0.675% working/net revenue interest (previously 0.60% and 0.45% respectively) in both of the above wells and also the four infill wells that are to be drilled on the unit in the near term, as detailed in the announcement of 20 January 2014. The operator, Kodiak Energy, has estimated a total of 4.976 million barrels of oil and 2.88 Bcf of gas can be recovered from the Skunk Creek spacing unit by drilling eight wells, four each to the Bakken and Three Forks Sanish formations, based on the per well estimate provided in Table 1 below.

The total estimated level of reserves attributable to Magnolia on the Skunk Creek spacing unit is therefore 33,600 barrels of oil and 19.44 MMCF of gas. Rita Whittington, COO of Magnolia, said, "Jimmy and Peters bring the total number of wells in proven US onshore formations in which we have an interest to 205, more than three times the number at the time of our Admission to AIM in November 2011.

We have over 600 potential drilling locations on our leases, and with the multiple proposals we are receiving to participate in new wells, we expect to build on the excellent growth seen to date.

Meanwhile, on-going leasing activity allows us to add to the 13,500 net mineral acres we hold, including those leases in which we already have an interest such as Skunk Creek.

The operators estimate of recoverable reserves at Skunk Creek illustrates the prolific nature of the Bakken and Three Forks Sanish formations and bodes well for our other leases in North Dakota including the Statoil operated Jake wells.

I look forward to providing further updates on our progress in due course. Table 1: Kodiak Energys estimates for the recovery of reserves at the Skunk Creek Spacing unit, North Dakota
Middle Bakken Three Forks Sanish Estimated Ultimate Oil Recovery (MBO) 790 454 Estimated Ultimate Gas Recovery (MMCF) 457 263
** ENDS ** Glossary Bcf means billion cubic feet of gas MBO means thousand barrels of oil MMCF means million cubic feet of gas 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 +44 207 382 1100 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 142 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 142 Being Drilled / Completed 16 Elected to participate / waiting to spud 47 TOTAL 205
[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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