Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 25 April 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 report an update on its activities in proven US onshore formations including the Mississippi Lime and Woodford in Oklahoma. Commencement of Production The Company has been informed by the relevant operator that production has commenced at the following well, with the IPR as set out below: Well Name Formation Operator Gross IPR Magnolias NRI Net IPR Peck 1-5H Mississippi Lime, Oklahoma Range Resources 630.76 boepd 1.46% 9.2 boepd
Participation in new wells The Company is pleased to announce that it is participating in the following five wells: Well Name Targeted Formation Operator Magnolias WI/NRI Net Cost to Magnolia Rock 8-2N Mississippi Lime, Oklahoma Range Resources 0.313%/ 0.25% US$11,325 County Line 33-4 Wilcox/Viola/Simpson, Oklahoma Phoenix Oil and Gas 0.938%/ 0.75% US$3,187 Green Acres 1-36H Woodford, Oklahoma Continental 0.746%/ 0.559% US$64,548 ? 1-04 HM Mississippi Lime, Oklahoma Devon 0.417%/ 0.333% US$15,512 ? 1-08HM Mississippi Lime, Oklahoma Devon 1.631%/ 1.305% US$60,724
Rita Whittington, COO of Magnolia, said, "Our well count continues to rise.

We now have interests in 105 producing wells in proven onshore US formations such as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma.

Our pipeline of new wells is currently growing at a faster rate than those that are coming into production and as a result, with 17 wells drilling and a further 17 waiting to spud, we expect the strong momentum behind Magnolia to continue.

As our participation in drilling activity increases, we are confident we will see further strong growth in our 3P reserves, which were valued at US$94 million as at 1 January 2013 in the recent Competent Persons Report." 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 Formation Status NRI % Operator
McClure 36-2H Mississippi Lime, Oklahoma Waiting on initial production 0.0552 Highmount Gritz 1-7H Hunton Formation, Oklahoma Waiting on initial production 0.0352 Husky Ventures Finders 1-25H Mississippi Lime, Oklahoma Completed 1.848 Redfork Nighswonger Farms 2815 1-13H Mississippi Lime, Oklahoma Completing 2.242 Slawson Exploration Forrest 1-8H Woodford, Oklahoma Completing 0.586 Continental Resources JoAnn 1H-18 Woodford, Oklahoma Drilled waiting on completion 0.445 Newfield Exploration Condit 1-5H Woodford, Oklahoma Drilled waiting on completion 0.04981 Continental Resources Miss Frank 1-6H Mississippi Lime, Oklahoma Drilling 3.672 Devon Energy Sympson 1-6H Woodford Drilling 0.71115 Continental Resources Wolf 1H-25 Mississippi Lime, Oklahoma Drilling 1.25 Highmount
** 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 105 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 105 Being Drilled / Completed 17 Elected to participate / waiting to spud 17 TOTAL 139
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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