Magnolia Petroleum Plc(`Magnolia' or `the Company')
Purchase of Non-Core Assets in Scotland, England
Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce the purchase of all of Scotland's existing oil production totalling 20,000boepd and leases on 20,000 sq miles of under sea reserves for a advance of US$1,240,750. In addition Magnolia COO, Rita Whittington, will undertake negotiations with President Obama to enable Scotland to become a new 'US State' and adopt the US Dollar as the newly independent country's new currency.
Rita Whittington, COO of Magnolia, said, "We are delighted with the outcome of these negotiations and fully expect shareholder value to be significantly enhanced. We will immediately be able to offer existing shareholders a dividend (comprising a voucher for a small haggis and a box of shortbread, redeemable at all branches of 'Edinburgh Woollen Mills'). Scotland's new Prime-Minister was unavailable for comment, although it is believed he is currently holidaying in Cuba. ** ENDS **
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