Magnolia Petroleum Regulatory News (MAGP)

MAGNOLIA PETROLEUM PLC - Comment on Speculation

PR Newswire

London, January 13

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas

14 January 2013

Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, notes the speculation on internet bulletinboards over the weekend regarding production rates at the Prucha 1-23MH andBrandt 31-28-12 1H wells.

The figures mentioned are not initial production rates but derive from early 24hour test runs by the operator. Such test runs are undertaken as part of thestandard practice and provide a guide to the operator as to the appropriateactions required to bring the well into full production. Shareholders shouldnote that there is no simple correlation between the results of a 24 hour testrun and the eventual initial production rates and that the former can bemisleading. The Company will be apprised of initial production rates in duecourse and will then inform shareholders.

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This summary excludes four out of six wells acquired as part of the acquisitionof 800 gross acres with a 100% working interest in Osage County, Oklahoma, asannounced on 10 February 2012. These four wells are currently `shut in' andwill require a workover programme at some point in the future to bring backinto production.