Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 25 July 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Excellent Initial Production at Second of Six Jake Wells in North Dakota Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to report an initial productionrate of 2,244 boepd for the Statoil operated Jake 2-11 2TFH well in the ThreeForks Sanish Formation, North Dakota, in which Magnolia holds a 1.465% netrevenue interest. This adds 33 boepd to the Company's net production andfollows the initial production rates for the Jake 2-11 # 1H, announced on 22July 2013, which added a further 57.5 boepd net to Magnolia. This update is inline with the Company's strategy to rapidly build production and reserves onits leases in proven US onshore formations. Commencement of Production at Jake 2-11 2TFH Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Jake 2-11 Three Forks Statoil 2,244 boepd 1.465 33 boepd2TFH Sanish, North Dakota (85% oil) Rita Whittington, COO of Magnolia, said, "As a result of this second Statoiloperated Jake well, the last four wells in which we have participated in NorthDakota's prolific Bakken and Three Forks Sanish formations have added almost200 boepd net to Magnolia. Even after taking decline rates into account, thissubstantial increase in net production will result in a major uplift inrevenues which in turn will fund new wells and leases. "Revenues generated from 121 producing wells are funding an ever-increasingproportion of our drilling activity across our portfolio of 13,500 net mineralacres in proven US onshore formations. With an additional four Jake wells tocome, along with other wells in which we have larger working interests such asthe Blaser (12.5% working interest), we are highly confident this trend is setto continue." ** ENDS ** Glossary `boe' means barrels of oil equivalent: a unit of energy based on theapproximate energy released by burning one barrel (42 US gallons or 158.9873litres) of crude oil. There are 42 gallons (approximately 159 litres) in one barrel of oil, whichwill contain approximately 5.8 million British Thermal Units (MBtus) or 1,700kilowatt hours (kWh). The value is necessarily approximate as various grades ofoil have slightly different heating values. BOE is used by oil and gascompanies in their financial statements as a way of combining oil and naturalgas reserves and production into a single measure. `boepd' means barrels of oil equivalent per day `IPR' means initial production rates `NRI' means net revenue interest `WI' means working interest For further information on Magnolia Petroleum Plc visitwww.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 / Northland Capital Partners +44 20 7796 8800Luke Cairns Limited 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 explorationand production company. Its portfolio includes interests in 121 producing andnon-producing assets, primarily located in the highly productive Bakken/ThreeForks Sanish hydrocarbon formations in North Dakota as well as the oil richMississippi Lime and the substantial and proven Woodford and Hunton formationsin Oklahoma. Summary of Wells Category Number of wells Producing 121 Being Drilled / Completed 13 Elected to participate / waiting to 34spud TOTAL 168