Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 28 June 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Excellent Initial Production at Gustafson Well in the Bakken, North Dakota Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to report an update on itsactivities in proven US onshore formations including an initial production rateof 1,216 boepd for the Marathon Oil operated Gustafson 31-30H well in theBakken Formation, North Dakota in which Magnolia holds a 4.071% net revenueinterest. Commencement of Production The Company has been informed by the relevant operator that production hascommenced at the following four wells, with the Initial Production Rate (`IPR')as set out below: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Gustafson Bakken, Marathon Oil 1,216 boepd 4.071 50 boepd31-30H North Dakota Condit Woodford, Continental 1,546 boepd 0.5 7.7 boepd1-5H Oklahoma Resources Voise Mississippi Devon Energy 105 boepd 1.25 1.3 boepd1-10H Lime, Oklahoma Joan 1-21* Mississippi Tessara 12 bopd 2.812 0.3 bopd Lime, Energy Oklahoma *Joan 1-21 is a vertical well Rita Whittington, COO of Magnolia, said, "We are delighted with the initialproduction rate for the Gustafson well which demonstrates the prolific natureof the Bakken formation in North Dakota. Combined with a 4% NRI in the well,net production attributable to Magnolia from Gustafson is currently 50 boepd.As a result, this well alone represents a 40% increase on the 122.5 boepdreported in the Competent Person's Report (`CPR') as at 31 December 2012. Sincethen, in addition to Gustafson, a number of new wells have come on stream andwe therefore expect our next CPR to report a significant increase in productionas at 31 December 2013. "With Gustafson's excellent results in mind, we are looking forward toreceiving the initial production rate for the Helgeson well, situated close toGustafson, in which we also hold a 4% NRI, as we look to continue to increasenet production and prove up reserves on the 13,500 plus net mineral acres wehold in proven US onshore formations." Existing well updates The Company has been informed by the relevant operators of a change in statusin the following wells in which it is participating: Well Targeted Status NRI % Operator Formation Sullins 1-6MH Mississippi Completed 3.718 Devon Lime, Oklahoma Energy JKL 1-08 H Mississippi Completed and 1.719 Devon Lime, Oklahoma waiting on frac Energy Murl#1 Wilcox, Oklahoma Expected to spud 3.047 Basis within 10 days ** ENDS ** 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 117 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 117 Being Drilled / Completed 11 Elected to participate / waiting to 30spud TOTAL 158 This table 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.