Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 19 August 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Increase in Working Interests, Existing Well Updates and Participation in Two New Wells in the Woodford Formation, Oklahoma Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to announce that it hasincreased its working interest in three wells in the Woodford and theMississippi Lime Formations in Oklahoma. Additionally, the Company announces anupdate on existing wells and its participation in two new horizontal wells inthe Woodford Formation, Oklahoma, operated by Paul Gillham, for a net cost toMagnolia of US$44,150. Increase in interests in existing wells Well Targeted OLD WI/NRI% NEW WI/NRI % Operator Formation JoLynn 18-1WH Woodford, 0.435%/ 0.348% 3.96%/ 2.97% Devon Energy Oklahoma Voise 1-10H Mississippi 1.667%/ 2.083%/ Devon Energy Lime, Oklahoma 1.562% 1.25% Sympson 1-6H Woodford, 0.948%/ 0.711% 1.150%/ Continental Oklahoma 0.882% Resources 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 Linda 1-4 Wilcox, Oklahoma Drilled, waiting 9.375% Basis(vertical) on frac LeMarr#1 Oswego, Oklahoma Drilling 4.67% Stephens Exploration(re-entry &re-completion) Murl#1 Wilcox, Oklahoma Drilled & 3.047% Basis completed, waiting on initial production results JoLynn 18-1WH Woodford, Drilling 2.97% Devon Oklahoma Energy JKL-1-08H Mississippi Drilled & 1.719% Devon Lime, Oklahoma completed, waiting Energy on initial production results Jake 2-11-3TFH Three Forks Drilling 1.465% Statoil Sanish, North Dakota Jake 2-11-4H Bakken, North Well drilled, now 1.465% Statoil Dakota completing Omega 1-33H Hunton, Oklahoma Well drilled, 0.799% Equal waiting completion Energy JKL-1-04 Mississippi Drilled & 0.555% Devon Lime, Oklahoma completed, waiting Energy on initial production results Campbell 1-17H* Mississippi Drilling 0.089% Truevine Lime, Oklahoma *From time to time, the Company elects to participate in wells with relativelysmall working/net revenue interests. This allows Magnolia to gain access tocritical well information which is then used to further enhance itsunderstanding of the relevant formation. Participation in new wells The Company is pleased to announce that it is participating in the followingtwo wells for an aggregate net cost of US$44,150: Well Name Targeted Formation Operator Magnolia's WI/ Net Cost to NRI Magnolia SPS Lucy 1-11H Hunton, Oklahoma Paul Gillham 0.434%/0.326% US$7,662 SPS Lucy 1-14H Hunton, Oklahoma Paul Gillham 2.083%/ 1.562% US$36,487 Rita Whittington, COO of Magnolia, said, "We continue to increase our workinginterests as a key part of our strategy to rapidly build net production and netreserves. In line with this we are delighted to have increased our interests inthree wells in Oklahoma as well as adding two new wells to our growingportfolio across proven and producing US onshore hydrocarbon formations. Havingrecently bolstered our daily production following IP rates from two Jake wellsand the Helgeson and Gustafon wells, we look forward to receiving the IPresults from the three newly completed wells in the Mississippi Lime and Wilcoxformations as well as the vertical Linda well in which we have a larger 9.375%NRI that is currently waiting on frac." ** 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 123 Being Drilled / Completed 13 Elected to participate / waiting to 34spud TOTAL 170