21 Dec 2012 14:40
MAGNOLIA PETROLEUM PLC - Issue of EquityMAGNOLIA PETROLEUM PLC - Issue of Equity
PR Newswire
London, December 21
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
21 December 2012
Magnolia Petroleum Plc(`Magnolia' or `the Company') Issue of EquityMagnolia Petroleum Plc, the AIM-quoted US onshore oil and gas exploration andproduction Company, announces that Henderson Global Investors' AlphagenVolantis Fund ("Henderson") has exercised its warrants (the "HendersonWarrants").
The Henderson Warrants were over 12,000,000 new ordinary shares with a deemedexercise price of 2.75p per share and included a cashless exchange right.Hendersons have now exercised warrants over 6,000,000 shares at 2.75p with £100,000 of the consideration being satisfied through the exercise of thecashless exchange right and the cancellation of the remaining 6,000,000warrants.
Application has been made for the admission of the 6,000,000 New MagnoliaShares to trading on AIM and it is expected that admission will occur and thatdealings will commence at 8.00 a.m. on 27 December 2012.
Following Admission, the Company's enlarged issued share capital will comprise850,672,851 ordinary shares with voting rights. The Company does not hold anyshares in treasury. This figure of 850,672,851 ordinary shares may be used byshareholders in the Company as the denominator for the calculations by whichthey will determine if they are required to notify their interest in, or achange in their interest in, the share capital of the Company under the FSA'sDisclosure and Transparency Rules.
** ENDS **For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550 John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800 Limited Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd NotesMagnolia Petroleum Plc is an AIM quoted, US focused, oil and gas explorationand production company. Its portfolio includes interests in 86 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 WellsCategory Number of wells Producing 86 Being Drilled/Completed 15 Elected to participate/waiting to spud 13 TOTAL 114This 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.