Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 30 July 2014 Magnolia Petroleum Plc (`Magnolia' or `the Company') Operations Update Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to provide an operations updateacross its portfolio of interests in proven US onshore formations including theBakken, North Dakota and Woodford and Mississippi Lime, Oklahoma. This updateis in line with the Company's strategy to rapidly build production throughdrilling and prove up the reserves on its leases. Commencement of production at the following wells: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Cummings Mississippi Chesapeake 525.52 3.34 17.56 boepd31-28-12-1H Lime, boepd Oklahoma Voise 1-24 Woodford, Devon Energy 143.38 6.38 9.15 boepdH Oklahoma boepd The Company only provides details and updates for wells in which it has aworking interest of 1.5% or more. The Summary of Wells table at the end of eachrelease includes all wells in which Magnolia has an interest and is updated asand when a change in status occurs for all wells. Rita Whittington, COO of Magnolia, said, "These impressive initial productionrates from two wells targeting both the Woodford and the overlying MississippiLime add a total of 26.71 boepd to our daily production and brings our totalproducing wells to 170. Even allowing for expected decline rates, thisrepresents a significant increase in our net production which stood at 150boepd as at 1 April 2014. "We are delighted by the rates coming from the Chesapeake operated Cummingshorizontal well targeting the Mississippi Lime, where a gross 525 boepd arecurrently being produced. These figures demonstrate that there is stillsignificant potential within the formation from both horizontal and verticalwells targeting the "wedges". With a high level of drilling proposalscontinuing to come in I look forward to providing further updates on ourprogress in due course as we look to further build on our production throughdrilling and prove up the reserves on our leases." ** 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 `bopd' means barrels of oil per day, Abbreviation for barrels of oil per day, acommon unit of measurement for volume of crude oil. The volume of a barrel isequivalent to 42 US gallons `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 170 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 170 Waiting on first sales / IP rates 19 Being drilled / completed 5 Elected to participate / waiting to 45spud TOTAL 246