Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 25 June 2013 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 report an update on itsactivities in proven US onshore formations including the Mississippi Lime andWoodford in Oklahoma. Participation in new well Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI Magnolia Williams 1H-27 Woodford, Oklahoma Highmount 3.125%/ 2.5% US$101,927 Operating Commencement of Production The Company has been informed by the relevant operator that production hascommenced at the following well, with the Initial Production Rate (`IPR') asset out below: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI Formation Cordray-Ritter Mississippi Chesapeake 762 boepd 0.597% 4.5 boepd4-28-14 1H Lime, Energy Oklahoma The Cordray-Ritter is an increased density horizontal well drilled within thesame spacing unit as the successful Sundance well, in Woods County Oklahoma.The Sundance well, which Magnolia participated in, resulted in payout (recoveryof costs of drilling) being achieved in three months which remains a record forthe Company. Based on the IPR above, the Directors expect the Cordray-Ritter topayout within four to six months. Rita Whittington, COO of Magnolia, said, "Magnolia now has interests in 158wells in proven US onshore formations, 113 of which are currently producingwith the remainder either at various stages of development or waiting to spud.This represents a major increase on the 101 wells we had an interest in as at31 December 2012. Combined with higher than average interests in several newwells announced this year such as the Blaser (12.5%) and Great White (10%), webelieve we are on course to once again significantly grow full year netproduction and revenues which, in line with our strategy, will help fund ourparticipation in new drilling." 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 Gustafson 31-30H Bakken, North Completed and 4.071 Marathon Dakota waiting on initial Oil production rates Helgeson 41-30H Bakken, North Completed and 4.071 Marathon Dakota waiting on initial Oil production rates Voise 1-10H Mississippi Completed and 1.25 Devon Lime, Oklahoma waiting on initial Energy production rates JKL 1-04 H Mississippi Completed and *0.555 Devon Lime, Oklahoma waiting on initial Energy production rates * working/net revenue interest increased to 0.683%/ 0 .555% respectively On 11 June 2013 the Company announced its participation in a well targeting theMississippi Lime, Oklahoma in which Magnolia holds a 10% working interest and7.5% net revenue interest. At the time, both the name of the well and theoperator were not available. The Company is pleased to report the name of thewell is Great White 1-14H and Red Fork will be the operator. The Great Whitewell is currently waiting to spud. The Company has been informed of a change in name in two wells as detailedbelow. The name of the Devon Energy operated Miss Frank 1-6H horizontal well targetingthe Mississippi Lime, Oklahoma in which the Company holds a 3.672% workinginterest has changed to Sullins 1-6MH. The well is currently drilling. The name of the Newfield operated N. Cana Filler 1H-34X horizontal welltargeting the Woodford formation, Oklahoma in which Magnolia holds a 0.390%/0.293% working/net revenue interest has changed to Hufnagel 1H-34X. The well iscurrently waiting to spud. ** 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 113 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 113 Being Drilled / Completed 15 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.