Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 30 January 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 Mississippi Lime, Oklahoma. This update is in linewith the Company's strategy to rapidly build production through drilling andprove up the reserves on its leases. Commencement of production at the following two wells Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI Formation Blaser Mississippi Cummings 142 boepd 9.375% 13.3 boepd1-10H Lime, Oklahoma Linda 1-4* Wilcox, MT. Dora 27 boepd 9.375% 2.5 boepd Oklahoma *vertical On-going Leasing Activity The Company's working/net revenue interest has increased in the followingpreviously announced well: Well Targeted OLD WI/NRI% NEW WI/NRI % Operator Formation Giles 1-6H Mississippi 1.25/0.937 1.53/1.22 Red Fork Lime, Oklahoma Rita Whittington, COO of Magnolia, said, "Magnolia now has interests in 142producing wells, a 122% increase since our AIM Admission in November 2011. Wealso have interests in 60 wells at various stages of development, representinga strong near term pipeline of production and reserves growth. Not only doesour growing portfolio of wells generate revenues for reinvestment into drillingactivity to prove up the reserves on our US onshore leases but, with an averageinterest of 3% in 202 wells, it also diversifies the associated exploration andexecution risks. With this in mind, Magnolia continues to deliver on itsobjective: maximising our shareholders' exposure to high production andreserves growth while minimising risk levels." ** 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 142 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 142 Being Drilled / Completed 12 Elected to participate / waiting to 48spud TOTAL 202