Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 14 April 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 well: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Bolay # Woodford, Devon Energy 542 boepd 2.059 11.1 boepd1-19HW Oklahoma The Company is participating in the following two wells at a net aggregate costof US$225,018: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI% Magnolia Rothermel 3 MH Mississippi Lime, Devon Energy 5.41/4.1 US$198,493* Oklahoma Dunn 1-15** Wilcox, Mississippi Greg Hall/BG 3.516/2.64 US$26,525 Lime, Oklahoma Energy Partners * One of six infill wells to be drilled on the same spacing unit as the Marion1-23 HW and the Rothermel 2MH spacing unit to maximise the recovery of reserves **vertical well Rita Whittington, COO of Magnolia, said, "We have hit the ground running in2014. So far this year we have elected to participate in 35 new wells acrossour leases in North Dakota and Oklahoma. Including those waiting to spud, wenow have interests in 219 wells, 154 of which are producing. This demonstratesthe step-up in activity we are seeing and the new well proposals we arereceiving from leading operators such as Devon Energy who, as Rothermel 3shows, are increasingly drilling eight wells per spacing unit in Oklahoma tomaximise the recovery of reserves from the Woodford and Mississippi Limeformations. With a 19% increase in our well count since January, multipleopportunities to participate in new wells with higher than average interestsand excellent initial production rates such as Bolay's 542 boepd, 2014 isshaping up to be another year of strong growth in terms of production, revenuesand reserves." Existing well updates The Company has been informed by the relevant operator of a change in status inthe following well in which it is participating: Well Targeted Status NRI % Operator Formation Rothermel 2MH Mississippi Lime, Drilling 4.1 Devon Oklahoma Energy ** 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 154 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 154 Being Drilled / Completed 17 Elected to participate / waiting to 48spud TOTAL 219