Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 6 November 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 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 and inthe process prove up the reserves on its leases. Commencement of production at the following four wells brings total number ofproducing wells in which Magnolia has an interest to 129: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Sullins Mississippi Devon Energy 296 boepd 3.718 11 boepd1-6MH Lime, Oklahoma Reta#1* Bois D Arc, Basis 130 bopd 2.31 3 bopd Chimney (gas being Hill, Viola, tested) Simpson, Oklahoma LeMarr#1* Oswego, Stephens 15.7 bopd 4.67 0.75 bopd Oklahoma Exploration (payout in less than 12 months) Omega 1-33H Hunton, Equal Energy 692.03 mcf/ 0.799 5.53 mcf/d Oklahoma d *Vertical well Participation in the following two wells at an aggregate net cost of US$349,369brings total number of wells under development to 51: Well Name Targeted Operator Magnolia's Net Cost to Formation WI/NRI% Magnolia Voise 24-1WH Mississippi, Devon Energy 9.375/7.5 US$330,970 Woodford, Oklahoma Nevada 1-29** Hunton, Simpson Phoenix Oil 6.25/5.0 US$18,399 Dolomite, and Gas Oklahoma ** re-entry into existing well Rita Whittington, COO of Magnolia, said, "We now have interests in 129producing wells in established US onshore formations. With an additional 51wells at various stages of development, we are well placed to significantlygrow this total in the near term. Furthermore, as the Voise and Nevada wellsdemonstrate, we are not only continuing to replenish our pipeline of newdrilling activity alongside leading operators such as Devon Energy, but withinterests of 7.5% and 5.0% respectively, we are also increasing the averagesize of our net revenue interests. As a result, the strong growth seen to datein Magnolia's daily production and the value of our proven (P1) reserves, whichas at 1 August 2013 stood at 214 boepd and US$40.721m respectively, is set tocontinue, as we focus on our goal to build shareholder value." Existing well update 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 Parmley 1-1WH Mississippi, Expected to spud Up to Devon Energy Woodford, within the next 30 14.06 Oklahoma days ** 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 `Mcf/d' means Thousand Cubic Feet per Day `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 129 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 129 Being Drilled / Completed 16 Elected to participate / waiting to 35spud TOTAL 180