Magnolia Petroleum Regulatory News (MAGP)

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 20 January 2014 Magnolia Petroleum Plc(`Magnolia' or `the Company') Participation in Four New Wells in North Dakota Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to announce its participation infour new wells in North Dakota. All four wells are to be drilled on the samespacing unit as the Skunk Creek 14H and Skunk Creek 15H wells that areproducing from the Bakken and Three Forks Sanish formations. This update is inline with the Company's strategy to rapidly build production and prove up thereserves on its leases in oil rich formations, including the Bakken in NorthDakota and Mississippi Lime in Oklahoma. The Company is participating in the following four wells at an aggregate netcost of US$220,072: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI% Magnolia Skunk Creek Three Forks Sanish, Kodiak 0.60/0.45 US$55,0904-8-17-13H3 North Dakota Exploration Skunk Creek Bakken, North Kodiak 0.60/0.45 US$54,9464-8-17-13H Dakota Exploration Skunk Creek Three Forks Sanish, Kodiak 0.60/0.45 US$55,0904-8-17-14H3 North Dakota Exploration Skunk Creek Bakken, North Kodiak 0.60/0.45 US$54,9464-8-17-14H Dakota Exploration Rita Whittington, COO of Magnolia, said, "We are delighted to be participatingin these four new wells which will be drilled back to back on the same spacingunit as the two original Skunk Creek wells. Though it has since beensuperseded, notably by four of the six Statoil operated Jake wells in NorthDakota, at 2,303 bopd the initial production rate for the Skunk Creek 15H wellwas, at the time, our best ever. "In addition, these four new infill wells serve as a reminder that in NorthDakota it is accepted practice to drill a total of four wells per formation oneach spacing unit in order to maximise the recovery of the reserves. As theThree Forks Sanish lies below the Bakken formation, there is therefore thepotential for eight wells to be drilled per unit on all our leases in NorthDakota, including the Jake wells and the Marathon operated Gustafson andHelgeson wells. I look forward to providing further updates in due course, aswe prove up the reserves on our leases through drilling and generate value forour shareholders." ** ENDS ** Glossary `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 136 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 136 Being Drilled / Completed 9 Elected to participate / waiting to 39spud TOTAL 184