MAGNOLIA PETROLEUM PLC: Participating in Four Additional Wells in Oklahoma

MAGNOLIA PETROLEUM PLC: Participating in Four Additional Wells in Oklahoma
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas       
2 October 2012 
         Magnolia Petroleum Plc (`Magnolia' or `the Company')               
Participating in Four Additional Wells in Proven US Onshore Oil Plays in 
Oklahoma 
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and
production company, is pleased to announce its participation in four further
wells in proven onshore oil plays in Oklahoma. Magnolia currently has interests
in 84 producing properties, a further 10 currently being drilled/ completed
and, following today's announcement, an additional 14 waiting to be spud.   
Participating inthefollowing fourwells: 
* Partagas 1-1H, horizontal well targeting the Mississippi Lime 
Formation, (Magnolia working/ net revenue interest 4.6875%/ 3.75976%) 
operated 
by Cisco Energy.  Total drill costs are estimated at US$3,786,200 with the 


    Company's share US$177,478

  * Sympson 1-6H, horizontal well, targeting the Woodford Formation (Magnolia
    working/ net revenue interest 0.9482%/ 0.71115%) operated by Continental
    Resources (`Continental').  Total drill costs are estimated at US$9,491,000
    with the Company's share US$89,994
      * Mack 10-27-17 1H, horizontal well targeting the Mississippi Lime Formation,
    (Magnolia working/ net revenue interest 0.625%/ 0.5%) operated by
    Chesapeake Energy.  Total drill costs are estimated at US$3,988,650 with
    the Company's share US$24,929
      * Kelly 1-2H, horizontal well targeting the Woodford Formation, (Magnolia
    working/ net revenue interest 0.1736%/ 0.1302%) operated by Eagle Rock


Energy.   Total drill costs are estimated at US$3,456,863 with the 
Company's 
share US$6,001 
From time to time, the Company elects to participate in wells with relatively
small working/ net revenue interests, such as the Kelly 1-2H well above. This
allows Magnolia to gain access to critical well information which is then used
to further enhance its understanding of the relevant formation. 
Magnolia COO, Rita Whittington said, "As today's news shows, we continue to
receive multiple proposals to participate in wells across our leases covering
over 5,500 net mineral acres in proven US onshore oil plays, such as the Bakken
/ Three Forks Sanish, North Dakota and the Mississippi Lime and Woodford/
Hunton, Oklahoma. The Sympson well is our first with Continental, yet another
leading operator with whom we have a commercial relationship. I look forward to
providing further updates in due course as we work to build our net production
and reserves." 
                              ** ENDS **                                    
For further information on Magnolia Petroleum Plc visit 
www.magnoliapetroleum.com or contact the following: 
Steven Snead                Magnolia Petroleum Plc         +01 918 449 8750     
                                                                           
Rita Whittington            Magnolia Petroleum Plc         +01 918 449 8750     
                                                                           
Antony Legge / James Thomas Daniel Stewart & Company Plc   +44 (0) 20 7776 6550 
                                                                           
John Howes / John-Henry     Northland Capital Partners     +44 (0) 20 7796 8800
Wicks                       Limited                                             
                                                                           
Lottie Brocklehurst         St Brides Media and Finance    +44 (0) 20 7236 1177 
                        Ltd                                                 
                                                                           
Frank Buhagiar              St Brides Media and Finance    +44 (0) 20 7236 1177 
                        Ltd                                                 
Notes 
Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas exploration
and production company.  Its portfolio includes interests in 84 producing and
non-producing assets, primarily located in the highly productive Bakken/Three
Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich
Mississippi Lime and the substantial and proven Woodford and Hunton formations
in Oklahoma. 
Summary of Wells 
Category                                                      Number of wells 
                                                                         
Producing                                                                  84 
                                                                         
Being Drilled / Completed                                                  10 
                                                                         
Elected to participate / waiting to                                        14
spud                                                                          
                                                                         
TOTAL                                                                     108 
Notes 
*This table excludes four out of six wells acquired as part of the acquisition
of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as
announced on 10 February 2012. These four wells are currently `shut in' and
will require a workover programme at some point in the future to bring back
into production. 
END 
-0- Oct/02/2012 13:53 GMT