MAGNOLIA PETROLEUM PLC: Spudding of Bakken Well Operated by Marathon Oil

MAGNOLIA PETROLEUM PLC: Spudding of Bakken Well Operated by Marathon Oil
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas       
8 February 2013 
          Magnolia Petroleum Plc(`Magnolia' or `the Company')               
Spudding of Marathon Oil Operated Helgeson Well targeting the Bakken Formation, 
                             North Dakota                                   
Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to announce that the Helgeson
41-30H well (`Helgeson' or `the Well'), a horizontal well operated by Marathon
Oil (`Marathon') targeting the proven Bakken formation, North Dakota, commenced
drilling on 4 February 2013. Magnolia holds a 5.428% working interest and a
4.071% net revenue interest in Helgeson. As announced on 24 January 2013, the
estimated total cost of the Well is US$8,562,000 of which Magnolia's share is
Other Well Updates 
The Company has also been informed by the relevant operators of a change in
status in the following wells in which it participates: 
Well               Formation    Status           NRI %         Operator     
Nighswonger Farms  Mississippi  Drilling         3.125% /      Slawson     
(renamed Paul)     Lime,                                       Exploration 
2815 1-13H         Oklahoma                      2.24187%                   
BB Rice#2          Bakken,      Drilling         0.11719% /    Hess         

                   North Dakota                                Corporation 

BB Rice#3          Three Forks  Drilling         0.11719% /    Hess         
               Sanish,                                     Corporation  
               North Dakota                  0.0878925%                 
Rita Whittington, COO of Magnolia, said, "We are pleased to announce additional
drilling alongside leading operators such as Marathon Oil and Statoil. This
drilling activity is a continuation of the momentum created last year when we
significantly increased our acreage and the number of potential drilling
locations in proven US onshore formations. As these and other wells come into
production, we should see further increases in revenue and cash flow and we
look forward to providing updates in our final results and the recently
commissioned Reserves Report." 
                              ** ENDS **                                    
For further information on Magnolia Petroleum Plc visit 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 Wicks Northland Capital Partners     +44 (0) 20 7796 8800 
Lottie Brocklehurst         St Brides Media and Finance    +44 (0) 20 7236 1177 
Frank Buhagiar              St Brides Media and Finance    +44 (0) 20 7236 1177 
Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas exploration
and production company.  Its portfolio includes interests in 91 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                                                                  91 
Being Drilled / Completed                                                  19 
Elected to participate / waiting to                                        12
TOTAL                                                                     122 
This summary 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. 
Total US onshore net acreage 12,794.16 acres 
-0- Feb/08/2013 07:00 GMT
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