MAGNOLIA PETROLEUM PLC: Participating in 11 Additional US Onshore Wells

MAGNOLIA PETROLEUM PLC: Participating in 11 Additional US Onshore Wells
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas       
21 May 2013 

              Magnolia Petroleum Plc(`Magnolia' or `the Company')              
    Operations Update Including Participation in 11 New Wells in US Onshore    

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to report an update on the
Company's activities in proven US onshore formations such as the Bakken/Three
Forks Sanish, North Dakota, and the Mississippi Lime and Woodford/Hunton
formations in Oklahoma.

Participation in new wells

The Company is pleased to announce that it is participating in the following
eleven wells for an aggregate net cost of US$1,398,694:

Well Name      Targeted Formation  Operator     Magnolia's   Net Cost to 
                                                WI/NRI       Magnolia    

Blaser 1-10H   Mississippi Lime,   Cummings     12.5%/       US$406,188   
           Oklahoma                         9.375%                    
Jake 2-11-3TFH Three Forks Sanish, Statoil      1.953%/      US$209,568   
           North Dakota                     1.465%                    
Jake 2-11-4H   Bakken, North       Statoil      1.953%/      US$209,568   
           Dakota                           1.465%                    
Jake 2-11-5TFH Three Forks Sanish, Statoil      1.953%/      US$209,568   
           North Dakota                     1.465%                    
Jake 2-11-6H   Bakken, North       Statoil      1.953%/      US$209,568   
           Dakota                           1.465%                    
Voise 1-10H    Mississippi Lime,   Devon Energy 1.667%/      US$58,134    
           Oklahoma                         1.25%                     
Giles 1-6H     Mississippi Lime,   Red Fork     1.25%/       US$42,579    
           Oklahoma                         0.937%                    
Paul 1-27H     Mississippi Lime,   Orion        0.391%/      US$16,766    
           Oklahoma                         0.292%                    
Rabke 1-24H36  Woodford, Oklahoma  XTO          0.322%/      US$18,565    
Jo Lynn 18-1WH Woodford, Oklahoma  Devon Energy 0.435%/      US$14,416    
TBN 1-32H      Mississippi Lime,   Red Fork     0.111%/      US$3,774     


Commencement of Production

The Company has been informed by the relevant operator that production has
commenced at the following wells, with the IPRs as set out below:

Well Name     Formation    Operator     Gross IPR Magnolia's   Net IPR     

Wolf 1H-25    Mississippi  Highmount    195 boepd 1.25%        2.4 boepd    


Nighswonger   Mississippi  Slawson      107 boepd 2.242%       2.4 boepd   
Farms 2815    Lime,        Exploration                                     
1-13H         Oklahoma                                                      
McClure 36-2H Mississippi  Highmount    90 boepd  0.055%       0.05 boepd   
Rita Whittington, COO of Magnolia, said, "The speed with which we have started
to deploy the recently raised funds demonstrates the high level of activity in
US onshore liquids rich plays, the large number of opportunities we continue to
see and, more specifically, the considerable potential of the 13,500 plus net
mineral acres we hold. Both the above average interest in the Blaser well,
along with an aggregate net investment of almost US$1.4million into new wells,
are in line with our strategy to rapidly grow net production and reserves
through drilling, as we look to generate further value for shareholders. This
is a highly exciting time for Magnolia and I look forward to providing further
updates on our progress in due course." 
Interest in producing well 
As part of Magnolia's on-going lease acquisition activity, the Company has
acquired a 0.328%/0.246% working/net revenue interest in the Betty 22-24-10 1H,
a horizontal well operated by Chesapeake Energy. The well has been producing
from the Mississippi Lime Formation in Oklahoma since October 2012 with a
reported initial production rate of 128 boepd. 
                              ** 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       
Jo Turner / James      Cairn Financial Advisers LLP   +44 20 7148 7900      
John Howes / Alice     Northland Capital Partners     +44 20 7796 8800      
Lane / Luke Cairns     Limited                                               
Lottie Brocklehurst    St Brides Media and Finance    +44 20 7236 1177       
Frank Buhagiar         St Brides Media and Finance    +44 20 7236 1177       
Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration
and production company.  Its portfolio includes interests in 110 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                                                                 110 
Being Drilled / Completed                                                  14 
Elected to participate / waiting to                                        27
TOTAL                                                                     151 
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. 
-0- May/21/2013 06:00 GMT
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