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MAGNOLIA PETROLEUM PLC: Excellent Production at 2nd Jake Well, N. Dakota

MAGNOLIA PETROLEUM PLC: Excellent Production at 2nd Jake Well, N. Dakota
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas       
25 July 2013 
          Magnolia Petroleum Plc(`Magnolia' or `the Company')               


    Excellent Initial Production at Second of Six Jake Wells in North Dakota    

Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to report an initial production
rate of 2,244 boepd for the Statoil operated Jake 2-11 2TFH well in the Three
Forks Sanish Formation, North Dakota, in which Magnolia holds a 1.465% net
revenue interest. This adds 33 boepd to the Company's net production and
follows the initial production rates for the Jake 2-11 # 1H, announced on 22
July 2013, which added a further 57.5 boepd net to Magnolia. This update is in
line with the Company's strategy to rapidly build production and reserves on
its leases in proven US onshore formations.

Commencement of Production at Jake 2-11 2TFH

Well Name  Targeted      Operator    Gross IPR    Magnolia's   Net IPR     
                                                  NRI%                     
           Formation                                                       


                                                                       
Jake 2-11  Three Forks   Statoil     2,244 boepd  1.465        33 boepd    
2TFH       Sanish, North                                                    
       Dakota                    (85% oil)                              
Rita Whittington, COO of Magnolia, said, "As a result of this second Statoil
operated Jake well, the last four wells in which we have participated in North
Dakota's prolific Bakken and Three Forks Sanish formations have added almost
200 boepd net to Magnolia. Even after taking decline rates into account, this
substantial increase in net production will result in a major uplift in
revenues which in turn will fund new wells and leases. 
"Revenues generated from 121 producing wells are funding an ever-increasing
proportion of our drilling activity across our portfolio of 13,500 net mineral
acres in proven US onshore formations. With an additional four Jake wells to
come, along with other wells in which we have larger working interests such as
the Blaser (12.5% working interest), we are highly confident this trend is set
to continue." 
                              ** ENDS **                                    
Glossary 
`boe' means barrels of oil equivalent: a unit of energy based on the
approximate energy released by burning one barrel (42 US gallons or 158.9873
litres) of crude oil. 
There are 42 gallons (approximately 159 litres) in one barrel of oil, which
will contain approximately 5.8 million British Thermal Units (MBtus) or 1,700
kilowatt hours (kWh). The value is necessarily approximate as various grades of
oil have slightly different heating values. BOE is used by oil and gas
companies in their financial statements as a way of combining oil and natural
gas reserves and production into a single measure. 
`boepd' means barrels of oil equivalent per day 
`IPR' means initial production rates 
`NRI' means net revenue interest 
`WI' means working interest 
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   
                                                                        
Jo Turner / James Caithie Cairn Financial Advisers LLP    +44 20 7148 7900   
                                                                        
John Howes / Alice Lane / Northland Capital Partners      +44 20 7796 8800  
Luke 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 exploration
and production company.  Its portfolio includes interests in 121 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                                                                 121 
                                                                         
Being Drilled / Completed                                                  13 
                                                                         
Elected to participate / waiting to                                        34
spud                                                                          
                                                                         
TOTAL                                                                     168 
END 
-0- Jul/25/2013 06:00 GMT