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Company Magnolia Petroleum Plc
TIDM MAGP
Headline

Operations Update

Released 07:00 25-Apr-2013
Number 31635-2353

Operations Update

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas      

25 April 2013

              Magnolia Petroleum Plc(`Magnolia' or `the Company')              

                               Operations Update                               

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to report an update on its
activities in proven US onshore formations including the Mississippi Lime and
Woodford in Oklahoma.

Commencement of Production

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

Well Name  Formation    Operator    Gross IPR     Magnolia's   Net IPR     
                                                  NRI                      
                                                                           
Peck 1-5H  Mississippi  Range       630.76 boepd  1.46%        9.2 boepd   
           Lime,        Resources                                          
           Oklahoma                                                        

Participation in new wells

The Company is pleased to announce that it is participating in the following
five wells:

Well Name      Targeted Formation    Operator     Magnolia's   Net Cost to  
                                                  WI/NRI       Magnolia     
                                                                            
Rock 8-2N      Mississippi Lime,     Range        0.313%/      US$11,325    
               Oklahoma              Resources                              
                                                  0.25%                     
                                                                            
County Line    Wilcox/Viola/Simpson, Phoenix Oil  0.938%/      US$3,187     
33-4           Oklahoma              and Gas      0.75%                     
                                                                            
Green Acres    Woodford, Oklahoma    Continental  0.746%/      US$64,548    
1-36H                                             0.559%                    
                                                                            
? 1-04 HM      Mississippi Lime,     Devon        0.417%/      US$15,512    
               Oklahoma                           0.333%                    
                                                                            
? 1-08HM       Mississippi Lime,     Devon        1.631%/      US$60,724    
               Oklahoma                           1.305%                    

Rita Whittington, COO of Magnolia, said, "Our well count continues to rise. We
now have interests in 105 producing wells in proven onshore US formations such
as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma. Our pipeline
of new wells is currently growing at a faster rate than those that are coming
into production and as a result, with 17 wells drilling and a further 17
waiting to spud, we expect the strong momentum behind Magnolia to continue. As
our participation in drilling activity increases, we are confident we will see
further strong growth in our 3P reserves, which were valued at US$94 million as
at 1 January 2013 in the recent Competent Person's Report."

Existing well updates

The Company has been informed by the relevant operators of a change in status
in the following wells in which it is participating:

Well               Formation    Status           NRI %         Operator    
                                                                           
McClure 36-2H      Mississippi  Waiting on       0.0552        Highmount   
                   Lime,        initial                                    
                   Oklahoma     production                                 
                                                                           
Gritz 1-7H         Hunton       Waiting on       0.0352        Husky       
                   Formation,   initial                        Ventures    
                   Oklahoma     production                                 
                                                                           
Finders 1-25H      Mississippi  Completed        1.848         Redfork     
                   Lime,                                                   
                   Oklahoma                                                
                                                                           
Nighswonger Farms  Mississippi  Completing       2.242         Slawson     
2815 1-13H         Lime,                                       Exploration 
                   Oklahoma                                                
                                                                           
Forrest 1-8H       Woodford,    Completing       0.586         Continental 
                   Oklahoma                                    Resources   
                                                                           
JoAnn 1H-18        Woodford,    Drilled waiting  0.445         Newfield    
                   Oklahoma     on completion                  Exploration 
                                                                           
Condit 1-5H        Woodford,    Drilled waiting  0.04981       Continental 
                   Oklahoma     on completion                  Resources   
                                                                           
Miss Frank 1-6H    Mississippi  Drilling         3.672         Devon Energy
                   Lime,                                                   
                   Oklahoma                                                
                                                                           
Sympson 1-6H       Woodford     Drilling         0.71115       Continental 
                                                               Resources   
                                                                           
Wolf 1H-25         Mississippi  Drilling         1.25          Highmount   
                   Lime,                                                   
                   Oklahoma                                                

                                  ** 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      
                                                                            
Jo Turner / James      Cairn Financial Advisers LLP   +44 20 7148 7900      
Caithie                                                                     
                                                                            
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      
                       Ltd                                                  
                                                                            
Frank Buhagiar         St Brides Media and Finance    +44 20 7236 1177      
                       Ltd                                                  

Notes

Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration
and production company.  Its portfolio includes interests in 105 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                                                                 105
                                                                             
Being Drilled / Completed                                                  17
                                                                             
Elected to participate / waiting to                                        17
spud                                                                         
                                                                             
TOTAL                                                                     139

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.

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