Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 9 May 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 Magnolias NRI Net IPR Forrest 1-8H Woodford, Oklahoma Continental Resources 1,272 boepd 0.586% 7.5 boepd
On-going Leasing Activity The Company has acquired an additional 152.617 acres in the Mississippi Lime formation, Oklahoma, bringing Magnolias total acreage in the play to c.

4,659 net mineral acres. Murl#1 well Magnolias working/net revenue interest in the Basis operated Murl#1 well, targeting the historic Wilcox formation, has increased to 2.812%/2.071% respectively from 2.437%/1.736% as previously reported on 28 March 2013.

Murl#1 is an additional direct offset to the Henry 2-29, Bowen 2-29 and Bowen 3-29 wells that are producing from the historic Wilcox formation in Oklahoma.

Following the success of the Henry and Bowen wells, the Murl well is being drilled to optimise the recovery of all the reserves. Rita Whittington, COO of Magnolia, said, "The excellent initial production rates for the Forrest well highlight the positive impact advanced technologies and techniques including horizontal drilling and fracture stimulation are having on recovery rates for wells drilled in historic US formations such as the Woodford in Oklahoma. "We continue to see and evaluate opportunities to increase Magnolias acreage in the prolific Mississippi Lime formation.

In all, Magnolia now holds over 13,500 acres in proven US onshore oil rich plays containing over 600 potential drilling locations.

Our extensive experience and contacts also allow us to increase our interests in wells such as the Murl#1, targeting the Wilcox, another productive reservoir.

Increasing both our acreage in proven formations and the average size of our interests in wells operated by established oil and gas companies are key components of our strategy to grow net production and reserves through drilling as we look to build a significant US onshore focussed oil and gas company." 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
Flinders 1-25H Mississippi Lime, Oklahoma Waiting on initial production rates 1.848 Redfork Nighswonger Farms 2815 1-13H Mississippi Lime, Oklahoma Waiting on initial production rates 2.242 Slawson Exploration Wolf 1H-25 Mississippi Lime, Oklahoma Waiting on initial production rates 1.250 Highmount JoAnn 1H-18 Woodford, Oklahoma Waiting on fracture stimulation 0.445 Newfield Exploration Sympson 1-6H Woodford Drilled - setting pipe 0.711 Continental Resources Cordray-Ritter 4-28-14 1H Mississippi Lime, Oklahoma Drilling 0.597 Chesapeake Energy
** 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 Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes / Alice Lane / Luke Cairns Northland Capital Partners Limited +44 20 7796 8800 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 106 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 106 Being Drilled / Completed 17 Elected to participate / waiting to spud 16 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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