Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 05 July 2013 Magnolia Petroleum Plc (Magnolia or the Company) Excellent Initial Production at Helgeson Well in the Bakken Formation, 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 1,401 boepd for the Marathon Oil operated Helgeson 41-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue interest.

In addition, the Company announces its participation in seven new wells in producing US formations in Oklahoma, in line with its strategy to rapidly build production and reserves. Commencement of Production at Helgeson 41-30H well Well Name Targeted Formation Operator Gross IPR Magnolias NRI % Net IPR Helgeson 41-30H Bakken, North Dakota Marathon Oil 1,401 boepd 4.071 57 boepd
Participation in new wells The Company is participating in the following seven wells at an aggregate net cost of US$301,402: Well Name Targeted Formation Operator Magnolias WI/NRI Net Cost to Magnolia TBN 1-31H Mississippi Lime, Oklahoma Red Fork 3.066%/ 2.30% US$104,244 Linda 1-4* Wilcox, Oklahoma MT.

Dora 12.5%/ 9.375% US$72,875 Kennedy #5** Dolomite, Oklahoma Bill Laird 8.125%/ 6.094% US$34,685 Donaldson 1-21H Woodford, Oklahoma Meason Petroleum 1.388%/ 1.041% US$34,047 Yani 1-31H Hunton, Oklahoma Equal Energy 1.041%/ 0.781% US$31,626 Robison 4-1MWH Woodford, Oklahoma Calyx 0.434%/ 0.335% US$12,820 Territory East 9-1H Mississippi Lime, Oklahoma Dorado E&P 0.312%/ 0.234% US$11,105 *vertical well ** re-entry into and re-completion of existing wellbore Rita Whittington, COO of Magnolia, said, "Based on the initial production rates, the two Bakken wells, Helgeson and Gustafson, have together increased our daily production by 107 boe in the space of a week.

This represents a near doubling of the 122.5 boepd reported in the Competent Persons Report as at 31 December 2012. "We expect the strong momentum to be maintained if not built upon.

The seven new wells announced today bring the total number in which Magnolia has an interest that are at various stages of development or waiting to spud to 47.

As with Helgeson and Gustafson, Magnolia holds larger than average interests in a number of these wells such as the Blaser and Great White.

We are on course to build a significant US onshore oil and gas company and I look forward to providing further updates on our progress in due course." On-going Leasing Activity As a result of on-going leasehold activity, Magnolias total acreage in the Mississippi Lime, Hunton, Woodford and Wilcox formations in Oklahoma now stands at 5,226.37 acres. ** 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 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 118 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 118 Being Drilled / Completed 10 Elected to participate / waiting to spud 37 TOTAL 165
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