10 per cent Interest in New Mississippi Lime Well

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 11 June 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Participation in New Well in Oklahoma with 10% Interest Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to report its participation inthree new wells in Oklahoma including a Mississippi Lime formation well inwhich Magnolia has a 10% working interest. This is in line with the Company'sstrategy to increase the size of its interests in wells in which it isparticipating alongside established operators to rapidly grow net productionand reserves. Participation in new wells The Company is pleased to announce that it is participating in the followingthree wells for an aggregate net cost of US$392,370: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI Magnolia To be Mississippi Lime, To be 10%/ 7.5% US$340,600determined Oklahoma announced Omega 1-33H Hunton, Oklahoma Equal Energy 1.067%/ US$36,248 0.799% Little 1H-18H Mississippi Lime, Chaparral 0.391%/ US$15,522 Oklahoma 0.293% Increase in Interest in Murl#1 well Magnolia's working/net revenue interest in the Basis operated Murl#1 well,targeting the historic Wilcox formation, Oklahoma has increased to 4.063%/3.047% respectively from 2.812%/2.071% as previously reported on 9 May 2013.Murl#1 is an additional direct offset to the Henry 2-29, Bowen 2-29 and Bowen3-29 wells that are producing from the Wilcox. Following the success of theHenry and Bowen wells, the Murl#1 is being drilled to optimise the recovery ofall the reserves. Rita Whittington, COO of Magnolia, said, "We continue to increase our averageinterest in wells in proven US onshore formations. Along with the well today,this year we have announced the Blaser targeting the Mississippi Lime in whichwe have a 12.5% working interest, as well as our 5.4% interests in the Marathonoperated Gustafson and Helgeson wells in the prolific Bakken, North Dakota.Also, as the Murl well shows, as part of our on-going leasing activity we arecontinually looking to increase our interests in individual wells in which weare already participating. Increasing the size of Magnolia's interests in wellsforms a key part of our strategy to rapidly build net production and netreserves, and we expect to announce additional well participations in duecourse." ** ENDS ** For further information on Magnolia Petroleum Plc visitwww.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 7900Caithie John Howes / Alice Lane Northland Capital Partners Limited +44 20 7796 8800/ Luke Cairns 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 explorationand production company. Its portfolio includes interests in 112 producing andnon-producing assets, primarily located in the highly productive Bakken/ThreeForks Sanish hydrocarbon formations in North Dakota as well as the oil richMississippi Lime and the substantial and proven Woodford and Hunton formationsin Oklahoma. Summary of Wells Category Number of wells Producing 112 Being Drilled / Completed 15 Elected to participate / waiting to 30spud TOTAL 157 This table excludes four out of six wells acquired as part of the acquisitionof 800 gross acres with a 100% working interest in Osage County, Oklahoma, asannounced on 10 February 2012. These four wells are currently `shut in' andwill require a workover programme at some point in the future to bring backinto production.