Commencement of Drilling 94% Owned Well, Oklahoma

MAGNOLIA PETROLEUM PLC - Commencement of Drilling 94% Owned Well, Oklahoma

PR Newswire

London, July 16

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

17 July 2015

Magnolia Petroleum Plc (‘Magnolia’ or ‘the Company’)

Commencement of Drilling 94% Owned Well in Oklahoma

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce that its 94% owned and operated Shimanek #2 vertical well in Oklahoma commenced drilling on 16 July 2015. Shimanek #2 will be drilled to a total depth (‘TD’) of 5,300 feet targeting multiple conventional payzones, including the Mississippi Lime/Chat, Redfork Sand and the Lower Skinner. The total drill time is expected to be eight to 10 days and an update will be made once TD has been reached.

Magnolia COO, Rita Whittington said, “With an estimated US$8 per barrel operating cost, the economics of drilling the Shimanek#2 well remain highly attractive. Thanks to having a 94% interest, this Magnolia operated well has the potential to materially increase our proven reserves which, as at 1 January 2015, were independently estimated at 985 Mbbls of oil and 2,905 MMcf of gas. I look forward to providing further updates on our progress as we deliver on our strategy to prove up the reserves on our portfolio of US onshore leases, and in the process generate significant value for our shareholders.”

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For further information on Magnolia Petroleum Plc visit http://www.magnoliapetroleum.com/ or contact the following:

Notes

Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company. Its portfolio includes interests in 195 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.

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