Excellent Production at First Jake Bakken Well

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 22 July 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Excellent Initial Production at First of Six Jake Wells in the Bakken Formation , North Dakota Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to provide an operations updatewhich includes an initial production rate of 3,928 boepd for the Statoiloperated Jake 2-11 1H well in the Bakken Formation, North Dakota, in whichMagnolia holds a 1.465% net revenue interest, adding 57.5 boepd to theCompany's net production. This update is in line with the Company's strategy torapidly build production and reserves on its leases in proven US onshoreformations. Commencement of Production at Jake 2-11 # 1H & Sympson 1-6H wells Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Jake 2-11 Bakken, Statoil 3,928 boepd 1.465 57.5 boepd# 1H North Dakota Sympson Woodford, Continental 758 boepd 0.711 5.4 boepd1-6H Oklahoma Resources Participation in new wells The Company is participating in the following three wells at an aggregate netcost of US$70,622: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI% Magnolia LeMarr#1* Oswego, Oklahoma Stephens 6.226/4.67 US$38,912 Exploration Rabke 2-24H-36 Woodford, Oklahoma XTO 0.284/0.213 US$16,374 Rabke 3-24H-26 Woodford, Oklahoma XTO 0.266/0.20 US$15,336 * re-entry into and re-completion of existing wellbore Rita Whittington, COO of Magnolia, said, "Thanks to the excellent performanceof the first Jake well, in the space of a month we have reported initialproduction rates for three wells in the Bakken formation, North Dakota, whichtogether have added 164.5 boepd to Magnolia's daily production. Even allowingfor expected decline rates, this represents a major increase in our netproduction which stood at 122.5boepd as at 31 December 2012. The results of theStatoil operated well bode well for the five remaining Jake wells which are atvarious stages of development. We believe the transformation of our productionand revenue profile is set to continue. This in turn will allow us to step-upour drilling and lease acquisition activity, as we look to generate significantvalue for shareholders by proving up the reserves on our leases which coverover 13,500 net acres in proven US formations." Existing well updates The Company has been informed by the relevant operators of a change in statusin the following wells in which it is participating: Well Targeted Status NRI % Operator Formation Jake 2-11 # 2TFH Three Forks Waiting on initial 1.465 Statoil Sanish, North production rates Dakota Jake 2-11-5TFH Three Forks Waiting on 1.465 Statoil Sanish, North fracture Dakota stimulation Jake 2-11-6H Bakken, North Waiting on 1.465 Statoil Dakota fracture stimulation Jake 2-11-4H Bakken, North Drilling 1.465 Statoil Dakota Blaser 1-10H Mississippi Completing 9.375 Cummings Lime, Oklahoma Linda 1-4** Wilcox, Oklahoma Drilling 9.375 MT. Dora Murl#1 Wilcox, Oklahoma Drilling 3.047 Basis **Vertical well Increase in interests in existing wells Well Targeted OLD WI/NRI% NEW WI/NRI % Operator Formation Yani 1-31H Hunton, Oklahoma 1.041/0.781 2.213/1.66 Equal Energy Donaldson 1-21H Woodford, 1.388/1.041 2.951/2.213 Meason Oklahoma Petroleum TBN 1-31H Mississippi 3.066/2.30 3.345/2.51 Red Fork Lime, Oklahoma ** ENDS ** Glossary `boe' means barrels of oil equivalent: a unit of energy based on theapproximate energy released by burning one barrel (42 US gallons or 158.9873litres) of crude oil. There are 42 gallons (approximately 159 litres) in one barrel of oil, whichwill contain approximately 5.8 million British Thermal Units (MBtus) or 1,700kilowatt hours (kWh). The value is necessarily approximate as various grades ofoil have slightly different heating values. BOE is used by oil and gascompanies in their financial statements as a way of combining oil and naturalgas reserves and production into a single measure. `boepd' means barrels of oil equivalent per day `IPR' means initial production rates `NRI' means net revenue interest `WI' means working interest 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 Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes / Alice Lane / Northland Capital Partners +44 20 7796 8800Luke Cairns Limited 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 120 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 120 Being Drilled / Completed 14 Elected to participate / waiting to 34spud TOTAL 168