Operations Update

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

25 April 2013

Magnolia Petroleum Plc(`Magnolia' or `the Company') Operations Update

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to report an update on itsactivities in proven US onshore formations including the Mississippi Lime andWoodford in Oklahoma.

Commencement of Production

The Company has been informed by the relevant operator that production hascommenced at the following well, with the IPR as set out below:

Well Name Formation Operator Gross IPR Magnolia's Net IPR NRI Peck 1-5H Mississippi Range 630.76 boepd 1.46% 9.2 boepd Lime, Resources Oklahoma

Participation in new wells

The Company is pleased to announce that it is participating in the followingfive wells: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI Magnolia Rock 8-2N Mississippi Lime, Range 0.313%/ US$11,325 Oklahoma Resources 0.25% County Line Wilcox/Viola/Simpson, Phoenix Oil 0.938%/ US$3,18733-4 Oklahoma and Gas 0.75% Green Acres Woodford, Oklahoma Continental 0.746%/ US$64,5481-36H 0.559% ? 1-04 HM Mississippi Lime, Devon 0.417%/ US$15,512 Oklahoma 0.333% ? 1-08HM Mississippi Lime, Devon 1.631%/ US$60,724 Oklahoma 1.305%

Rita Whittington, COO of Magnolia, said, "Our well count continues to rise. Wenow have interests in 105 producing wells in proven onshore US formations suchas the Bakken, North Dakota, and the Mississippi Lime, Oklahoma. Our pipelineof new wells is currently growing at a faster rate than those that are cominginto production and as a result, with 17 wells drilling and a further 17waiting to spud, we expect the strong momentum behind Magnolia to continue. Asour participation in drilling activity increases, we are confident we will seefurther strong growth in our 3P reserves, which were valued at US$94 million asat 1 January 2013 in the recent Competent Person's Report."

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 Formation Status NRI % Operator McClure 36-2H Mississippi Waiting on 0.0552 Highmount Lime, initial Oklahoma production Gritz 1-7H Hunton Waiting on 0.0352 Husky Formation, initial Ventures Oklahoma production Finders 1-25H Mississippi Completed 1.848 Redfork Lime, Oklahoma Nighswonger Farms Mississippi Completing 2.242 Slawson2815 1-13H Lime, Exploration Oklahoma Forrest 1-8H Woodford, Completing 0.586 Continental Oklahoma Resources JoAnn 1H-18 Woodford, Drilled waiting 0.445 Newfield Oklahoma on completion Exploration Condit 1-5H Woodford, Drilled waiting 0.04981 Continental Oklahoma on completion Resources Miss Frank 1-6H Mississippi Drilling 3.672 Devon Energy Lime, Oklahoma Sympson 1-6H Woodford Drilling 0.71115 Continental Resources Wolf 1H-25 Mississippi Drilling 1.25 Highmount Lime, Oklahoma ** 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 Northland Capital Partners +44 20 7796 8800Lane / Luke Cairns Limited Lottie Brocklehurst St Brides Media and Finance +44 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 20 7236 1177 Ltd Notes Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas explorationand production company. Its portfolio includes interests in 105 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 105 Being Drilled / Completed 17 Elected to participate / waiting to 17spud TOTAL 139

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.