Operations Update

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

8 March 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 Bakken/Three ForksSanish, North Dakota and the Mississippi Lime in Oklahoma.

Update on the Roger Swartz Well

The Company is pleased to announce that, following the drilling and testing inDecember 2012 of the Magnolia operated Roger Swartz #1 well targeting theMississippi Lime, all the production equipment has now arrived on site. Withthe cessation of some recent inclement weather, the completion rig is scheduledfor next week with fracture stimulation to occur shortly thereafter.

The Company will make a further announcement as soon as results are available.

Existing Well Updates

The Company has been informed by the relevant operators of a change in statusin the following wells in which it participates:

Well Formation Status NRI % Operator Helgeson 41-30H Bakken, Drilled, 4.071 Marathon Oil North Dakota undergoing completion Paul (renamed Mississippi Waiting to Spud 2.24187 SlawsonNighswonger) 2815 Lime, Exploration1-13H Oklahoma BB Rice#2 Bakken, Undergoing 0.0878925 Hess North Dakota fracture Corporation stimulation BB Rice#3 Three Forks Undergoing 0.0878925 Hess Sanish, fracture Corporation North Dakota stimulation Mack 10-27-17 1H Mississippi Commencing 0.504985 Chesapeake Lime, fracture Energy Oklahoma stimulation this week Peck 1-5H Mississippi Completed 0.502 Range Lime, Resources Oklahoma Forrest 1-8H Woodford, Drilled, 0.5859 Continental Oklahoma undergoing Resources completion 1H-18 (renamed Woodford, Expected to spud 0.44485 NewfieldJoAnn 1H-18) Oklahoma within 30 days Exploration

Participating in the following new well

* Chalfant 1-7H, horizontal well targeting the WoodfordFormation, Oklahoma (Magnolia working interest (`WI')/ net revenue interest (`NRI') 0.31507%/ 0.2363074%) operated by Continental Resources (`Continental'). Total drill costs are estimated at US$8,221,500 with the Company's share totalling US$19,428

Rita Whittington, COO of Magnolia, said, "With 18 wells currently undergoingdrilling, completing or fracture stimulation operations, including our own 100%owned Roger Swartz vertical well, we anticipate a further increase in revenuesand reserves as these wells are brought into production. Combined with anadditional 14 wells waiting to spud and multiple well proposals being receivedon our leases, we remain on course to build a significant oil and gas companyfocused on proven US onshore formations, and in the process generatesubstantial value for shareholders."

** 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 Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550 John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800 Limited Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Notes Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas explorationand production company. Its portfolio includes interests in 91 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 91 Being Drilled / Completed 18 Elected to participate / waiting to 14spud TOTAL 123

This summary 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.

Total US onshore net acreage 12,794.16 acres