Operations Update

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 5 September 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 provide an update on itsactivities in proven US onshore formations, including its participation in fournew wells in Oklahoma alongside established operators such as Devon Energy.This update is in line with the Company's strategy to rapidly build productionand reserves on its leases in oil rich formations including the Bakken in NorthDakota and Mississippi Lime in Oklahoma. Participation in new wells The Company is participating in the following four wells at an aggregate netcost of US$153,433: Well Name Targeted Formation Operator Magnolia's Net Cost to WI/NRI% Magnolia Bolay #1-19HW Woodford, Oklahoma Devon Energy 1.94/1.55 US$56,453 Not Named Mississippi and Calyx 1.875/1.5 US$54,20228-1MWH Woodford, Oklahoma Fuxa 1-9H Mississippi Lime, Slawson 0.697/0.558 US$25,201 Oklahoma Exploration Reta#1* Bois D Arc, Chimney Basis 3.0/2.31 US$17,577 Hill, Viola, Simpson, Oklahoma * vertical well - offset to Murl#1 and Bowen 2&3 wells Rita Whittington, COO of Magnolia, said, "Magnolia now has interests in 174wells at various stages of development in proven US onshore formations. As wecontinue to receive numerous proposals to drill across our portfolio of over13,500 net mineral acres, we are confident our year end target of 175 wellswill be exceeded. Increasing the number of wells in which we have an interestgenerates higher revenues that are reinvested into drilling, but importantlyproves up reserves. The 20 fold increase in the value of Magnolia's 2P reservesto US$44m between October 2011 and December 2012 illustrates the value createdduring this period through drilling, and with several wells due to commenceproduction shortly, we expect to report further substantial growth, as we builda significant US onshore focused oil and gas company." 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 Blaser 1-10H Mississippi Preparing to frac 9.375 Cummings Lime, Oklahoma this week LeMarr#1 (re-entry Oswego, Oklahoma Drilled and 4.68 Stephensand completion) waiting on Exploration completion Sullins 1-6MH Mississippi Waiting on surface 3.718 Devon Energy Lime, Oklahoma facilities to be installed Murl#1 Wilcox, Oklahoma Frac scheduled for 3.047 Basis this week Rabke 2-24H-36 Woodford, Drilling 0.213 XTO Oklahoma Increase in working/net revenue interest in previously announced well - a keypart of the Company's strategy to rapidly build net production and reserves. Well Targeted OLD WI/NRI% NEW WI/NRI % Operator Formation SPS Lucy 1-14H Hunton, Oklahoma 2.083/1.562 3.03/2.42 Paul Gillham ** ENDS ** Glossary `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 121 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 121 Being Drilled / Completed 18 Elected to participate / waiting to 35spud TOTAL 174