Participating in 11 Additional US Onshore Wells

MAGNOLIA PETROLEUM PLC - Participating in 11 Additional US Onshore Wells

PR Newswire

London, May 20

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

21 May 2013

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to report an update on theCompany's activities in proven US onshore formations such as the Bakken/ThreeForks Sanish, North Dakota, and the Mississippi Lime and Woodford/Huntonformations in Oklahoma.

Participation in new wells

The Company is pleased to announce that it is participating in the followingeleven wells for an aggregate net cost of US$1,398,694:

Well Name Targeted Formation Operator Magnolia's Net Cost to

Blaser 1-10H Mississippi Lime, Cummings 12.5%/ US$406,188

Jake 2-11-3TFH Three Forks Sanish, Statoil 1.953%/ US$209,568

Jake 2-11-5TFH Three Forks Sanish, Statoil 1.953%/ US$209,568

Voise 1-10H Mississippi Lime, Devon Energy 1.667%/ US$58,134

Giles 1-6H Mississippi Lime, Red Fork 1.25%/ US$42,579

Paul 1-27H Mississippi Lime, Orion 0.391%/ US$16,766

Rabke 1-24H36 Woodford, Oklahoma XTO 0.322%/ US$18,565

Jo Lynn 18-1WH Woodford, Oklahoma Devon Energy 0.435%/ US$14,416

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

Well Name Formation Operator Gross IPR Magnolia's Net IPR

Wolf 1H-25 Mississippi Highmount 195 boepd 1.25% 2.4 boepd

Nighswonger Mississippi Slawson 107 boepd 2.242% 2.4 boepdFarms 2815 Lime, Exploration

McClure 36-2H Mississippi Highmount 90 boepd 0.055% 0.05 boepd

Rita Whittington, COO of Magnolia, said, "The speed with which we have startedto deploy the recently raised funds demonstrates the high level of activity inUS onshore liquids rich plays, the large number of opportunities we continue tosee and, more specifically, the considerable potential of the 13,500 plus netmineral acres we hold. Both the above average interest in the Blaser well,along with an aggregate net investment of almost US$1.4million into new wells,are in line with our strategy to rapidly grow net production and reservesthrough drilling, as we look to generate further value for shareholders. Thisis a highly exciting time for Magnolia and I look forward to providing furtherupdates on our progress in due course."

Interest in producing well

As part of Magnolia's on-going lease acquisition activity, the Company hasacquired a 0.328%/0.246% working/net revenue interest in the Betty 22-24-10 1H,a horizontal well operated by Chesapeake Energy. The well has been producingfrom the Mississippi Lime Formation in Oklahoma since October 2012 with areported initial production rate of 128 boepd.

For further information on Magnolia Petroleum Plc visitwww.magnoliapetroleum.com or contact the following:

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.