Quarterly Operations Update

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

15 April 2013

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

Quarterly Operations Updatefor the period ended 31 March 2013

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration andproduction company, announces a quarterly update on its operations acrossproven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime andthe Hunton/Woodford in Oklahoma.

Quarter Highlights

* Interest in 96 producing wells as at end Q1 2013 - current total of 104 producing wells * Reported initial production rates for 10 wells and elected to participate in an additional 11 * Production equipment on site at Roger Swartz #1, first well drilled by Magnolia as operator to the Mississippi Lime formation, Oklahoma - currently undergoing fracture stimulation * 985 net mineral acres acquired in the Montana section of the Bakken/Three Forks Sanish formation, bringing total acreage acquired in the district to 7,866 * Appointment of Oliver Rigby as the Company's Chief Financial Officer

Outlook

* Q2 2013 expected to see further significant activity with numerous new wells due to come into production * Multiple well proposals being received - expected to lead to further participations with leading operators * Results of fracture stimulation of Magnolia operated Roger Swartz #1 * Plans to drill additional wells in Oklahoma as operator, with 50%+ net revenue interests * On-going lease acquisition and management activity in line with strategy to grow and diversify portfolio: + Post period end acquisition of 250 net mineral acres in Mississippi Lime + Farm down of 2% interest in 13 sections of existing leases freeing funds for further investment * Updated Reserves and Competent Person's Report by Moyes & Co. expected Q2 2013, covering Magnolia's assets as at year end 2012 will include: + an estimate on the Company's average production rates + an anticipated reserves upgrade due to reclassification of the Company's Three Forks Sanish reserves from "possible" to "proven undeveloped" and newly acquired Mississippi Lime acreage with multiple "proven undeveloped" locations

Well Developments

The full list of well developments occurring in the quarter is set out below.

Well Formation Status NRI % Operator

Lois Rust 7-27-12 Mississippi Producing 1.868 Chesapeake1H

Lime, Oklahoma Thomason 10-27-12 Mississippi Producing 9.375 Chesapeake1H Lime, Oklahoma Walker 2-29 Viola, Producing 0.834 Transpro Oklahoma Bowen 2-29 Wilcox, Producing 1.736 Basis Oklahoma Bowen 3-29 Wilcox, Producing 1.736 Basis Oklahoma

Montecristo 6-1H Mississippi Producing 5.349 Cisco

Lime, Oklahoma Beebe 24-W1H Woodford, Producing 0.242 Longfellow Oklahoma Energy

Curtis Kerr 24-8H Bakken, North Producing 1.467 Marathon

Dakota Nicky Kerr 14-8 Bakken, North Producing 1.467 Marathon Dakota Campbell 1-H* Woodford, Producing 0.026 Newfield Oklahoma Kelly 1-2H* Woodford, Producing 0.130 Eagle Rock Oklahoma Energy

Bessie Todd Estate Cotton Valley, Producing 0.173 AnadarkoGU 31H

Texas

**Mack 10-27-17 1H Mississippi Producing 0.505 Chesapeake

Lime, Oklahoma **BB Rice~2 Bakken Producing 0.088 Hess Formation, Corporation North Dakota **BB Rice#3 Three Forks Producing 0.088 Hess Sanish Corporation Formation, North Dakota

Roger Swartz #1 Mississippi Undergoing 81.25 Magnolia

Lime, Oklahoma fracture Petroleum stimulation

Jake 2-11 # 1H Bakken, North Awaiting 1.465 Statoil

Dakota fracture stimulation

Jake 2-11 # 2TFH Three Forks Awaiting 1.465 Statoil

Sanish, North fracture Dakota stimulation

Gustafson 31-30H Bakken, North Waiting on 4.071 Marathon Oil

Dakota fracture stimulation

Helgeson 41-30H Bakken, North Completing 4.071 Marathon Oil

Dakota Finders 1-25H Mississippi Drilling 1.848 Redfork Lime, Oklahoma Forrest 1-8H Woodford, Completing 0.586 Continental Oklahoma Resources Peck 1-5H Mississippi Completed 0.502 Range Lime, Oklahoma Resources JoAnn 1H-18 Woodford, Waiting to 0.445 Newfield Oklahoma spud Exploration Nighswonger Farms Mississippi Waiting to 2.242 Slawson2815 1-13H Lime, Oklahoma spud Exploration Miss Frank 1-6H Mississippi Waiting to 3.672 Devon Energy Lime, Oklahoma spud Gritz 1-7H Hunton Waiting to 0.0352 Husky Formation, spud Ventures Oklahoma Chalfant 1-7H Woodford, Waiting to 0.236 Continental Oklahoma spud Resources Cordray-Ritter Mississippi Waiting to 0.597 Chesapeake4-28-14 1H Lime, Oklahoma spud Energy Murl#1 Wilcox, Waiting to 1.736 Basis Oklahoma spud Big Rig 1-35 Wilcox, Waiting to 1.230 Territory Oklahoma spud Resources Jones 1-24H Woodford, Waiting to 0.104 Gillham Oil Oklahoma spud Co.

*From time to time, the Company elects to participate in wells with relativelysmall working/net revenue interests. This allows Magnolia to gain access tocritical well information which is then used to further enhance itsunderstanding of the relevant formation.

** IPRs reported post period end

Magnolia COO, Rita Whittington said, "This has been another highly activequarter for the Company, during which we reported initial production rates for10 wells, elected to participate in a further 11, and increased our net mineralacreage to over 12,700 in proven US onshore formations. The momentum hascontinued into the current quarter. Since period end, the number of producingwells in which we have an interest has increased to 104 and we continue toreceive multiple new well proposals, reflecting the considerable potential ofthe acreage we hold. With this in mind, we believe we are on track to build netproduction and reserves further, as we look to deliver on our objective andgenerate significant value for shareholders."

Forthcoming Investor Events

Magnolia will be presenting at the following two investor events:

* Interactive Investor - Interface Event: Tuesday 23 April 2013 at The Grange St. Paul's Hotel, London, EC4V 5AJ. For further information please click on the following link: http://interfaceeventapr13.eventbrite.co.uk/# * Proactive Investors One2One Investor Forum: Thursday 2 May 2013 at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, London, W1J 5EB (Charles Suite). For further information please click on the following link: http://www.proactiveinvestors.co.uk/register/event_details/188 * * 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 104 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 104 Being Drilled / Completed 12 Elected to participate / waiting to 18spud TOTAL 134

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.

Total US onshore net acreage 12,794.16 acres