Sale of Non-Core Assets in Alabama, Texas and Florida

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 29 August 2014 Magnolia Petroleum Plc(`Magnolia' or `the Company') Sale of Non-Core Assets in Alabama, Texas and Florida Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to announce the sale of 24smaller interests in non-core wells for a total consideration of US$240,750, a190% increase on the US$83,000 value assigned to the combined proved anddeveloped producing reserves (`PDP') of these wells in the latest ReservesReport as at 1 July 2014. In line with the Company's strategy, the proceedswill be reinvested into developing and proving up the reserves on its leases inproven US onshore formations such as the Bakken/ Three Forks Sanish in NorthDakota and the Woodford/ Mississippi Lime in Oklahoma. The 24 non-operated wells are all located in Alabama, Florida and Texas andwere sold in five individual packages. Magnolia held minority interests in thewells ranging between 0.0068% and 1.54%. The sale is part of the Company'son-going management of its portfolio of leases covering over 13,500 net mineralacres in proven US formations. Rita Whittington, COO of Magnolia, said, "We are delighted with the US$240,750sale proceeds for these wells which, at a multiple of almost three times thevalue ascribed to their PDP reserves, provide a ready-made example of how themarket values non-operated properties in the US. The positive read across oftoday's disposal on our portfolio of US onshore leases is clear. The value ofour PDP reserves for our producing wells now stands at over US$9 million, whileour proven reserves have been independently valued at US$31.832 million. With aremaining 147 producing wells, 79 additional wells at various stages ofdevelopment and over 600 potential drilling locations on our acreage, thereremains considerable scope for further significant growth, as we prove up thereserves on our leases through drilling." ** 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 Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes/Alice Lane Northland Capital Partners +44 20 7796 8800 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 147 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 147 Waiting on first sales / IP rates 19 Being drilled / completed 8 Elected to participate / waiting to 52spud TOTAL 226