Storm Update

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

21 May 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Update

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gasexploration and production company, advises that none of its operations acrossthe state have been affected directly by the recent storms in Oklahoma. TheDirectors' thoughts at this time are with those whose lives have been impacted.

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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 110 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 110 Being Drilled / Completed 14 Elected to participate / waiting to 27spud TOTAL 151

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.