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(PRN) 2012-10-02 14:53
Magnolia Petroleum Plc - Participating in Four Additional Wells in Oklahoma


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

2 October 2012

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

Participating in Four Additional Wells in Proven US Onshore Oil Plays in Oklahoma

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and
production company, is pleased to announce its participation in four further
wells in proven onshore oil plays in Oklahoma. Magnolia currently has interests
in 84 producing properties, a further 10 currently being drilled/ completed
and, following today's announcement, an additional 14 waiting to be spud.

Participating inthefollowing fourwells:

* Partagas 1-1H, horizontal well targeting the Mississippi Lime
Formation, (Magnolia working/ net revenue interest 4.6875%/ 3.75976%) operated
by Cisco Energy. Total drill costs are estimated at US$3,786,200 with the
Company's share US$177,478

* Sympson 1-6H, horizontal well, targeting the Woodford Formation (Magnolia
working/ net revenue interest 0.9482%/ 0.71115%) operated by Continental
Resources (`Continental'). Total drill costs are estimated at US$9,491,000
with the Company's share US$89,994

* Mack 10-27-17 1H, horizontal well targeting the Mississippi Lime Formation,
(Magnolia working/ net revenue interest 0.625%/ 0.5%) operated by
Chesapeake Energy. Total drill costs are estimated at US$3,988,650 with
the Company's share US$24,929

* Kelly 1-2H, horizontal well targeting the Woodford Formation, (Magnolia
working/ net revenue interest 0.1736%/ 0.1302%) operated by Eagle Rock
Energy. Total drill costs are estimated at US$3,456,863 with the Company's
share US$6,001

From time to time, the Company elects to participate in wells with relatively
small working/ net revenue interests, such as the Kelly 1-2H well above. This
allows Magnolia to gain access to critical well information which is then used
to further enhance its understanding of the relevant formation.

Magnolia COO, Rita Whittington said, "As today's news shows, we continue to
receive multiple proposals to participate in wells across our leases covering
over 5,500 net mineral acres in proven US onshore oil plays, such as the Bakken
/ Three Forks Sanish, North Dakota and the Mississippi Lime and Woodford/
Hunton, Oklahoma. The Sympson well is our first with Continental, yet another
leading operator with whom we have a commercial relationship. I look forward to
providing further updates in due course as we work to build our net production
and reserves."

** ENDS **

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

Steven Snead Magnolia Petroleum Plc +01 918 449 8750

Rita Whittington Magnolia Petroleum Plc +01 918 449 8750

Antony Legge / James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550

John Howes / John-Henry Northland Capital Partners +44 (0) 20 7796 8800
Wicks Limited

Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177
Ltd

Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177
Ltd



Notes

Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas exploration
and production company. Its portfolio includes interests in 84 producing and
non-producing assets, primarily located in the highly productive Bakken/Three
Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich
Mississippi Lime and the substantial and proven Woodford and Hunton formations
in Oklahoma.

Summary of Wells

Category Number of wells

Producing 84

Being Drilled / Completed 10

Elected to participate / waiting to 14
spud

TOTAL 108

Notes

*This table excludes four out of six wells acquired as part of the acquisition
of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as
announced on 10 February 2012. These four wells are currently `shut in' and
will require a workover programme at some point in the future to bring back
into production.



END

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