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Market: AIM
Sector: Energy
EPIC: MAGP
Latest Price: 1.13p  (0,00%)
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Magnolia Petroleum plc is an AIM listed oil and gas production company focused on the acquisition, exploitation and development of oil and gas properties primarily located onshore in the United States. Led by a highly skilled management team with over 100 years combined experience in the on shore oil and gas industry, the Company...

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RNS Release - Operations Update

25th Apr 2013, 7:00 am


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

25 April 2013

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

Operations Update

Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to report an update on its
activities in proven US onshore formations including the Mississippi Lime and
Woodford in Oklahoma.

Commencement of Production

The Company has been informed by the relevant operator that production has
commenced at the following well, with the IPR as set out below:

Well Name Formation Operator Gross IPR Magnolia's Net IPR
NRI

Peck 1-5H Mississippi Range 630.76 boepd 1.46% 9.2 boepd
Lime, Resources
Oklahoma

Participation in new wells

The Company is pleased to announce that it is participating in the following
five wells:

Well Name Targeted Formation Operator Magnolia's Net Cost to
WI/NRI Magnolia

Rock 8-2N Mississippi Lime, Range 0.313%/ US$11,325
Oklahoma Resources
0.25%

County Line Wilcox/Viola/Simpson, Phoenix Oil 0.938%/ US$3,187
33-4 Oklahoma and Gas 0.75%

Green Acres Woodford, Oklahoma Continental 0.746%/ US$64,548
1-36H 0.559%

? 1-04 HM Mississippi Lime, Devon 0.417%/ US$15,512
Oklahoma 0.333%

? 1-08HM Mississippi Lime, Devon 1.631%/ US$60,724
Oklahoma 1.305%

Rita Whittington, COO of Magnolia, said, "Our well count continues to rise. We
now have interests in 105 producing wells in proven onshore US formations such
as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma. Our pipeline
of new wells is currently growing at a faster rate than those that are coming
into production and as a result, with 17 wells drilling and a further 17
waiting to spud, we expect the strong momentum behind Magnolia to continue. As
our participation in drilling activity increases, we are confident we will see
further strong growth in our 3P reserves, which were valued at US$94 million as
at 1 January 2013 in the recent Competent Person's Report."

Existing well updates

The Company has been informed by the relevant operators of a change in status
in the following wells in which it is participating:

Well Formation Status NRI % Operator

McClure 36-2H Mississippi Waiting on 0.0552 Highmount
Lime, initial
Oklahoma production

Gritz 1-7H Hunton Waiting on 0.0352 Husky
Formation, initial Ventures
Oklahoma production

Finders 1-25H Mississippi Completed 1.848 Redfork
Lime,
Oklahoma

Nighswonger Farms Mississippi Completing 2.242 Slawson
2815 1-13H Lime, Exploration
Oklahoma

Forrest 1-8H Woodford, Completing 0.586 Continental
Oklahoma Resources

JoAnn 1H-18 Woodford, Drilled waiting 0.445 Newfield
Oklahoma on completion Exploration

Condit 1-5H Woodford, Drilled waiting 0.04981 Continental
Oklahoma on completion Resources

Miss Frank 1-6H Mississippi Drilling 3.672 Devon Energy
Lime,
Oklahoma

Sympson 1-6H Woodford Drilling 0.71115 Continental
Resources

Wolf 1H-25 Mississippi Drilling 1.25 Highmount
Lime,
Oklahoma

** 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

Jo Turner / James Cairn Financial Advisers LLP +44 20 7148 7900
Caithie

John Howes / Alice Northland Capital Partners +44 20 7796 8800
Lane / 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 exploration
and production company. Its portfolio includes interests in 105 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 105

Being Drilled / Completed 17

Elected to participate / waiting to 17
spud

TOTAL 139

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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