MAGP Magnolia Pet

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

30 July 2014

              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 provide an operations update
across its portfolio of interests in proven US onshore formations including the
Bakken, North Dakota and Woodford and Mississippi Lime, Oklahoma. This update
is in line with the Company's strategy to rapidly build production through
drilling and prove up the reserves on its leases.

Commencement of production at the following wells:

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

Cummings    Mississippi  Chesapeake        525.52         3.34  17.56 boepd
31-28-12-1H Lime,                           boepd
            Oklahoma

Voise 1-24  Woodford,    Devon Energy      143.38         6.38   9.15 boepd
H           Oklahoma                        boepd

The Company only provides details and updates for wells in which it has a
working interest of 1.5% or more. The Summary of Wells table at the end of each
release includes all wells in which Magnolia has an interest and is updated as
and when a change in status occurs for all wells.

Rita Whittington, COO of Magnolia, said, "These impressive initial production
rates from two wells targeting both the Woodford and the overlying Mississippi
Lime add a total of 26.71 boepd to our daily production and brings our total
producing wells to 170. Even allowing for expected decline rates, this
represents a significant increase in our net production which stood at 150
boepd as at 1 April 2014.

"We are delighted by the rates coming from the Chesapeake operated Cummings
horizontal well targeting the Mississippi Lime, where a gross 525 boepd are
currently being produced. These figures demonstrate that there is still
significant potential within the formation from both horizontal and vertical
wells targeting the "wedges". With a high level of drilling proposals
continuing to come in I look forward to providing further updates on our
progress in due course as we look to further build on our production through
drilling and prove up the reserves on our leases."

                                  ** ENDS **

Glossary

`boe' means barrels of oil equivalent: a unit of energy based on the
approximate energy released by burning one barrel (42 US gallons or 158.9873
litres) of crude oil.

There are 42 gallons (approximately 159 litres) in one barrel of oil, which
will contain approximately 5.8 million British Thermal Units (MBtus) or 1,700
kilowatt hours (kWh). The value is necessarily approximate as various grades of
oil have slightly different heating values. BOE is used by oil and gas
companies in their financial statements as a way of combining oil and natural
gas reserves and production into a single measure.

`boepd' means barrels of oil equivalent per day

`bopd' means barrels of oil per day, Abbreviation for barrels of oil per day, a
common unit of measurement for volume of crude oil. The volume of a barrel is
equivalent to 42 US gallons

`IPR' means initial production rates

`NRI' means net revenue interest

`WI' means working interest

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 Caithie Cairn Financial Advisers LLP    +44 20 7148 7900

John Howes / Alice Lane / Northland Capital Partners      +44 20 7796 8800
Luke Cairns               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 exploration
and production company.  Its portfolio includes interests in 170 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                                                                 170

Waiting on first sales / IP rates                                          19

Being drilled / completed                                                   5

Elected to participate / waiting to                                        45
spud

TOTAL                                                                     246