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

18 December 2014

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

                     Update on Operated Leases in Oklahoma

Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to provide an update on its
operated leases in Oklahoma including a more than doubling of production at its
100% owned Roger Swartz #1 well following the successful completion of low cost
stimulation work, and the drilling of additional vertical wells scheduled to
commence in H1 2015. This update is in line with the Company's strategy to
rapidly build production through drilling and prove up the reserves on its
leases.

Roger Swartz Vertical Well, Oklahoma

Production from the 100% owned Roger Swartz #1 vertical well (`Roger Swartz' or
`the Well') has more than doubled to 12.2 bopd following the completion of a
successful fracture stimulation (`frac') exercise in November 2014. Prior to
this, the Well had been producing between 4-5 bopd from the Mississippi Lime
formation. Following the frac, production has remained stable at current rates
and is not expected to experience significant decline. The total cost of the
frac was US$79,400 and based on current production rates, payback is expected
to be less than 12 months.

Roger Swartz is currently producing from the Mississippi Lime and Vertz
formations from which the Company estimates a total of up to 56,500 barrels of
oil equivalent are recoverable.

H1 2015 Two new vertical wells, Oklahoma

Magnolia has recently secured the necessary permits for two vertical wells in
Oklahoma: the Roger Swartz #2 and the Shimanek #2. Both wells will be targeting
multiple conventional payzones, including the Mississippi Lime/Chat, Redfork
Sand and the Lower Skinner Sand. The total cost of drilling, completing and
stimulating each well is estimated at US$700k. Following the farm-out of a 6%
working interest to an industry partner, Magnolia has a 94% working interest
and a 76.375% net revenue interest in each well. The Company is fully funded to
drill these two new wells, with drilling anticipated to commence in H1 2015.

Rita Whittington, COO of Magnolia, said, "From the outset, it has always been
our intention to drill our own vertical wells targeting proven conventional
formations in Oklahoma. As the results of the latest frac of our 100% owned and
operated Roger Swartz#1 well demonstrate, vertical wells provide low cost
opportunities to grow production and prove up the reserves on our leases. We
are preparing to spud two additional vertical wells in H1 2015, which thanks to
our large interests, have the potential to significantly increase Magnolia's
production and reserves. Upon success, these two wells will set up additional
well offsets.

"At the same time we continue to receive proposals to participate in drilling
activity alongside leading operators. In our view this continued interest
highlights the attractive returns still available through drilling and
producing from Oklahoma's historic formations even in the current oil price
environment. With both an operated and non-operated drilling strategy in place
for 2015, we remain focused on proving up the reserves on our leases and in the
process generating significant value for our shareholders. I look forward to
providing further updates on our progress during the year ahead."

                                  ** 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 7382 1100
                          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 176 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                                                                 176

Waiting on first sales / IP rates                                           1

Being drilled / completed                                                   9

Elected to participate / waiting to                                        38
spud

TOTAL                                                                     224

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