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

18 September 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 well:

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


Cummings 2H Mississippi  Chesapeake   333 boepd   3.34         11 boepd
            Lime,        Energy
            Oklahoma

The Company is participating in the following two wells at a net aggregate cost
of US$245,223:

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

Nighswonger   Mississippi      Sandridge   3.125/2.242  US$146,535   Waiting
Farms 2       Lime, Oklahoma   Energy                                to spud

Edwards       Mississippi      Devon       1.5625/1.25  US$98,688    Waiting
              Lime, Woodford,  Energy                                on IP
              Oklahoma                                               rates

Rita Whittington, COO of Magnolia, said, "At 333 boepd, the initial production
rate of the Cummings 2H, an increased density well drilled on the same spacing
unit as the Cummings 31-28-12-1H 2H which itself recorded an IPR of 525 boepd,
demonstrates the potential of the Mississippi Lime formation, and the
relatively low risk attached to drilling offset wells in already producing
sections. As previously reported, we are seeing a pick-up in increased density
well proposals, such as today's Sandridge Energy operated Nighswonger Farm 2
well, as operators increasingly look to maximise the recovery of reserves on
individual sections. Thanks to our new and improved US$6m credit facility, our
fast growing production-generated revenues and the US$1m we recently received
for consulting services, Magnolia is in excellent shape to continue
participating in drilling activity alongside leading operators, and in the
process prove up the reserves on our leases."

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.

                                  ** 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 161 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                                                                 161

Waiting on first sales / IP rates                                           8

Being drilled / completed                                                   6

Elected to participate / waiting to spud                                   53


TOTAL                                                                     228