Magnolia Announces Board and Management Changes

Magnolia Colombia Limited (“

Magnolia

” or the “

Company

”) (TSXV: MCO) is pleased to announce the appointment of Mr. Neil Said as the new chief executive officer of the Company, effective immediately.

Neil Said is a businessman and corporate securities lawyer who has worked as an officer and legal consultant to numerous Canadian listed companies in the technology, cannabis, mining, oil & gas and healthcare industries. Mr. Said began his career as a securities lawyer at Osler, Hoskin & Harcourt LLP, where he worked on a variety of corporate and commercial transactions. In addition to serving on the Company’s board of directors, Neil is currently the head of legal for the Forbes & Manhattan group of companies. Mr. Said obtained a Juris Doctor from the Faculty of Law at the University of Toronto and he received a Bachelor of Business Administration (Honours) with a minor in Economics from Wilfrid Laurier University.

The appointment of Mr. Said follows Mr. James Lanthier’s resignation as the chief executive officer and a director of the Company, also effective immediately. The board and management of the Company express their gratitude to Mr. Lanthier for his efforts and extensive contributions and wish him well in his future endeavours.

About Magnolia Colombia Limited:

Magnolia Colombia Limited is a Canadian independent oil exploration company.

For further information, please contact: Neil Said, CEO

Email: [e-mail]

Phone: [phone]

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the resignation and appointment of members of the Company’s board and management team. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Magnolia, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Magnolia has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Magnolia does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.