MAGNOLIA PETROLEUM PLC - Receives USD1M Consulting Payment & Well Updates

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

3 September 2014

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

           Receives US$1 Million Consulting Payment and Well Updates

Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas
exploration and production company, is pleased to announce that it has received
a US$1,002,000 payment for consulting services provided to an international
company acquiring an oil and gas project in Oklahoma. In addition, the Company
has been notified by the relevant operators that five wells in which it has an
interest have commenced production, generating a combined 47 boepd net to
Magnolia based on reported initial production rates (`IPR').

Commencement of production at the following wells:

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

Skunk Creek  Bakken,      Kodiak          1,342.86       0.675%    9.06 boepd
4-8-17-13H   North Dakota Exploration        boepd

Skunk Creek  Three Forks  Kodiak          1,248.26       0.675%    8.43 boepd
4-8-17-13H3  Sanish,      Exploration        boepd
             North Dakota

Skunk Creek  Bakken,      Kodiak          1,213.57       0.675%    8.19 boepd
4-8-17-14H   North Dakota Exploration        boepd

Skunk Creek  Three Forks  Kodiak          1,349.37       0.675%    9.12 boepd
4-8-17-14H3  Sanish,      Exploration        boepd
             North Dakota

Cummings 2H  Mississippi  Chesapeake     370 boepd        3.34%     36. boepd
             Lime,
             Oklahoma

*Production will naturally decline from reported levels before stabilising at
lower rates

Rita Whittington, COO of Magnolia, said, "This payment of US$1 million for
consulting services will provide funding for additional drilling as we look to
further increase our revenues from production. Additionally we are delighted
with the IP rates for the four Skunk Creek wells in North Dakota and the
Cummings 2H well targeting the Mississippi Lime in Oklahoma, adding just shy of
50 boepd to our daily production figures. With a pipeline of wells waiting to
spud, and continual drilling proposals coming in, we believe we are well placed
to deliver value for shareholders."

                                  ** 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 Caithie Cairn Financial Advisers LLP      [phone]

John Howes/Alice Lane   Northland Capital Partners        [phone]
                        Limited

Lottie Brocklehurst     St Brides Media and Finance Ltd   [phone]

Frank Buhagiar          St Brides Media and Finance Ltd   [phone]

Notes

Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration
and production company.  Its portfolio includes interests in 152 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                                                                 152

Waiting on first sales / IP rates                                          14

Being drilled / completed                                                   8

Elected to participate / waiting to                                        52
spud

TOTAL                                                                     226

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