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

8 January 2015

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

        Quarterly Operations Updatefor the Period Ended 31 December2014

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and
production company, is pleased to announce a quarterly update on its operations
across proven and producing US onshore hydrocarbon formations, including the
Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime
and the Hunton/Woodford in Oklahoma.

Quarter Highlights

  * 15 new wells commenced production bringing the total to 176 producing wells
    as at end of Q4 2014 - a further 48 at various stages of development

  * Elected to participate in 14 new wells in low cost formations including the
    Mississippi Lime and Woodford in Oklahoma

  * Strong initial production rates from six Devon Energy operated wells
    drilled on the same spacing unit in Oklahoma added 96 boepd to Magnolia's
    net production - highlights low risk high impact potential of infill
    drilling to rapidly increase production and maximise the recovery of
    reserves

  * Doubling of production from Magnolia's 100% owned and operated Roger Swartz
    #1 vertical well to an average of 12.2 bopd from the Mississippi Lime
    following successful fracture stimulation

  *
      + US$79,400 cost of the frac expected to be recovered in approximately 12
        months as production is not expected to experience significant decline
        from current rates

  * Permits secured to drill two vertical wells in Oklahoma in 2015: the Roger
    Swartz #2 and the Shimanek #2 targeting multiple conventional payzones,
    including the Mississippi Lime/Chat, Redfork Sand and the Lower Skinner
    Sand

Outlook

  * New wells due to come into production in Q1 2015

  * Drilling 94% owned Roger Swartz #2 and the Shimanek #2 vertical wells in
    2015

  * Additional participations in new wells and infill drilling with leading
    operators expected

  * On-going lease acquisition and management activity in line with strategy to
    grow and diversify portfolio

  * Updated Competent Person's Report to be released in Q1 2015 - as at 1 July
    2014 proven reserves stood at 719 Mbbl of oil and condensate and 2,093 MMcf
    gas

Magnolia COO, Rita Whittington said, "With 15 new wells commencing production
during the quarter, our total producing well count now stands at 176. In
addition, we elected to participate in 14 new wells alongside established
operators and secured permits to drill two vertical wells targeting
conventional payzones in 2015. We therefore continue to make excellent progress
towards delivering on our objective to rapidly build Magnolia's production and
prove up the reserves on our leases, covering over 13,500 net mineral acres in
historic US onshore formations. Against a backdrop of heightened oil price
volatility, we view the continued high level of activity in our key areas of
interest as testament to the attractive economics of drilling proven plays in
Oklahoma, where costs to drill are relatively low, access to infrastructure is
excellent, and payback credentials are strong."

Well Developments

The full list of well developments occurring in the quarter is set out below.

Well                Formation         Status          NRI %      Operator

Lemmons 5 WH        Woodford,         Producing       4.1        Devon Energy
                    Oklahoma

Lemmons 6 MH        Mississippi Lime, Producing       4.1        Devon Energy
                    Oklahoma

Rothermel 2 MH      Mississippi Lime, Producing       4.1        Devon Energy
                    Oklahoma

Rothermel 3 MH      Mississippi Lime, Producing       4.1        Devon Energy
                    Oklahoma

Rothermel 4 MH      Mississippi Lime, Producing       4.1        Devon Energy
                    Oklahoma

Marion 1-23 HW      Woodford,         Producing       4.1        Devon Energy
                    Oklahoma

Partagas 1-1H       Mississippi Lime, Producing       3.8        Cisco
                    Oklahoma

Coffman 26-27-111H  Mississippi Lime, Producing       1.2        Chesapeake
                    Oklahoma                                     Energy

Roger Swartz #2     Mississippi Lime/ Waiting to spud 76.4       Magnolia
                    Chat, Redfork                                Petroleum
                    Sand and the
                    Lower Skinner
                    Sand, Oklahoma

Shimanek #2         Mississippi Lime/ Waiting to spud 76.4       Magnolia
                    Chat, Redfork                                Petroleum
                    Sand and the
                    Lower Skinner
                    Sand, Oklahoma

Van Meadows 1H      Mississippi Lime, Waiting to spud 6.77       Dorado E&P
                    Oklahoma                                     Partners

B&W 1-24H           Mississippi Lime/ Waiting to spud 1.23       B&W
                    Woodford,
                    Oklahoma

Woodrell 1-15       Mississippi Lime, Waiting on frac 2.64       Greg Hall
(vertical)          Oklahoma                                     Oil Co.

Nighswonger Farms 2 Mississippi Lime, Drilling        2.42       Sandridge
                    Oklahoma                                     Energy

Yani 1-31H          Hunton, Oklahoma  Drilling        2.32       Equal Energy

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. The four Skunk Creek wells
are included due to their combined costs and being located in North Dakota.

                                 * * 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     +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 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