Magnolia Petroleum is pleased to report a substantial increase in net daily production to 214 boepd and a further increase in the value of net attributable proved and probable reserves (‘2P’) to US$47m in an updated Competent Person’s Report (‘CPR’) by Moyes & Co. (‘Moyes’). This update is in line with the Company’s strategy to rapidly build production and reserves on its leases in oil rich formations including the Bakken, North Dakota, and Mississippi Lime, Oklahoma.

Highlights

75% increase in net production to 214 boepd as at 1 August 2013 compared to 122.5boepd as at 31 December 2012

Further growth anticipated - 18 wells under development and 35 waiting to spud

US$47 million value assigned to Company’s 2P reserves as at 1 August 2013 compared to US$2.2 million on Admission to AIM in November 2011 and US$44m in January 2013

Based on upgraded net attributable oil and condensate 2P reserves of 1,437 Mbbl and net attributable gas 2P reserves of 5,124 MMcf

Tags: Magnolia Petroleum