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Magnolia Petroleum Secures Rig for Mississippi Lime

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Magnolia Petroleum Plc announced it secured a rig Oct. 22 to drill its first well as operator in Oklahoma into the Mississippi Lime formation. Drilling is expected to commence before the year end at a cost of approximately $729,148.00.

In accordance with standard industry practice, the Company has completed a Surface Use Agreement with the relevant surface owner and the site is currently being prepared for drilling. It is anticipated that the spud date for the well will be between 10 November 2012 and the year end.

Magnolia COO, Rita Whittington said, "We are delighted to be on course to drill our first well as operator in Oklahoma before the year end. Along with the progress we continue to make in significantly increasing the number of wells in which we are participating in with established operators in proven oil rich formations, this is an exciting period in Magnolia's development as we look to build a significant oil and gas company."

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