Magnolia Petroleum Plc is the holding company of Magnolia Petroleum, Inc.

Magnolia is an oil and gas exploration and production company that was founded on 2 July 2008 to engage in the acquisition, exploitation and development of oil and gas properties primarily located onshore in the United State of America.

Magnolia was formed to acquire leases and participate in the drilling of wells in the Bakken Shale ("Bakken") in North Dakota. The Bakken Shale produced oil from the 1950s to the 1980s. However, the introduction of horizontal drilling and fracture stimulation technology within the last decade has re-opened these fields to become economically viable again.

As well as the Bakken, the Company has interests in the Woodford and Hunton formations in Oklahoma, and is seeking to acquire interests in the Mississippi formation. These are all well known oil plays that are now being re-opened as a result of the introduction of horizontal drilling and new technologies.

Magnolia's management team is experienced and skilled in the acquisition, development, production and operation of oil and gas properties, with long-standing industry contacts to take advantage of the changes in technology and introduction of horizontal drilling.

Listing exchange: AIM

Expected first day of trading: 2011-11-25

Expected money raised: £1.2m