First USD500,000 Received under USD18.5M Agreement

Magnolia Petroleum plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce Western Energy Development LLC (‘WED’) has received the first US$500,000 tranche of capital as part of its exclusive US$18.5 million capital management agreement with Magnolia.  Magnolia will invest these funds into oil and gas properties in Oklahoma that qualify under the US Immigrant Investor Programme and in return will earn fees and equity in new wells and leases.

The view the full release click here.