Magnolia Oil & Gas Corporation Announces Proposed Public Offering of Class A Common Stock

Magnolia Oil & Gas Corporation Announces Proposed Public Offering of Class A Common Stock

Magnolia Oil & Gas Corporation (“Magnolia”) announced today that it has commenced an underwritten public offering (the “Offering”) of $1,000,000,000 of shares of its Class A common stock (“Common Stock”). Additionally, Magnolia intends to grant the underwriters a 30-day option to purchase up to an additional $150,000,000 of shares of its Common Stock. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Magnolia intends to use the net proceeds from the Offering, together with proceeds from a concurrent issuance by Magnolia Oil & Gas Operating LLC (“Magnolia Operating”) and Magnolia Oil & Gas Finance Corp., each a wholly-owned subsidiary of Magnolia, of new senior notes, borrowings under Magnolia Operating’s revolving credit facility and cash on hand, to fund the cash consideration payable by Magnolia Operating in its acquisition of 100% of the issued and outstanding limited liability company interests of WildFire Intermediate Holdings, LLC from WildFire Energy I LLC (the “Pending Acquisition”).