Executive Summary
Magnolia Petroleum plc (formerly Fairholt Investments 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 States. Magnolia was formed to acquire leases and participate in the drilling of wells in the Bakken Shale 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 reopened these fields to become economically viable again. As well as the Bakken, Magnolia 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 reopened as a result of the introduction of horizontal drilling and new technologies. Magnolia
