Magnolia Oil & Gas Corp.

Announced that its board of directors raised the company’s share repurchase authorization by an additional 10 million shares of Class A common stock, resulting in approximately 15.8 million shares available for repurchase under the authorization which pertains only to open market purchases for shares of Class A common stock. Any purchases by Magnolia of Class B units from EnerVest are approved separately by Magnolia’s board with these units canceled upon execution.