Investor Presentaiton

Reconciliation of Net Income to EBITDAX & Adjusted EBITDAX MAGNOLIA OIL & GAS (in thousands) Adjusted EBITDAX reconciliation to net income: Net income (1) Exploration expense For the Quarter Ended March 31, 2019 $22,713 For the Quarter Ended December 31, 2018 $57,808 661 2,476 Asset retirement obligation accretion 1,328 1,276 Depreciation, depletion and amortization 115,946 111,989 Amortization of intangible assets 3,626 3,626 Interest expense 7,416 7,494 Income tax expense 3,775 7,918 EBITDAX $157,280 $190,772 Non-cash stock based compensation expense $2,432 $1,851 Transaction related costs (2) Adjusted EBITDAX (3) 353 2,241 $160,065 $194,864 (1) Includes net income attributable to noncontrolling interest. (2) Transaction related costs incurred related to the execution of our business combination with EnerVest, Ltd. and its affiliates and the Harvest acquisition, including legal fees, advisory fees, consulting fees, accounting fees, employee placement fees, and other transaction and facilitation costs. (3) Adjusted EBITDAX is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 "Non-GAAP Financial Measures." 23

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