Investor Presentaiton

Magnolia Oil & Gas - Overview • MAGNOLIA OIL & GAS High-quality, low-risk pure-play South Texas operator with a core Eagle Ford and Austin Chalk position acquired at an attractive entry multiple ~461,000 Net Acre Position Targeting Two of the Top Oil Plays in the U.S. Significant scale and PDP base generates material free cash flow, reduces development risk and increases optionality Asset Overview: Bell Milam ~21,500 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading breakevens ~440,000 net acres in the Giddings Field, a re-emerging oil play with significant upside and what we believe to be substantial inventory Both assets expected to remain self funding and within cash flow Market Statistics Giddings Field Burleson Lee Bastrop Walker Austin Waller Harris Colorado Bexar Uvalde Medina Wilson Bell Vilam Madison Walker Grims Burleson Lee Washington trop Austin Harris Karnes County Gonzales D Wilson Dewitt Trading Symbol (NYSE) Share Price as of 6/4/2019 Peak per 1,000' (Boe) MGY • 1st Quintile (526 -1,911) 2nd Quintile (300-525) 3rd Quintile (177-299) $11.03 4th Quintile (94-177) 5th Quintile (<94) • Legacy Common Shares Outstanding (1) 247.6 million Kames 0 510 20 30 40 50 MilesCalhoun Source: IHS Performance Evaluator. Market Capitalization $2.7 billion Long-term Debt - Principal $400 million Industry Leading Breakevens ($/Bbl WTI) Total Enterprise Value $3.1 billion $45 $38 $39 $39 $32 $34 $35 Operating Statistics Karnes (2) Net Acreage 21,460 Giddings (3) 439,342 $28 Total 460,802 Q1 2019 Net Production (Mboe/d) 40.5 21.9 62.4 Karnes Austin Karnes Lower Chalk Eagle Ford Midland Delaware DJ Basin Eagle Ford STACK Bakken Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock and does not give effect to the exercise of any warrants or the dilutive impact of other securities. (2) Karnes net acreage includes pending acquisitions expected to close in Q2 2019, subject to customary closing conditions. (3) Includes "other" production not located in the Giddings Field. 3

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