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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 471,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,800 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 break-evens 450,000 net acres in the Giddings area, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 5/25/2022 26.50 Common Shares Outstanding (1) 223 million Market Capitalization 5.9 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 3/31/2022 346 million 45 39 39 Total Enterprise Value 6.0 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,793 447,415 471,208 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 1Q22 Net Production (Mboe/d) (2) 28.9 42.9 71.8 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings includes other production not located in the Giddings Field. 3
Magnolia Oil & Gas
June 2022

Eagle Ford: Falcon’s Premier Asset Base • Key highlights Bakken Eagle Ford Permian ~($2.00) / bbl Differential ~($2.00) / bbl Differential ~+$7.00 / bbl Differential Best differentials of any U.S. oil play ? Core of the Eagle Ford: Dewitt, Karnes & Gonzales Counties ? 256,000 gross unit acres; > 2,550 net royalty acres ? ~3,000 locations with IRRs to the operators of >100%(1) ? Multi-stacked pay from the Lower Eagle Ford, Upper Eagle Ford, and Austin Chalk ? Extensive Eagle Ford midstream infrastructure = advantaged price differentials (LLS) Oil Differentials in Select Plays Historical LLS Differential to WTI Attractive Break-evens Under $35/Bbl (2) $34 $35 $37 $38 $39 $39 $41 $45 $46 $48 EF Karnes / DeWitt Permian Basin San Juan Basin DJ Basin Average Eagle Ford STACK SCOOP Bakken Marcellus Eaglebine Breakeven PV-10 ($/Bbl) (1) Based on ~$60/bbl oil and ~$3/mcf gas (2) Per analysis by RS Energy LLS-based prices in the Eagle Ford have been historically positive vs. WTI $(3.00) $(1.00) $1.00 $3.00 $5.00 $7.00 $9.00 $11.00 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Historical spread between LLS vs. WTI
Falcon Minerals
June 2019

Top Tier Eagle Ford and Austin Chalk Asset Position Entry into South Texas at an Attractive Price with 358,000 Net Acres Position Targeting Two of the Top Significant Running Room Oil Plays in the U.S. High-quality, low-risk pure-play South Texas operator with a core Eagle Ford and Austin Chalk position Giddings Field Significant scale and PDP base generates material free cash flow, reduces development risk and increases optionality Core Karnes County Position Some of the most prolific acreage in Karnes County, representing the premier county in the Eagle Ford play Certain recent Karnes County Austin Chalk wells have Karnes County outperformed even the best Eagle Ford and Permian Wolfcamp well results Giddings Field Discovered in the 1920s,commercial development began in the 1970s originally targeting natural fractures in the Austin Chalk with open hole completions Now targeting prolific Austin Chalk zones using modern completions techniques Source: IHS Performance Evaluator. Early results show some of the highest production wells Industry Leading Breakevens (/bbl WTI) to date in the play 39 39 45 38 34 35 Karnes Giddings Total 28 32 Net Acres 14,070 344,384 358,454 Q1 2018 Average Daily 35.5 10.2 45.7 Net Production(1) (Mboe/d) Karnes Austin Karnes Lower Chalk Eagle Ford Midland Delaware DJ Basin Eagle Ford STACK Bakken Source: RSEG. Magnolia is in a well-delineated, low-risk position in the Karnes County Core with significant upside in the Giddings Field, a re-emerging premier oil play (1) Q1 2018 estimated production based off unaudited lease operating statements. TPG PACE ENERGY HOLDINGS 4
TPG Pace Energy Holding Corp
May 2018
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