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Magellan Petroleum Corporation Provides Letter To Shareholders

PORTLAND, Maine, Oct. 21, 2011 /PRNewswire/ --

Dear Shareholders,

I would like to take this opportunity to introduce myself as Magellan's new President and CEO and to discuss some recent developments and new priorities at Magellan (NASDAQ: MPET) (ASX: MGN).  

As you know, we have recently changed management and approved the transition of our Portland headquarters to Denver.  By moving to the oil and gas hub of the Rocky Mountains, we will be able to better access the industry network and professional talent pool that were out of reach in Maine.  In addition, the consolidation of two of our offices provides a favorable context to focus on cost cutting, which I promise to be a priority.  Finally, this move positions the Company leadership closer to Poplar Field and the development activities we are pursuing there.

Magellan recently announced that Deloitte & Touche elected not to stand for re-appointment as the Company's auditing firm for fiscal year 2012.  Independently, Magellan has been actively considering a transition to new auditors in recent months as a means of reducing our public company costs.  Thus, Deloitte's decision, though more sudden than expected, allows us to accelerate our plans and coincides nicely with our move to Denver.  And so it is with great pleasure that I can now confirm we have appointed EKS&H as our new auditors.  As the largest accounting firm in Colorado with extensive experience in oil and gas, EKS&H is a perfect fit for Magellan, and we look forward to a productive relationship.

Our biggest challenge of 2011 is refocusing the Company after the disappointment of not closing the Evans Shoal transaction.  Completing this deal and developing a multi-billion dollar project would have been a "home run" for a company our size, but it also consumed significant time, money, and management attention while detracting from the Company's other priorities.

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