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Magellan Petroleum Corporation Provides Letter To Shareholders

Stocks in this article: MGN MPET

PORTLAND, Maine, Dec. 13, 2011 /PRNewswire/ --

Dear Shareholders:

As many of you know, I wrote a letter to the shareholders dated October 21, 2011, introducing myself as the new President and CEO of Magellan Petroleum Corporation (the "Company") (NASDAQ: MPET) (ASX: MGN) and offering a variety of my observations and comments regarding the Company.

In light of last week's Board of Directors' meeting and our Annual Meeting of Shareholders, I'd like to revisit some of the matters presented in my last letter, update you as to our progress, and inform you of new developments.  Our move to Denver continues and should be essentially completed by the middle of the second calendar quarter of 2012.  We believe we are making good progress on honing our focus on our existing asset base in the wake of concluding our Evans Shoal efforts.

As you know, I have expressed my displeasure regarding our current share price and other shareholders have also expressed their concern. With this in mind, please let me provide what updates I can based on activities that have occurred in the past two months:

Australia

Our asset rationalization arrangement with Santos is expected to close within the next few weeks.  We are awaiting sign-off from the taxing authority in Australia that is currently reviewing the equipment valuations in the affected properties.  We also believe that a gas sales agreement affecting a portion of the Company's gas reserves in Palm Valley is progressing towards a successful completion.  You will recall that this transaction process is being managed by Santos.

Rocky Mountain Region

We have now drilled two wells in the shallow intervals within our Poplar Field (owned 100% by Magellan and one of its subsidiaries).  These two wells are currently being completed and evaluated.  The results are not yet in, but we have every reason to believe that they will successfully produce oil and associated natural gas.  We should have information that we can disclose on these two wells within the next few weeks.

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