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Magellan Petroleum Completes Australian Asset Swap Transaction With Santos

Magellan also announced today that the 3-D seismic survey for its 100% owned exploration block in the Bonaparte Basin, offshore Australia in the Timor Sea, is expected to be conducted in the Australian winter of 2012.  The survey is designed to determine the existence, and, if so, the possible size, of a natural gas exploration prospect that existing 2-D data suggests is present on this block. 


Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about the Company and its subsidiaries may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations.   Among these risks and uncertainties are: (i) uncertainties inherent in the expected amount and timing of post-closing adjustments to be recovered from Santos; (ii) whether the Palm Valley wells will perform as predicted and possess the existing estimated natural gas reserves, and whether there exist additional reserves in this field that can be economically produced and marketed; (iii) whether the Dingo field resources exist as currently estimated and, if so, whether these resources can be sold on acceptable terms to a third party; (iv) whether the currently perceived exploration prospect on the Bonaparte Basin license will prove to exist and yield an economically feasible field; and (v) those set forth in the Company's Risk Factors section of its most recent 10-K and subsequent 10-Qs filed with the SEC.


Magellan is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in the United States, Australia, and the United Kingdom. Traded on the NASDAQ since 1972, the Company conducts its operations through two wholly owned subsidiaries, Nautilus Poplar LLC, which owns Poplar, a highly attractive oil field in the Williston Basin, and Magellan Petroleum Australia Limited, a successful independent oil and gas company in Australia and the UK in existence since the 1960s. The Company's mission is to enhance shareholder value by maximizing the full potential of existing assets.

For further information, please contact:  Matthew Ciardiello, Manager, Investor Relations at 720.570.3858, ext. 3

SOURCE Magellan Petroleum Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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