PORTLAND, Maine (AP) ¿ Oil and gas producer Magellan Petroleum Corp. on Friday posted a slim profir for its latest fiscal year as oil and gas sales plunged amid weak energy demand and depressed commodity prices.

The results marked an improvement from a loss a year ago, reflecting a hefty tax settlement.

Magellan said it earbed $644,575, or 2 cents per share, in the year ended June 30 compared with a loss of $8.9 million, or 21 cents per share, in the previous year.

Revenue fell 31 percent to $28.2 million from $40.9 million a year earlier.

Shares of the company rose a penny to $1.10 in morning trading Friday.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

What's Behind the Surge in Energy Stocks

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform