SOURCE: Magellan Energy Ltd.

February 06, 2007 09:45 ET

Corporate Outlook for Q1 07

TORONTO -- (MARKET WIRE) -- February 6, 2007 -- Magellan Energy Ltd. (PINKSHEETS: MGLG) announces Corporate Update. MGLG is an oil and gas exploration and production company that specializes in the acquisition and development of targeted properties, announces its corporate update for q1 07.

The Company currently has an option to acquire up to 200 low producing oil wells located in the domestic United States. The Company will be deciding which of the options its wishes to trigger and will be looking for the wells that will offer the most cost effective and profitable returns. "We will be announcing each acquisition as it is completed. We feel that by the end of this first quarter our portfolio of producing wells will begin to take shape." (Bill Akrivos CEO MGLG)

The Company will also be focusing on some potential acquisitions of exploration properties that would yield significant interest within the Oil and Gas community. "We have our growth strategy in place, we will leverage upon cash flow from our low producing portfolio of oil wells to help fund our future exploration plans. We want to acquire properties in areas that are both fiscally and politically stable and that will create shareholder value in the long term." (Mr. Akrivos)

The Company is excited about the prospects for a positive and profitable 07 and it feels that the efforts currently underway will be the foundation for a successful oil and gas growth company.


Magellan Energy Ltd. is a growing and experienced energy company focused on acquiring and partnering with existing producing junior properties in North America. Magellan Energy Ltd. is working to establish itself as a world-class oil and natural gas company, capitalizing on smart acquisitions and having great relations through partnerships.

Safe Harbor Statement

This press release contains forward-looking statements as defined in the Securities Litigation Improvements Act of 1996. The words "believe," "expect," "estimate," "project" and similar expressions define forward-looking statements, which speak only as of the date the statement was made. MAGELLAN ENERGY LTD. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Forward-looking statements are currently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated in, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the Company's ability to meet its projected growth, the effects of government regulation, competition and other material risks.

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