SOURCE: Magellan Energy Ltd.

July 19, 2007 08:30 ET

Magellan Energy Announces Workover Procedures to Begin on Oklahoma Oil and Gas Properties

TORONTO--(Marketwire - July 19, 2007) - MAGELLAN ENERGY LTD. (PINKSHEETS: MGLG), an independent oil and gas company, announced today that it has started workover procedures for the Ellison 29-1 in Canadian County, Oklahoma. This activity continues the workover program for the numerous Oklahoma wells in which Magellan has investment interests.

Magellan Energy will begin immediately to perform all the necessary work to assure that Magellan's properties are in full compliance with the regulations of the Oklahoma Corporation Commission and re-establish oil and gas production on their inactive leases over the coming months. Magellan Energy will work in conjunction with Proex Energy Management, Magellan's current well operator in Oklahoma.

Magellan Energy's President, Mr. Akrivos, said, "We are aggressively continuing our Reactivation Program and very soon will begin a full scale recompletion/workover program leveraging all resources available to enhance recovery and further improve Magellan's production."

About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.

Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.

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