SOURCE: Magellan Energy Ltd.

May 07, 2007 08:30 ET

Magellan Energy Ltd. Announces Completion of Seismic Field Operations

TORONTO -- (MARKET WIRE) -- May 7, 2007 -- Magellan Energy Ltd. (PINKSHEETS: MGLG) is pleased to announce that the seismic field operations for the Paul Property located in Overton county have been completed. Data processing and the identification of drilling locations are expected to be completed by the middle of May 2007.

Over the last month Magellan Energy Ltd. has conducted a series of seismic field operations on the Paul Property in Overton County, Tennessee. The data that was collected will allow Magellan to identify beneficial locations for future ventures. We anticipate the drilling locations to be finalized by the middle of May 2007. "This new data will significantly further our progress in achieving our goals in the oil and gas industry," said Mr. Akrivos, CEO of Magellan Energy Ltd.

About Magellan Energy Ltd.

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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