SOURCE: Magellan Energy Ltd.

April 30, 2007 08:30 ET

Magellan Energy Ltd. Announces Permit From the State of Tennessee

TORONTO -- (MARKET WIRE) -- April 30, 2007 -- MAGELLAN ENERGY LTD. (PINKSHEETS: MGLG) is pleased to announce that the state of Tennessee has issued our permit to deepen the Pemberton # 14 which is located in Morgan County, Tennessee. The issuance of this permit allows Magellan Energy to drill this well to depths greater than 2000 feet.

Magellan has resurveyed the plat and decided the final placement of the well location on the 40 acre property. This location allows for drilling operations of a well that will exceed depths of two thousand feet. "We are excited about the progress to date and our aim is to have a drilling rig on location for this week," 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.

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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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