SOURCE: Magellan Energy Ltd.

April 26, 2007 08:30 ET

Magellan Energy Ltd. Announces Progress Report on Martens 1-13

TORONTO -- (MARKET WIRE) -- April 26, 2007 -- MAGELLAN ENERGY LTD. (PINKSHEETS: MGLG) announces Update. Magellan Energy Ltd., an oil & gas exploration and production company, is pleased to update their shareholders on the recompletion program on Martins 1-13 located in Oklahoma. Proex Energy Management has identified the first two wells for immediate development.

Magellan's first two developments are located near the city of Fairview, west of the city of Enid and north of the city of Watonga. The two wells that have been identified on the Martens 1-13 are specifically located in sec 13-T21N-R13W of Major County.

Presently, Magellan Energy has a planned "Recompletion Program" for over 100 oil & gas properties in Oklahoma. Bill Akrivos, CEO states, "We are excited to deploy equipment to commence our operations on our first two wells. This will brings us even closer to our goal of becoming a revenue generating company."

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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