SOURCE: Magellan Energy Ltd.

April 27, 2007 08:30 ET

Magellan Energy Ltd. Ventures Into the Trenton-Black River Formation

TORONTO -- (MARKET WIRE) -- April 27, 2007 -- MAGELLAN ENERGY LTD. (PINKSHEETS: MGLG) is pleased to announce that it has acquired a working interest in a well to be deepened in order to test the Trenton-Black River formation for oil and gas in Tennessee.

"The well, named the Pemberton-Baker #14, is located in an oil field in Morgan County, Tennessee, and has produced more than 3,000,000 barrels of oil from a shallow formation," said Bill Akrivos, CEO, of Magellan Energy Ltd. "Seismic was used to identify a significant fracture system some 1,200 feet deeper in the Trenton-Black River. The well we are deepening is one of two that are strategically positioned above the fracture. The Trenton-Black River formation provides oil and gas from New York to Tennessee and produces oil to the west of our area of interest at shallower depths and oil and gas to the east at deeper depths. Magellan Energy believes that the Trenton-Black River which has recently become the 'hot' formation throughout the Appalachian Basin will also produce in this area." Akrivos noted, "There have been few tests done to date and plans on changing that."


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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