Magellan Participates in Middle Tennessee Property

Magellan Energy Ltd. on Monday announced its participation in the Ostil Paul Property located in Overton County, Tenn. Data acquisition began on April 2, 2007, and a geophysical contractor has been retained to acquire, process, and interpret four miles of 2-D seismic data. Overton County is Tennessee's most prolific oil-producing county.

The Ostil Paul Property consists of approximately 100 acres and is located north of the town of Alpine in Overton County. The property lies 15 miles east of Livingston, Tenn., north of State Highway 52 and west of Miller Chapel. The Ostil Paul Property has recently discovered an oil accumulation that is both prolific in its production and unusual in its structure. Two of these wells on the Property have produced over 150 BOPD since their discovery last fall.

"There have been several prolific producing wells in and around the area over the years," stated Bill Akrivos of the company. "Magellan Energy is pleased to be a part of the Overton County Project and we look forward to participating in future ventures in the region which will add to our capital appreciation."

Magellan Energy's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low-risk opportunity. As well, it aims to define larger projects that can be developed with joint venture partners or be entered into by a joint venture. Magellan is confident that these viable opportunities exist in a sector that holds long-term fundamental strength. The company intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant oil and natural gas reserves and capital appreciation to its shareholders.


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