Magellan Energy will begin immediately to perform all the necessary work to assure that Magellan's properties are in full compliance with the regulations of the Oklahoma Corporation Commission and re-establish oil and gas production on their inactive leases over the coming months. Magellan Energy will work in conjunction with Proex Energy Management, Magellan's current well operator in Oklahoma. .
Magellan Energy's President, Mr. Akrivos, said, "We are aggressively continuing our Reactivation Program and very soon will begin a full scale recompletion/workover program leveraging all resources available to enhance recovery and further improve Magellan's production."
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