Magellan Energy Ltd. Completes $120 Million in Private Placements

Magellan Energy Ltd. has completed private placements for a total of one hundred and twenty million dollars ($120,000,000 USD). The proceeds will be utilized to purchase producing oil and gas assets. More information regarding the use of funds will be released as it becomes available.

Magellan Energy Ltd. intends to become a company specializing in the extraction and production of oil and gas. The company's vision is to establish and enhance the company's foundation for future growth by purchasing and developing properties that provide a balance between short and long-term reserves in both the oil and natural gas markets. The company is a technology-driven company and is focused on the development, acquisition, stimulation, rehabilitation, and asset improvement of small to medium-sized oil and gas properties. The combination of energy fuel reserves and advanced yield technologies are anticipated to generate value for Magellan and its stakeholders as the company targets above average growth in the energy sector. Oil and gas-related activities will include acquiring additional properties with potential for increased production in addition to further development and drilling. The company will work to establish and maintain a significant inventory of undeveloped prospects. The company emphasis is on production, cash flow and reserve value by exploring for, developing, and purchasing oil and gas properties worldwide.