Magellan Energy Begins Oklahoma Workover Program

Magellan Energy has started workover procedures for the Ellison 29-1 in Canadian County, Oklahoma. This activity continues the workover program for the numerous Oklahoma wells in which Magellan has investment interests.

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."