Magellan's Robert Anderson Lease Work Ahead Of Schedule

Magellan Energy Ltd. issued an update for the Robert Anderson Lease of Morgan County, Tennessee. This update is for ongoing work over procedures and current status reports for the projects.

Magellan Energy announced the development work on the Robert Anderson Lease is progressing ahead of schedule and that the well is being prepared for operation for oil and gas. The electrical demands needed for this project has been addressed and Plateau Electric Co-operative has been retained to install the electric wire into the field. Once installed the whole area will be serviced with an abundant energy flow. The completion of electricity should occur within 2 weeks. Once the electricity is installed, the oil well will be powered so that production of oil and gas can resume.

Magellan Energy's President, Mr. Akrivos, said, "We are pleased with the progress and anticipate this project to be completed within the next two weeks. Once all electrical lines are connected we will be able to place the oil well back into production which will be added revenue for Magellan. We are working very closely with the operators of our wells, TMD Energy Inc., to ensure every possible measure will be taken to keep our project on course and obtain an oil production rate until we are able to connect to the new gas pipeline. Once our connection is made to the new pipeline we will see dual revenue from Oil and Natural Gas for Magellan and its shareholders."