Message #2 From:
Jason Date: November 17, 2007 08:34:26 PM
Magellan Energy Announces Participation Agreement
MAGELLAN ENERGY LTD. (PINKSHEETS: MGLG), an
independent oil and gas company, announced today that it has entered into a
participation agreement with TMD Energy Inc. of Tennessee.
Magellan Energy is pleased to be working with TMD Energy Inc., the operator
on the Thomas D. Martin wells which have been structured as a long term
project. The goal for this project is to waterflood targeted wells to
increase productivity. A petroleum consulting firm will provide its
recommendations on which wells are the best candidates for our waterflood
project. Their criteria will be based on geology of the area and field
production records provided by TMD Energy Inc. The wells are currently
producing 3 BOPD and natural gas. A compressor will be added which will
significantly increase the production of natural gas.
Magellan Energy's President, Mr. Akrivos, said, "We are very pleased to
announce yet another project in Tennessee and to be working with TMD Energy
Inc. This project will take some time to execute but our initial estimates
of recoverable oil are in excess of 60,000 barrels. This project will
contribute to our revenue stream and we look forward to increasing
production significantly through the waterflood project. We are
continuing on our quest to place Magellan as an aggressive,
revenue-producing company in the oil and gas industry."
About Magellan Energy: Magellan Energy is a publicly traded independent oil
and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil
and gas leases, producing properties, mineral rights, and surface interests
in Texas and Oklahoma. Once acquired, the company intends to develop each
property to maximize the income from each property by re-establishing
production, refurbishing and improving the existing production and
operations.
Forward-Looking Statements: The statements which are not historical facts
contained in this release are forward-looking statements that involve risks
and uncertainties, including but not limited to, the effect of economic
conditions, the impact of competition, the results of financing efforts,
changes in consumers' preferences and trends. The words "estimate,"
"possible," and "seeking" and similar expressions identify forward-looking
statements, which speak only to the date the statement was made. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, because of new information, future events, or
otherwise. Future events and actual results may differ materially from
those set forth herein, contemplated by, or underlying the forward-looking
statements.
