WARNING: Stock is listed as "Caveat Emptor" on Pinksheets.com!
Magellan Energy Ltd. is a growing and experienced energy company focused on acquiring and partnering with existing producing junior properties in North America. Magellan Energy Ltd. is working to establish itself as a world-class oil and natural gas company, capitalizing on smart acquisitions and having great relations through partnerships.
Latest news from MGLG
Magellan Energy Ltd. Issues Additional Information on the Potential for the Lankford Lease
TORONTO, Jul 22, 2009 (MARKETWIRE via COMTEX) -- Magellan Energy Ltd. (PINKSHEETS: MGLG) ("Magellan" or "the Company") is pleased to provide shareholders with additional information on its Lankford Lease. The Lankford Lease, comprising of 11 producing wells, is located on the Chattanooga Shale. A recent report on the Chattanooga shale reserve potential (soon to be available on our website) confirms the Company's own due diligence and its subsequent participation in the project with its partner, TMD Energy.
A five county area of Late Devonian Age Chattanooga Shale gas production exists under the Cumberland Plateau. These counties are Scott, Morgan, Fentress, Anderson, and Campbell Counties. The thickness of the Chattanooga Shale under these counties ranges from 30 feet to a known maximum of 828 feet. The natural gas in this reservoir is absorbed onto the surface of organic matter in the Chattanooga black shale. The Chattanooga Shale under the Plateau is in the peak oil phase of thermal maturity and is still generating hydrocarbons.
The Lankford Lease wells are located in Morgan County. Currently, the wells are producing from the Monteagle formation. Monteagle limestone is a Mississippian age formation that is a consistent oil and gas producing formation. Other Monteagle gas wells in the area are still producing commercial quantities of gas after 30 years. The Lankford Lease wells have been drilled to the shale formation and the Company is confident that a significant amount of gas from the formation exists on their lease. The Chattanooga Shale gas reserves under the Cumberland Plateau are substantial and horizontal drilling and re-completion of existing wells will be an important factor in developing them. The Company intends to frac at least two of the wells at the earliest opportunity to increase natural gas production and is considering additional horizontal drilling to maximize long-term gas production from the Chattanooga Shale.
Reserve estimates indicate a conservative gas in place value of 3.198 bcfg/mi.2 for the area under the Cumberland Plateau. These calculations assume a gas content of 20 scf/ton of gas in the Chattanooga Shale. Miller Petroleum, Inc. is in possession of geochemical data that justifies this as a minimal gas in place number.
Miller Petroleum, Inc., KY-TENN Oil, and Knox Energy, LLC are presently developing the natural gas resource on the Cumberland Plateau. There are numerous existing wells on the Cumberland Plateau that can be re-completed as Chattanooga Shale gas wells. The Lankford Lease wells have been drilled to the shale and Magellan believes they are excellent prospects to tap into this reserve.
According to the EIA Annual Energy Outlook 2009, U.S dependence on imported oil is expected to decline over the next 25 years -- due to high prices and limited resources; and natural gas production, led by gas shales, is expected to provide the majority of growth in gas supply. As the economy improves, we should see a marked improvement in the price of natural gas and in the overall value of the Chattanooga Shale gas reserves.
In other corporate news, the Company is currently working on updating its corporate website and will soon have it completed. In regards to the highly anticipated production numbers, they have obviously not been received in the time frame anticipated and we ask our shareholders for their continued patience as we will have an update shortly.
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 Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property byre-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.
Oct 14, 09 Magellan Energy relisted.
May 13, 09 Magellan Energy Ltd. Announces Work Completion on the Thomas Martin Lease
May 12, 09 Magellan Energy Announces Progress on the Robert Anderson Well
Dec. 22, 08 Magellan Energy Addresses BTU Situation in Tennessee
Dec. 2, 2008 Magellan Energy Announces Shareholder Update
August 7, 2008 Magellan Energy Announces Corporate and Project Update
April 16, 2008 Magellan Energy, Ltd. -- Thomas D. Martin Waterflood Update
April 10, 2008 Magellan Energy Announces Update on Robert Anderson Lease
April 3, 2008 Magellan Energy Announces Progress on Its Second Producing Oil & Gas Well
Feb. 25, 2008 Magellan Energy Ltd. -- Tennessee Revenue and Project Update
Feb. 22, 2008 Magellan Energy: Tennessee Revenue and Project Update
Jan. 08, 2008 Magellan Energy Announces Robert Anderson Lease Agreement With TMD Energy Inc.
Dec. 18, 2007 Magellan Energy Announces Update on the Thomas D. Martin Wells
Dec. 05, 2007 Magellan Energy Announces Update on the Thomas L. Davidson Well #1
Oct. 24, 2007- Magellan Energy Announces Participation Agreement with TMD Energy Inc.
Sept. 27, 2007 Magellan Energy Announces Oil Production
Sept. 24, 2007- Magellan Energy Announces Update on Thomas L. Davidson Well#1
Sept. 11, 2007- Magellan Energy Announces Participation Agreement
July 18, 2007- Magellan Energy Ltd. Announces Update on Oklahoma Projects
June 19, 2007- Magellan Energy Ltd. Completes Logging Reports
May 14, 2007-Magellan Energy Ltd. Announces Update on Pemberton Well # 14
May 7,2007- Magellan Energy Ltd. Announces Completion of Seismic Field Operations
April 30, 2007- Magellan Energy Ltd. Announces Permit From the State of Tennessee
April 27, 2007 - Magellan Energy Ltd. Ventures Into the Trenton-Black River Formation
April 26, 2007-Magellan Energy Ltd. Announces Progress Report on Martens 1-13
April 23, 2007:Magellan Energy Announces Participation in the Ostil Paul Property
March 13, 2007 - Magellan Energy Announces LOI for Acquisition of $50 Million Oklahoma Properties
February 22, 2007 - Magellan Energy Ltd. Announces Activation for Ten Well Recompletion Program in Oklahoma
February 06, 2007 - Magellan Energy Ltd. Announces Corporate Update
here are the dates that we knew the os and the changes
# Authorized: 30,000,000,000
SS around 4th of June.....
Authorized Shares: 30.0B
O/S Shares: 17.19B
Market Cap: $6.87M
SS may 19th
7,804,084,651 as of May 19, 2009
30,000,000,000 as of May 19, 2009
2,792,229,863 as of May 19, 2009
Energy Report: http://energy-investing.org/
Bloombergy Energy: http://www.bloomberg.com/energy/
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The Thomas L. Davidson Project
Thomas L. Davidson well #1 is located in the Burrville Oil/Gas Field in Morgan County, Tennessee. A participation agreement with Ky-Tenn Oil Inc., is in place. The well is currently producing, and production is expected to ramp up considerably after the company completes a work-over procedure to increase production. The well is estimated to have 100,000+ barrels of oil in reserve. Magellan recently acidized the well under extreme pressure to flush it out in order to increase production. The well was then capped or closed off and re-opened for production the next day. Magellan expects that this will increase production by 20+ barrels/day before eventually settling back down.
*The penberton property
* The Ostil Paul Property
The Ostil Paul Property is located in Overton County, Tennesse. Specifically Miller Chapel / Bolestown area of Overton County, Tennessee. The area lies approximately 15 miles east of Livingston Tennessee along State Highway 52. The Ostil Paul Property lies North of the highway off Joppa Rd to the west of Miller Chapel. Basin Oil has recently discovered an oil accumulation that is both prolific in its production and unusual in its structure. Two of these wells on the Paul Property have produced over 150 BOPD since their discovery last fall. The Kelly Paul Property is less than ¾ of mile to the north.
The Martin Waterflood Project
The Martin Waterflood project is located about 50 miles northwest of Knoxville, and less than 20 miles from the Tennessee-Kentucky border in Morgan County, Tennessee. The number of wells and the way those wells will be utilized will be determined by a onsulting petroleum engineering firm, that will base its recommendations, in part, on geology of the area and field production records, provided by the company. Initial estimates of recoverable oil in place are in excess of 100,000 barrels of oil, with a current value of
more than $6.5 million.
The Martin field is currently in the final stages of primary production, producing a small amount of oil and gas from eight wells. Those initially targeted include: Thomas D. Martin #7 - Permit # 7316, Thomas D. Martin #4 - Permit #7329, Thomas D. Martin #11 - Permit #7651, Thomas D. Martin #12 - Permit #8169, Thomas D. Martin #14 - Permit # 8223 and Thomas D. Martin #15 - Permit #8224.
TMD Energy expects to have the project completed and in operation by late 2008 or early 2009 depending upon several factors, including the approval process, weather and availability of equipment.
July 22, 09 Magellan Energy Ltd. Issues Additional Information on the Potential for the Lankford Lease
June 18, 09 Magellan Energy Announces Acquisition of Lankford Lease in Morgan County, Tennessee
June 01, 09 Magellan Energy Magellan Energy Announces Natural Gas Production in Morgan County, Tennessee
May 19, 09 Magellan Energy Issues Corporate Update