NEWS:Magellan Energy Announces Corporate and Project Update
Market Wire "US Press Releases "
TORONTO -- (MARKET WIRE) -- 08/07/08 -- Magellan Energy Ltd. (PINKSHEETS: MGLG), an independent oil and gas company, issues an update on the status of its current projects including the participation agreements in Morgan County, Tennessee. This update addresses the ongoing work over procedures as well as the company restructuring notices.
Magellan Energy is pleased to announce that the work on the Robert Anderson Lease has made some significant progress. The compressor has been installed and all electrical needs have been addressed and met. The new pipeline is now in place, and the project will require additional work to be completed in order to be fully operational, and for Magellan to connect the well and begin production. The operator, TMD Energy Inc., has been in meetings with Citizens Gas to negotiate a possible re-connect to their lines, which will enable us to sell our gas while we wait for the new lines.
There has also been some increased activity on the Davidson well. The operators have opened the well and found a strong presence of gas and also that the well is bubbling. This is a strong indication that fluid is returning to the bore hole and coming back up. We have scheduled for a rig to come back onto the well to determine production levels.
The WaterFlood project (Martin Wells) is progressing on a steady pace. The well is continuing to produce 3BOPD. The gas on these wells presently remain shut in and await the completion of the new lines. We will continue to work closely with TMD Energy Inc. to ensure that all the criteria of this project are met and that preparations are in place for us to begin the WaterFlood.
Magellan Energy's President, Mr. Akrivos, said, "There have been many questions and concerns brought to my attention regarding the company projects and my status with the company that I would like to address. First and foremost, the issue of my resignation as CEO from Magellan Energy Ltd. I have been offered a CEO position with another company that I have accepted. To this, I have stepped down as CEO of Magellan but will continue to stay on board as a director, consultant and advisor. My participation in our company's daily activities and projects will continue and I will remain an active part and will continue to invest a great deal of time with Magellan's staff alongside its new CEO, Mr. Apolinar V. Carcasona, on its current and future ventures. I expect the transition to be seamless and in the best interests for Magellan Energy Ltd.
"Mr. Carcasona has been working with us for some time and has a great deal of enthusiasm and brings with him a knowledge and desire that will be beneficial to Magellan Energy Ltd and its shareholders. We have had some unexpected delays with our projects but we are not deterred from our goals. The current situation with the development of new gas lines has hindered the progress and production of many projects in the surrounding area. It is unfortunate that we have been placed in this predicament which has halted some production and progress on our wells. However, we will continue to work closely with the operators, TMD Energy Inc., to ensure we maintain a level of progress that is ultimately beneficial to Magellan and it's shareholders."
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 by re-establishing production, refurbishing and improving the existing production and operations
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