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Re: RonnieD post# 137

Tuesday, 02/10/2009 5:09:08 PM

Tuesday, February 10, 2009 5:09:08 PM

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8-k regarding Strategic Investment out today

'On February 9, 2009, Magellan Petroleum Corporation (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with Young Energy Prize S.A., ("YEP") a Luxembourg corporation ("YEP" or the "Investor"), under which the Company has agreed to sell, and the Investor has agreed to purchase, 8,695,652 shares (the "Shares") of the Company's common stock, par value $0.01 per share (the "Common Stock") at a purchase price of $1.15 per share, or an aggregate of $10,000,000.'
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