Magellan Energy, Ltd. (MGLG)

[Taxman Bill]

Once the "delay" in production numbers teh stock lost it's MOJO. w.o the mojo the stock begins to drip in slight negative direction, as we see about one tick every day or so.

With the end of the Quarter JUNE 20, and three day weekend (market closed on July 3, IMHO i see nothing positive for pps currently, my caclulations show pps s/b around 25 not 11-12.

In my other investment we were blind sided with a A/S increase.. I Hope that has NOT happened here. I clearly stated BARING NO INCREASE in structure, and MM knw more than ANY of the little investors.

AGAIN baring an increase in the 30 Billion, (I beleieve shares will be diluted to that number by time of release of productions, we will still warrent a 25 - 40 tick pps.. I have liquidated some of my shares and am ready to reload .. I currently feel downside is greater than upside until after the 3 day weekend. Management has ALL but told us the numbers will not be avaiable for some time.. Isee that time third week of july,

GLTA