Magellan Energy, Ltd. -- Thomas D. Martin Waterflood Update
Wednesday April 16, 9:45 am ET

Magellan Energy announced that the development work for the Thomas D. Martin Waterflood project, which is about 50 miles northwest of Knoxville and less than 20 miles from the Tennessee-Kentucky border, reports that the gas lines of the Thomas D. Martin Lease are currently shut in because of high BTUs. Magellan is currently waiting on the new sales line to market the gas. Until such time, the operator of the lease, TMD Energy Inc., is accelerating the Waterflood project. Once the consulting petroleum engineering firm (Barger Engineering Inc.) has developed a Waterflood plan, the company will submit the plan to the State of Tennessee, Division of Geology, for approval. Timely approval by the state is expected as the state is encouraging projects designed to increase Tennessee oil and gas production. The injection wells must also be bonded with, approved and inspected by the Environmental Protection Agency. Production of oil on this lease will continue at 3 BOPD while Magellan awaits the new sales line and state approval to move ahead with the water flood project.

Magellan Energy Announces Update on Robert Anderson Lease
Thursday April 10, 9:45 am ET

Magellan Energy is please to announce the development work on the Robert Anderson Lease is progressing ahead of schedule and that the well is being prepared for operation for oil and gas. The electrical demands needed for this project has been addressed and Plateau Electric Co-operative has been retained to install the electric wire into the field. Once installed the whole area will be serviced with an abundant energy flow. The completion of electricity should occur within 2 weeks. Once the electricity is installed, the oil well will be powered so that production of oil and gas can resume.

Magellan Energy Announces Progress on Its Second Producing Oil & Gas Well
Thursday April 3, 9:45 am ET

Magellan Energy Ltd. announces that it will be connecting the Thomas L. Martin wells to a new 15 mile long pipeline in early April 2008 to an interstate market. This new pipeline will enhance our natural gas output which is currently being sold at a rate of $5-6 per MCF to an increased rate of $9 per MCF.

Magellan Energy Ltd. -- Tennessee Revenue and Project Update
Monday February 25, 9:15 am ET

Magellan Energy Ltd. has installed a larger pump jack and a 118 engine, which is operating on natural gas, onto the Thomas L. Davidson well. During the last few weeks, logging on the adjoining leases delayed the completion of this project. With the logging now complete, KY-Tenn Oil Inc., the operators of the well, have connected a natural gas line to the well and the well has resumed production for oil. The well is expected to level out at a rate of 5 BOPD. At this rate, with current market prices, the well is expected to generate gross revenues of $150,000USD per annum. Revenue from Magellan's interest is expected to payout the project in 2008 and with continual revenues in the coming years.

Magellan Energy: Tennessee Revenue and Project Update
Friday February 22, 5:06 pm ET

Magellan Energy Ltd. has installed a larger pump jack and a 118 engine, which is operating on natural gas, onto the Thomas L. Davidson well. During the last few weeks, logging on the adjoining leases delayed the completion of this project. With the logging now complete, KY-Tenn Oil Inc., the operators of the well, have connected a natural gas line to the well and the well has resumed production for oil. The well is expected to level out at a rate of 5 BOPD. At this rate, with current market prices, the well is expected to generate gross revenues of $150,000USD per annum. Revenue from Magellan's interest is expected to payout the project in 2008 and with continual revenues in the coming years.

Magellan Energy Announces Robert Anderson Lease Agreement With TMD Energy Inc.
Tuesday January 8, 8:30 am ET

Magellan Energy Ltd. will be working with TMD Energy Inc. on the Robert Anderson Lease. This participation agreement includes five existing wells known as R.Anderson#2-permit#5534, R.Anderson#3-permit#6002, R.Anderson#3-permit#6241, R.Anderson#4-permit#6003, and R.Anderson#3-permit#6453. TMD Energy Inc. will continue as the operator of the wells and oversee any necessary work over procedures. Presently, the current wells are producing gas and oil, but will require additional compressors, pump jacks, rods and tubing to finalize the project.

Magellan Energy is pleased to announce that the Martin lease is a mature producing oil and gas property that is being prepared for waterflooding. This ongoing project with TMD Energy Inc. will take some time to complete but with the newly installed compressor we will have increased gas production and revenue for Magellan Energy Ltd. The water flood project must still be subject to further research, geological surveys and studies to be properly executed. Until such time is determined, the wells will continue to operate at their new capacity, generating revenue with the new lines.

Magellan Energy has been working with Ky-Tenn officials to re-work the Thomas L. Davidson Well #1 located in Morgan County, Tennessee. The treatment scheduled for November 26, 2007 continued on time and with success. The goal for this project was to frac this well with a combination of acid and water to increase productivity. The well was treated with 2000 GL of hydrochloric acid (15%) and 500GL of water. The well reacted very well to the treatment and reached a pressure of 250(lbs). Once all the fluids were introduced the well was closed off. On November 27, 2007 Ky-Tenn Oil Inc re-opened the well which still maintained a pressure 0f 160 (Lbs) and swabbed the well for half the day. The oil presence was extremely strong, so that it was placed immediately back onto the pump. The size of the well compressor/motor is small but the well continued to produce 5 BOPD until it ran out of gas without pumping off. The results will not be finalized until the well stabilizes and maintains a steady flow.

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 plans to continue production on the well for the next 30 days at a rate of 2BOPD. Thereafter, we will commence the acid stimulation phase of the operation under the guidance of Ky-Tenn Oil Inc., the operators for this project. We will treat or frac the well after a month of current production. This procedure will fracture the formation, stimulate the well with acid under pressure which we anticipate will open up the channels allowing oil to flow and increase the well's productivity.

Magellan Energy would like to welcome Mr. William D. Goodwin as an advisor to the company. Mr. Goodwin brings with him over 30 years of experience in the oil industry, specifically in Tennessee and its surrounding areas. His knowledge and understanding of these areas will serve as a great asset to Magellan and will provide valuable insights on future projects and ventures.

The operations in Major County, Oklahoma on the "Martens 1-13" wells have been terminated and will no longer be an ongoing interest or project for Magellan Energy Ltd.

The Company will not continue operations in Major County, Oklahoma. The results from the "Martens 1-13" wells have proven to be less than adequate for the Company to justify further work on. Subsequently, all wells have been capped and the operating team has been scheduled to begin work on Magellan' next target location.