Magellan Energy Announces Update on the Thomas D. Martin Wells
December 18 2007 - 8:30AM
Marketwired
TORONTO , an independent oil and gas company, announced today
that it is selling natural gas from wells on the Thomas D. Martin
project in Morgan County, Tennessee in which it holds a 20% working
interest. The operators for these wells, TMD Energy Inc., stated
that the Citizens Gas Utility District have recently reconfigured
the gas pipelines to allow gas from the wells to enter its system.
A compressor has also been installed to increase production
volume.
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's President, Mr. Akrivos, said, "We are very
pleased at the progress that has been made up to date on the Martin
project which will take some time to properly execute. TMD Energy
Inc. has done an excellent job ensuring the wells maintain
production and we are extremely happy to be working with them. This
is our company's second successful project in Tennessee, thus
establishing Magellan as a reputable, revenue-producing company in
the oil and gas industry. In addition, we are in the final stages
of developing a third project in Tennessee, which will be announced
in the near future."
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.
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.
Contact: Investor Relations MAGELLAN ENERGY LTD. Website:
http://www.magellan-energy.com 866-365-4724
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