Magellan Energy Announces Natural Gas Production in Morgan County, Tennessee
June 01 2009 - 9:01AM
Marketwired
Magellan Energy Ltd. (PINKSHEETS: MGLG) ("Magellan" or "the
Company") is pleased to announce that it has completed connection
of all gas lines from the Thomas Martin and the Robert Anderson
Lease in Morgan County, Tennessee and that gas production has
commenced.
This is a significant development for Magellan Energy. After
much time, effort and hard work, the Company is now in a position
to rapidly increase its daily natural gas production rate and make
additions to its reserves. In order to obtain an accurate estimate
on the daily output from both wells, gas must flow through the
lines for a period of approximately one to two weeks. This waiting
period will enable Magellan to get a better understanding of
production, as readings will have stabilized enough to achieve a
balanced, daily output count. Magellan plans further studies in
order to exploit the full potential of this project.
The operators, TMD Energy Inc. will continue to work with
Citizens Gas and monitor the situation to ensure there are no
further disruptions.
Management believes that this is an exciting time for Magellan
and its shareholders. The Company has entered the production phase
on both projects and will soon realize a new revenue source. While
the delays have been frustrating for the Company and shareholders,
the company has successfully dealt with the high BTU issue and has
connected the lines to the compressor and begun natural gas
production. Magellan is well on its way to increasing revenues and
value and will be disclosing production numbers as soon as they are
available.
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: MAGELLAN ENERGY LTD. Member of the Tennessee Oil and
Gas Association Website: http://www.magellan-energy.com Phone:
1-866-365-4724
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