Magellan Energy Announces Update on Robert Anderson Lease

TORONTO an independent oil and gas company, issued an update today for the Robert Anderson Lease of Morgan County, Tennessee. This update is for ongoing work over procedures and current status reports for the projects.

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's President, Mr. Akrivos, said, "We are pleased with the progress and anticipate this project to be completed within the next two weeks. Once all electrical lines are connected we will be able to place the oil well back into production which will be added revenue for Magellan. We are working very closely with the operators of our wells, TMD Energy Inc., to ensure every possible measure will be taken to keep our project on course and obtain an oil production rate until we are able to connect to the new gas pipeline. Once our connection is made to the new pipeline we will see dual revenue from Oil and Natural Gas for Magellan and its shareholders."

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.

Magellan Energy Ltd. Member of the Tennessee Oil and Gas Association Bill Akrivos Website: http://www.magellan-energy.com Phone: [phone]