Magellan Announces Plan for Transition of Board Leadership

PORTLAND, Maine, Aug. 4 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) (ASX: MGN) (the "Company" or "Magellan") announced plans for a transition of leadership of the Company's Board of Directors agreed upon by the members of the Company's Board.

Under the plan, Walter McCann, who has served as a director since 1983 and as Chairman of the Board since July 1, 2004, will step down as Chairman, effective on the date of the Company's 2010 annual meeting of shareholders.  The Board intends to elect J. Robinson West to serve as the next Chairman of the Board, succeeding Mr. McCann as Chairman.  

Mr. West has served as a Class I director since March 10, 2010, when he was appointed to fill a newly created vacancy on the Board.  Mr. West is the Chairman, Founder and Chief Executive Officer of PFC Energy, Inc., a Washington, D.C. based consulting firm serving oil and gas companies and governments with 14 offices around the world.  The Board anticipates that Mr. West will be nominated for election, at the Company's 2010 annual meeting of shareholders, to serve a full three-year term as a director.  

The Board also intends to renominate Mr. McCann to serve an additional three-year term as a director and expects that Mr. McCann will continue to serve in his current roles as Chairman of the Compensation, Nominating and Governance Committee of the Board and as a member of the Audit Committee.  In addition, the Board expects that Mr. McCann will be elected to the new position of Lead Director of the Board.

Walter McCann, Chairman of the Board of Directors, stated, "Over the years and especially in troubled economic times, Magellan charted a steady course and has emerged a stronger company with excellent prospects. Robin West's experience and talents are particularly suited to a new phase in our development. I look forward to working with him and the other Directors as we continue to realize our vision for the Company's future."

Ronald Pettirossi, a director who has served with Mr. McCann since 1997, stated, "On behalf of the entire Board, I would like to express our sincere thanks to Walter for leading the Board during recent years, as Magellan executed a number of important transactions and made important governance changes, all while facing significant operational and financial challenges.  We look forward to Walter's continued service on the Board and in his new planned role as Lead Director."

Mr. West, director, stated, "I am very pleased that the Board has asked me to become Chairman. Magellan is a company with a unique opportunity to build a significant portfolio of very substantial assets."

Forward- Looking Statements

Statements in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The Company cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. Among these risks and uncertainties are pricing and production levels from the properties in which the Company has interests;  the extent of the recoverable reserves at those properties; the accuracy of reserve estimates; the completion of the planned Evans Shoal transaction; the success or occurrence of potential development and operational plans and opportunities for the Evans Shoal field; and the profitable integration of acquired businesses, including Nautilus Poplar LLC, into the Company's operations. In addition, the Company has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Magellan Petroleum Corporation