Magellan Petroleum Announces $2M Stock Buyback

Magellan Petroleum Corporation

today announced that its Board of Directors has approved a new stock repurchase program whereby the Company is authorized to repurchase up to a total of $2.0 million in shares of its common stock. This authorization supersedes the prior plan announced by the Company on December 8, 2000, and will expire on August 21, 2014. The shares may be repurchased from time to time in open market or privately negotiated transactions, subject to market conditions and other factors, including compliance with securities laws. Stock repurchases may be funded with existing cash balances or internal cash flow. The stock repurchase program may be suspended or discontinued at any time. "I'm very pleased with the Board's decision to approve this new share repurchase program.  I believe this program is indicative of the Board's confidence in our Company's value potential.  Furthermore, I believe this program could provide support to our share price while we work to deliver enhanced stockholder value by executing our strategy in the coming fiscal year," stated Tom Wilson, President and CEO of Magellan.