Stratex Oil & Gas Offers to Acquire Magellan Petroleum for $2.30 per Share

Stratex Oil & Gas Holdings, Inc.

today announced that it has made an offer to acquire Magellan Petroleum for $2.30 per share in cash and stock. The offer was made in a letter to Magellan's CEO with a copy to the Board of Directors yesterday after the CEOs of the two companies had previously discussed Stratex's interest in acquiring Magellan, but had failed to come to any definitive understanding.