Magellan Petroleum Announces Appointment of New General Counsel and Agreement for Inducement Grant Under NASDAQ Rule 5635(c)(4)

Magellan Petroleum Corporation

today announced that it has appointed C. Mark Brannum as its new Vice President - General Counsel and Secretary effective September 5, 2012.  Mr. Brannum will succeed Milam Randolph Pharo, who is retiring from that position. Mr. Brannum comes from SM Energy Company, where he has held various positions since 2007, including Deputy General Counsel and Corporate Secretary.  Before that he was a shareholder with Winstead P.C., a large business law firm headquartered in Dallas, Texas, from 1995 to 2007. In announcing the appointment, Magellan Petroleum's CEO Tom Wilson said:  "Mark will be a great addition to our senior management team, and his experience in the oil and gas industry in the Rocky Mountain region will be a true asset to both management and the Board of Directors.  In addition, his previous law firm experience in banking and corporate restructuring matters will be helpful in looking at potential acquisition opportunities in distressed situations resulting from the current low natural gas price environment.  We also want to thank Randy for coming out of his previous retirement to work for us on a part-time basis as we transitioned to Denver, completed the Santos asset swap