From Earlier: Magellan Petroleum Board Determines Not to Pursue Proposal by Stratex Oil & Gas Holdings

Magellan Petroleum Corporation

today announced that its Board of Directors has carefully considered the unsolicited proposal by Stratex Oil & Gas Holdings

that Stratex announced on August 28, 2012. After consulting with its financial and legal advisors, the Magellan Board has determined not to pursue the Stratex proposal. The proposal, as set forth in a letter from Stratex dated August 27, 2012, was a proposal to acquire each outstanding share of Magellan common stock for $0.65 in cash and one share of Stratex common stock, the closing price for which as reported by the OTCQB on August 27, 2012, was $1.65 per share.