Magellan Petroleum Regains NASDAQ Compliance

On February 1, 2013, Magellan Petroleum Corporation ("Magellan" or the "Company")

received formal notification from the NASDAQ Stock Market LLC ("NASDAQ") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company to maintain a minimum closing bid price of $1.00 per share.  NASDAQ staff made this determination of compliance after the Company's bid price closed above $1.00 per share for the prior 10 consecutive business days. NASDAQ had previously notified the Company of its non-compliance with Listing Rule 5550(a)(2) on November 19, 2012, following 30 consecutive business days for which the Company's closing bid price did not meet the $1.00 per share minimum requirement. Tom Wilson, President and CEO of Magellan, stated, "Over the past year, we have simplified our story, focused our operational strategy, and revamped our investor communications.  Regaining compliance with NASDAQ is a validation of these efforts and a sign that the market is beginning to see the inherent value of our assets." CAUTIONARY INFORMATION ABOUT FORWARD LOOKING STATEMENTSStatements in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform