Exhibit 99.1
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MAGELLAN FILES AMENDED FORM 10-Qs
WITH THE SEC AND
REPLIES TO ANS INVESTMENTS LLC |
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HARTFORD,
Conn., October 24, 2008 Magellan Petroleum Corporation (NASDAQ: MPET) (ASX: MGN)
reported that the Company yesterday filed with the Securities and
Exchange Commission (SEC) amended
versions of its quarterly reports for the first three fiscal quarters of its fiscal year ended June
30, 2008.
The Company also yesterday sent a letter of Walter McCann, Chairman of the Companys Board of
Directors, to ANS Investments LLC, responding to a number of allegations and assertions made by ANS
Investments LLC about the Company and its Board of Directors. A copy
of Mr. McCanns letter has been filed as an exhibit to the
Companys current report on Form 8-K filed earlier today with the
SEC.
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For further information, please contact: Daniel J. Samela, at (860) 293-2006
Forward- Looking Statements
Statements in this release which 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 Act of 1995. These statements about Magellan and MPAL
may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other
matters that involve a number of uncertainties that may cause actual results to differ materially
from expectations. Among these risks and uncertainties are pricing and production levels from the
properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at
those properties, the future outcome of the negotiations for gas sales contracts for the remaining
uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin,
including the likelihood of success of other potential suppliers of gas to the current customers of
Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits
and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially
recoverable quantities. Any forward-looking information provided in this release should be
considered with these factors in mind. Magellan assumes no obligation to update any forward-looking
statements contained in this release, whether as a result of new information, future events or
otherwise.