Weald-Wessex Basins Focus Area

Magellan also has interests in 11 exploration and development licenses in the onshore portion of the Weald and Wessex Basins, in southern England in the United Kingdom, where it is exploring for hydrocarbons. 7 more are currently being awarded. Varying interests are held in each permit as listed below. The licenses have been built up over a period of 7 years and drilling will commence in PEDL 126 in the fourth quarter of 2008. The well, Markwells Wood-1, is interpreted to address an extension of the Horndean oil field to the west. Four other wells, Horse Hill-1 (PEDL 137), Manor Farm-1 (PEDL 135), Prospect A (PEDL 099) and Prospect B (PEDL 125) are currently moving through planning approval with the various UK government entities. Due to the timeframes involved in receiving planning approvals these wells are likely to be drilled during 2009/10.

License	Magellan Interest	Operator
PEDL 098	22.5%	Northern Petroleum
PEDL 099	40%	Northern Petroleum
PEDL 125	40%	Northern Petroleum
PEDL 126	40%	Northern Petroleum
PEDL 135	100%	Magellan
PEDL 136	100%	Magellan
PEDL 137	100%	Magellan
PEDL 152	22.5%	Northern Petroleum
PEDL 153	33.3%	Northern Petroleum
PEDL 154	50%	Northern Petroleum
PEDL 155	40%	Northern Petroleum
PEDL 231	50%	Magellan
PEDL 232	50%	Magellan
PEDL 234	50%	Magellan
PEDL 240	22.5%	Northern Petroleum
PEDL 242	100%	Magellan
PEDL 243	50%	Magellan
PEDL 246	100%	Magellan

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use terms on this web site, such as recoverable barrels of oil, oil-in-place, recoverable oil reserves and probable and possible reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings on EDGAR. The Company's Form 10-K can be obtained by writing to the Company at 7 Custom House St., 3rd Floor, Portland, ME 04101. You can also obtain this form from the SEC by calling 1-800-SEC-0300.

The information furnished in this Website by the Company may not be the latest and most current data available. Although the Company will use its best efforts to keep this information current, it does not undertake any duty to continuously update all of the information contained herein.