Magellan Energy, Ltd. -- Thomas D. Martin Waterflood Update

TORONTO , an independent oil and gas company, issued an update today for the Thomas D. Martin Lease, Permit #6625 of Morgan County, Tennessee.

Magellan Energy announced that the development work for the Thomas D. Martin Waterflood project, which is about 50 miles northwest of Knoxville and less than 20 miles from the Tennessee-Kentucky border, reports that the gas lines of the Thomas D. Martin Lease are currently shut in because of high BTUs. Magellan is currently waiting on the new sales line to market the gas. Until such time, the operator of the lease, TMD Energy Inc., is accelerating the Waterflood project. Once the consulting petroleum engineering firm (Barger Engineering Inc.) has developed a Waterflood plan, the company will submit the plan to the State of Tennessee, Division of Geology, for approval. Timely approval by the state is expected as the state is encouraging projects designed to increase Tennessee oil and gas production. The injection wells must also be bonded with, approved and inspected by the Environmental Protection Agency. Production of oil on this lease will continue at 3 BOPD while Magellan awaits the new sales line and state approval to move ahead with the water flood project.

Magellan Energy's President, Mr. Akrivos, said, "We are pleased with the progress and anticipate this project to be successful when completed. We are incorporating several wells into this project, Martin wells #s 7, 4, 11, 12, 14 and 15. Our estimates of recoverable oil are in excess of 60,000 barrels. With the gas lines shut in, Magellan is currently collecting revenue from the producing oil of 3 BOPD. Once the gas lines are re- connected and the Waterflood project completed, this arrangement will provide a steady distribution channel and income for the company." The company looks forward to continued relationships with these and other partners in a number of future projects.

About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.

Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.

MAGELLAN ENERGY, LTD. Member of the Tennessee Oil and Gas Association Bill Akrivos Website: http://www.magellan-energy.com Phone: 1-866-365-4724

Magellan Energy (CE) (USOTC:MGLG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024