2010-01-14-2009-12-04

To divest all Australia Cooper Basin assets in multiple transactions.

Magellan Petroleum Corp., Portland, Maine, (Nasdaq: MPET; ASX: MGN) plans to sell of all its assets in Australia's Cooper Basin in a series of transactions totaling approximately $8.8 million. The names of the buyers were not disclosed. The assets include the Nockatunga, Kiana and Aldinga oilfields, as well as additional miscellaneous exploration licenses. The offers represent a price of approximately $31.45 per barrel of proved reserves. Magellan says it expects to record a gain in the current fiscal year as a result of the transactions.