Magellan Concludes Consolidation Of Montana Assets, Seeks Farm-Out Partners

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Description

Closed acquisition of additional 25% WI in Poplar Dome, Mont., program.

Magellan Petroleum Corp., Portland, (Nasdaq: MPET) has closed its acquisition of a 25.05% working interest in the Poplar Dome area in Roosevelt County, Montana, from privately held, Centennial, Colo.-based Hunter Energy LLC for an undisclosed price.

Concurrently, Magellan acquired 1.25% of the interest in the East Poplar and Northwest Poplar fields belonging to Nautilus Technical Group LLC. With its subsidiaries, Magellan now owns an 83.7% average working interests in the fields.

Magellan says it plans to identify joint venture partners for the development of the Poplar Dome project. The company is also expected to drill at least two development wells targeting the Tyler and Nisku oil formations.