MAGELLAN PETE POSTS

MAGELLAN PETROLEUM CORPORATION

News release

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&= nbsp; HARTFORD, Con= n., November 14, 2007 -- Magellan Petroleum Corporation (NASDAQ: MPET) (ASX: MGN) reported consolidated n= et income of $399,000 ($.01 per share) on gross revenues of $9.3 million in its fisca= l first quarter ended September 30, 2007, as compared to net income of $1,030,000 (= $.02 per share) on revenues of $6.8 million in last year’s first quarter. =

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Magel= lan’s president, Daniel Samela said, “Results were mixed for the quarter, b= ut we are pleased with the increase in the volume of oil sales. With all ten n= ew wells in the Nockatunga project tied in, sales = volume increased 337% to almost 35,000 barrels this quarter from this field.”= ; Samela continued by saying, “in October a two- well drilling program was undertaken at Nockatunga, resulting in an addit= ional well, Maxwell 5, cased and suspended as a future oil producer.”

&= nbsp; Exploration and dry hole costs for the 2007 quarter increased 366% over the 2006 quarte= r, due mostly to increased drilling costs of $1.5 m= illion related to PEL 93 in the Cooper Basin, Australia.

The Company had $31.9 million o= f cash and marketable securities at September 30, 2007 and no long-term debt.

State= ments in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. The Compa= ny cautions readers that forward looking statements are subject to certain ris= ks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. Among these risks and uncertainties are the ultimate outcome of the MPAL tax audit by the Austral= ian Taxation Office, pricing and production levels from the properties in which the Company has interests, and the extent of the recoverable reserves at th= ose properties. In addition, the Company has a large number of exploration permits = and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. The Company undertakes no obligatio= n to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise

Compa= rative, consolidated results for the three month periods are shown in the following consolidated statements of income:

Conta= ct: Daniel J. Samela, at (860) 293-200= 6

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MAGELLAN PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited )

	= THREE MONTHS ENDED = SEPTEMB= ER 30, &n= bsp; <= /p>
	= 2007 = ;	= 2006 = ;
REVENUES:	&nbs= p; =	&nbs= p; =
Oil sales	$ 4,732,820	$ 2,925,514
Gas sales	3,989,184	3,403,398
Other production related revenues	599,929<= /u>	494,252<= /u>
Total revenues	9,321,933	6,823,164
COSTS AND EXPENSES:	&nbs= p; =	&nbs= p; =
Production costs	2,098,026	1,791,139
Exploratory and dry hole costs	2,013,474	431,983<= /p>
Salaries and employee benefits	444,509<= /p>	315,130<= /p>
Depletion, depreciation and amortization	3,161,256	2,001,952
Auditing, accounting and legal services	237,051<= /p>	175,805<= /p>
Accretion expense	170,208<= /p>	131,767<= /p>
Shareholder communications	&nbs= p; 47,066	&nbs= p; 76,547
Gain on sale of field equipment	&nbs= p; (9,653)	&nbs= p; —
Other administrative expenses	869,913<= /u>	522,612<= /u>
Total costs and expenses	9,031,850	5,446,935
Operating income	290,083<= /p>	1,376,229
Interest income	489,217<= /u>	345,121<= /u>
Income before income taxes	779,300<= /p>	1,721,350
Income tax provision	(380,770)=	(691,213)=
Net income	$ 398,530	$ 1,030,137
Average number of shares:	&nbs= p; =	&nbs= p; =
Basic	41,500,138	41,500,138
Diluted	41,500,138	41,500,138
Net income per share (basic and diluted)	$ &nbs= p; 0.01	$ &nbs= p; 0.02