MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_01C86E68.342D3050" This document is a Single File Web Page, also known as a Web Archive file. If you are seeing this message, your browser or editor doesn't support Web Archive files. Please download a browser that supports Web Archive, such as Microsoft Internet Explorer. ------=_NextPart_01C86E68.342D3050 Content-Location: file:///C:/2B164553/0213082QEarnings.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" MAGELLAN PETE POSTS

MAGELLAN PETROLEUM CORPORATION

News release

 

 

        &= nbsp;   HARTFORD, Con= n., February 13, 2008 -- Magellan Petroleum Corporation (NASDAQ:  MPET)  (ASX: MGN) reported a consolidated= net loss of $9.7 million ($.23 per share) on gross revenues of $10.4 million in= its fiscal second quarter ended December 31, 2007, as compared to a net loss of= $8,000 ($.00 per share) on revenues of $8.4 million in last year’s second quarter.

            = For the six-month peri= od ended December 31, 2007, the Company reported  a net loss of $9.3 million ($.22 per share) on $19.7 million in revenues, compared to net income of $1 million (= $.02 per share) on revenues of $15.2 million in the prior period last year.

            = The net loss for both the second quarter and the six month period ended December 31, 2007 includes a charge of $12.8 million ($.31 per share) in the income = tax provision for the tax settlement between Magellan’s 100% owned Austra= lian subsidiary, Magellan Petroleum Australia Limited (MPAL) and the Australian Taxation Office (ATO). (See Magellan’s press release dated February 7, 2008)

        &= nbsp;   Magellan’s president, Dan Samela said “A look at operating results before the tax provision tells a different story. Pretax income was up $2.9 million over l= ast year’s quarter due mostly to the successful drilling campaign in the Nockatunga oil field. Pretax income for the six months ended December 31, 2= 007 is $.09 per share, nearly double the $.05 per share last year. <= /span>

        &= nbsp;   Though we had to absorb a tough ATO settlement, we are pleased with our operating results for this quarter and the first half of fiscal 2008.Total revenues a= re up 23% and 29% for the quarter and six months, respectively over last year.= ”

            = Exploration and dry hole costs for the 2007 quarter are down $1.8 million over the 2006 quarter due to reduced exploration expenditures in the Cooper Basin.

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 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.

           

            Comparative, consolidated results for the three and six-month periods are shown in the following consolidated statements of operations:

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

- more -

MAGELLAN PETROLEUM CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

 

 

   =        THREE MONTHS ENDED

   =             &nb= sp;  DECEMBER 31,      &n= bsp;          

   =           SIX MONTHS ENDED

   =             &nb= sp;  DECEMBER 31,      &n= bsp;          

 

   =         2007        = ;  

   =         2006        = ;  

   =         2007        = ;  

   =         2006        = ;  

REVENUES:

           &nbs= p;            &= nbsp;  

           &nbs= p;            &= nbsp;  

           &nbs= p;            &= nbsp;  

           &nbs= p;            &= nbsp;  

Oil sales

  $    = ;   4,887,721

  $    = ;   3,227,393

  $    = ;   9,620,541

  $    = ;   6,152,907

Gas sales

            4,772,980

            4,490,952

            8,762,164

            7,894,350

Other production related revenues

     &nb= sp;        713,280

     &nb= sp;        695,740

     &nb= sp;     1,313,209

     &nb= sp;     1,189,992

Total revenues

     &nb= sp;   10,373,981

     &nb= sp;     8,414,085

     &nb= sp;   19,695,914

     &nb= sp;   15,237,249

COSTS AND EXPENSES:

 

           &nbs= p;            &= nbsp;  

           &nbs= p;            &= nbsp;  

           &nbs= p;            &= nbsp;  

Production costs

            2,525,231

            1,806,267

            4,623,257

            3,597,406

Exploration and dry hole costs

           &nbs= p;   724,117

            2,541,280

            2,737,591

            2,973,263

Salaries and employee benefits

           &nbs= p;   375,840

           &nbs= p;   394,972

           &nbs= p;   820,349

           &nbs= p;   710,102

Depletion, depreciation and amortization

            2,796,390

            2,762,867

            5,957,646

            4,764,819

Auditing, accounting and legal services

           &nbs= p;   321,052

           &nbs= p;   148,204

           &nbs= p;   558,103

           &nbs= p;   324,009

Accretion expense

           &nbs= p;   176,180

           &nbs= p;   134,413

           &nbs= p;   346,388

           &nbs= p;   266,179

Shareholder communications

           &nbs= p;   154,222

           &nbs= p;   159,342

           &nbs= p;   201,288

           &nbs= p;   235,890

Gain on sale of field equipment

           &nbs= p;   (17,304)

           &nbs= p;           ̵= 2;

           &nbs= p;   (26,957)

           &nbs= p;           ̵= 2;

Other administrative expenses

     &nb= sp;        771,732

     &nb= sp;        644,969

     &nb= sp;     1,641,645

     &nb= sp;     1,167,581

Total costs and expenses

     &nb= sp;     7,827,460

     &nb= sp;     8,592,314

     &nb= sp;   16,859,310

     &nb= sp;   14,039,249

Operating income (loss)

            2,546,521

           &nbs= p; (178,229)

            2,836,604

            1,198,000

Interest income

     &nb= sp;        569,862

     &nb= sp;        425,793

     &nb= sp;     1,059,079

     &nb= sp;        770,913

Income before income taxes

            3,116,383

           &nbs= p;   247,564

            3,895,683

            1,968,913

Income tax provision

     &nb= sp;  (12,797,866)

     &nb= sp;       (255,471)

     &nb= sp;  (13,178,636)

     &nb= sp;       (946,684)

NET (LOSS) INCOME

     &nb= sp;    (9,681,483)

     &nb= sp;           (7,9= 07)

     &nb= sp;    (9,282,953)

     &nb= sp;     1,022,229

Average number of shares outstanding

 

 

 

 

Basic

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

Diluted

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

     &nb= sp;   41,500,325

NET (LOSS) INCOME PER SHARE (BASIC AND DILUTED)

  $   &n= bsp;            (.23)

  $   &n= bsp;            (.00)

  $   &n= bsp;            = ; .(.22)

  $   &n= bsp;            = ;  .02

 

 

 

 

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