Exhibit 99.1
ARBN 117 452 454
  TELEPHONE   (+1) 860 293 2006
7 Custom House Street
  FACSIMILE   (+1) 860 293 2349
  WEBSITE   www.magpet.com
For the Year Ended June 30, 2009

(Dollars quoted are US$)
          Magellan Petroleum Corporation (NASDAQ: MPET) (ASX: MGN) reported consolidated net income of $665,000 ($0.02 per share) on gross revenues of $28.2 million for its fiscal year ended June 30, 2009, as compared to a net loss of $8.9 million (loss of $0.21 per share) on revenues of $40.9 million in fiscal 2008.
          Magellan’s President and Chief Executive Officer, William H. Hastings said “After taking into consideration last year’s tax settlement which is a special item, results for Fiscal 2009 reflect the natural decline in Mereenie production and in Palm Valley gas production. We continue to address these items with the Field Operator, Santos, with the objective of increasing efficiency and significantly reducing field operating expense. We believe, given current levels of expense, that consolidation of field management and changing operating regimen will result in significant savings.
          Further work is also being done on an investment strategy to develop new segments of the Mereenie field. The Operator has completed its work in this area and has submitted a preliminary AFE (Approval for Expenditure) and has proposed a series of major steps beginning with new seismic to initiate the Plan.
          Moreover, in July 2009, we completed our first Private Investment transaction with Young Energy Prize S. A. (YEP) and signed a significant Heads of Agreement and Exclusivity Agreement with a major Methanol producer that will lead to the initiation of a feasibility study and commercial negotiations which may result in the construction of a methanol plant in or around the Darwin, NT, Australia area.
          Looking forward, a number of initiatives are active - as noted below;
    We have started work with an independent advisor to sell or restructure all of our assets in the Cooper Basin, Australia. Initial indications are that there will be considerable


The following information was filed by Magellan Petroleum Corp (MPET) on Tuesday, September 1, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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