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June 19th, 2008

Stock Pick by GusherStocks.com:Magellan Petroleum Corp. (MPET)

Stock Price: $1.80

Magellan Petroleum Corp. is a company engaged in the selling of oil and gas and the exploration and development of oil and gas reserves. The company’s principal asset is a 100% equity interest in it’s subsidiary, Magellan Petroleum Australia Limited (MPAL).

MPET has grown revenue in the last three years from $21.9 million in 2005 to $30.7 million in 2007 and operating cash flow has increased from $8.8 million to $21.3 million over the same period. MPET has no long-term debt and has a current ratio of about 4:1.  Magellan’s subsidiary, MPAL, has been performing very well on the ASX. 

MPET is positioned well in the oil exploration industry with the announcement in late May 2008 that Magellan will be offered 7 new exploration licenses to explore in the Weald and Wessex Basins of southern England.  Magellan already holds interests ranging from 22.5% to 100% in the same area. Magellan is slated to begin drilling in 2009 upon approval. 

MPET has nearly doubled its stock price from $0.87 in late January 2008 to the current level of $1.72. 

 



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