Magellan Petroleum comments on offer from Stratex Oil & Gas Holdings

Magellan Petroleum (MPET) commented on the unexpected announcement by Stratex Oil & Gas Holdings (STTX) that Stratex had made an offer to acquire Magellan for $2.30 per share in cash and stock, which announcement was included in a tender offer statement filed by Stratex with the U.S. SEC. Magellan notes that the Stratex letter to Magellan on Aug. 27, was the first communication of any kind from Stratex to Magellan following a brief initial introductory meeting among certain executives of Stratex and Magellan in the Spring of 2012. The Magellan Board of Directors has not yet had the opportunity to review the Stratex letter with Magellan's financial and legal advisors, but will do so as soon as reasonably practicable. Accordingly, Magellan believes that the shareholders of Magellan should not take any action at this time in response to the Stratex announcement.


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