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MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT

 MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT
 HARTFORD, Conn., Nov. 14 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said today it posted net earnings of $137,000 (one cent a share) on gross revenues of $3.6 million in its fiscal first quarter ended Sept. 30.
 In the corresponding period last year, gross revenues of $3.3 million yielded a net profit of $50,000, or less than one cent a share, the company said.
 Magellan, which reports on a consolidated basis with its 51 percent- owned subsidiary, Magellan Petroleum Australia Limited, said this year's improved results are attributable largely to a 180 percent increase in oil production from the Navajo venture, in the southwestern United States, where exploration drilling is continuing. Also noted were a substantial reduction in interest expense, due to the repayment of debt, and in depletion, depreciation and amortization costs.
 Benjamin W. Heath, president, said the Australian unit's proposed dividend, which is subject to shareholder approval at its annual meeting later this month, will generate after-tax revenues of about $750,000 for the U.S. parent, which will be added to the company's working capital.
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 (Unaudited)
 Three months ended Sept. 30: 1991 1990
 Revenues:
 Oil sales $1,598,040 $1,435,341
 Gas sales 1,804,509 1,761,393
 Interest and other income 176,805 136,005
 Total 3,579,354 3,332,739
 Costs and expenses:
 Production costs 808,175 752,029
 Interest 10,147 147,066
 Depletion, depreciation & amortization 752,776 836,088
 Administrative 723,885 618,122
 Other 361,545 349,935
 Total 2,656,528 2,703,240
 Income before minority interests
 and taxes 922,826 629,499
 Minority interests in MPAL 556,219 397,355
 Pre-tax income 366,607 232,144
 Income tax provision (deferred) 229,992 182,611
 Net income 136,615 49,533
 Average number of shares outstanding 24,381,890 24,381,890
 Net income per share $.01 --
 -0- 11/14/91
 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Magellan Petroleum/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN TS-PS -- NY012 -- 4240 11/14/91 08:00 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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