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MAGELLAN PETROLEUM CORPORATION REPORTS FIRST QUARTER REPORT

 MAGELLAN PETROLEUM CORPORATION REPORTS FIRST QUARTER REPORT
 HARTFORD, Conn., Nov. 13 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) today reported a consolidated net loss of $152,000, or $.01 a share, on gross revenues of $1.6 million in its fiscal first quarter ended Sept. 30.
 In last year' first quarter, gross revenues of $1.6 million produced a net profit of $137,000, or less than $.01 a share, the company said.
 Magellan, which reports on a consolidated basis with its 51-percent- held subsidiary, Magellan Petroleum Australia Limited, said this year's loss is attributable to several factors, including increased production costs, a substantial increase in depletion expense resulting from declining United States reserves, and an 8 percent decrease in the value of the Australian dollar relative to the United States dollar.
 Benjamin W. Heath, president, said the Australian unit has declared its second annual cash dividend, $.05 a share, which will generate after-tax revenues of about $689,000 for the United States parent, and will be added to the company's working capital.
 The following condensed statement of operations shows the comparative, unaudited results for the respective first quarter periods.
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 (Unaudited)
 Three months ended Sept. 30 1992 1991
 Revenues
 Oil sales $1,638,128 $1,598,040
 Gas sales 1,754,505 1,804,509
 Interest and other income 124,975 176,805
 Total 3,517,608 3,579,354
 Costs and expenses:
 Production costs 989,935 808,175
 Interest 7,795 10,147
 Depletion, depreciation and amortization 896,757 752,776
 Administrative 891,985 723,885
 Other 264,098 361,545
 Total 3,050,570 2,656,528
 Income before minority interests
 and taxes 467,038 922,826
 Minority interests in MPAL 398,182 556,219
 Pre-tax income 68,856 366,607
 Income tax provision (deferred) 220,929 229,992
 Net income (loss) (152,073) 136,615
 Average number of shares outstanding 24,381,890 24,381,890
 Net income (loss) per share (.01) --
 -0- 11/13/92
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN


SM-OS -- NY024 -- 0617 11/13/92 10:56 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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