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Fabio Lorenzi’s Email

Furthermore, the Company will pay no capital raising advisory fees or issue any warrants in relation to this transaction. The Company and One Stone anticipate that the closing of the transactions contemplated by the Series A Purchase Agreement will occur on or before May 22, The proceeds from this transaction are expected to place the Company on a sound financial footing with sufficient liquid resources to progress the development of the Company’s assets over the next two years.

We consider One Stone’s investment, and the premium they are willing to pay to our current share. We firmly believe that this transaction represents the most appropriate path to increasing net asset value per share. We believe that the asset portfolio held by Magellan is an excellent opportunity to combine One Stone’s capital with high potential, underdeveloped 5108.

Fabio Lorenzi Email & Phone# – ContactOut

We have great confidence in the management and look forward to working with the Board of Directors of Magellan to increase the value of the Company for all shareholders. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior the registration or qualification under the securities laws of any such jurisdiction.

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The securities described herein have not been registered under the U. Securities Act ofas amended, or any state securities laws, and may not be offered or sold in the United States absent registration with the U.

Securities and Exchange Commission the “SEC” or an applicable exemption from such registration requirements. The Series A Purchase Agreement provides xgr a registration rights agreement to be executed upon closing, pursuant to which the Company will agree to file one or more registration statements with the SEC covering the resale of the shares of common stock issuable upon conversion of or in connection with the Series A Preferred Stock.

This Form 8-K will be available on the Company’s website at www.

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Statements in this press giii that are not historical in nature are intended to vkii, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of The words “believe,” “expect,” “intend,” “will,” and similar expressions are intended to identify forward looking statements. These statements about Magellan may relate to its businesses, prospects, and viii matters that involve a number of risks and uncertainties that may cause actual results to differ materially from the results expressed or implied in the forward-looking statements.

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Among these risks and uncertainties are: Forward looking statements in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise such statements except as required by securities laws.

Magellan is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in the United States, Australia, and the United Kingdom.

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The Company’s mission is to enhance shareholder value by maximizing the full potential of existing assets. Magellan routinely posts important information about the Company on its website at www. The fund is focused on investments in natural resources, primarily oil and gas.

The principals of the fund have over years of cumulative experience investing in, operating and advising energy-related businesses. One Stone has a unique group of limited partners, the majority of whom are industry insiders.

For further information, please contact: Matthew Ciardiello, Manager, Investor Relations at