Magellan Petroleum Corporation is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas. The Company conducts its operations through two wholly owned subsidiaries: Nautilus Poplar LLC, which owns Poplar, a highly attractive oil field in the Williston Basin; and Magellan Petroleum Australia Limited, a successful independent oil and gas company in existence since 1964 active in Australia and the United Kingdom. Currently, on a consolidated basis, our assets at Poplar include a 100% operated working interest in the interval from the surface to the top of the Bakken formation and a 35% non-operated working interest below that interval, which includes the Bakken and Red River formations. Our other assets include 100% working interests in the Palm Valley and Dingo Fields in the Amadeus Basin in Australia; a large exploration license in the Bonaparte Basin in the Timor Sea, Australia; and 200,000 net acres in the Weald and Wessex Basins in the UK that are prospective for unconventional and conventional hydrocarbon deposits.