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May 12, 2005

SpeculatingStocks.com Stock Pick: Magellan Petroleum Corp. (MPET)

Stock Price: $1.21


Magellan Petroleum Corp. is engaged in the sale of oil and gas. Other business activies include exploration and acquistion of oil and gas reserves. The company is primarily engaged in Australian oil properties.

The company has a stake in the Kotaneelee L-38 oil well that just began production this month. This should be a postive catalyst for MPET and add to their bottomline.

MPET has over $20 million in cash on the balance sheet with stockholders equity of $24.9 million. MPET is slightly over its book value of $0.97. Net loss has narrowed over the past three quarters to $76,000 for the quarter ending December 31.

MPET has bounced off of its current level three times over the last year. There is no reason to believe MPET will not bounce for the fourth time within the next 2-4 months. Oil has fallen and MPET has continued to hold at its support.

 
     
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