Magellan Petroleum Corporation (Magellan) 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 (NP), which owns Poplar, an oil field in the Williston Basin, and Magellan Petroleum Australia Limited (MPAL). In the Bonaparte Basin, offshore Australia, the Company holds a 100% interest in the NT/P82 Exploration Permit. All of its proved and probable oil reserves relate to its interest in Poplar, Montana. Of the 8,905 Mbbls of proved oil reserves, approximately 8,681 Mbbls (97%), 186 Mbbls (2%), and 38 Mbbls (1%) were derived from the Charles, Amsden, and Tyler formations, respectively. In February 2014, Central Petroleum Limited purchased Magellan Petroleum�s onshore assets in Palm Valley and Dingo fields, Amadeus Basin.