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. It has two geographic segments, NP and MPAL, corresponding to its operations in the United States, and in Australia and the United Kingdom, respectively. NP's oil and gas assets consist of its interests in Poplar in the Williston Basin. MPAL's oil and gas assets consist of interests in the Palm Valley, Dingo, and Mereenie fields in the Amadeus Basin, onshore Australia; NT/P82, an exploration block in the Bonaparte Basin, offshore Australia, and various exploration licenses in the Weald and Wessex Basins.