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|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 06-0842255 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
| 1775 Sherman Street, Suite 1950, Denver, CO                   |   | 80203 |
| (Address of principal executive offices)                      |   | (Zip Code) |

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Title of Each Class                     |   | Name of each exchange on which registered |
| Common stock, par value $0.01 per share |   | NASDAQ Capital Market |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
| Large accelerated filer o |   | Accelerated filer o |   | Non-accelerated filer o |   | Smaller reporting company þ |
|                                     |   |   |   | (Do not check if a smaller reporting company) |   |   |

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|                                                         |  |  |
|                                                    |   | PAGE |
| EXPLANATORY NOTE                                        | 3 |
| CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS | 3 |
|                                                    |   |   |
| ITEM                                                    |   |   |
|                                                    | PART III |   |
| ITEM 10                                                 | DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE | 5 |
| ITEM 11                                                 | EXECUTIVE COMPENSATION | 11 |
| ITEM 12                                                 | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 29 |
| ITEM 13                                                 | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE | 32 |
| ITEM 14                                                 | PRINCIPAL ACCOUNTING FEES AND SERVICES | 35 |
|                                                    |   |   |
|                                                    | PART IV |   |
| ITEM 15                                                 | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 36 |

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|                  |
|------------------|
|                  |  |  |  |
| Name             | Director Since | Other Positions Held with the Company | Age and Business Experience |
| J. Robinson West | 2010 | Chairman of the Board and Special Committee, Member of the Audit and Compensation, Nominating, and Governance ("CNG") Committees. | Mr. West (age 70) is the Managing Director of the BCG Center for Energy Impact. The former chairman and founder of PFC Energy (1984-2013), he has advised chief executives of leading national and international oil and gas companies on corporate strategy, portfolio management, acquisitions, divestitures, and investor relations. Before founding PFC Energy in 1984, Mr. West served in the Reagan administration as Assistant Secretary of the Interior for Policy, Budget, and Administration (1981-1983), with responsibility for U.S. offshore oil policy. His duties included preparation of the department's $6 billion budget and general administrative oversight of its 75,000 employees. He conceived and implemented the five-year Outer Continental Shelf (OCS) leasing schedule and managed the $14 billion per year OCS policy, the largest non-financial auction in the world at that time. Between 1977 and 1980, Mr. West was a first vice president of Blyth, Eastman, Dillon & Co., Inc., an investment banking firm. Prior to that, he served in the Ford administration as Deputy Assistant Secretary of Defense for International Economic Affairs (1976-1977) and on the White House staff (1974-1976). In 1976, he received the Secretary of Defense Medal for Outstanding Civilian Service.  Mr. West has served on many government boards and commissions in several administrations. In 2003 and again in 2008, he was nominated by the President to be a director of the U.S. Institute of Peace (USIP) and was confirmed by the Senate. He served as Chairman of the Board from 2004 until 2014 and is now Chairman Emeritus. He has served as vice chairman of the Secretary of Energy Advisory Board, as a trustee of the Trans-Alaska Pipeline Liability Fund, and as a member of the Chief of Naval Operations Executive Panel, the Industry Policy Advisory Committee on Multilateral Trade Negotiations, and the National Advisory Committee on Handicapped Children. Currently, he is cochairman of the German Marshall Fund of the United States, as well as President of the Wyeth Foundation for American Art. He is also a member of the National Petroleum Council and the Council on Foreign Relations. |

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|                      |
|----------------------|
|                      |  |  |  |
|                 |   |   | In January 2015, Mr. West joined the board of directors of Repsol S.A., a global energy company based in Madrid. He also currently serves as a director of Paragon Offshore Plc (NYSE:PGN), a global provider of standard specification offshore drilling rigs, and Stewart & Stevenson, a designer, manufacturer, and provider of specialized equipment and aftermarket parts and services for the oil and gas and other industries. Mr. West also served as a director of Cheniere Energy, Inc. (NYSE: LNG), a Houston-based energy company primarily engaged in businesses related to liquefied natural gas (“LNG”), from 2001 to 2010, and as a director of Key Energy Services, Inc. (NYSE: KEG), an oil and natural gas well service company based in Houston, Texas, from 2001 to May 2014.Mr. West received a B.A. from the University of North Carolina at Chapel Hill, a J.D. from Temple University, and was admitted to the Pennsylvania Bar.Mr. West was selected to serve on the Board for his extensive experience as a consultant to companies in the international oil and gas industries, his U.S. government service related to energy policy matters, and his broad knowledge of board leadership and corporate governance. |
| Ronald P. Pettirossi | 1997 | Chairman of the Audit Committee, Member of the CNG and Special Committees. | Mr. Pettirossi (age 73) has been President of ER Ltd., a financial accounting and reporting consulting company, since 1995. Mr. Pettirossi was a director of Magellan Petroleum Australia Limited ("MPAL") from August 2004 until shortly after MPAL was converted to Magellan Petroleum Australia Pty Ltd ("MPA") in April 2013, allowing the Company to alter this subsidiary's board structure and reduce related compensation expense. Mr. Pettirossi is a former audit partner of EY LLP and worked with public and privately held companies for 31 years. Mr. Pettirossi was selected to serve on the Board for his education, professional training, and skills in financial accounting and reporting, including his 31 years of practice with EY LLP, his work as a financial consultant, and his status as both a CPA and an "audit committee financial expert," as defined by SEC regulations. |

|                      |
|----------------------|
|                      |  |  |  |
| Name                 | Director Since | Other Positions Held with the Company | Age and Business Experience |
| Brendan S. MacMillan | 2013 | Chairman of the CNG Committee, Member of the Audit Committee and Special Committees. | Mr. MacMillan (age 48) is the founder and operator of several private corporations and partnerships in the United States and Canada focused on energy and natural resource investments in private and public debt and equity. Mr. MacMillan has been engaged in these activities as a private equity principal since October 2008. Mr. MacMillan currently serves as President of Highlands Pacific LLC, the general partner of Highlands Pacific Partners LP, which he founded in June 2011. Mr. MacMillan is also the founder and President of Purcell Basin Minerals Inc., a Canadian mining company established in August 2014, Bull River Security Holdings Ltd., founded in February 2012, and Bull River Lending Corp., founded in April 2012. Prior to starting these companies, from October 2004 until October 2008, Mr. MacMillan focused on the energy, natural resource, and industrial sectors in his role as Vice President for the Capital Group Companies, a group of investment management companies that serves as the manager of the American Funds, with over $1 trillion under management. Mr. MacMillan currently serves as a director of Bull River Lending Corp. and Bull River Security Holdings Ltd. Mr. MacMillan received a B.A. degree with High Honors from Wesleyan University in 1991 with a focus on subjects applicable to oil and gas, an M.B.A. degree with a concentration in Finance from Stanford University’s Graduate School of Business in 1995, and a CFA charter in 1999. Mr. MacMillan was selected to serve on the Board for his 20 years of consulting and investment experience in the energy and natural resource sectors, his experience as a director, and his expertise in finance and investment management. |

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|                  |
|------------------|
|                  |  |  |  |
| Name             | Director Since | Other Positions Held with the Company | Age and Business Experience |
| Robert I. Israel | 2013 | Former Chairman of the CNG Committee. | Mr. Israel (age 66) is currently a Managing Member of One Stone Energy Partners, a private equity fund focused on investments in the oil and gas industry in the United States and abroad. He has held that position since 2010. From 2000 to 2010, Mr. Israel was a partner at Compass Advisers, LLP, a transatlantic strategic advisory and private investment firm, where he was the head of the firm’s energy practice. From 1991 to 2000, Mr. Israel was the head of the Energy Department of Schroder & Co., Inc., a multinational asset management company. Mr. Israel is currently a director of the following companies: Brasoil, a company engaged in oil and gas exploration and production in Brazil; BlueCrest Energy LLC, a privately held oil and gas exploration and development company operating in Alaska; and API, Inc., a company that manufactures secure equipment for United States and foreign government agencies. Mr. Israel holds an M.B.A. degree from Harvard University and a B.A. degree from Middlebury College.Mr. Israel, with over 30 years of corporate finance experience, has a strong business and financial background, especially in the natural resources sector. Mr. Israel also has valuable corporate finance experience, public company board experience, as well as oil and gas industry knowledge. |
| Vadim Gluzman    | 2013 | Former Member of the CNG Committee. | Mr. Gluzman (age 53) is currently a Managing Member of One Stone Energy Partners, a private equity fund focused on investments in the oil and gas industry in the United States and abroad. He has held that position since 2012. From 1997 to 2012, Mr. Gluzman worked for OAO LUKOIL, a major international vertically-integrated oil and gas company, becoming a vice president of OAO LUKOIL in 2014, and was President of Lukoil Americas Holding. Prior to joining Lukoil in 1997, he worked as a chemical engineer for Teknor Apex Company, an international custom compounder of advanced polymer materials, and at the Moscow Institute of Plastics. Mr. Gluzman holds a Master’s degree in chemical technologies from the Moscow Institute of Chemical Technologies.Mr. Gluzman has over 15 years of high level oil and gas industry and related corporate finance experience, and broad oil and gas industry knowledge and technical background. |

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|------------------|
|                  |  |  |  |
| Name             | Director Since | Other Positions Held with the Company | Age and Business Experience |
| J. Thomas Wilson | 2009 | Former President and Chief Executive Officer | Mr. Wilson (age 64) served as the Company’s President and Chief Executive Officer from September 2011 until his resignation for Good Reason effective August 5, 2016. Previously, he served as Senior Consultant to the Company from July 2009 to September 2011. From July 2009 to January 2011, Mr. Wilson also served as First Vice President of Young Energy Prize S.A. (“YEP”), a significant stockholder of the Company from July 2009 to October 2012, and Mr. Wilson served on YEP’s board of directors from November 2007 to November 2008. Mr. Wilson is a veteran in the energy sector, with a strong background in geology and international business development. Mr. Wilson began his career as a geologist with Shell Oil Company before joining Apache Corporation, where he held various management positions and led Apache’s entry into international markets. After his work at Apache, Mr. Wilson served as president of Anderman International, which during his tenure developed the Chernogoskoye field in western Siberia. This property became the core asset of Khantiy Mantsisk Oil Corporation (“KMOC”), for which Mr. Wilson served as the first president. KMOC was later sold to Marathon Oil Corporation and then sold to Lukoil. With his extensive experience in Russian oil and gas, Mr. Wilson joined the management team of Yamal Energy Partners, which developed the South Tambey field, possibly the first Russian-led LNG project in the Russian Republic, which was later sold to Gazprom. Mr. Wilson also served as a director of Central Petroleum Limited (ASX: CTP), a junior exploration and production company that operates one of the largest holdings of prospective onshore acreage in Australia, from March 2014 to July 2016. The Company currently has an investment in Central’s stock. Mr. Wilson holds a B.S. degree in Zoology and Geology from Northern Arizona University and an M.S. degree in Geology from the University of Southern California. Mr. Wilson was selected to serve on the Board for his strong geology background, his extensive employment history with major companies in the energy field, his operational and business development skills with respect to projects such as LNG production and gas development in Europe and Asia, his experience as an investor and entrepreneur in various private oil and gas entities and ventures, and in light of his position as the Company’s President and Chief Executive Officer until his resignation effective August 5, 2016. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Antoine J. Lafargue (age 42) has served as the Company’s President and Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Secretary since August 5, 2016. Following the closing of the merger with Tellurian, Mr. Lafargue is expected to serve as Senior Vice President and Chief Financial Officer of Magellan. Previously, Mr. Lafargue served as the Company’s Senior Vice President and Chief Financial Officer, Treasurer, and Corporate Secretary since June 2015. From October 2014 to June 2015, Mr. Lafargue served as the Company’s Senior Vice President of Strategy and Business Development and Chief Commercial Officer, and from August 2010 to October 2014, Mr. Lafargue served as the Company’s Vice President, CFO and Treasurer. Previously, Mr. Lafargue served in a number of senior financial management positions in the United States and Europe, including with private equity and investment banking firms, focusing on investments in the energy and infrastructure sectors. Mr. Lafargue holds master’s degrees in Finance from the Ecole Superieure de Commerce de Paris and in Social and Political Sciences from the Institut d’Études Politiques, both located in France. |

|         |                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | J. Thomas Wilson (age 64), who was also a director, served as the Company’s President and CEO from September 2011 until his resignation effective August 5, 2016. For information regarding Mr. Wilson’s business experience, see “Directors - Director whose resignation was effective on August 5, 2016” above). |

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|    |                                                                                        |
|----|----------------------------------------------------------------------------------------|
| i. | an understanding of generally accepted accounting principles and financial statements; |

|     |                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|
| ii. | the ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; |

|      |                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| iii. | experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company’s financial statements, or experience actively supervising one or more persons engaged in such activities; |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| iv. | an understanding of internal controls and procedures for financial reporting; and |

|    |                                                |
|----|------------------------------------------------|
| v. | an understanding of audit committee functions. |

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|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name                     |   | Fees Earned or Paid in Cash (1) |   | Stock Awards(1)(2) |   | Option Awards (2) |   | All OtherCompensation(3) |   | Total |
| J. Robinson West (4)     |   | $ | 70,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,000 |  |   | $ | 79,000 |  |
| Brendan S. MacMillan (5) |   | $ | 53,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,000 |  |   | $ | 62,000 |  |
| Ronald P. Pettirossi (6) |   | $ | 51,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,000 |  |   | $ | 60,000 |  |
| Robert I. Israel (7)     |   | $ | 43,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,000 |  |   | $ | 52,000 |  |
| Vadim Gluzman (8)        |   | $ | 43,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,000 |  |   | $ | 52,000 |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | All non-employee directors are eligible to receive a base annual cash retainer of $35,000 for their Board service during a fiscal year, as prorated to reflect the period of applicable Board service with respect to any director that served on the Board for only a portion of that fiscal year.  Under the terms of the Board’s compensation policy for non-employee directors adopted on May 27, 2009, as amended and restated through November 6, 2012, each non-employee director is eligible to receive an annual award of shares of common stock under the Company’s 2012 Omnibus Incentive Compensation Plan (the “2012 Omnibus Plan”), with a value equal to $35,000, with the determination of the exact number of shares to be made on July 1 or on the date of the subsequent annual stockholders meeting (“Stock Award”). In either case, the number of shares to be awarded shall be determined using the fair value of the shares as of July 1. In addition, there is an annual cash award alternative to the annual Stock Award whereby a non-employee director may elect to receive $35,000 in cash to exercise previously awarded options to acquire common stock, the exercise price of which is at least equal in value to the common stock eligible for receipt by the director pursuant to the Stock Award (with the difference in the value of the options and $35,000 to be paid in cash, referred to as a Make-Up Payment). On July 3, 2015, the Special Committee of the Board determined that the directors’ annual Stock Award under this policy would be deferred and revisited in a few months after the Strategic Alternatives Review Process by the Special Committee had advanced further and the Company’s liquidity issues were addressed. As of June 30, 2016, the Company had not made the Stock Award payment that is to be determined as of July 1, but had accrued a total of $175,000, representing the $35,000 equity value of the stock award to each non-employee director. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | As noted in Note 1 above, no Stock Award payment was made to directors during the fiscal year ended June 30, 2016. Historically, the amounts shown in the "Stock Awards" and "Option Awards" columns represent the aggregate grant date fair value of the equity awards made during the fiscal year, calculated in accordance with the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 718. As of June 30, 2016, Magellan's directors held the following unexercised stock option awards (whether or not exercisable) and unvested restricted stock awards: |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |
| Name                 |   | Unexercised Stock Options |   | Unvested Restricted Stock Awards |
| J. Robinson West     |   | 31,250 |  |   | 4,166 |  |
| Brendan S. MacMillan |   | — |  |   | — |  |
| Ronald P. Pettirossi |   | 3,125 |  |   | — |  |
| Robert I. Israel     |   | — |  |   | — |  |
| Vadim Gluzman        |   | — |  |   | — |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | The amounts reported include medical reimbursement payments. Under the Company’s medical reimbursement plan for all non-employee directors, the Company reimburses certain directors for the cost of their medical premiums, up to $750 per month. In connection with the closing of the exchange with One Stone on August 1, 2016, Messrs. Israel and Gluzman elected to forgo their fiscal 2016 compensation, including medical reimbursement payments, in settlement of the final Cash Amount, and ceased serving as directors of the Company. During fiscal year 2016, the aggregate cost of the medical reimbursement plan, exclusive of the amounts accrued to Messrs. Israel and Gluzman, was $27,000. |

|           |                                                                                                                                                                                                                             |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Amounts reported include the annual retainer of $35,000, a $25,000 annual fee for service as the Chairman of the Board, a $10,000 annual fee for service on the Audit Committee, and a $9,000 annual medical reimbursement. |

|           |                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Amounts reported include the annual retainer of $35,000, a $10,000 annual fee for service on the Audit Committee, an $8,000 annual fee for service on the CNG Committee, and a $9,000 annual medical reimbursement. |

|           |                                                                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6)  | Amounts reported include the annual retainer of $35,000, a $16,000 annual fee for service as Chair of the Audit Committee, and a $9,000 annual medical reimbursement. |

|           |                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)  | Amounts reported include the annual retainer of $35,000, an $8,000 annual fee for service as Chair of the CNG Committee, and a $9,000 annual medical reimbursement. |

|          |                                                                                                                                                            |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8)  | Amounts reported include the annual retainer of $35,000, an $8,000 annual fee for service on the CNG Committee, and a $9,000 annual medical reimbursement. |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |
| Compensation Type                                   |   | Amount |
| Annual Board Member, cash retainer                  |   | $ | 35,000 |  |
| Annual Stock Award (1) (3)                          |   | $ | 35,000 |  |
| Chairman of the Board, cash fee (2) (4)             |   | $ | 25,000 |  |
| Chairman of the Audit Committee, cash fee (4)       |   | $ | 16,000 |  |
| Chairman of the CNG Committee, cash fee (3) (4) (5) |   | $ | 8,000 |  |
| Member of the Audit Committee, cash fee             |   | $ | 10,000 |  |
| Member of the CNG Committee, cash fee (3) (5)       |   | $ | 8,000 |  |

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|         |                                                                                                                                    |
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| • | the cyclical nature of the oil and gas business and industry trends in the North American, UK, and Australian oil and gas markets; |

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the growth in the quantity and value of proved oil and natural gas reserves, volumes of oil and natural gas produced by the Company, and the executives' ability to replace oil and natural gas produced with new oil and natural gas reserves; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Company's oil and gas exploration costs and operating costs, cash flow used in operations, annual revenues, and (loss) earnings per share; |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | the market value of Magellan common stock on the NASDAQ exchange; |

|         |                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the extent to which management has been successful in finding and creating opportunities to participate in acquisition and farm-in transactions and exploitation and drilling ventures having quality prospects; |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | management's ability to formulate and maintain sound budgets for the Company's business activities and overall financial condition; |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the success of the Company's acquisition and exploration activities and the achievement by management of specific tasks and goals set by the Board from time to time; |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | the effectiveness of compensation packages in motivating management to remain in the Company's employ; and |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | the ability of management to effectively implement risk management practices. |

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|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | a base salary that represents cash compensation based on parity with other internal roles and external industry-based competitiveness; |

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | an opportunity to receive cash bonus awards based upon the achievement of goals and objectives attained during the course of a fiscal year; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | potential equity-based awards under the Company's 2012 Omnibus Plan; |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | pension/retirement benefits and other personal benefits under NEOs' employment contracts, as described below; |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | benefit programs provided to U.S. employees, including health care benefits, dental, life, vision, long-term and short-term disability coverage; |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | termination payments and other benefits under the NEOs' employment agreements, in the event that the NEO's employment is terminated under specified circumstances; and |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | certain awards that will vest and/or payout upon the successful completion of a strategic transaction. |

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|                        |  |  |  |  |
| 2015 Performance Goals |   | Percentage of Performance Goal Tranche |
| Goal #1:               |   | The decision by the Board that the Company has received a commercially viable commitment for the provision of CO2 to the Poplar field at a price of no more than $2.50 per MCF (not including transportation costs). |   | 20% |
| Goal #2:               |   | A decision by the Board that the Poplar field is a commercially viable CO2-EOR project, ready for full field development either internally or externally. |   | 40% |
| Goal #3:               |   | The Board's determination to move the U.K. play forward, as evidenced by the decision to commence, or an arrangement by which a third party will commence, the operation of a well in the Weald Basin in the U.K. |   | 20% |
| Goal #4:               |   | The Board's decision to move forward with the Farnham Dome project, which shall be marked by both (i) the Board's identification of an applicable project for use of CO2 from Farnham Dome and (ii) a decision by the Board to purchase Farnham Dome or exercise the right to enter into a CO2 purchase agreement for Farnham Dome's CO2 for use in connection with that project or in other projects. |   | 20% |

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|                        |
|------------------------|
|                        |  |  |  |  |
| 2014 Performance Goals |   | Percentage of Performance Goal Tranche |
| Goal #1:               |   | Completion of the drilling of the CO2-EOR pilot program |   | 10% |
| Goal #2:               |   | A determination by the Board that the CO2-EOR pilot program proves the economically-attractive scalability to the Company of a phased, full field CO2-EOR project at Poplar. |   | 40% |
| Goal #3:               |   | Sale of substantially all Amadeus Basin assets at the Board approved prices and terms, or commencement of sales under the Dingo Gas Sales and Purchase Agreement. |   | 20% |
| Goal #4:               |   | Ability to participate in the drilling of at least one well in the Weald Basin along with Celtique Energie with internally developed funding (i.e., proceeds of a sale of assets) or an approved farm-out. |   | 20% |
| Goal #5:               |   | Approval and execution of a farm-out agreement for the drilling of at least one well in NT/P82. |   | 10% |

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|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name and Principal Position                                                 | Year |   | Salary (1) |   | Bonus(2) |   | Stock Awards(3)(4) |   | Option Awards(3) |   | Non-equity Incentive Plan Compen-sation |   | Change in Pension Value and Non- Qualified  Deferred Compen-sation Earnings |   | All Other Compen-sation(5) |   | Total |
| Antoine J. Lafargue, President, CEO,CFO, Treasurer, and Corporate Secretary | 2016 |   | $ | 321,008 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 31,714 |  |   | $ | 352,722 |  |
| 2015                                                                        |   | $ | 319,902 |  |   | $ | — |  |   | $ | 54,000 |  |   | $ | 221,050 |  |   | $ | — |  |   | $ | — |  |   | $ | 37,633 |  |   | $ | 632,585 |  |
| J. Thomas Wilson, former President and CEO(6)                               | 2016 |   | $ | 325,384 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 40,856 |  |   | $ | 366,240 |  |
| 2015                                                                        |   | $ | 301,189 |  |   | $ | 90,000 |  |   | $ | 54,000 |  |   | $ | 999,835 |  |   | $ | — |  |   | $ | — |  |   | $ | 52,268 |  |   | $ | 1,497,292 |  |

|           |                                                                                                                                                                                                                                                                                                                                                |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Salary for fiscal 2016 includes amounts of accrued additional salary for vacation days not taken of $18,474 and $23,077 for Messrs. Lafargue and Wilson, respectively. Salary for 2015 includes amounts of accrued additional salary for vacation days not taken of $29,512 and $11,075 for Messrs. Lafargue and Wilson, respectively. |

|          |                                                                                                                |
|----------|----------------------------------------------------------------------------------------------------------------|
| (2)  | Pursuant to Mr. Wilson's employment agreement, he was paid a performance bonus of $90,000 on January 16, 2015. |

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|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Amounts reported represent the aggregate grant date fair value of the equity awards calculated in accordance with ASC Topic 718. The grant date values have been determined based on assumptions and methodologies discussed in Notes 1 and 11 of the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2016. Certain of the option awards are subject to performance conditions, and the grant date fair values reported reflect the determination that the probable outcome of such conditions will be the achievement of the highest level of such performance conditions. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | On Oct 12, 2015, pursuant to the 2012 Omnibus Plan and the terms of the 2014 Lafargue Agreement, the Company granted 62,500 shares of restricted stock to Mr. Lafargue, which shares vest upon the occurrence of a Qualifying Transaction, as defined in the 2014 Lafargue Agreement. Since the occurrence of a Qualifying Transaction is outside of the Company's control, it cannot be deemed probable under ASC Topic 718, and therefore, the fair value of the restricted shares, at their grant date of October 12, 2015, was $0. If the highest level of the performance condition associated with this grant were achieved, the grant date fair value of the award would have been $46,250. |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name                | Qualified Retirement Plan Employer Match |   | Premiums For Health Insurance Plans |   | Car Allowance |   | Premiums for Life and Disability Insurance Plans |   | Secured Parking Fees |
| Antoine J. Lafargue | $ | 9,355 |  |   | $ | 18,455 |  |   | $ | — |  |   | $ | 1,444 |  |   | $ | 2,460 |  |
| J. Thomas Wilson    | $ | 6,112 |  |   | $ | 22,855 |  |   | $ | 7,385 |  |   | $ | 1,444 |  |   | $ | 3,060 |  |

|            |                                                                                                     |
|------------|-----------------------------------------------------------------------------------------------------|
| (6)   | Mr. Wilson also served as a director of the Company until his resignation effective August 5, 2016. |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | Option Awards |   | Stock Awards |
| Name                   |   | Number of securities underlying unexercised options(#)exercisable | Number of securities underlying unexercised options(#)unexercisable | Equity incentive plan awards: Number of securities underlying unexercisedunearnedoptions(#) | Option exerciseprice($) | Optionexpirationdate |   | Number of shares or units of stock that have not vested(#) | Market value of shares or units of stock that have not vested($) | Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested(#) | Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested($) |
| Antoine J. Lafargue(1) |   | 50,000 | — | — | $14.72 | 8/2/2020 |   | — | — | — | — |
| Antoine J. Lafargue(1) |   | 75,000 | — | — | $8.80 | 11/30/2021 |   | — | — | — | — |
| Antoine J. Lafargue(1) |   | 25,780 | — | 77,345 | $8.24 | 10/15/2023 |   | — | — | — | — |
| Antoine J. Lafargue(1) |   | — | — | 31,250 | $14.40 | 10/31/2024 |   | — | — | — | — |
| Antoine J. Lafargue(1) |   | — | — | — | $— | — |   | 6,250 | $7,375(2) | 62,500 | $73,750(2) |
| J. Thomas Wilson(3)    |   | 24,218 | — | — | $9.60 | 2/2/2019 |   | — | — | — | — |
| J. Thomas Wilson(3)    |   | 18,750 | — | — | $17.92 | 4/1/2020 |   | — | — | — | — |
| J. Thomas Wilson(3)    |   | 15,625 | — | — | $8.64 | 11/7/2021 |   | — | — | — | — |
| J. Thomas Wilson(3)    |   | 31,250 | — | 93,750 | $8.24 | 10/15/2023 |   | — | — | — | — |
| J. Thomas Wilson(3)    |   | — | — | 125,000 | $14.40 | 10/31/2024 |   | — | — | — | — |
| J. Thomas Wilson(3)    |   | — | — | — | $— | — |   | 6,250 | $7,375(2) | — | — |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | In connection with his initial appointment as the Company's Chief Financial Officer and Treasurer, on August 2, 2010, Mr. Lafargue was awarded 50,000 non-qualified, time-based stock options with an exercise price of $14.72 per share, all of which were vested as of June 30, 2016. On November 30, 2011, Mr. Lafargue was awarded a total of 75,000 non-qualified stock options with an exercise price of $8.80 per share, comprised of 50,000 time-based options and 25,000 performance-based options. All of these 75,000 options were fully vested as of June 30, 2016. On July 1, 2013, 18,750 restricted shares of common stock were awarded to Mr. Lafargue pursuant to the 2012 Omnibus Plan. 6,250 of those restricted shares vested on July 1, 2014, 6,250 of those restricted shares vested on July 1, 2015, and 6,250 of those restricted shares vested on July 1, 2016. On October 15, 2013, non-qualified options to purchase 103,125 shares of |

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|                |                                                                                                                                                                                                                                     |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (2)  | The market value of the shares of restricted stock that had not vested as of June 30, 2016, is based on the closing market price of the Company's common stock of $1.18 per share as reported by NASDAQ on June 30, 2016. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | In connection with Mr. Wilson's appointment as the Company's President and Chief Executive Officer effective September 27, 2011, Mr. Wilson was awarded (a) 31,250 non-qualified time-based stock options with an exercise price of $8.64 per share; and (b) 12,500 shares of time-based restricted stock. These stock options and restricted stock were fully vested as of June 30, 2016. Prior to his appointment as the Company's President and Chief Executive Officer, Mr. Wilson was granted the following stock options: (a) 48,437 options granted on February 2, 2009 with an exercise price of $9.60 per share; and (b) 37,500 options granted on April 1, 2010 with an exercise price of $17.92 per share, all of which options were fully vested as of June 30, 2016. The above option share numbers reflect certain transfers made by Mr. Wilson on May 8, 2012 of one-half of each of the options previously granted to Mr. Wilson, pursuant to a domestic relations order in connection with a marital dissolution proceeding. On July 1, 2013, 18,750 restricted shares of common stock were awarded to Mr. Wilson pursuant to the 2012 Omnibus Plan. 6,250 of those restricted shares vested on July 1, 2014, 6,250 of those restricted shares vested on July 1, 2015, and 6,250 of those restricted shares vested on July 1, 2016. On October 15, 2013, options to purchase 125,000 shares of common stock at an exercise price of $8.24 per share were granted under the 2012 Omnibus Plan to Mr. Wilson. On March 31, 2014, 31,250 of those options vested, and on August 1, 2016, the remaining 93,750 options vested. On October 31, 2014, a total of 125,000 non-qualified options to purchase shares of common stock at an exercise price of $14.40 per share were granted under the 2012 Omnibus Plan to Mr. Wilson, comprised of 50,000 market-based options and 75,000 performance-based options. On August 1, 2016, all of those 125,000 options vested. Also, on October 31, 2014, 3,750 restricted shares of common stock were awarded to Mr. Wilson pursuant to the 2012 Omnibus Plan. The 3,750 restricted shares vested on December 31, 2015. |

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|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |  |  |
|                                                                                                                    |   | Amount and Natureof Beneficial Ownership* |
| Name of Individual or Group                                                                                             |   | Shares |   | Options |   | Percent of Class (1) |
| J. Robinson West, Director (2)                                                                                          |   | 75,922 |  |   | 31,250 |  |   | 1.81 | % |
| Brendan S. MacMillan, Director (3)                                                                                      |   | 377,559 |  |   | — |  |   | 6.42 | % |
| Ronald P. Pettirossi, Director (4)                                                                                      |   | 65,259 |  |   | 3,125 |  |   | 1.16 | % |
| Antoine J. Lafargue, President, Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Secretary (5) |   | 78,051 |  |   | 259,373 |  |   | 5.50 | % |
| J. Thomas Wilson, Former President, Chief Executive Officer, and Director (6)                                           |   | 74,144 |  |   | 308,591 |  |   | 6.18 | % |
| Directors and Executive Officers as a Group (a total of 4 persons)                                                      |   | 596,791 |  |   | 293,748 |  |   | 14.43 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | Unless otherwise indicated, each person listed has the sole power to vote and dispose of the shares listed. Under SEC Rule 13d-3 pursuant to the Securities Exchange Act of 1934, beneficial ownership includes shares as to which the individual or entity has or shares voting power or investment power, and any shares that the individual or entity has the right to acquire within 60 days, including through the exercise of any option, warrant, or right. |

|           |                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------|
| (1)  | Based on a total of 5,879,610 shares of common stock outstanding as of October 14, 2016. |

|           |                                                                                                                                 |
|-----------|---------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Mr. West holds 75,922 shares of common stock and holds vested options to acquire a total of 31,250 shares of common stock. |

|           |                                                                                                                                                 |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Includes 263 shares held by Mr. MacMillan’s spouse and a total of 9,469 shares held by Mr. MacMillan as UTMA custodian for his daughters. |

|           |                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Mr. Pettirossi holds 65,259 shares of common stock and holds vested options to acquire a total of 3,125 shares of common stock. |

|           |                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | Mr. Lafargue holds 78,051 shares of common stock and holds vested options to acquire a total of 259,373 shares of common stock. |

|           |                                                                                                                                                                                                                                                                                                |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6)  | Mr. Wilson holds 74,144 shares of common stock and holds vested options to acquire a total of 308,591 shares of common stock. Upon his resignation effective August 5, 2016, Mr. Wilson ceased serving as an executive officer and a director of the Company.     |

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|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |
| Name and Address ofBeneficial Holder                                         |   | Shares Beneficially Owned |   |   | Percent of Class |   |
| Hammer Wealth Group, Inc. 330 Forest Ave., Suite 201 Locust Valley, NY 11560 |   | 536,692 |  | (1) |   | 9.13 | % | (2) |
| Brendan S. MacMillan150A Manchester StreetSan Francisco, California 94110    |   | 377,559 |  | (3) |   | 6.42 | % | (2) |
| J. Thomas Wilson700 East Ninth Avenue, Suite 200Denver, Colorado 80203  |   | 382,735 |  | (4) |   | 6.18 | % | (5) |
| Antoine J. Lafargue1775 Sherman Street, Suite 1950Denver, Colorado 80203     |   | 337,424 |  | (6) |   | 5.50 | % | (7) |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | On February 11, 2016, Hammer Wealth Group, Inc. filed a Schedule 13G/A with the SEC indicating that it was a registered  investment advisor, and as of December 31, 2015, had beneficial ownership of 536,692 shares of the Company's common stock, representing beneficial ownership of 9.41% of the Company's issued and outstanding common stock, such percentage calculated based on 5,702,532 shares of the Company's issued and outstanding common stock as of November 6, 2015. |

|           |                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------|
| (2)  | Based on a total of 5,879,610 shares of common stock outstanding as of October 14, 2016. |

|                     |                                                                                                               |
|---------------------|---------------------------------------------------------------------------------------------------------------|
| (3)     | This information is based in part on a Schedule 13G filed by Mr. MacMillan with the SEC on February 12, 2014. |

|           |                                                                                                                                                                                                                                      |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | The number of shares shown includes the 308,591 option shares held by Mr. Wilson, through which Mr. Wilson has the right to acquire beneficial ownership of the related shares of common stock under SEC beneficial ownership rules. |

|           |                                                                                                                                                                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)  | The percentage shown was calculated on the basis of an assumed 6,188,201 shares of Magellan common stock outstanding as of October 14, 2016, including the 308,591 option shares which are deemed to be outstanding under SEC beneficial ownership rules. |

|           |                                                                                                                                                                                                                                          |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6)  | The number of shares shown includes the 259,373 option shares held by Mr. Lafargue, through which Mr. Lafargue has the right to acquire beneficial ownership of the related shares of common stock under SEC beneficial ownership rules. |

|           |                                                                                                                                                                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)  | The percentage shown was calculated on the basis of an assumed 6,138,983 shares of Magellan common stock outstanding as of October 14, 2016, including the 259,373 option shares which are deemed to be outstanding under SEC beneficial ownership rules. |

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|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |
| Plan Category                                                                               |   | Number of Securitiesto be Issued UponExercise ofOutstandingOptions,Warrants, andRights (a) (#) |   | Weighted AverageExercise Price ofOutstandingOptions,Warrants, andRights(b) ($) |   | Number of SecuritiesRemaining Available forIssuance Under EquityCompensation Plans(Excluding  SecuritiesReflected in Column(a)) (c) (#) |
| Equity compensation awards under the 2012 Omnibus Plan approved by security holders         |   | 412,912 | (1)(2) |   | $10.55 |   |   | 306,481 | (1)(2)(3) |
| Equity compensation awards under the 1998 Stock Incentive Plan approved by security holders |   | 304,686 | (1)(2) |   | $12.52 |   |   | — | (1)(2) |
| Equity compensation awards not approved by security holders                                 |   | 9,375 | (4) |   | $6.32 | (3) |   | — |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | During fiscal 2016, outstanding options previously granted under the 1998 Stock Incentive Plan for the purchase of 229,947 shares of Magellan common stock expired without exercise. Also during fiscal 2016, outstanding options previously granted under the 2012 Omnibus Plan for the purchase of 18,123 shares of Magellan common stock expired without exercise, and outstanding options previously granted under the 2012 Omnibus Plan for the purchase of 13,958 shares of Magellan common stock were forfeited. As a result of these expirations and forfeitures, pursuant to the terms of the 2012 Omnibus Plan, 262,028 additional securities became available for issuance under the 2012 Omnibus Plan. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Effective with stockholder approval of the 2012 Omnibus Plan on January 16, 2013, the 1998 Stock Incentive Plan was replaced by the 2012 Omnibus Plan, remaining shares available for issuance under the 1998 Stock Incentive Plan were transferred to the 2012 Omnibus Plan, and no additional awards may be granted under the 1998 Stock Incentive Plan.  Equity awards previously granted under the 1998 Stock Incentive Plan remain outstanding in accordance with their terms, and upon expiration, cancellation or forfeiture, are added to the number of securities available for issuance under the 2012 Omnibus Plan. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | On August 2, 2016, pursuant to the Company's director compensation policy and the 2012 Omnibus Plan, a total of 119,505 shares of common stock were issued to the Company's non-employee directors, which represented the amount of stock compensation owed and outstanding to the remaining three directors of the Company, which was due to be issued on July 1, 2015, and 2016. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Consists of inducement equity awards outside of the Company’s 1998 Stock Incentive Plan and prior to stockholder approval of the 2012 Omnibus Plan, as follows: (i) options to purchase 9,375 shares of common stock for $8.08 per share granted to a new employee on January 10, 2012, which options expired without exercise on November 28, 2015; (ii) options to purchase 100,000 shares of common stock for $8.96 per share granted to a former NEO on September 5, 2012, of which options to purchase 66,667 shares were cancelled in connection with his resignation from the Company effective August 15, 2014, and options to purchase 33,333 shares of common stock expired without exercise on September 30, 2015; (iii) options to purchase 9,375 shares of common stock for $6.32 granted to a new employee on December 4, 2012; and (iv) options to purchase 937 shares of common stock for $6.32 granted to a new employee on December 4, 2012, of which options to purchase 312 shares were cancelled in connection with that employee’s resignation from the Company effective October 10, 2014, and options to purchase 625 shares of common stock expired without exercise on December 31, 2015. These awards were granted in accordance with NASDAQ Listing Rule 5635(c)(4) and were previously reported in Current Reports on Form 8-K filed by the Company. |

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|--------|
|        |  |  |
|   | 31.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |

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|        |
|--------|
|        |  |  |  |  |
|   |   | MAGELLAN PETROLEUM CORPORATION |   |
|   |   | (Registrant) |   |
|   |   |   |   |   |
| Date:  | October 27, 2016 | By: | /s/ Antoine J. Lafargue |   |
|   |   |   | Antoine J. Lafargue, President, Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Secretary |   |
|   |   |   | (as Principal Executive, Financial and Accounting Officer) |   |
|   |   |   |   |   |
|   |   |   |   |   |

|                                                                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                |  |  |  |  |
| /s/ Antoine J. Lafargue                                                                                                                                                        |   | Date: | October 27, 2016 |   |
| Antoine J. Lafargue, President, Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Secretary (as Principal Executive, Financial and Accounting Officer) |   |   |   |   |
|                                                                                                                                                                           |   |   |   |   |
| /s/ J. Robinson West                                                                                                                                                           |   | Date: | October 27, 2016 |   |
| J. Robinson West, Director                                                                                                                                                     |   |   |   |   |
|                                                                                                                                                                           |   |   |   |   |
| /s/ Brendan S. MacMillan                                                                                                                                                       |   | Date: | October 27, 2016 |   |
| Brendan S. MacMillan, Director                                                                                                                                                 |   |   |   |   |
|                                                                                                                                                                           |   |   |   |   |
| /s/ Ronald P. Pettirossi                                                                                                                                                       |   | Date: | October 27, 2016 |   |
| Ronald P. Pettirossi, Director                                                                                                                                                 |   |   |   |   |

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|         |
|---------|
|         |  |
| EXHIBIT |   |
| NUMBER  | DESCRIPTION |
| 31.1*   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|    |   |
| *       | Filed herewith. |