Magellan Petroleum Corp. has acquired an 83.5% controlling interest in Nautilus Poplar in a deal worth $10.9 million, marking Magellan's first entry into the domestic US oil market. Nautilus, based in Denver, Colorado, owns and operates oil development assets in Roosevelt County, Montana known as the East Poplar Unit and the Northwest Poplar field. The two fields have 23,000 combined licensed acres and have between 700 and 800 million bbl of oil in-place with 52 million bbl recovered to-date.
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