-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 xiwUT/sTEoBh/Gj+8n3R5A==

<SEC-DOCUMENT>0001209191-09-043177.txt : 20090903
<SEC-HEADER>0001209191-09-043177.hdr.sgml : 20090903
<ACCEPTANCE-DATETIME>20090903105814
ACCESSION NUMBER:		0001209191-09-043177
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090901
FILED AS OF DATE:		20090903
DATE AS OF CHANGE:		20090903

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hastings William H.
		CENTRAL INDEX KEY:			0001452167

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05507
		FILM NUMBER:		091052584

	MAIL ADDRESS:	
		STREET 1:		2 THURSTON LANE
		CITY:			FALMOUTH
		STATE:			ME
		ZIP:			04105

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGELLAN PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000061398
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				060842255
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106
		BUSINESS PHONE:		8602932006

	MAIL ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGELLAN PETROLEUM CORP PANAMA
		DATE OF NAME CHANGE:	19671130
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c89891_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-09-01</periodOfReport>

    <issuer>
        <issuerCik>0000061398</issuerCik>
        <issuerName>MAGELLAN PETROLEUM CORP /DE/</issuerName>
        <issuerTradingSymbol>MPET</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001452167</rptOwnerCik>
            <rptOwnerName>Hastings William H.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 337</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CUMBERLAND</rptOwnerCity>
            <rptOwnerState>ME</rptOwnerState>
            <rptOwnerZipCode>04021-0337</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President/CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.07</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>158850</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-09-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>42900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.09</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>201750</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents the volume weighted average price paid for 30,000 shares purchased on 9/1/09 at prices between $1.06 and $1.08 per share.</footnote>
        <footnote id="F2">Represents the volume weighted average price paid for 42,900 shares purchased on 9/2/09 at prices between $1.06 and $1.10 per share.</footnote>
        <footnote id="F3">The reporting person undertakes to provide upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William H. Hastings, by Edward B. Whittemore, attorney-in-fact</signatureName>
        <signatureDate>2009-09-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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