BNET Industries

Magellan Petroleum Corp.

(MPET) is in the Energy Industry

Market Cap:$41.5M
Last Fiscal Year Sales:$40.8M
  • Public
  • US
Dow Jones Description

Magellan Petroleum Corporation (the Company or MPC or Magellan) is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves. At June 30, 2008, MPCs principal asset was a 100.00% equity interest in its subsidiary, Magellan Petroleum Australia Limited (MPAL). At June 30, 2005, MPCs equity interest in MPAL was 55.13%. During the fourth quarter of fiscal 2006, MPC completed an exchange offer (the Offer) to acquire all of the 44.87% of ordinary shares of MPAL that it did not own. The Offer consideration was .75 newly-issued shares of MPC common stock and A$0.10 in cash consideration for each of the 20,952,916 MPAL shares that MPC did not own. New MPC shares were issued to MPALs Australian shareholders either as registered MPC shares or in the form of CDIs (CHESS Depository Interests), which have been listed on the Australian Stock Exchange (ASX), effective April 26, 2006, under the symbol MGN(see Note 2 to the consolidated financial statements). MPALs major assets are two petroleum production leases covering the Mereenie oil and gas field (35% working interest), one petroleum production lease covering the Palm Valley gas field (52% working interest) and three petroleum production leases covering the Nockatunga oil fields (41% working interest). ...

President & CEOWilliam H. Hastings
Number of Employees 29
Contact Information

10 Columbus Blvd

Hartford, Connecticut 06106

magpet.com

(860) 293-2006

NAICS Code Crude Petroleum and Natural Gas Extraction: 211111

Recent Events

  • Magellan Petroleum Releases Quarterly Financial Results

    5/12/09 - Product Announcement - View Story

  • BRIEF-Magellan enters into settlement agreement with ANS Investments, Jonah Meer

    4/06/09 - Legal Settlement - View Story

  • Magellan Petroleum Corporation Announces Second Quarter Results

    2/23/09 - Financial Announcement - View Story

News & Analysis

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magellan petroleum corp. - All News and Analysis

Additional Resources

  • Magellan Petroleum Corporation Announces Voting Results of Annual Meeting of Shareholders

    - 2009-05-28

    PORTLAND, Maine, May 28 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation announced that its shareholders had voted to approve each of the six items of business at the Company's annual meeting of shareholders held yesterday in Raleigh-Durham, North Carolina. The shareholders voted to approve a $10 million equity...

  • Magellan Petroleum Corporation Announces Third Quarter Results

    - 2009-05-11

    PORTLAND, Maine, May 11 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation reported consolidated net income of $391,000 ($.01 per share) on gross revenues of $5.5 million in its third fiscal quarter ended March 31, 2009, as compared to net income of $936,000 ($.02 per share) on revenues of $9.5...

  • Magellan Petroleum Announces Production and Exploration Activities for the Quarter Ended March 31, 2009

    - 2009-04-30

    PORTLAND, Maine, April 30 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation ("Magellan") announced its production and exploration activities for the quarter ended March 31, 2009. OIL & GAS SALES Natural Gas The Company's share of natural gas sales during the quarter ended March 31, 2009...

  • Magellan Offered UK Acreage Out of Round

    - 2009-04-30

    PORTLAND, Maine, April 30 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation ("Magellan") is pleased to announce that it has been offered Block SU60 in an Out of Round offer which was announced on December 4, 2008 and closed on March 9, 2009. The License will be PEDL 256 and contains...

  • Magellan Sets Annual Meeting, Proxy Materials Mailing Underway.

    - 2009-04-20

    Magellan Petroleum announced that the company's 2008 Annual Meeting of Shareholders will be held on May 27, at 1 P.M., local time at the Raleigh-Durham Airport Courtyard by Marriott Hotel, 2001 Hospitality Court, Morrisville, NC 27560 (telephone: 919-467-9444). This is a new location...

  • Magellan Announces Date of Annual Meeting; Commences Mailing of Proxy Materials

    - 2009-04-17

    PORTLAND, Maine, April 17 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation ("Magellan" or the "Company") announced that the Company's 2008 Annual Meeting of Shareholders (the "Annual Meeting") will be held on May 27, 2009, at 1:00 P.M., local time at the Raleigh-Durham Airport Courtyard by Marriott Hotel, 2001 Hospitality...

  • Magellan Announces Amended Terms of Strategic Investment

    - 2009-04-07

    PORTLAND, Maine, April 7 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (the "Company" or "Magellan") announced that it has agreed to amend the securities purchase agreement with Young Energy Prize S.A., a Luxembourg corporation ("YEP"), by which YEP will make a strategic $10 million equity investment in the Company....

Decision Makers

Name (plus bio) Position
William H. Hastings President & CEO
T. Gwynn Davies General Manager
Edward B. Whittemore Secretary

Board of Directors

Name (plus bio) Position
Ronald P. Pettirossi Chairman
Donald V. Basso Board of Directors
J. Thomas Wilson Board of Directors
Nikolay Bogachev Board of Directors
Robert Mollah Board of Directors
Organization Position Status
Magellan Petroleum Corporation President & CEO Current
Magellan Petroleum Corporation Board of Directors Current
Organization Position Status
Magellan Petroleum Corporation General Manager Current
Magellan Petroleum Corporation General Manager Former
Organization Position Status
Magellan Petroleum Corporation Secretary Current
Magellan Petroleum Corporation Secretary Current

Mr. Pettirossi has been President of ER Ltd., a consulting company since 1995. Mr. Pettirossi has been a director of MPAL since August 2004. Mr. Pettirossi is a former audit partner of Ernst & Young LLP, who worked with public and privately held companies for 31 years. Age 65.

Organization Position Status
Magellan Petroleum Corporation Chairman Current
Mpal Director Current
Organization Position Status
Magellan Petroleum Corporation Board of Directors Current
Canada Southern Petroleum Ltd. Exploration Manager Former
Canada Southern Petroleum Ltd. Consultant Former
Mpal Director Former
Organization Position Status
Magellan Petroleum Corporation Board of Directors Current
Organization Position Status
Magellan Petroleum Corporation Board of Directors Current

Mr. Robert Mollah was elected a director of the Company on September 5, 2006. Mr. Mollah has been a director of MPAL since November 2003 and was elected to serve as Chairman of the MPAL Board of Directors in September 2006. Mr. Mollah is a geophysicist with broad petroleum exploration experience, both within Australia and internationally. From 1995 until 2003, Mr. Mollah was the Australian Executive Director of the Timor Gap Joint Authority which covered the administration of petroleum exploration and production activities in the Timor Sea Joint Development Zone between Australia and Indonesia/East Timor. Prior to 1995, he served as a Petroleum Explorationist and Manager with broad experience in the oil and gas business in Australia and Asia. Age 68.

Organization Position Status
Mpal Director Current
Magellan Petroleum Corporation Board of Directors Current

Executive News

  • Magellan Petroleum Corporation Announces Voting Results of Annual Meeting of Shareholders

    Reuters - 5/28/09 - View Story

  • Magellan Petroleum Corporation Announces Voting Results of Annual Meeting of Shareholders

    PR Newswire - 5/28/09 - View Story

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     MPET $0.99 -0.03 (-2.93% )
Intraday | 3 Month | 6 Month | 1 Year
Average Volume 229,133
Shares Outstanding 41.50M
Market Cap 41.1M
Year High 1.61
Year Low 0.33
Earnings Per Share N/A
P/E Ratio -
Dividend N/A
Yield N/A
Glass Door

Energy Industry Companies

Company Employer Rating
Chevron 3.8
IndustryTop Rated

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