Key Developments: Magellan Petroleum Corp (MPET.W)

MPET.W on CBOE When Trading NASDAQ Global Select Market

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14 Mar 2014
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Latest Key Developments (Source: Significant Developments)

Central Petroleum Ltd completes acquisition of Magellan Petroleum’s onshore assets
Monday, 31 Mar 2014 12:00am EDT 

Central Petroleum Ltd:Completed the purchases of Magellan Petroleum’s onshore assets in Palm Valley and Dingo fields, Amadeus Basin.  Full Article

Magellan Petroleum Corporation signs definitive agreement for sale of Onshore Australia assets to Central Petroleum Limited
Tuesday, 18 Feb 2014 06:00am EST 

Magellan Petroleum Corporation:Enters into a definitive agreement to sell the Palm Valley and Dingo gas fields to Central Petroleum Limited.Says through the sale of its wholly owned subsidiary Magellan Petroleum (N.T.) Pty. Ltd.Says Central will pay to Magellan a total of A$35.0 mln in cash and Central stock.Magellan will receive bonuses from Central in the event that future gas sales revenues from Palm Valley exceed certain levels.Says of the A$35.0 mln in consideration, A$20.0 mln is payable in cash and A$15.0 mln is payable in Central stock upon transaction completion.Says completion is expected to occur no later than Mar. 31.  Full Article

Magellan Petroleum Corp's Subsidiary Signs Gas Sale Contract for Dingo Field In Northern Territory, Australia
Thursday, 12 Sep 2013 06:00am EDT 

Magellan Petroleum Corporation (Magellan or the Company) announced that on September 12, 2013, the Company through its indirect subsidiary, Magellan Petroleum Corporation (NT) Pty Ltd ("MPNT"), signed a gas supply and purchase agreement (the "Dingo GSPA") with Northern Territory Power and Water Corporation ("PWC") for the long-term sale of gas from the Company's Dingo gas field. Pursuant to the Dingo GSPA, the Company has contracted to supply up to 31 PJ (30 Bcf) of gas to PWC on a 100% take-or-pay basis over a 20-year supply period. The Company's supply obligation is expected to begin in early calendar year 2015 at a fixed price escalating with Australian CPI. The Dingo GSPA has been approved by the boards of directors of both PWC and Magellan. The Dingo GSPA is subject to certain customary conditions, including the Company successfully obtaining all regulatory approvals and constructing facilities necessary for commissioning the Dingo field for commercial gas production.  Full Article

Magellan Petroleum Corp Closes Convertible Preferred Issuance, Receives $23.5 Million in Proceeds
Monday, 20 May 2013 06:00am EDT 

Magellan Petroleum Corp announced that on May 17, 2013 (the "Closing Date"), the Company closed the transaction contemplated by the Series A Convertible Preferred Stock Purchase Agreement (the "Series A Purchase Agreement") with One Stone Holdings II LP, an affiliate of One Stone Energy Partners LP (collectively, "One Stone"), a New York based private equity firm focused on investments in the oil and gas industry. The Company and One Stone had previously entered into this agreement on May 10, 2013. Pursuant to the terms of the Series A Purchase Agreement, on the Closing Date, the Company received $23.5 million in exchange for 19,239,734 shares of Series A Convertible Preferred Stock issued to One Stone. As part of the transaction, One Stone also appointed two new members to Magellan's Board of Directors. Effective as of the Closing Date, Robert Israel and Vadim Gluzman, each a managing member of One Stone, joined Magellan's board.  Full Article

Magellan Petroleum Corp Signs Definitive Agreement For $23.5 Million of Convertible Preferred Stock Financing
Monday, 13 May 2013 06:00am EDT 

Magellan Petroleum Corp announced that it has entered into a Series A Convertible Preferred Stock Purchase Agreement with One Stone Holdings II LP, an affiliate of One Stone Energy Partners LP. Pursuant to the terms of the Series A Purchase Agreement, upon the fulfillment of certain customary closing conditions, Magellan will issue and sell to One Stone 19,239,734 shares of Series A Convertible Preferred Stock for aggregate cash proceeds of $23,501,216. Including stockholder approval to the extent required by NASDAQ, each share of Series A Preferred Stock will be convertible into one share of Magellan's Common Stock at an initial conversion price of $1.22 per share, representing a 20% premium to the volume-weighted average closing price per share of Common Stock for the ten trading days preceding the signing of the Series A Purchase Agreement. Furthermore, the Company will pay no capital raising advisory fees or issue any warrants in relation to this transaction. The Company and One Stone anticipate that the closing of the transactions contemplated by the Series A Purchase Agreement will occur on or before May 22, 2013. The Company intends to use the proceeds of this transaction, in addition to the Company's $15 million in cash and equivalents at March 31, 2013, to fund the $10.0 to $20.0 million necessary for the drilling, completion, and execution of a CO2-enhanced oil recovery (CO2-EOR) pilot project at Poplar.  Full Article

Lifshitz Law Firm Announces Investigation of Magellan Petroleum Corp
Monday, 17 Dec 2012 09:35am EST 

Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed vote scheduled for January 16, 2013 to approve the Magellan Petroleum Corp (Magellan), (MPET - News) 2012 Omnibus Incentive Compensation Plan (the 2012 Plan). Specifically, the maximum share authorization reserved for issuance under the 2012 Plan is 5,000,000 common shares, plus any remaining authorized common shares available under the 1998 Stock Incentive Plan. The increase in the number of shares of common stock could have a substantial dilutive effect on Magellan stock.  Full Article

Magellan Petroleum Corp Announces New Stock Repurchase Program
Monday, 24 Sep 2012 06:45am EDT 

Magellan Petroleum Corp announced that Board of Directors has approved a new stock repurchase program whereby the Company is authorized to repurchase up to a total of $2.0 million in shares of common stock. This authorization supersedes the prior plan announced by the Company on December 8, 2000, and will expire on August 21, 2014. The shares may be repurchased from time to time in open market or privately negotiated transactions, including compliance with securities laws. Stock repurchases may be funded with existing cash balances or internal cash flow. The stock repurchase program may be suspended or discontinued at any time.  Full Article

Magellan Petroleum Corp Not To Pursue Proposal By Stratex Oil & Gas Holdings, Inc.
Monday, 10 Sep 2012 07:17pm EDT 

Magellan Petroleum Corp announced that its Board of Directors has carefully considered the unsolicited proposal by Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) (Stratex) that Stratex announced on August 28, 2012. After consulting with its financial and legal advisors, the Magellan Board has determined not to pursue the Stratex proposal. The proposal, as set forth in a letter from Stratex dated August 27, 2012, was a proposal to acquire each outstanding share of Magellan common stock for AUD 0.65 in cash and one share of Stratex common stock, the closing price for which as reported by the OTCQB on August 27, 2012, was AUD 1.65 per share.  Full Article

Briscoe Law Firm and Powers Taylor, LLP Investigate Proposed Sale of Magellan Petroleum Corp to Stratex Oil & Gas Holdings
Wednesday, 29 Aug 2012 02:59pm EDT 

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the proposed sale of Magellan Petroleum Corp (Magellan Petroleum) to Stratex Oil & Gas Holdings for shareholders. Under the proposed transaction, Magellan shareholders will only receive $2.30 in cash for each share of Magellan Petroleum stock owned. The transaction is valued at approximately $124 million. The investigation centers on the conduct of Magellan Petroleum’s Board of Directors in considering an offer by Stratex Oil & Gas after previous acquisition negotiations did not result in a definitive deal. Specifically, the firms are investigating whether Magellan Petroleum shareholders would receive adequate compensation for their shares in the proposed buyout, whether the transaction undervalues Magellan Petroleum stock, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.  Full Article

Faruqi & Faruqi, LLP Is Seeking More Cash For Shareholders Of Magellan Petroleum Corp
Tuesday, 28 Aug 2012 08:00pm EDT 

Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the Board of Directors of Magellan Petroleum Corporation for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Stratex Oil & Gas Holdings in an all-cash deal valued at approximately $124 million. Under the terms of the proposed transaction, Magellan’s stockholders will receive $2.30 in cash for each share of Magellan common stock they own. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote. Whether Magellan’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Magellan’s shares and by how much this proposed transaction undervalues the Company to the detriment of Magellan’s shareholders are the key focus of this investigation.  Full Article

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