MPET - Magellan Pete Corp. (NASDAQ Stock) - Stock Market Forum, Penny Stocks, FOREX, NASDAQ, AMEX, NYSE, Live Chat

Spartan · #1 09-03-2009, 02:47 PM

Big insider purchase a month ago. 5x average volume today with a move above all moving averages. Oil and gas operations. Any thoughts?

MPET: Summary for Magellan Petroleum Corporation - Yahoo! Finance

Magellan Petroleum Corporation and its subsidiaries engage in the sale of oil and gas, and exploration and development of oil and gas reserves primarily in Australia and Canada. Its properties primarily include an interest in the Palm Valley gas field and in the Mereenie oil and gas field in the Amadeus Basin of the northern Territory, as well as in the Nockatunga, Kiana, and Aldinga oil fields in the Cooper Basin of South Australia and Queensland. The company was founded in 1957 and is based in Hartford, Connecticut.

KittyCat · #2 09-03-2009, 04:57 PM

I bought and sold this months ago. Here is some background info:

MPET Announces $10 Million Equity Investment by Strategic Investor

PORTLAND, Maine, Feb. 10 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET; ASX: MGN) announced that the Company has entered into a definitive securities purchase agreement with Young Energy Prize S.A. ("YEP"), a Luxembourg corporation, providing for a $10 million equity investment in the Company. YEP is a relatively new European firm targeting investments in the exploitation of underdeveloped oil and gas fields and in energy small-cap equity issues which have become undervalued in these challenging times. YEP may make its investment in part through YEP 1 SIF-SICAV ("YEP 1"), a specialized investment fund based in Luxembourg. Closing under the purchase agreement is subject to receipt of shareholder approval of the investment and an amendment to the Company's certification of incorporation, as well as other customary closing conditions. The Company expects the closing to occur within 90 days.

KittyCat · #3 09-03-2009, 05:18 PM

Magellan Closes $10 Million Strategic Investment

PORTLAND, Maine, July 9 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NASDAQ:MPET) (ASX:MGN) today announced that it has completed the previously announced equity investment in the Company by the Company's strategic investor, Young Energy Prize S.A. ("YEP"), through the issuance to YEP of 8,695,652 shares of the Company's common stock, $0.01 par value per share (the "Common Stock") and warrants to acquire an additional 4,347,826 shares of Common Stock (the "Warrants"). The Company received gross proceeds of $10 million, which will be used for working capital and general corporate purposes.

On May 27, 2009 the Company's Board of Directors amended the Company's Bylaws to increase the size of the Board of Directors to seven (7) members and to fill two vacancies created thereby with the Investor's two designees, Nikolay Bogachev and J. Thomas Wilson, subject to the completion of the investment transaction. With the completion of the investment today, the elections of each of Messrs. Bogachev and Wilson to the Board have become effective. Messrs. Bogachev and Wilson were added to the class of directors whose terms expire in 2011.

The Warrants entitle YEP to purchase an additional 4,347,826 shares of the Company's Common Stock (the "Warrant Shares") at an exercise price of $1.20 per Warrant Share, subject to certain substantive, near-term adjustments that would reduce the exercise price to $1.15 per share upon YEP acquiring additional Magellan shares. In addition, the Company has granted to YEP certain registration rights with respect to the shares sold at the Closing and the Warrant Shares.

In connection with the Closing, the Company intends to file an amendment to its Restated Certificate of Incorporation with the Delaware Secretary of State implementing the repeal of the per capita voting provisions of Article 12th and Article 14th thereof and the repeal of the super-majority voting requirements of Article 13th thereof. These amendments, and certain related amendments to the Company's Bylaws, will become effective as of December 31, 2009.

Magellan's President and Chief Executive Officer, William H. Hastings said, "It has been a long, but rewarding process in gaining our first successful equity investment closing. This is particularly true given the unprecedented external market conditions. This financing will provide an initial boost to the Company's financial position as we pursue our strategic plan, the sale of our existing, uncommitted natural gas reserves, and the operational reorganization of our producing fields in the Amadeus Basin."

Walter McCann, Magellan's Chairman of the Board, stated, "YEP's investment in Magellan represents the beginning of a new chapter in the Company's history. We believe the closing of YEP's investment demonstrates a vote of confidence in Magellan and its strategic plan. The entire Board looks forward to working with Nikolay Bogachev and Tom Wilson in the future as we pursue our stated objectives to grow the Company and increase value for our shareholders."

About Magellan

Magellan's common stock is quoted on the NASDAQ Capital Market (symbol: MPET) and on the Australian Stock Exchange in the form of CDI's (symbol: MGN). The Company is engaged in the sale of oil and gas resulting from the exploration for and development of oil and gas reserves. Magellan's most significant asset is its 100% equity ownership interest in Magellan Petroleum Australia Limited ("MPAL").

About YEP

YEP was founded in 2007 by recognized entrepreneur Nikolay V. Bogachev, who has had partnerships with Enterprise Oil (now Shell), Marathon Oil, and other major oil companies in developing earlier investments. YEP is building a portfolio of energy investments worldwide with current efforts within the Western United States, in West Africa, and now, in Australia.

Forward-Looking Statements

Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are pricing and production levels from the properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at those properties, the future outcome of the negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

DATASOURCE: Magellan Petroleum Corporation

CONTACT: William H. Hastings, President and CEO of Magellan,

+1-207-776-5616; or Daniel J. Samela, Chief Financial Officer of Magellan,

+1-860-293-2006

KittyCat · #4 09-03-2009, 05:20 PM

Here are some more PR`s released by MPET this year:

09/03/2009 10:58AM Statement of Changes in Beneficial Ownership (4)

09/01/2009 10:39AM Current report filing (8-K)

08/28/2009 9:00AM Magellan Petroleum Corporation Announces Fiscal 2009 Results
08/07/2009 6:02AM Current report filing (8-K)

08/06/2009 9:00AM Magellan Petroleum Announces Production and Exploration Activities for the Quarter Ended June 30, 2009

07/31/2009 4:58PM Amended Statement of Beneficial Ownership (SC 13D/A)

07/30/2009 8:20PM Statement of Changes in Beneficial Ownership (4)

07/30/2009 8:12PM Statement of Changes in Beneficial Ownership (4)

07/23/2009 4:05PM Statement of Changes in Beneficial Ownership (4)

07/23/2009 3:27PM Amended Statement of Beneficial Ownership (3/A)

07/23/2009 1:45PM Amended Statement of Beneficial Ownership (3/A)

07/22/2009 7:14PM Statement of Changes in Beneficial Ownership (4)

07/22/2009 6:01AM Statement of Beneficial Ownership (SC 13D)

07/21/2009 3:19PM Initial Statement of Beneficial Ownership (3)

07/21/2009 3:04PM Initial Statement of Beneficial Ownership (3)

07/21/2009 2:45PM Initial Statement of Beneficial Ownership (3)

07/14/2009 4:23PM Current report filing (8-K)

07/13/2009 9:00AM Magellan Announces Heads of Agreement and Exclusivity Agreement

07/09/2009 3:57PM Magellan Closes $10 Million Strategic Investment

07/06/2009 10:40AM Statement of Changes in Beneficial Ownership (4)

KittyCat · #5 09-03-2009, 05:22 PM

Magellan Petroleum Announces Production and Exploration Activities for the Quarter Ended June 30, 2009

PORTLAND, Maine, Aug. 6 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) ("Magellan") announced its production and exploration activities for the quarter ended June 30, 2009.

OIL & GAS SALES

Natural Gas

The Company's share of natural gas sales during the quarter ended June 30, 2009 decreased by 7 percent from the June 2008 quarter, as detailed below:

Million Cubic Feet Field (Magellan Share) ------------------ Terajoules Variance Total Daily ------- -------- Mereenie 1,123 12 1,315 -6% Palm Valley 338 4 385 -10% =========== === === === === Total Gas 1,461 16 1,700 -7% ========= ===== === ===== ===

Crude Oil and Condensate

The Company's share of crude oil and condensate sales during the quarter ended June 30, 2009 decreased by 20 percent from the June 2008 quarter, as detailed below:

Fields (Magellan Share) Barrels -------------- Total Daily Kilolitres Variance ------ ----- Mereenie 29,252 322 4,651 +16% Nockatunga 13,014 143 2,069 -49% Kiana 223 2 35 -86% Aldinga - - - -100% ======= === === === ==== Total Crude Oil and Condensate 42,489 467 6,755 -20% ============================== ====== === ===== ===

PRODUCTION AND DEVELOPMENT ACTIVITIES

AUSTRALIAN PRODUCTION

Palm Valley Gas Field (PL 3) - Amadeus Basin NT (52.023% Interest)

The Palm Valley gas field which is operated by Magellan produced an average of approximately 7.1 million cubic feet per day (MMcf/D) of natural gas for sale during the quarter. The Palm Valley Joint Venture's objective is to maximise gas production from the existing facilities while maintaining a safe and efficient operation, conducted in accordance with good oil field practice.

Mereenie Oil and Gas Field (PL 4 & 5) - Amadeus Basin NT (35% Interest)

The Mereenie oil and gas field which is operated by Santos Ltd produced an average of approximately 35 MMcf/D of natural gas and 701 barrels of oil and condensate per day for sale during the June quarter.

Nockatunga Oil Fields (PLs 33, 50, 51, 244, 245 & ATP 276P) - Cooper Basin Qld (40.936% Interest)

The Nockatunga oil fields which are operated by Santos Ltd produced an average of approximately 407 barrels of oil per day (BOPD) for sale during the June quarter.

Processing of data acquired by the Maxwell-Kaos 3D seismic survey during the previous period is in progress. The 254 square kilometre survey covered PL 50 & PL 245 over the Maxwell field and Noccundra lease as well as a significant portion of the ATP-267-P exploration block.

Kiana Oil Field (PPL 212) - Cooper Basin SA (30% Interest)

Production from the Kiana-1 well averaged 6 BOPD during the quarter which is below normal as the well was offline for a significant part of the period, waiting on repairs. The well produces from both the upper and lower Patchawarra Formation zones.

Aldinga Oil Field (PPL 210) - Cooper Basin SA (50% Interest)

Aldinga-1 well was shut-in during the period, waiting on repairs. There are no current plans to develop the field further.

CANADIAN PRODUCTION

Kotaneelee Gas Field, YT (2.67% interest)

Magellan has a 2.67% carried interest in the Kotaneelee gas field in the Yukon Territory of Canada. Devon Canada Corporation is operator of this partially developed field which is connected to a major pipeline system.

EXPLORATION ACTIVITIES

AUSTRALIAN EXPLORATION

Exploration evaluation of ATP 267P (Magellan 40.936% - refer above), PEL 94 (Magellan 35% interest), PEL 95 (Magellan 50% interest), PEL 107 (Magellan 20% interest) and PEL 110 (Magellan 60% interest) is ongoing. Cooper Energy was appointed as operator of the PEL 110 joint venture.

In ATP 613P, ATP Application 674P and ATP Application 733P in the Maryborough Basin of Queensland, evaluation of the coal the seam gas potential of the Burrum Coal Measures in the Burrum Syncline farmin area is being undertaken by Eureka Petroleum, a wholly owned subsidiary of Blue Energy Limited. Eureka Petroleum has a 75% interest and is Operator in the farmin area. Work on the tenements is delayed pending completion of current native title negotiations relating to the grant of the two ATPs.

UNITED KINGDOM EXPLORATION

In the Weald Basin, Magellan (40% interest) will participate in the Markwells Wood-1 exploration well in PEDL 126 in late 2009. Northern Petroleum, operator of the PEDL 126 Joint Venture, has completed site construction for the well. The Markwells Wood-1 well will target a prospect that is interpreted to be an eastward extension of the currently producing Horndean oil field.

Northern Petroleum, operator of the PEDL 155 Joint Venture (Magellan 40%), has also received planning approval from the Hampshire County Council to drill the Havant-1 well, which will target an oil prospect in the Great Oolite Formation. The operator plans to commence site construction for the well in the fourth quarter of 2009. The Horndean oil field to the north of the Havant prospect produces from the Great Oolite Formation.

Magellan (40% interest) and its joint venturers were granted PEDL 256 over an area which was formerly held under PEDL 099 which expired in September 2008. Northern Petroleum is operator of the area. The licence is adjacent to PEDL 155 and covers the possible western extension of the Havant prospect.

Magellan holds interests (ranging from 22.5% to 50%) in six other exploration licences in the Weald-Wessex Basin (PEDLs 098, 125, 152, 153, 154, and 240), which are also operated by Northern Petroleum. Elsewhere in the Weald Basin, PEDLs 135, 136, 137, 242 and 246 are held and operated by Magellan with a 100% interest. Well sites have been selected and applications for local council planning consents for the drilling of two prospects, one in PEDL 135 and one in PEDL 137 are being progressed. Magellan also operates PEDLs 231, 232, 234 and 243 in the central Weald Basin area with a 50% interest.

EXPENDITURES

Expenditures incurred on exploration, appraisal and development activities during the June 2009 quarter, totalled US$ 1,460,000. All figures are unaudited.

Forward- Looking Statements

Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are pricing and production levels from the properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at those properties, the future outcome of the negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

DATASOURCE: Magellan Petroleum Corporation

CONTACT: William H. Hastings, President and CEO of Magellan,

+1-207-776-5616, or Daniel J. Samela, Chief Financial Officer of Magellan,

+1-860-293-2006