Magellan Petroleum Investor Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Proposed Sale of Magellan Petroleum

  Magellan Petroleum Investor Alert: Briscoe Law Firm and Powers Taylor, LLP
  Investigate Proposed Sale of Magellan Petroleum Corporation to Stratex Oil &
  Gas Holdings

Business Wire

DALLAS -- August 29, 2012

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 Corporation (“Magellan
Petroleum”) (NASDAQ: MPET) 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.

If you are an affected investor, and you want to learn more about the lawsuit
or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at
The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

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.

“Although we hope that Magellan Petroleum’s Board of Directors is doing
everything possible to negotiate a better price for the shareholders, because
prior negotiations have apparently not resulted in a deal, we are concerned
that the Board is not doing all that it can to maximize shareholder value. We
are concerned that the Board of Directors may not be acting in the best
interests of the shareholders,” said shareholder rights attorney Willie
Briscoe.

The Briscoe Law Firm, PLLC is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.

Contact:

Powers Taylor, LLP
Patrick Powers, 877-728-9607
patrick@powerstaylor.com
or
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
WBriscoe@TheBriscoeLawFirm.com
 
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