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Last $1.85 USD
Change Today +0.13 / 7.56%
Volume 73.8K
MPET On Other Exchanges
As of 8:10 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

magellan petroleum corp (MPET) Snapshot

Previous Close
Day High
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52 Week High
09/29/14 - $18.00
52 Week Low
08/24/15 - $1.32
Market Cap
Average Volume 10 Days
Shares Outstanding
Dividend Yield

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magellan petroleum corp (MPET) Details

Magellan Petroleum Corporation, an independent energy company, is engaged in the exploration and production of oil and gas in the United States, Australia, and the United Kingdom. It focuses on the development of the Poplar Dome oil field project in Roosevelt County, eastern Montana; and exploration of the Weald Basin in Sussex county, onshore United Kingdom. The company also owns NT/P82, an exploration block in the Bonaparte Basin, offshore Northern Territory. In addition, it, through its interest in Central Petroleum Limited, owns prospective onshore acreage in Australia. The company was founded in 1957 and is headquartered in Denver, Colorado.

26 Employees
Last Reported Date: 09/18/14
Founded in 1957

magellan petroleum corp (MPET) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $431.5K
Chief Financial Officer, Senior Vice Presiden...
Total Annual Compensation: $330.4K
Compensation as of Fiscal Year 2014.

magellan petroleum corp (MPET) Key Developments

Magellan Petroleum Regains Compliance with NASDAQ Listing Requirements

Magellan Petroleum Corporation received formal notification from the NASDAQ Stock Market LLC (NASDAQ) that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company to maintain a minimum closing bid price of $1.00 per share. NASDAQ staff made this determination of compliance after the Company's bid price closed above $1.00 per share for the prior 10 consecutive business days. NASDAQ had previously notified the Company of its non-compliance with Listing Rule 5550(a)(2) on January 27, 2015, following 30 consecutive business days for which the Company's closing bid price did not meet the $1.00 per share minimum requirement.

Magellan Petroleum Corporation Announces Amendment to the Certificate of Incorporation

The special meeting of stockholders of Magellan Petroleum Corporation held on July 10, 2015, has approved amendment to the Certificate of Incorporation to effect a reverse stock split of the Common Stock of a ratio determined by the Board within a specific range, without reducing the authorized number of shares of the Common Stock.

MPET Seeks To Review Strategic Alternatives

Magellan Petroleum Corporation (NasdaqCM:MPET) announced the formation of a special committee of independent members of the Board of Directors of MPET (the "Special Committee") to consider various strategic alternatives potentially available to MPET. The formation of the special committee is not in response to any proposal received by MPET or an approach by a third party. The special committee is authorized to identify, consider, negotiate, and potentially implement all strategic alternatives reasonably available to the Company, including, but not limited to, sales of some or all of the assets of the Company, joint ventures, a recapitalization, and a sale or merger of MPET. There can be no assurance that any transaction will occur. MPET also announced that the Special Committee has engaged Petrie Partners, LLC as financial advisor. Petrie will advise MPET as regards to the strategic alternatives review process. J. Thomas Wilson, President and Chief Executive Officer of MPET, commented, "As we continue to implement the CO2-enhanced oil recovery ("CO2-EOR") pilot program at Poplar over the next few months and develop a comprehensive economic model for the project, we believe that it is time to start considering the Company's options. Preliminary results from the pilot are encouraging and we believe that approximately up to 100 MMboe may be recovered from the B intervals of the Charles formation at Poplar through full field development using CO2-EOR techniques. We also believe that CO2-EOR is likely to enable the recovery of additional volumes of hydrocarbons from the A and C intervals of the Charles formation at Poplar. The complete development of the field using CO2-EOR is a major project, which will require a significant investment program."


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