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Mr Hastings has a great plan, and a track record of getting things done. People who do serious DD here will want a piece of the action.........Hastings has put his money where his mouth is.
see this list of his insider buys
http://www.gurufocus.com/news.php?id=97756
I completely agree and have been adding on the dips. I love small cap opportunities, the upside can be very good if you do your homework. This one is going to be the better ones in my portfolio if you ask me for 2011.
these shares should be accumulated....while the majors may plod along like utilities this one could behave like a growth stock
Yes one of the biggest draws here in my opinion.
Magellan Petroleum Corporation (Nasdaq: MPET) (ASX: MGN) (the "Company") reported total proved oil and natural gas reserves as of June 30, 2010 were 9.7 million barrels of oil equivalent ("MMBOE"), consisting of 9.48 million barrels ("MMbbls") of crude oil and 1.53 billion cubic feet ("Bcf") (.26 MMBOE) of natural gas. Taking into account the sale of the Cooper Basin assets and the acquisition of the Poplar Fields, the Company's reserves increased from the year-end 2009 reported estimates of 1.6 MMBOE to 9.7MMBOE at year end 2010.
really nice reserves also
Reading an article on there as well. Magellan Petroleum Corp. (NYSE:MPET), is a small oil and gas play with a market cap of about $100 million, $33M and no debt. It's nice to see a micro-cap O&G company that has very little debt and a lot of cash.
read about it on seeking Alpha.....says the CEO is a hot dog that always gets it done
Wow I haven't seen this one in a loooong time.
really interesting and underfollowed huh
Magellan Petroleum Corporation Announces Additional $15.6 Million Investment by its Strategic Investor
Magellan Petroleum Corporation Announces Additional $15.6 Million Investment by its Strategic Investor
PR Newswire
PORTLAND, Maine, May 18
PORTLAND, Maine, May 18 /PRNewswire-FirstCall/ --
Magellan Petroleum Corporation (Nasdaq: MPET) (ASX: MGN) announced that the Company has signed a term sheet (the "Term Sheet") with Young Energy Prize S.A. ("YEP"), a Luxembourg corporation, embodying an agreement in principle for an additional equity investment in the Company of $15.6 million. Currently, YEP owns approximately 27% of the outstanding shares of the Company's Common Stock, calculated as if the warrants to purchase shares of such stock held by YEP were fully exercised. The financing transaction set forth in the Term Sheet, upon completion, would result in YEP owning approximately 33% of the Company's Common Stock, calculated as if such warrants were fully exercised. The Term Sheet is subject to the negotiation, execution and delivery of definitive documentation and the Company's receipt of a favorable fairness opinion.
YEP, the Company's strategic investor since July 2009, is a European firm targeting investments in the exploitation of underdeveloped oil and gas fields and in energy small-cap, equity issues. YEP has informed the Company that it may make its investment in part through the ECP Fund, SICAV-FIS (the "ECP Fund"), a specialized investment fund based in Luxembourg. Closing of YEP's additional investment is related to the payment of Evans Shoal planning work and the second Evans Shoal disbursement to Santos Limited and will be set to be consistent with the Company's future commitment dates for Evans Shoal development. The Company expects the closing to occur within 120 days and the Term Sheet contemplates an outside closing date of October 31, 2010.
Magellan's President and Chief Executive Officer, William H. Hastings said, "This is the first step in the financing process for the purchase of a 40% interest in the Evans Shoal field, offshore Australia. We are working other, parallel initiatives which, when complete, will yield major new investment in the Company. We expect to use the majority of equity funding for the purchase of the field interest and the planning, testing, analysis, and drilling of Evans Shoal subject to the Evans Shoal Joint Venture sanction and approval. A portion of the proceeds will go towards project development in addition to proceeds from other parallel initiatives."
Walter McCann, Magellan's Chairman of the Board, stated, "Progress continues with regard to our plans to build a strong Company with new, attractive assets. We remain positive that continued methodical, step-by-step efforts will yield strong value for our shareholders in the future."
Nikolay V. Bogachev is Chairman and CEO of YEP. Of the financing transaction, he said "YEP continues to believe in Magellan's business models and, based on recent key progress, wishes to invest further in Magellan."
J. Thomas Wilson, First Vice President of YEP said, "This is the first step toward an ambitious plan building key assets in strategic, low-cost areas to supply energy for the inevitable future demand growth in Asia."
Investment Terms
Under the Term Sheet, YEP would acquire an additional 5,200,000 shares of the Company's Common Stock (the "Shares") at a price of $3.00 per share (the "Transaction"), pursuant to a securities purchase agreement to be negotiated. The Company would also grant customary registration rights to YEP with respect to the Shares. The Term Sheet also provides for certain percentage-maintenance rights for YEP, certain restrictions on transfers of the Shares and certain standstill obligations. The purchase price is approximately 71% above the closing price of the Company's Common Stock calculated as of the close of trading on May 17, 2010. After completion of the Transaction, YEP's ownership position in the Company would include approximately 20.5 million shares and approximately 4.4 million shares issuable under YEP's existing warrants, or approximately 33% of the outstanding shares of the Company's Common Stock, calculated as if the warrants held by YEP were fully exercised.
Messrs. Bogachev and Wilson are members of the Company's Board of Directors and are contemplated to continue to serve.
Canaccord Adams, Inc., of Boston, Massachusetts
, is serving as the Company's financial adviser with respect to the Transaction.
The Company intends to file with the SEC a current report on Form 8-K to announce the signing of the Term Sheet and a subsequent current report on Form 8-K which will include as exhibits copies of the securities purchase agreement and an investor's agreement providing for registration rights, percentage-maintenance rights, restrictions on transfer and standstill obligations, at such time as those agreements are executed by the parties to the Transaction.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Magellan. The Shares to be sold to YEP in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States without being registered with the U.S. Securities and Exchange Commission ("SEC") or through an applicable exemption from SEC registration requirements. The Shares are being offered and sold only to YEP. The Term Sheet provides that Magellan will grant customary registration rights to YEP for the resale of the Shares to be issued in the private placement.
UP 017 TO 1.74.. Doing better than DYN which 1.52 after reporting today!
1.65 NOW ALMOST CLOSE TO 1.83 52 weeks high level.. This was 50 cernts one when oil hit recent lows.. anyone here?
I been holding this stock and getting very frustrated with it for about 2 months now. Just don't seem to want to move. Do u think anything will happen by the end of the yar?
Big Insider purchase by Management
MAGELLAN PETROLEUM... Hastings William... Director; Officer-Pr... $106.576,87 31,1% 11/18/2009 09:43:14 AM CST
http://ih.advfn.com/p.php?pid=nmona&cb=1258562870&article=40417896&symbol=N%5EMPET
today will be a great day, probably a new high above 1,70/1,75 $,
Holding quite well,the bids are absorbing all the stock coming to market,we go higher from here imo :)
not today but maybe next week :)
only a few days after but the good news are here. First target 1,90 $.
MPET...vs....$USD....chart
c c
mpet. Next week MPET will be 1.90 $.
See the chart. Pullback to 1,36 $ and rapid recovery.
I completely agree. Nice volume this week too.
MPET nice chart, 1,90/2 $ is the short target.
1.35 has been broken...off to the races now.
Anything under $1.50 looks good. IMO
The yahoo board for MPET is very active. If it could break recent high of 1.35, it will be interesting to see where it goes. IMO
Looking good from earlier this month. Plenty of insider buying over the the last quarter. Next stop $1.50-$2.00 range.
Megellan Petroleum Corp. Anounces
Third Quarter Report.
http://biz.yahoo.com/e/090512/mpet10-q.html
Insider buying at .82 5/13/2009
http://www.sec.gov/Archives/edgar/data/61398/000120919109026801/xslF345X03/c85290_4x0.xml
this is a good little company with assets in stable areas around the globe.
8-k regarding Strategic Investment out today
'On February 9, 2009, Magellan Petroleum Corporation (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with Young Energy Prize S.A., ("YEP") a Luxembourg corporation ("YEP" or the "Investor"), under which the Company has agreed to sell, and the Investor has agreed to purchase, 8,695,652 shares (the "Shares") of the Company's common stock, par value $0.01 per share (the "Common Stock") at a purchase price of $1.15 per share, or an aggregate of $10,000,000.'
.76/.77 on nice volume this AM...
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.
trading at book value with 26M cash and no debt.
drills in areas far away from any political problems.
Brit/Aussie management
Yes it does, its a good trader regardless.
needs some major volume ....
hey JT, I never stoped liking it :) Always on radar
All the above is my own opinion please do your own DD.
* MPET Charts * $1.37
"Where Liberty Dwells; There Is My Country" Dr. Benjamin Franklin
Yes Sir, chart looking bullish
Broke thru long term uptrend to the downside. Got my finger on the trigger.
I'm still in. I wonder what the news brief from the president will do for us?
PAY ATTENTION HERE!!! 1.86 +8.5%
if we were looking for another play we wouldnt be posting on this board buddy. lol. but thanks!!
If you guys are looking for another play in the gas arena take a look at CHQ
Gas nearly 13.00
we are rocking over here!!!!!!!!!!!!!!!!!
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Magellan Petroleum Corp. (MPET)
http://www.magellanpetroleum.com/mpal/
Company Address:
7 Custom House St., 3rd Floor
Portland, ME 04101
Tel: (207) 619-8500
Fax: (207) 553.2250
Registered Office Magellan Petroleum Australia Limited
(ABN 62 009 728 581)
10th Floor, 145 Eagle St, Brisbane,
Queensland, Australia 4000
GPO Box 2766, Brisbane 4001
Tel: 61 7 3224 1600
Fax: 61 7 3832 6411
Email: magadmin@magpet.com.au
CIK: 0000061398
Magellan Petroleum Corporation, through its wholly owned subsidiary, Magellan Petroleum Australia Limited, and its majority controlling interest in Nautilus Poplar LLC, is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves worldwide. The Company engages in oil and gas exploration and production in Australia, North America, and the United Kingdom.
The Company has a differentiated business model guided by personnel with over 100 man-years of large oil company experience.
It works to capture discovered, but “under-exploited” natural gas and oil reserves. It adds value through unconventional commercial solutions (Methanol) and in tertiary reservoir plays centered around CO2 flooding. The Company pulls together large Company partners for development endeavors; we work at the moment with Petronas, Shell, and Osaka Gas.
Management: http://www.magellanpetroleum.com/Content/Governance.asp
Company Presentations: http://www.magellanpetroleum.com/Content/Company_Presentations.asp
Recent News:
http://finance.yahoo.com/q/h?s=MPET+Headlines
Transfer Agent:
American Stock Transfer & Trust Company
59 Maiden Lane
New York, NY 10038
(212) 936-5100
(800) 937-5449
www.amstock.com
Share Structure:
Outstanding Shares
52,335,977 as of Nov 1, 2010
Authorized Shares
200,000,000 as of Sept 30, 2010
Investor Relations:
Jeff Tounge
(207) 619-8504
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