Magellan Petroleum Posts Profit
PORTLAND, Maine (AP) ¿ Oil and gas producer Magellan Petroleum Corp. on Friday posted a slim profir for its latest fiscal year as oil and gas sales plunged amid weak energy demand and depressed commodity prices.
The results marked an improvement from a loss a year ago, reflecting a hefty tax settlement.
Magellan said it earbed $644,575, or 2 cents per share, in the year ended June 30 compared with a loss of $8.9 million, or 21 cents per share, in the previous year.
Revenue fell 31 percent to $28.2 million from $40.9 million a year earlier.Shares of the company rose a penny to $1.10 in morning trading Friday.
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