This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Magellan Petroleum Corporation Provides Letter To Shareholders

PORTLAND, Maine, Oct. 21, 2011 /PRNewswire/ --

Dear Shareholders,

I would like to take this opportunity to introduce myself as Magellan's new President and CEO and to discuss some recent developments and new priorities at Magellan (NASDAQ: MPET) (ASX: MGN).  

As you know, we have recently changed management and approved the transition of our Portland headquarters to Denver.  By moving to the oil and gas hub of the Rocky Mountains, we will be able to better access the industry network and professional talent pool that were out of reach in Maine.  In addition, the consolidation of two of our offices provides a favorable context to focus on cost cutting, which I promise to be a priority.  Finally, this move positions the Company leadership closer to Poplar Field and the development activities we are pursuing there.

Magellan recently announced that Deloitte & Touche elected not to stand for re-appointment as the Company's auditing firm for fiscal year 2012.  Independently, Magellan has been actively considering a transition to new auditors in recent months as a means of reducing our public company costs.  Thus, Deloitte's decision, though more sudden than expected, allows us to accelerate our plans and coincides nicely with our move to Denver.  And so it is with great pleasure that I can now confirm we have appointed EKS&H as our new auditors.  As the largest accounting firm in Colorado with extensive experience in oil and gas, EKS&H is a perfect fit for Magellan, and we look forward to a productive relationship.

Our biggest challenge of 2011 is refocusing the Company after the disappointment of not closing the Evans Shoal transaction.  Completing this deal and developing a multi-billion dollar project would have been a "home run" for a company our size, but it also consumed significant time, money, and management attention while detracting from the Company's other priorities.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs