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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Magellan Petroleum Corporation Provides Letter To Shareholders

Stocks in this article: MGN MPET

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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