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, Dec. 13, 2011 /PRNewswire/ --

Dear Shareholders:

As many of you know, I wrote a letter to the shareholders dated October 21, 2011, introducing myself as the new President and CEO of Magellan Petroleum Corporation (the "Company") (NASDAQ: MPET) (ASX: MGN) and offering a variety of my observations and comments regarding the Company.

In light of last week's Board of Directors' meeting and our Annual Meeting of Shareholders, I'd like to revisit some of the matters presented in my last letter, update you as to our progress, and inform you of new developments.  Our move to Denver continues and should be essentially completed by the middle of the second calendar quarter of 2012.  We believe we are making good progress on honing our focus on our existing asset base in the wake of concluding our Evans Shoal efforts.

As you know, I have expressed my displeasure regarding our current share price and other shareholders have also expressed their concern. With this in mind, please let me provide what updates I can based on activities that have occurred in the past two months:


Our asset rationalization arrangement with Santos is expected to close within the next few weeks.  We are awaiting sign-off from the taxing authority in Australia that is currently reviewing the equipment valuations in the affected properties.  We also believe that a gas sales agreement affecting a portion of the Company's gas reserves in Palm Valley is progressing towards a successful completion.  You will recall that this transaction process is being managed by Santos.

Rocky Mountain Region

We have now drilled two wells in the shallow intervals within our Poplar Field (owned 100% by Magellan and one of its subsidiaries).  These two wells are currently being completed and evaluated.  The results are not yet in, but we have every reason to believe that they will successfully produce oil and associated natural gas.  We should have information that we can disclose on these two wells within the next few weeks.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

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