DENVER, Sept. 4, 2012 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) today announced that it has appointed C. Mark Brannum as its new Vice President - General Counsel and Secretary effective September 5, 2012. Mr. Brannum will succeed Milam Randolph Pharo, who is retiring from that position.
Mr. Brannum comes from SM Energy Company, where he has held various positions since 2007, including Deputy General Counsel and Corporate Secretary. Before that he was a shareholder with Winstead P.C., a large business law firm headquartered in Dallas, Texas, from 1995 to 2007.
In announcing the appointment, Magellan Petroleum's CEO Tom Wilson said: "Mark will be a great addition to our senior management team, and his experience in the oil and gas industry in the Rocky Mountain region will be a true asset to both management and the Board of Directors. In addition, his previous law firm experience in banking and corporate restructuring matters will be helpful in looking at potential acquisition opportunities in distressed situations resulting from the current low natural gas price environment. We also want to thank Randy for coming out of his previous retirement to work for us on a part-time basis as we transitioned to Denver, completed the Santos asset swap transaction, and initiated efforts to implement a CO 2-enhanced oil recovery project at Poplar. As the Company's activities have increased, it has become clear that this is not the part-time position that we initially contemplated, but the Company is considering ways to provide for Randy's continued involvement with the Company in an as yet to be determined role."
In connection with Mr. Brannum's appointment, the Company has entered into a three-year employment agreement with Mr. Brannum, which provides for the grant of an inducement equity award to Mr. Brannum outside of the Company's Stock Incentive Plan, in accordance with NASDAQ Listing Rule 5635(c)(4). The agreement and grant have been approved by the Compensation, Nominating and Governance Committee of the Company's Board of Directors, which is comprised solely of independent directors, and the full Board of Directors, and the grant is an inducement material to Mr. Brannum agreeing to enter into employment with the Company effective September 5, 2012.