This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Announces Two Inducement Grants Under Nasdaq Rule 5635(c)(4) To New Senior Geologist And New Executive Assistant

Stocks in this article: MGN MPET

DENVER, Dec. 14, 2012 /PRNewswire/ -- Magellan Petroleum Corporation (the "Company") (NASDAQ: MPET) (ASX: MGN) has appointed Chris Peterson to the position of Senior Geologist and Kristin Keller to the position of Executive Assistant.

In connection with Ms. Peterson's and Ms. Keller's appointments, on December 4, 2012, the Company granted inducement equity awards outside the Company's Stock Incentive Plan to Ms. Peterson and to Ms. Keller in accordance with Nasdaq Listing Rule 5635(c)(4).  The grants were approved by a majority of the Company's independent directors, and were granted as inducements material to Ms. Peterson's and Ms. Keller's entering into employment with the Company, effective October 20, 2012, and November 14, 2012, respectively, in accordance with Nasdaq Listing Rule 5635(c)(4).

The grant to Ms. Peterson consisted of nonqualified options to purchase 75,000 unregistered shares of the Company's common stock (the "Shares") with a ten-year term and an exercise price equal to $0.789 per share, the NASDAQ closing price of the Company's common stock on the grant date.  The grant to Ms. Keller consisted of nonqualified options to purchase 7,500 unregistered Shares, also with a ten-year term and an exercise price equal to $0.789 per share, the NASDAQ closing price of the Company's common stock on the grant date.  Ms. Peterson's and Ms. Keller's options were, and the Shares will be (absent registration prior to exercise), privately placed pursuant to applicable exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").  Ms. Peterson's and Ms. Keller's options are scheduled to vest one third on the grant date, the second one third on the first anniversary of the grant date, and the final one third on the second anniversary of the grant date.  The vesting of the options will be contingent upon Ms. Peterson's and Ms. Keller's continued employment with the Company.  The vesting of the options will accelerate and become exercisable in full upon a "change of control" (as defined in the underlying award agreements) of the Company.  The options are non-transferable except under limited circumstances.  The Shares (absent registration prior to exercise) will be subject to the provisions of Rule 144 promulgated under the Securities Act.

About Magellan

Magellan is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in the United States, Australia, and the United Kingdom.  Traded on NASDAQ since 1972, the Company conducts its operations through two wholly owned subsidiaries, Nautilus Poplar LLC, which owns interests at Poplar, a highly attractive oil field in the Williston Basin, and Magellan Petroleum Australia Limited, a successful independent oil and gas company in Australia and the UK in existence since the 1960s.  The Company's mission is to enhance shareholder value by maximizing the full potential of existing assets.  Magellan routinely posts important information about the Company on its website at www.magellanpetroleum.com.

For further information, please contact:

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 18,062.57 +8.86 0.05%
S&P 500 2,093.16 +4.39 0.21%
NASDAQ 4,809.2020 +2.3430 0.05%

Brokerage Partners

Rates from Bankrate.com

  • 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