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Magellan Petroleum Closes Convertible Preferred Issuance, Receives $23.5 Million In Proceeds, And Appoints Two New Directors

Stocks in this article: MPET

DENVER, May 20, 2013 /PRNewswire/ -- Magellan Petroleum Corporation ("Magellan" or the "Company") (NASDAQ: MPET) today announced that on May 17, 2013 (the "Closing Date"), the Company closed the transaction contemplated by the Series A Convertible Preferred Stock Purchase Agreement (the "Series A Purchase Agreement") with One Stone Holdings II LP, an affiliate of One Stone Energy Partners LP (collectively, " One Stone"), a New York based private equity firm focused on investments in the oil and gas industry. The Company and One Stone had previously entered into this agreement on May 10, 2013.  

Pursuant to the terms of the Series A Purchase Agreement, on the Closing Date, the Company received $23.5 million in exchange for 19,239,734 shares of Series A Convertible Preferred Stock issued to One Stone.  As part of the transaction, One Stone also appointed two new members to Magellan's Board of Directors.  Effective as of the Closing Date, Robert Israel and Vadim Gluzman, each a managing member of One Stone, joined Magellan's board.

Prior to One Stone, Mr. Israel was a partner at Compass Advisers LLP. Prior to joining Compass in 2000, he was the head of the energy department of Schroder & Co., Inc. from 1991 to 2000. Mr. Israel holds an M.B.A. from Harvard Business School and a B.A. from Middlebury College. He is currently on the board of W&T Offshore Inc. and several private energy-related companies.

Prior to One Stone, Mr. Gluzman served as a vice president of OAO LUKOIL and President of Lukoil Americas Holding. Prior to joining Lukoil in 1997, he worked as a chemical engineer for Teknor Apex Corporation and at the Moscow Institute of Plastics.

Mr. Gluzman holds a Master's degree in chemical technologies from the Moscow Institute of Chemical Technologies.

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