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, "
based private equity firm focused on investments in the oil and gas industry. The Company and
had previously entered into this agreement on
Pursuant to the terms of the Series A Purchase Agreement, on the Closing Date, the Company received
in exchange for 19,239,734 shares of Series A Convertible Preferred Stock issued to
. As part of the transaction,
also appointed two new members to Magellan's Board of Directors. Effective as of the Closing Date,
, each a managing member of
, joined Magellan's board.
, 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
. He is currently on the board of W&T Offshore Inc. and several private energy-related companies.
, 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.