Magellan Petroleum Corporation Announces Two Inducement Grants
Under Nasdaq Rule 5635(c)(4) to new Senior Geologist and new
Executive Assistant
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:
Matthew Ciardiello, Manager,
Investor Relations at 720.484.2404
SOURCE Magellan Petroleum Corporation