DENVER, Feb. 4, 2013 /PRNewswire/ -- On February 1, 2013, Magellan Petroleum Corporation
("Magellan" or the "Company") (NASDAQ: MPET) (ASX: MGN) received
formal notification from the NASDAQ Stock Market LLC ("NASDAQ")
that the Company has regained compliance with Listing Rule
5550(a)(2), which requires the Company to maintain a minimum
closing bid price of $1.00 per
share. NASDAQ staff made this determination of compliance
after the Company's bid price closed above $1.00 per share for the prior 10 consecutive
business days.
NASDAQ had previously notified the Company of its non-compliance
with Listing Rule 5550(a)(2) on November 19,
2012, following 30 consecutive business days for which the
Company's closing bid price did not meet the $1.00 per share minimum requirement.
Tom Wilson, President and CEO of
Magellan, stated, "Over the past year, we have simplified our
story, focused our operational strategy, and revamped our investor
communications. Regaining compliance with NASDAQ is a
validation of these efforts and a sign that the market is beginning
to see the inherent value of our assets."
CAUTIONARY INFORMATION ABOUT FORWARD LOOKING
STATEMENTS
Statements in this release that are not
historical in nature are intended to be, and are hereby identified
as, forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995. These statements
about Magellan may relate to its businesses, prospects, and other
matters that involve a number of risks and uncertainties that may
cause actual results to differ materially from the results
expressed or implied in the forward-looking statements. Among
these risks and uncertainties are those set forth in the Risk
Factors sections of Magellan's most recent 10-K and subsequent
10-Qs filed with the SEC.
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
1964. 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