PORTLAND, Maine, Sept. 28, 2011 /PRNewswire/ -- Mr. J. Robinson West, Chairman of the Board of
Directors of Magellan Petroleum Company (the "Company" or
"Magellan") (NASDAQ: MPET) (ASX: MGN) announced today that
Magellan's Board of Directors has voted to move its headquarters
from Portland, Maine to
Denver, Colorado, one of the
centers of the US oil and gas industry.
As a result of this decision, Mr. William H. Hastings, CEO and President of
Magellan Petroleum, has elected to step aside from his position as
Chief Executive Officer and President. Mr. Hastings will remain on
the Board of Directors and will be submitted for another three-year
term in the upcoming Proxy. Mr. Hastings will also remain
central in the Company's activities as Senior Advisor on growth
ventures and business development.
The Board has appointed J. Thomas
Wilson, currently acting as a consultant to Magellan
Petroleum, as the new CEO and President of the Company and he will
lead the organization from its headquarters in Denver. Mr. Wilson will remain as a Director
of the Company and also stand for re-election in December for an
additional three year term. Magellan Petroleum Company is engaged
in the sale of oil and gas and the exploration for and development
of oil and gas reserves worldwide.
For further information, please contact:
Jeffrey G. Tounge, Manager,
Investor Relations (207) 619-8504
SOURCE Magellan Petroleum Company