PORTLAND, Maine, Dec. 5,
2011 /PRNewswire/ -- Magellan Petroleum Corporation (the
"Company") (NASDAQ: MPET) (ASX: MGN) has appointed Milam Randolph Pharo to the position of Vice
President - General Counsel and Secretary.
Mr. Pharo has served in private legal practice focusing on oil
and gas matters and as a general counsel to a public oil and gas
company. Prior to this appointment, Mr. Pharo held several
positions at SM Energy Company from 1996 to 2010 including Vice
President - Land and Legal and Senior Vice President and General
Counsel.
In announcing the appointment, Magellan Petroleum's CEO
Tom Wilson said: "Randy Pharo is a great addition to our senior
management team headquartered in Denver. He has worked for
over 30 years in the oil and gas industry with an emphasis in the
Rocky Mountain region. His experience as a former general
counsel and in the land and legal elements of the business will be
a great asset to both Management and the Board of
Directors."
On November 30, 2011, the Company
granted an inducement equity award outside the Company's Stock
Incentive Plan to Mr. Pharo, in accordance with Nasdaq Listing Rule
5635(c)(4). The grant was approved by the Compensation, Nominating
and Governance Committee of the Company's Board of Directors
("Board"), which committee is comprised solely of independent
directors, and the Board, and was granted as an inducement material
to Mr. Pharo entering into employment with the Company, effective
November 30, 2011, in accordance with
Nasdaq Listing Rule 5635(c)(4).
The grant to Mr. Pharo consisted of nonqualified options to
purchase 500,000 unregistered shares of the Company's common stock
("Shares") with a ten year term and an exercise price equal to
$1.13 per share, the closing price of
the Company's common stock on the grant date. The options and
the Shares were privately placed pursuant applicable exemptions
from the registration requirements of the Securities Act of 1933,
as amended ("Securities Act"). The options are scheduled to
vest in three equal tranches over the next 3 years. as
follows: 166,666 option shares on November 30, 2011, 166,667 option shares on
November 30, 2012, and 166,667 option
shares on November 30,
2013. The vesting of the options are contingent upon Mr.
Pharo'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 agreement)
of the Company. The options are non-transferable except under
limited circumstances. The Shares will be subject to the
provision of Rule 144 promulgated under the Securities Act.
About Magellan
Magellan is a US-based energy company principally engaged in the
acquisition, exploration, development and production of overlooked
crude oil and "stranded" natural gas reserves. Magellan's
strategy involves the exploitation of already discovered oil and
natural gas properties worldwide into non-traditional, growing
markets. The company's properties and exploration acreage are
located primarily in Australia,
the United Kingdom, and
the United States.
For further information, please contact:
Jeffrey G. Tounge, Manager,
Investor Relations, (+1) 207.619.8504
SOURCE Magellan Petroleum Corporation