PORTLAND, Maine, Jan. 13, 2012 /PRNewswire/ -- Magellan Petroleum
Corporation (the "Company") (NASDAQ: MPET) (ASX: MGN) has appointed
Wesson Liversage to the position of
Financial Reporting Manager.
On January 10, 2012, the Company
granted an inducement equity award outside the Company's Stock
Incentive Plan to Mr. Liversage in accordance with Nasdaq Listing
Rule 5635(c)(4). The grant was unanimously 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. Liversage's entering into employment
with the Company, effective January 10,
2012, in accordance with Nasdaq Listing Rule 5635(c)(4).
The grant to Mr. Liversage consisted of nonqualified options to
purchase 75,000 unregistered shares of the Company's common stock
("Shares") with a ten year term and an exercise price equal to
$1.01 per share, the closing price of
the Company's common stock on the grant date. The options
were and the Shares will be (absent registration prior to exercise)
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 upon
the date the Company next files with the U.S. Securities and
Exchange Commission ("SEC") either a quarterly or annual report on
Form 10-Q or Form 10-K, respectively, without disclosure or
findings of any material weakness or significant deficiency in the
Company's internal controls over financial matters. The
vesting of the options is contingent upon Mr. Liversage'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 (absent registration prior
to exercise) 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 the United
States, Australia, and the
United Kingdom.
For further information, please contact:
Jeffrey G. Tounge, Manager, Investor
Relations, (+1) 207.619.8504
SOURCE Magellan Petroleum Corporation