Magellan Petroleum Corporation (NASDAQ:MPET) announced that its shareholders approved the previously announced strategic exchange transaction at the annual and special meeting of the shareholders held on July 13, 2016.

On July 13, 2016, the Company held an annual and special meeting of the shareholders of the Company during which meeting the shareholders approved the exchange and the other transactions contemplated by the Exchange Agreement dated as of March 31, 2016, between Magellan and One Stone Holdings II LP (“One Stone”).

J. Thomas Wilson, President and CEO of the Company, commented, “We are pleased that Magellan’s shareholders have approved the Exchange Agreement with One Stone, which paves the way to finalizing the strategic alternatives review process the Company is conducting. We are currently working with One Stone to obtain the remaining consents required to permit the closing of the exchange transaction, which we expect should occur toward the end of July 2016.” (Original Source)

Shares of Magellan Petroleum closed yesterday at $1.24, up $0.04 or 3.51%. MPET has a 1-year high of $3.25 and a 1-year low of $0.20. The stock’s 50-day moving average is $1.25 and its 200-day moving average is $1.02.

Magellan Petroleum Corp. is an independent energy company, which engages in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in Australia, the United States and the United Kingdom. The Company conducts its operations through two wholly owned subsidiaries: Nautilus Poplar LLC, Magellan Petroleum Australia Pty Ltd. and Magellan Petroleum (UK) Ltd.