Company Update (NASDAQ:MPET): Magellan Petroleum Corporation Appoints New Chief Executive Officer
Magellan Petroleum Corporation (NASDAQ:MPET) announced that Mr. Wilson tendered his resignation as the President and Chief Executive Officer (“CEO”) and a director of the Company effective as of August 5, 2016, and the board of directors appointed Mr. Lafargue, the Company’s current Chief Financial Officer, as President and CEO.
J. Robinson West, Chairman of the board, commented, “We want to thank Mr. Wilson for leading Magellan through a very challenging time in the industry and to the announced merger with Tellurian Investments Inc. (“Tellurian”). We are delighted that Mr. Lafargue will step up as President and CEO until the merger with Tellurian is consummated, as he has proven to be a very capable executive.” (Original Source)
Shares of Magellan Petroleum closed last Friday at $3.32, up $0.51 or 18.15%. MPET has a 1-year high of $5 and a 1-year low of $0.20. The stock’s 50-day moving average is $1.36 and its 200-day moving average is $1.13.
Magellan Petroleum Corp. is an independent oil and gas exploration and production company focused on the development of CO2-enhanced oil recovery projects in the Rocky Mountain region. The company conducts its operations through wholly owned subsidiaries: Nautilus Poplar LLC, Magellan Petroleum Australia Pty Ltd. and Magellan Petroleum (UK) Ltd. Magellan Petroleum was founded in 1957 and is headquartered in Denver, CO.