Magellan Petroleum Corporation says that on May 17, 2013 (the "Closing Date"), the Company closed the transaction contemplated by the Series A Convertible Preferred Stock Purchase Agreement (the "Series A Purchase Agreement") with One Stone Holdings II LP, an affiliate of One Stone Energy Partners LP (collectively, "One Stone"), a New York based private equity firm focused on investments in the oil and gas industry. The Company and One Stone had previously entered into this agreement on May 10, 2013.

Pursuant to the terms of the Series A Purchase Agreement, on the Closing Date, the Company received $23.5 million in exchange for 19,239,734 shares of Series A Convertible Preferred Stock issued to One Stone. As part of the transaction, One Stone also appointed two new members to Magellan's Board of Directors. Effective as of the Closing Date, Robert Israel and Vadim Gluzman, each a managing member of One Stone, joined Magellan's board.

Tags: Magellan Petroleum