Magellan Petroleum has appointed William H. Hastings as its new President and Chief Executive Officer (CEO) and has made related changes to its Board of Directors. Daniel J. Samela has resigned as Acting President and CEO but will remain with the Company and continue to serve as Magellan’s Chief Financial Officer (CFO), Chief Accounting Officer and Treasurer.

“Magellan’s Board is very pleased to have Bill Hastings assume the positions of President and CEO. Bill brings more than twenty-seven years of proven experience in the successful development of oil and natural gas reserves and also in the management of commercial gas operations, both in the U.S. and overseas, for Marathon Oil Company and other energy concerns.” stated Walter McCann, Magellan’s Chairman of the Board.

Mr. Hastings, 53, most recently served as President of Nova Atlantic Group LLC, which focuses on development of “stranded” natural gas reserves. He previously spent twenty-six years working for Marathon Oil, an international energy company based in Houston, Texas. At Marathon, he served in various executive capacities in Houston and in London where he was responsible for new business development and asset growth initiatives. Mr. Hastings is a 1977 graduate of Purdue University, with a B.S. in Industrial Management and also received an M.B.A. in Managerial Finance in 1980 from Indiana University. He resides in Falmouth, Maine.

“Magellan’s acquisition of a 100% interest in our Magellan Petroleum Australia (MPAL) subsidiary two years ago was a major milestone in our Company’s history. We now look to Bill to lead Magellan’s diversification and to build new business. Magellan has a strong balance sheet in a difficult operating environment. By targeting new financial and operational opportunities and efficiencies, we will begin to undertake substantive growth initiatives. We are optimistic about Magellan’s future, and fortunate to have the benefit of Bill’s extensive experience and proven leadership.” added Mr. McCann.

“I am excited about joining Magellan, “ Mr. Hastings said, “it has resilience, a sound asset base, and is a solid platform for future growth to meet growing demand for energy in Australia and Asia. There is much to be done and I look forward to meeting the challenges that we face.”

The Board and Mr. Hastings have approved a term sheet setting forth the material terms of his employment by the Company. The Company will file a copy of Mr. Hastings’ Term Sheet with the SEC on a current report on Form 8-K. The Company and Mr. Hastings intend to enter into a definitive employment agreement incorporating the terms of employment described on the Term Sheet as soon as practicable.

Mr. McCann stated, “a guiding principle in our hiring decision is to ensure that Mr. Hastings’ compensation is closely aligned with our shareholders’ interests. Accordingly, his compensation focuses on an option program related to the time necessary to implement our shared strategic vision, the achievement of mutually agreed performance targets, and the need to raise significant capital. Additional capital will be needed to exploit our current assets and expand our reach into other areas of energy exploration and development.”

The Board has also agreed to move Magellan’s corporate office from Hartford, Connecticut to Portland, Maine.

Mr. McCann stated, “The Board thanks Dan Samela for his dedicated service to the Company as its acting President and CEO since 2004. We look forward to continue working with Dan as the Company’s Chief Financial Officer, Chief Accounting Officer and Treasurer.”

Tags: Magellan Petroleum