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Magellan Petroleum's Proposals Approved By Shareholders

Magellan Petroleum Corporation (MPET) Monday said shareholders approved the board's recommendation on each of the four company proposals presented at the 2011 annual meeting of shareholders on December 8.

Nikolay Bogachev, William Hastings and Thomas Wilson were voted as Class II directors of the company, each to serve a term of office of three years, expiring at the annual meeting of shareholders to be held in 2014.

Magellan reported the approval, on a non-binding advisory basis, of the compensation of named executive officers as described in its 2011 Proxy Statement.

Shareholders voted to consider, on a non-binding advisory basis, the compensation of the company's named executive officers annually.

The appointment of Ehrhardt Keefe Steiner & Hottman PC was ratified as the independent registered public accounting firm of the company for the fiscal year ending June 30, 2012.

Portland, Maine-based Magellan's properties and exploration acreage are located primarily in Australia, the United Kingdom, and the United States.

MPET closed Monday's regular trade at $1.12, up $0.05 or 4.67%, on the Nasdaq. Over the past year, the stock traded in a range of $0.90 - $3.45.

by RTTNews Staff Writer

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