4 Sept 2012capital raising announcement● Neutral
Magellan granted a large inducement equity award (800,000 options plus 50,000 restricted shares) to new General Counsel C. Mark Brannum.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2012asset acquisition disposition● NeutralMajor
Magellan swapped assets with Santos, taking full ownership of the Palm Valley and Dingo gas fields in Australia's Amadeus Basin in exchange for giving up its 35% stake in the Mereenie field -- consolidating rather than expanding its Australian footprint.
13 Jan 2012capital raising announcement● Neutral
Magellan granted a further inducement stock option to new hire Wesson Liversage, continuing the same hiring-related equity pattern.
20 Dec 2011capital raising announcement● Neutral
Magellan granted inducement stock options to two new hires, Milam Pharo and Blaine Spies, under Nasdaq's employment-inducement rule -- a routine hiring-related equity grant.
21 Oct 2011auditor change● Neutral
Magellan engaged Ehrhardt Keefe Steiner & Hottman PC as its new auditor following Deloitte's departure.
7 Oct 2011auditor change▼ Bad
Auditor Deloitte & Touche declined to stand for reappointment for fiscal 2012, with no disagreements cited beyond material weaknesses in internal controls Magellan had already disclosed.
9 Sept 2011asset acquisition disposition▲ GoodMajor
Magellan sold VAALCO Energy a path to a 65% working interest in the deeper Bakken and Red River zones under its Montana Poplar Field for $5 million cash, with VAALCO obligated to drill three wells by end-2012 to earn the interest -- a farm-out that brought in cash while VAALCO took on the deep-zone exploration risk.
27 July 2011material agreement termination▼ BadMajor
The Evans Shoal gas field purchase from Santos was terminated by mutual release after repeated closing extensions; Magellan got back its A$10 million escrow deposit with accrued interest, ending the deal without penalty.
18 Feb 2011material agreement● Neutral
Magellan's investment relationship with Young Energy Prize S.A. was formalized further via a new Investment Agreement and amendments to the 2010 purchase agreement, again disclosed as a related-party matter given director Nikolay Bogachev's role as YEP's CEO and part-owner.
4 Feb 2011material agreement▼ BadMajor
Amendment reporting that on January 31, 2011 Magellan's Australian subsidiary and Santos agreed to push the closing of the Evans Shoal purchase (Santos's 40% stake, A$100M price) out to May 31, 2011. In exchange, the earlier A$15M escrow deposit was released to Santos and made non-refundable, and a new A$10M deposit is due by February 14, 2011. This is another extension of the Evans Shoal deal, with more money now at risk; the later termination in 2011 is already in the history.
4 Feb 2011material agreement● NeutralMajor
Magellan's Australian subsidiary and Santos signed a Deed of Variation on January 31, 2011, extending the Evans Shoal purchase closing to May 31, 2011. The A$15 million escrow deposit was released to Santos as non-refundable, and a further A$10 million deposit was required.
28 Dec 2010material agreement● Neutral
Magellan and Santos extended the closing deadline for the Evans Shoal gas field purchase from December 2010 to January 2011, as the parties worked to secure the transaction approvals needed to close.
11 Aug 2010capital raising announcement● NeutralMajor
Magellan agreed to sell $15.6 million more stock to strategic investor Young Energy Prize S.A., which would raise director Nikolay Bogachev and YEP's combined stake toward roughly 33% of the company -- a further deepening of a financing relationship already flagged as related-party.
26 Mar 2010material agreement● NeutralMajor
Magellan agreed to buy Santos's 40% interest in the large, undeveloped Evans Shoal gas field offshore Australia for A$100 million plus up to A$100 million more in contingent payments -- a major bet on an already-discovered but never-developed 1980s-era gas field.
10 Feb 2010asset acquisition disposition● Neutral
Amendment adding pro forma financials for Magellan's December 22, 2009 sale of its 41% interest in the Nockatunga oil fields to Santos QNT Pty Ltd for about A$6.3M (roughly US$5.6M) in cash, which closed the same day. The filing's pro forma figures show the sale removing about US$0.9M of quarterly oil sales, and it says the company expects to apply the proceeds to 'ongoing near-term strategic efforts'.
23 Dec 2009asset acquisition disposition▲ Good
Magellan's Australian subsidiary sold its Nockatunga oil field interests to Santos for about US$5.6 million, exiting one of its legacy Australian production assets.
2 Dec 2009asset acquisition disposition● Neutral
Amendment to the October 2009 report of Magellan's purchase of an 83.5% stake in Nautilus Poplar LLC (Montana), bought from White Bear LLC and the YEP I Fund. It adds Nautilus Poplar's audited 2008 financial statements: oil sales of $5.49M, net income of $501,314, and total assets of $11.3M. No new transaction terms.
19 Oct 2009asset acquisition disposition▲ GoodMajor
Magellan Petroleum acquired an 83.5% controlling stake in Nautilus Poplar LLC, owner of the East and Northwest Poplar oil fields in Montana, for $10.9 million ($7.3 million cash plus 1.7 million shares) -- Magellan's entry into US onshore production.