Exhibit 99.2
MAGELLAN APPOINTS NEW PRESIDENT
AND CHIEF EXECUTIVE OFFICER AND
ANNOUNCES BOARD CHANGES
HARTFORD, Conn., December 15, 2008 Magellan Petroleum Corporation (NASDAQ: MPET) (ASX:
MGN) (the Company or Magellan) announced the appointment of William H. Hastings as its new
President and Chief Executive Officer (CEO) and 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 Magellans Chief Financial Officer (CFO), Chief Accounting Officer and Treasurer.
New President and Chief Executive Officer
Magellans 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,
Magellans 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.
Magellans acquisition of a 100% interest in our Magellan Petroleum Australia (MPAL)
subsidiary two years ago was a major milestone in our Companys history. We now look to Bill to
lead Magellans 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
Magellans future, and fortunate to have the benefit of Bills 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 Magellans 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
Companys Chief Financial Officer, Chief Accounting Officer and Treasurer.
Changes to the Board of Directors
The Company also announced that Timothy L. Largay has resigned as a member of the Board of
Directors of the Company, as an Assistant Secretary of the Company, and as a member of the Board of
Directors of MPAL. Mr. Largay has served on the Companys Board since 1996 and on the MPAL Board
since 2001.
Tim Largay has served Magellan exceptionally well as an attorney and as a Director, said
Board Chairman Walter McCann. He has been a steady hand in difficult moments, which every company
experiences. His ability to cut to the heart of complex matters has been invaluable.
The Companys Board of Directors unanimously elected William H. Hastings to fill the vacancy
on the Companys Board created by Mr. Largays resignation, effective immediately. Concurrently,
Mr. Hastings has also been recommended for election as a member of the Board of Directors of MPAL,
which election is expected in the near future.
The Board has also unanimously determined to nominate Mr. Hastings for a three-year term of
office as a Company director, commencing at the 2008 annual meeting of shareholders and expiring at
the 2011 annual meeting of shareholders. The Board will announce the record date and meeting date
for the 2008 annual meeting in the near future.
* * * * * *
For further information, please contact:
William H. Hastings, President and CEO, (207) 776-5616
Daniel J. Samela, Chief Financial Officer, at (860) 293-2006
Forward- Looking Statements
Statements in this release which are not historical in nature are intended to be, and are hereby
identified as, forward-looking statements for purposes of the Private Securities Litigation Reform
Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects,
revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties
that may cause actual results to differ materially from expectations. Among these risks and
uncertainties are pricing and production levels from the properties in which Magellan and MPAL have
interests, the extent of the recoverable reserves at those properties, the future outcome of the
negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie
and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other
potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In
addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled
may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking
information provided in this release should be considered with these factors in mind. Magellan
assumes no obligation to update any forward-looking statements contained in this release, whether
as a result of new information, future events or otherwise.