Market Overview

Magellan Petroleum Corporation Announces Inducement Grant To New Operations Manager

Magellan Petroleum Corporation (NASDAQ: MPET) has appointed Blaine K. Spies to the position of Operations Manager.

On December 14, 2011, the Company granted an inducement equity award outside the Company's Stock Incentive Plan to Mr. Spies in accordance with Nasdaq Listing Rule 5635(c)(4). The grant was unanimously approved by the Compensation, Nominating and Governance Committee of the Company's Board of Directors , which committee is comprised solely of independent directors, and the Board, and was granted as an inducement material to Mr. Spies' entering into employment with the Company, effective December 9, 2011, in accordance with Nasdaq Listing Rule 5635(c)(4).

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