Today, Megellan Petroleum announced that it has appointed William H. Hastings as its new President and CEO. Daniel J. Samela has resigned as Acting President and CEO and will assum the roles of CFO, Chief Accounting Officer and Treasurer. The company also announced changes to its Board of Directors.
Walter McCann, Magellan’s Chairman of the Board, stated, “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.”
“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,” McCann added.
New CEO William Hastings stated, “I am excited about joining Magellan. 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.”
Concerning the board changes, Magellan 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. Commenting on the resignation, McCann stated, “Tim Largay has served Magellan exceptionally well as an attorney and as a Director. 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.” Mr. Hastings will be filling the vacancy created by Mr. Largay’s resignation, effective immediately.
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