Magellan Petroleum (MPET) to Review Stratex's $2.30/Share Bid

August 29, 2012 7:02 AM EDT
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Magellan Petroleum Corporation (Nasdaq: MPET) commented on the unexpected announcement earlier today by Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) ("Stratex") that Stratex had made an offer to acquire Magellan for $2.30 per share in cash and stock, which announcement was included in a tender offer statement filed by Stratex with the U.S. Securities and Exchange Commission.

Magellan notes that the Stratex letter to Magellan referred to in the Stratex announcement, which was hand delivered to Magellan on August 27, 2012, was the first communication of any kind from Stratex to Magellan following a brief initial introductory meeting among certain executives of Stratex and Magellan in the Spring of 2012.

The Magellan Board of Directors has not yet had the opportunity to review the Stratex letter with Magellan's financial and legal advisors, but will do so as soon as reasonably practicable. Accordingly, Magellan believes that the shareholders of Magellan should not take any action at this time in response to the Stratex announcement.

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