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RockingStocks.com Stock Picks June 17th, 2008 Rockin’ Stock Pick: Magellan Petroleum Corp. (MPET) Current Price: $1.72 Magellan Petroleum Corp. is a company engaged in the selling of oil and gas and the exploration and development of oil and gas reserves. The company’s principal asset is a 100% equity interest in it’s subsidiary, Magellan Petroleum Australia Limited (MPAL). MPET has grown revenue in the last three years from $21.9 million in 2005 to $30.7 million in 2007 and operating cash flow has increased from $8.8 million to $21.3 million over the same period. MPET has no long-term debt and has a current ratio of about 4:1. Magellan’s subsidiary, MPAL, has been performing very well on the ASX. MPET is positioned well in the oil exploration industry with the announcement in late May 2008 that Magellan will be offered 7 new exploration licenses to explore in the Weald and Wessex Basins of southern England. Magellan already holds interests ranging from 22.5% to 100% in the same area. Magellan is slated to begin drilling in 2009 upon approval. MPET has nearly doubled its stock price from $0.87 in late January 2008 to the current level of $1.72.
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Disclosure: RockingStocks.com is owned by SpeculatingStocks.com, Inc. SpeculatingStocks.com, Inc. is not a registered investment adviser or broker/dealer. SpeculatingStocks.com, Inc. makes no recommendation that the purchase of securities of companies profiled in this Web site are suitable or advisable for any person or that an investment in such securities will be profitable. Generally, given the nature of the companies profiled and the possible lack of liquidity for their securities, investing in such securities is highly speculative and carries a high degree of risk. Never invest based solely on information from this Web site or our email alerts.
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