Global oil co. to relocate to Portland
Magellan Petroleum Corp. has hired veteran oilman William H. Hastings, a Falmouth resident, as its new president and CEO. Hastings told Mainebiz this morning that the company will move its corporate headquarters from Hartford to Portland.
Hastings, 53, has 27 years experience with developing oil and natural gas reserves and most recently served as president of Falmouth-based energy investment company Nova Atlantic Group LLC, according to a press release from Magellan, which is traded on the Nasdaq and owns oil and gas fields in Australia, New Zealand and the United Kingdom. Hastings will take the helm at Magellan as the company expands its exploration in Asia, Australia and the United Kingdom, the release said. "It's going to be very challenging," Hastings told Mainebiz this morning.
Hastings said Magellan would move its headquarters to Portland in the second quarter of 2009. He said there would be very few people in the office at the outset, but that over time he hopes to bring more employees to Portland. "The thought here is that we can attract energy people to Portland fairly easily," Hastings said. "The energy business has become global and people spend a lot of time on airplanes and communicating through automated systems, so it's much more practical to have offices in other locations beyond traditional spots, beyond Houston for instance. So we're hoping the lifestyle here and the ability to build a business within the energy sector can be combined."
Magellan is traded on the Nasdaq and produces about 1.5 million barrels annually and has market capitalization of $25 million. At 11 a.m., its shares traded at 62 cents, up 2 cents, or 3.3%.
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