Magellan Petroleum names new CEO, plans HQ move

Posted Sept. 28, 2011, at 6:28 p.m.

PORTLAND, Maine — Magellan Petroleum Corp. on Wednesday named a new CEO and said it plans to move its headquarters to Denver.

William H. Hastings resigned as CEO and president of Magellan after the board approved the relocation. He will remain a board member and become a senior adviser on growth ventures and business development, Magellan said.

The board appointed J. Thomas Wilson, a consultant for Magellan, as the new CEO and president. Wilson will continue as a company director.

Shares of the Portland, Maine, company fell 6 cents, or 4.5 percent, to end at $1.26 per share.

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