Magellan Petroleum Corp. (NASDAQ:MPET) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $5.00 and last traded at $2.94, with a volume of 6,138,745 shares. The stock had previously closed at $1.20.

The company has a 50-day moving average of $1.22 and a 200 day moving average of $1.08. The firm’s market capitalization is $14.41 million.

Magellan Petroleum Corporation is an oil and gas exploration and production company, which focuses on the development of carbon dioxide (CO2) enhanced oil recovery (CO2-EOR) projects in the Rocky Mountain region. The Company owns exploration acreage in the Weald Basin, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory in Australia.

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