Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Jun. 30, 2011
Current Assets:    
Cash and cash equivalents $ 41,215 $ 20,417
Accounts receivable — trade (net of allowance for doubtful accounts of $0 and $66 as of June 30, 2012 and 2011, respectively) 1,152 4,357
Accounts receivable - working interest partners 231 454
Deposit On Evans Shoal 0 10,745
Inventories 499 732
Prepaid assets 498 517
Other assets 13 62
Total current assets 43,608 37,284
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties 33,927 136,094
Less accumulated depletion, depreciation and amortization (5,740) (115,917)
Unproved oil and gas properties 7,091 3,368
Wells in progress 3,744 4,315
Land, buildings and equipment (net of accumulated depreciation of $2,077 and $3,985 as of June 30, 2012 and 2011, respectively) 1,422 1,293
Net property and equipment 40,444 29,153
Other Non-current Assets:    
Securities available for sale 155 238
Goodwill 2,174 4,695
Deferred income taxes 5,951 0
Other long term assets 242 204
Total other non-current assets 8,522 5,137
Total assets 92,574 71,574
Current liabilities:    
Short term line of credit 50 1
Current portion of note payable 480 552
Current portion of asset retirement obligations 329 0
Accounts payable 3,672 3,861
Accrued and other liabilities 3,000 2,055
Total current liabilities 7,531 6,469
Long term liabilities:    
Note payable 390 870
Asset retirement obligations 7,455 11,397
Contingent consideration payable 4,072 0
Other long term liabilities 218 310
Total long term liabilities 12,135 12,577
Commitments and contingencies (Note 10)      
Equity:    
Common stock (par value $.01 per share): Authorized 300,000,000 shares, outstanding, 53,835,594 and 52,455,977 as of June 30, 2012 and 2011, respectively 538 525
Capital in excess of par value 90,753 93,617
Preferred stock (par value $.01 per share): Authorized 50,000,000 and 0 shares, outstanding, 0 and 0 as of June 30, 2012 and 2011, respectively 0 0
Accumulated deficit (29,590) (56,073)
Accumulated other comprehensive income 11,207 12,470
Total equity attributable to Magellan Petroleum Corporation 72,908 50,539
Non-controlling interest in subsidiaries 0 1,989
Total equity 72,908 52,528
Total liabilities and equity $ 92,574 $ 71,574