Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Jun. 30, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 32,469 $ 41,215
Accounts receivable — trade 794 1,152
Accounts receivable — working interest partners 58 231
Inventories 555 499
Prepaid and other assets 1,422 511
Total current assets 35,298 43,608
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 35,377 33,927
Less accumulated depletion, depreciation, and amortization (5,814) (5,740)
Unproved oil and gas properties 5,312 7,091
Wells in progress 923 3,744
Land, buildings and equipment (net of accumulated depreciation of $1,810 and $2,077 as of June 30, 2013, and 2012, respectively) 1,382 1,422
Net property and equipment 37,180 40,444
OTHER NON-CURRENT ASSETS:    
Goodwill 2,174 2,174
Deferred income taxes 7,217 5,951
Other long term assets 403 397
Total other non-current assets 9,794 8,522
Total assets 82,272 92,574
CURRENT LIABILITIES:    
Short term line of credit 51 50
Current portion of note payable 390 480
Current portion of asset retirement obligations 476 329
Accounts payable 1,948 3,672
Accrued and other liabilities 2,757 3,000
Accrued dividends 202 0
Total current liabilities 5,824 7,531
LONG TERM LIABILITIES:    
Note payable 0 390
Asset retirement obligations 6,403 7,455
Contingent consideration payable 3,940 4,072
Other long term liabilities 163 218
Total long term liabilities 10,506 12,135
COMMITMENTS AND CONTINGENCIES (Note 12)      
Series A convertible preferred stock (par value $0.01 per share): Issued 19,239,734 and 0 as of June 30, 2013, and 2012, respectively; liquidation preference $27,227 23,502 0
EQUITY (Note 9):    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 54,057,159 and 53,835,594 as of June 30, 2013, and 2012, respectively 540 538
Treasury stock (at cost): 9,414,176 and 0 shares as of June 30, 2013 and 2012, respectively (9,333) 0
Capital in excess of par value 90,786 90,753
Accumulated deficit (50,079) (29,590)
Accumulated other comprehensive income 10,526 11,207
Total equity attributable to Magellan Petroleum Corporation 42,440 72,908
Total liabilities, preferred stock and equity $ 82,272 $ 92,574