Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Operations

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Consolidated Statement of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
REVENUES:      
Oil production $ 12,405 $ 11,815 $ 9,887
Gas production 1,353 1,796 13,616
Other (46) 4,565 5,022
Total revenues 13,712 18,176 28,525
OPERATING EXPENSES:      
Lease operating 12,897 9,247 10,116
Depletion, depreciation, amortization, and accretion 1,744 2,890 5,428
Exploration 6,291 2,854 1,273
General and administrative 13,091 16,307 14,023
Impairment 328 173 2,050
Loss on Evans Shoal 0 15,893 0
Gain on sale of assets (40,413) (969) (6,817)
Total operating (income) expense (6,062) 46,395 26,073
Income (loss) from operations 19,774 (28,219) 2,452
Other income (expense)      
Warrant expense 0 0 (4,276)
Net interest income 749 923 1,038
Other income 9 0 1,975
Total other income (expense) 758 923 (1,263)
Income (loss) before income tax 20,532 (27,296) 1,189
Income tax benefit (provision) 5,951 (5,141) (2,646)
Net income (loss) after income tax 26,483 (32,437) (1,457)
Net loss attributable to non-controlling interest in subsidiaries 15 5 11
Net income (loss) attributable to Magellan Petroleum Corporation $ 26,498 $ (32,432) $ (1,446)
Earnings per common share (Note 8):      
Weighted average number of basic shares outstanding (in shares) 53,592,958 52,398,936 51,410,596
Weighted average number of diluted shares outstanding (in shares) 54,041,227 52,398,936 51,410,596
Net income (loss) per basic share outstanding (dollars per share) $ 0.49 $ (0.62) $ (0.03)
Net income (loss) per diluted share outstanding (dollars per share) $ 0.49 $ (0.62) $ (0.03)