| Reclassification |
Note 16 - Reclassification
Certain reclassifications have been made to the prior period consolidated financial statements to conform them to the current year format. Magellan believes this change improves presentation of our financial statements by conforming them to industry-specific norms. This reclassification had no effect on previously reported results.
The table below provides a summary of the reclassifications related to the consolidated balance sheet for the comparative period presented.
|
|
|
|
|
|
June 30,
2011 |
|
(In thousands) |
CONSOLIDATED BALANCE SHEET |
|
As reported previously: |
|
Oil and gas properties (successful efforts method) |
$ |
138,577 |
|
Land, buildings, and equipment |
4,089 |
|
Field equipment |
6,390 |
|
Less accumulated depletion, depreciation, and amortization |
(119,903 |
) |
Net property and equipment |
$ |
29,153 |
|
|
|
As currently reported: |
|
Proved oil and gas properties |
$ |
136,094 |
|
Less accumulated depletion, depreciation, and amortization |
(115,917 |
) |
Unproved oil and gas properties |
3,368 |
|
Wells in progress |
4,315 |
|
Land, buildings, and equipment, net of accumulated depreciation |
1,293 |
|
Net property and equipment |
$ |
29,153 |
|
The table below provides a summary of the reclassifications related to the consolidated statements of operations for the comparative periods presented.
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2011 |
|
2010 |
|
(In thousands) |
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
As reported previously: |
|
|
|
Salaries and employee benefits |
$ |
5,079 |
|
|
$ |
4,816 |
|
Depletion, depreciation, and amortization |
2,326 |
|
|
4,680 |
|
Auditing, accounting, and legal services |
2,595 |
|
|
1,948 |
|
Accretion expense |
564 |
|
|
748 |
|
Shareholder communications |
396 |
|
|
551 |
|
Other administrative expenses |
7,286 |
|
|
6,031 |
|
Foreign transaction loss |
951 |
|
|
677 |
|
Total |
$ |
19,197 |
|
|
$ |
19,451 |
|
|
|
|
|
As currently reported: |
|
|
|
Depletion, depreciation, amortization, and accretion |
$ |
2,890 |
|
|
$ |
5,428 |
|
General and administrative |
16,307 |
|
|
14,023 |
|
Total |
$ |
19,197 |
|
|
$ |
19,451 |
|
|