Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v2.4.0.6
Acquisitions and Divestitures (Tables)
 12 Months Ended
Jun. 30, 2012
Acquisitions and Divestitures [Abstract]  
Schedule of Purchase Price Allocation
The following table summarizes the allocation of the consideration received for the assets transferred as a result of the Santos SA as of June 30, 2012.
 
Total
 
(In thousands)
Consideration received
 
Net purchase price per Santos SA
$
25,493

Purchase price adjustments
1,138

Total
$
26,631

 
 
Allocation of the consideration received to fair value of assets
 
Proved oil and gas properties (Palm Valley)
$
3,403

Unproved oil and gas properties (Dingo)
2,957

Land, buildings, and equipment (Palm Valley)
370

Total allocation of the fair value received
6,730

Mereenie liabilities given up, net
2,805

Gain on sale of assets
(36,166
)
Total
$
(26,631
)
Business Acquisition, Pro Forma Information
The unaudited pro forma results can be summarized as follows for the years ended:
 
Magellan as Reported
 
Pro Forma
 
 
Acquisition (a)
 
Disposition (b)
 
Combined
 
(In thousands, except per share amounts)
June 30, 2012
 
 
 
 
 
 
 
Sales
$
13,712

 
$
1,025

 
$
(5,891
)
 
$
8,846

Net income (loss) attributable to Magellan Petroleum Corporation
$
26,498

 
$
(223
)
 
$
835

 
$
27,110

Net income per basic share outstanding
$
0.49

 
 
 
 
 
$
0.51

Net income per diluted share outstanding
$
0.49

 
 
 
 
 
$
0.50

 
 
 
 
 
 
 
 
June 30, 2011
 
 
 
 
 
 
 
Sales
$
18,176

 
$
4,492

 
$
(8,813
)
 
$
13,855

Net (loss) income attributable to Magellan Petroleum Corporation
$
(32,432
)
 
$
2,471

 
$
(1,144
)
 
$
(31,105
)
Net (loss) per basic share outstanding
$
(0.62
)
 
 
 
 
 
$
(0.59
)
Net (loss) per diluted share outstanding
$
(0.62
)
 
 
 
 
 
$
(0.59
)
(a) Reflects the pro forma results from operations related to the Palm Valley Interests and the Dingo Interests.
(b) Reflects the pro forma results from operations related to the Mereenie Interests.
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures
The accounting for this transaction is set forth in the table below:
 
Total
 
(In thousands)
Cash consideration received
$
5,000

Net book value allocated to Deep Intervals
(829
)
Transaction costs
(162
)
Gain on sale recognized
$
4,009

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The table below summarizes the consideration paid to the Nautilus Sellers under the Nautilus PSA and the estimated fair value of the assets acquired and liabilities assumed for the working interests acquired from NT.
 
NT non-
controlling
 interest in NP
 
NT working
 interest in
 Poplar
 
ER non-
controlling
 interest in NP
 
Total
 
(In thousands)
Consideration paid to Sellers (1):
 
 
 
 
 
 
 
Cash consideration
$
1,920

 
$
823

 
$
1,257

 
$
4,000

Share consideration (2)
907

 
389

 
526

 
1,822

Fair value of contingent consideration payable
1,993

 
854

 
1,304

 
4,151

Total
$
4,820

 
$
2,066

 
$
3,087

 
$
9,973

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
(In thousands)
Recognized amount of identifiable assets acquired and liabilities assumed for Business combination:
 
 
 
 
 
 
 
Oil and gas assets (proved)
 
 
 
 
 
 
$
1,462

Oil and gas assets - Deep Intervals (unproved)
 
 
 
 
 
 
679

ARO liability
 
 
 
 
 
 
(75
)
Total
 
 
 
 
 
 
$
2,066

(1) Excludes transaction costs.
(2) Common stock valued at $1.54 per share closing price on the date of the transaction.