Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2015
Jun. 30, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 1,051 $ 16,422
Securities available for sale 4,230 11,935
Accounts receivable — trade 420 886
Accounts receivable — working interest partners 130 0
Inventories 651 739
Prepaid and other assets 2,100 2,105
Total current assets 8,582 32,087
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 20,857 29,335
Less accumulated depletion, depreciation, amortization and accretion (4,355) (3,575)
Unproved oil and gas properties 709 550
Wells in progress 19,660 21,296
Land, buildings, and equipment (net of accumulated depreciation of $682 and $483 as of June 30, 2015, and 2014, respectively) 202 368
Net property and equipment 37,073 47,974
OTHER NON-CURRENT ASSETS:    
Goodwill, net 500 1,174
Deferred income taxes 0 0
Other long term assets 545 200
Total other non-current assets 1,045 1,374
Total assets 46,700 81,435
CURRENT LIABILITIES:    
Accounts payable 2,534 3,586
Accrued and other liabilities 2,120 2,121
Accrued dividends 0 429
Current portion of asset retirement obligations 0 397
Total current liabilities 4,654 6,533
LONG TERM LIABILITIES:    
Note payable 5,500 0
Asset retirement obligations, net of current portion 2,647 2,476
Contingent consideration payable 0 1,852
Other long term liabilities 98 118
Total long term liabilities $ 8,245 $ 4,446
COMMITMENTS AND CONTINGENCIES (Note 14)
Total preferred stock $ 25,850 $ 24,539
EQUITY:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued 6,917,027 and 6,875,605 as of June 30, 2015, and 2014, respectively 69 69
Treasury stock (at cost): 1,209,389 and 1,178,139 shares as of June 30, 2015, and 2014, respectively (9,806) (9,344)
Capital in excess of par value 93,386 93,467
Accumulated deficit (81,006) (36,266)
Accumulated other comprehensive income (loss) 5,302 (2,009)
Total equity attributable to Magellan Petroleum Corporation 7,945 45,917
Non-controlling interest in subsidiary 6 0
Total equity 7,951 45,917
Total liabilities, preferred stock and equity 46,700 81,435
Series A Convertible Preferred Stock [Member]    
LONG TERM LIABILITIES:    
Total preferred stock $ 25,850 $ 24,539