Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Jun. 30, 2012
Current Assets:    
Cash and cash equivalents $ 37,939 $ 41,215
Accounts receivable — trade 1,037 1,152
Accounts receivable - working interest partners 216 231
Inventories 470 499
Prepaid assets 258 511
Total current assets 39,920 43,608
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties 33,499 33,927
Less accumulated depletion, depreciation and amortization (5,537) (5,740)
Unproved oil and gas properties 6,501 7,091
Wells in progress 3,707 3,744
Land, buildings and equipment (net of accumulated depreciation of $2,174 and $2,077 as of September 30, 2012, and June 30, 2012, respectively) 1,540 1,422
Net property and equipment 39,710 40,444
Other Non-current Assets:    
Goodwill 2,174 2,174
Deferred income taxes 6,287 5,951
Other long term assets 376 397
Total other non-current assets 8,837 8,522
Total assets 88,467 92,574
Current liabilities:    
Short term line of credit 100 50
Current portion of note payable 456 480
Current portion of asset retirement obligations 339 329
Accounts payable 3,543 3,672
Accrued and other liabilities 3,170 3,000
Total current liabilities 7,608 7,531
Long term liabilities:    
Note payable 282 390
Asset retirement obligations 7,349 7,455
Contingent consideration payable 4,152 4,072
Other long term liabilities 213 218
Total long term liabilities 11,996 12,135
Equity:    
Common stock (par value $.01 per share): Authorized 300,000,000 shares, outstanding, 53,835,594 and 53,835,594 as of September 30, 2012 and June 30, 2012, respectively 539 538
Capital in excess of par value 91,098 90,753
Preferred stock (par value $.01 per share): Authorized 50,000,000 shares, outstanding, 0 as of September 30, 2012 and June 30, 2012, respectively 0 0
Accumulated deficit (34,900) (29,590)
Accumulated other comprehensive income 12,126 11,207
Total equity attributable to Magellan Petroleum Corporation 68,863 72,908
Total equity 68,863 72,908
Total liabilities and equity $ 88,467 $ 92,574