Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.3.0.15
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2011
Jun. 30, 2011
Current assets:    
Cash and cash equivalents $ 25,723,216 $ 20,416,625
Accounts receivable trade (net of allowance for doubtful accounts of $0 and $66,702 at September 30, 2011 and at June 30, 2011 respectively) 1,680,516 4,356,621
Accounts receivable working interest partners 322,602 453,843
Deposit on Evans Shoal 0 10,745,061
Marketable securities 2,399,882 0
Securities available-for-sale (at fair value) 0 0
Inventories 581,701 731,672
Deferred income taxes 0 0
Assets held for sale 1,501,417 0
Prepaid assets 300,452 517,482
Other assets 2,122 61,934
Total current assets 32,511,908 37,283,238
Deferred income taxes 0 0
Deposit on Evans Shoal 0 0
Securities available-for-sale - Noncurrent 204,298 238,070
Property and equipment, net:    
Oil and gas properties (successful efforts method) 34,653,014 138,576,622
Land, buildings and equipment 2,811,914 4,088,759
Field equipment 5,537,910 6,390,383
Property Plant And Equipment Gross 43,002,838 149,055,764
Less accumulated depletion, depreciation and amortization (13,026,703) (119,901,581)
Net property and equipment 29,976,135 29,154,183
Goodwill 4,695,204 4,695,204
Other assets 241,928 204,457
Total assets 67,629,473 71,575,152
Current liabilities:    
Accounts payable 1,572,705 3,860,919
Accrued liabilities 1,808,877 2,056,717
Accounts payable - working interest partners 513,535 0
Short term line of credit 700,000 500
Current portion of notes payable 540,000 552,000
Liability related to assets held for sale 6,223,114 0
Deferred income taxes 0 0
Income taxes payable 139,361 0
Contingent consideration - short term 0 0
Total current liabilities 11,497,592 6,470,136
Long term liabilities:    
Deferred Income Taxes and Other Tax Liabilities Noncurrent 0 0
Notes payable 738,438 870,438
Asset retirement obligations 4,717,230 11,397,410
Contingent consideration 4,151,000 0
Total long term liabilities 9,959,022 12,577,606
Commitments and contingencies    
Other long term liabilities 352,354 309,758
Equity:    
Common stock, par value $.01 per share: Authorized 300,000,000 shares, outstanding, 53,735,594 and 52,455,977 at September 30, 2011 and June 30, 2011, respectively 537,354 524,558
Capital in excess of par value 89,590,211 93,617,424
Preferred stock, par value $.01 per share: Authorized 50,000,000 and 0 shares, outstanding, none at September 30, 2011 and at June 30, 2011, respectively 0 0
Accumulated deficit (55,148,657) (56,073,255)
Accumulated other comprehensive income 11,193,951 12,469,626
Total equity attributable to Magellan Petroleum Corporation 46,172,859 50,538,353
Non-controlling interest in subsidiaries 0 1,989,057
Total equity 46,172,859 52,527,410
Total liabilities and equity $ 67,629,473 $ 71,575,152