Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Operations

v2.3.0.15
Condensed Consolidated Statement of Operations (USD $)
3 Months Ended
Sep. 30, 2011
Sep. 30, 2010
REVENUES:    
Oil sales $ 3,295,661 $ 2,170,646
Gas sales 477,837 409,260
Other production related revenues (38,150) 1,119,275
Total revenues 3,735,348 3,699,181
COSTS AND EXPENSES:    
Production costs 3,017,875 1,839,163
Exploration and dry hole costs 987,488 413,670
Salaries and employee benefits 1,149,105 941,676
Depletion, depreciation and amortization 316,860 989,338
Auditing, accounting and legal services 691,556 238,451
Accretion expense 157,614 149,692
Shareholder communications 98,658 153,155
(Gain) on sale of assets (4,107,720) (20,142)
Impairment loss 0 0
Other administrative expenses 1,134,226 1,749,532
Foreign transaction (gain) loss (562,280) 1,203,532
Total costs and expenses 2,883,382 7,658,067
Operating (loss) income 851,966 (3,958,886)
Warrant expense 0 0
Investment income 270,958 246,316
(Loss) income before income taxes 1,122,924 (3,712,570)
Income tax (provision) benefit (198,326) 301,336
Net (Loss) income before non-controlling interest 924,598 (3,411,234)
Less non-controlling interest (Income) loss 15,401 35,113
Net (Loss) income attributable to Magellan Petroleum 939,999 (3,376,121)
Average number of shares outstanding Basic 52,915,811 52,335,977
Average number of shares outstanding Dilutive 54,720,728 52,335,977
Net (Loss) income per basic and dilutive common shares attributable to Magellan Petroleum Corporation common shareholders $ 0.0177640478759742 $ (0.06)