Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Jun. 30, 2011
Current assets:    
Cash and cash equivalents $ 18,823,998 $ 20,416,625
Marketable securities 2,599,595 0
Accounts receivable trade (net of allowance for doubtful accounts of $0 and $66,702 at December 30, 2011 and at June 30, 2011 respectively) 1,863,518 4,356,621
Accounts receivable working interest partners 636,819 453,843
Deposit on Evans Shoal 0 10,745,061
Inventories 599,398 731,672
Assets held for sale 2,082,278 0
Prepaid assets 625,293 517,482
Other assets 11,674 61,934
Total current assets 27,242,573 37,283,238
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties (successful efforts method) 33,603,242 136,094,121
Less accumulated depletion, depreciation and amortization (11,130,368) (115,916,596)
Unproved Oil and Gas Property 3,182,195 3,367,972
Wells in progress 6,219,280 4,315,236
Land, buildings and equipment (net of accumulated depreciation of $2,311,021 and $3,984,985 as of December 31, 2011 and June 30, 2011, respectively) 975,212 1,293,450
Net property and equipment 32,849,561 29,154,183
Other Non-current Assets:    
Securities available for sale 146,968 238,070
Goodwill 4,695,204 4,695,204
Other long term assets 241,928 204,457
Total assets 65,176,234 71,575,152
Current liabilities:    
Short term line of credit 775,000 500
Current portion of notes payable 528,000 552,000
Accounts payable 2,256,534 3,860,919
Accrued liabilities 2,243,912 2,056,717
Other Liabilities, Current 12,127 0
Liability related to assets held for sale 6,550,129 0
Total current liabilities 12,365,702 6,470,136
Long term liabilities:    
Notes payable 606,438 870,438
Other long term liabilities 312,094 309,758
Asset retirement obligations 5,175,581 11,397,410
Contingent consideration 4,232,000 0
Total long term liabilities 10,326,113 12,577,606
Equity:    
Common stock (par value $.01 per share): Authorized 300,000,000 shares, outstanding, 53,835,594 and 52,455,977 as of December 31, 2011 and June 30, 2011, respectively 538,354 524,558
Capital in excess of par value 90,002,236 93,617,424
Preferred stock (par value $.01 per share): Authorized 50,000,000 and -0- shares, outstanding, -0- and -0- as of December 31, 2011 and June 30, 2011, respectively 0 0
Accumulated deficit (59,705,526) (56,073,255)
Accumulated other comprehensive income 11,649,355 12,469,626
Total equity attributable to Magellan Petroleum Corporation 42,484,419 50,538,353
Non-controlling interest in subsidiaries 0 1,989,057
Total equity 42,484,419 52,527,410
Total liabilities and equity $ 65,176,234 $ 71,575,152