Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Operations

v2.4.0.6
Condensed Consolidated Statement of Operations (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
REVENUES:        
Oil production $ 2,700,682 $ 2,756,212 $ 5,996,343 $ 4,926,858
Gas production 498,072 458,420 975,909 867,680
Other 3,584 1,246,372 (34,566) 2,365,647
Total revenues 3,202,338 4,461,004 6,937,686 8,160,185
COSTS AND EXPENSES:        
Lease operating 3,258,822 2,520,539 6,276,697 4,359,702
Depletion, depreciation, amortization, and accretion 366,454 429,323 840,928 1,568,353
Exploration costs 1,006,278 614,569 1,993,766 1,028,239
General and Administrative Expense 3,346,791 5,036,713 5,858,056 9,323,059
(Gain) on sale of assets 97,832 (443,035) (4,009,888) (463,177)
Total Operating Expenses 8,076,177 8,158,109 10,959,559 15,816,176
Operating (loss) income (4,873,839) (3,697,105) (4,021,873) (7,655,991)
Interest Income (Expense), Nonoperating, Net 118,857 221,494 389,815 467,810
Other expenses (213) 0 (213) 0
Total Other Income 118,644 221,494 389,602 467,810
Loss before income tax benefit (4,755,195) (3,475,611) (3,632,271) (7,188,181)
Income tax (provision) benefit 198,326 1,378,316 0 1,679,652
Net loss after income tax benefit (4,556,869) (2,097,295) (3,632,271) (5,508,529)
Net (Loss) income attributable to non-controlling interest in subsidiaries 0 (1,838) 15,401 33,275
Net (Loss) income attributable to Magellan Petroleum $ (4,556,869) $ (2,099,133) $ (3,616,870) $ (5,475,254)
Average Number of Basic and Diluted Common Shares Outstanding 53,835,594 52,335,977 53,378,216 52,335,977
Net (Loss) income per basic and dilutive common shares attributable to Magellan Petroleum Corporation common shareholders $ (0.08) $ (0.04) $ (0.07) $ (0.10)