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
Dec. 31, 2012
Jun. 30, 2012
Current Assets:    
Cash and cash equivalents $ 31,704 $ 41,215
Accounts receivable — trade 884 1,152
Accounts receivable — working interest partners and other 203 231
Inventories 506 499
Prepaid assets 462 511
Total current assets 33,759 43,608
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties 33,538 33,927
Less accumulated depletion, depreciation and amortization (5,669) (5,740)
Unproved oil and gas properties 6,620 7,091
Wells in progress 4,210 3,744
Land, buildings, and equipment (net of accumulated depreciation of $2,173 and $2,077 as of December 31, 2012, and June 30, 2012, respectively) 1,583 1,422
Net property and equipment 40,282 40,444
Other Non-current Assets:    
Goodwill 2,174 2,174
Deferred income taxes 6,609 5,951
Other long term assets 376 397
Total other non-current assets 9,159 8,522
Total assets 83,200 92,574
Current liabilities:    
Short term line of credit 185 50
Current portion of note payable 432 480
Current portion of asset retirement obligations 339 329
Accounts payable 5,207 3,672
Accrued and other liabilities 3,246 3,000
Total current liabilities 9,409 7,531
Long term liabilities:    
Note payable 174 390
Asset retirement obligations 7,454 7,455
Contingent consideration payable 4,233 4,072
Other long term liabilities 206 218
Total long term liabilities 12,067 12,135
Equity:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, outstanding, 54,057,159 and 53,835,594 as of December 31, 2012, and June 30, 2012, respectively 540 538
Preferred stock (par value $0.01 per share): Authorized 50,000,000 shares, outstanding, 0 as of December 31, 2012, and June 30, 2012, respectively 0 0
Treasury stock (at cost): 149,539 and 0 shares as of December 31, 2012, and June 30, 2012, respectively (137) 0
Capital in excess of par value 91,357 90,753
Accumulated deficit (42,184) (29,590)
Accumulated other comprehensive income 12,148 11,207
Total equity attributable to Magellan Petroleum Corporation 61,724 72,908
Total equity 61,724 72,908
Total liabilities and equity $ 83,200 $ 92,574