Oil and Gas Activities
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Dec. 31, 2012
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Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas Activities |
Note 12 - Oil and Gas Activities
The following table represents the capitalized costs under the successful efforts method for oil and gas properties as of:
During the three months ended September 30, 2012, Magellan allowed a petroleum exploration and development license in the United Kingdom to expire at the end of its term. As a result, an impairment of $0.9 million was recorded in the unaudited condensed consolidated statement of operations. As of December 31, 2012, no further impairments were recorded.
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