Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Jun. 30, 2011
Cash and Cash Equivalents, at Carrying Value $ 17,210,447 $ 20,416,625
Deposit On Evans Shoal Current 0 10,745,061
Accounts receivable — trade (net of allowance for doubtful accounts of $0 and $66,702 as of March 31, 2012 and June 30, 2011, respectively) 2,375,337 4,356,621
Accounts receivable working interest partners 1,012,279 453,843
Inventory, Net 590,678 731,672
Assets held for sale 1,754,866 0
Prepaid Expense and Other Assets, Current 774,190 517,482
Other Assets (Note 16) 1,328,864 61,934
Assets, Current 25,046,661 37,283,238
Other Assets, Noncurrent 5,103,813 5,137,731
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties (successful efforts method) 34,030,652 136,094,121
Less accumulated depletion, depreciation and amortization (11,308,898) (115,916,596)
Unproved Oil and Gas Property 3,219,963 3,367,972
Wells in progress 6,485,073 4,315,236
Land, buildings and equipment (net of accumulated depreciation of $2,403,994 and $3,984,985 as of March 31, 2012 and June 30, 2011, respectively) 989,087 1,293,450
Net property and equipment 33,415,877 29,154,183
Other Non-current Assets:    
Securities available for sale 166,681 238,070
Goodwill 4,695,204 4,695,204
Other long term assets 241,928 204,457
Total assets 63,566,351 71,575,152
Current liabilities:    
Short term line of credit 650,000 500
Current portion of notes payable 504,000 552,000
Accounts payable 2,642,987 3,860,919
Accrued liabilities 3,349,183 2,056,717
Liability related to assets held for sale 7,202,467 0
Total current liabilities 14,348,637 6,470,136
Long term liabilities:    
Notes payable 498,438 870,438
Other long term liabilities 244,784 309,758
Asset retirement obligations 5,430,322 11,397,410
Contingent consideration 4,279,000 0
Total long term liabilities 10,452,544 12,577,606
Commitments and contingencies      
Equity:    
Common stock (par value $.01 per share): Authorized 300,000,000 shares, outstanding, 53,835,594 and 52,455,977 as of March 31, 2012 and June 30, 2011, respectively 538,354 524,558
Capital in excess of par value 90,475,105 93,617,424
Preferred stock (par value $.01 per share): Authorized 50,000,000 and 0 shares, outstanding, 0 and 0 as of March 31, 2012 and June 30, 2011, respectively 0 0
Accumulated deficit (64,295,613) (56,073,255)
Accumulated other comprehensive income 12,047,324 12,469,626
Total equity attributable to Magellan Petroleum Corporation 38,765,170 50,538,353
Non-controlling interest in subsidiaries 0 1,989,057
Total equity 38,765,170 52,527,410
Total liabilities and equity $ 63,566,351 $ 71,575,152