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
Sep. 30, 2013
Jun. 30, 2013
Current Assets:    
Cash and cash equivalents $ 27,003 $ 32,469
Accounts receivable — trade 1,098 794
Accounts receivable — working interest partners 78 58
Inventories 550 555
Prepaid assets 1,335 1,422
Total current assets 30,064 35,298
Property and equipment, net (succesful efforts method):    
Proved oil and gas properties 36,256 35,377
Less accumulated depletion, depreciation and amortization (5,955) (5,814)
Unproved oil and gas properties 5,119 5,312
Wells in progress 7,929 923
Land, buildings, and equipment (net of accumulated depreciation of $1,879 and $1,810 as of September 30, 2013, and June 30, 2013, respectively) 1,277 1,382
Net property and equipment 44,626 37,180
Other Non-current Assets:    
Goodwill 2,174 2,174
Deferred income taxes 7,217 7,217
Other long term assets 267 403
Total other non-current assets 9,658 9,794
Total assets 84,348 82,272
Current liabilities:    
Short term line of credit 551 51
Current portion of note payable 282 390
Current portion of asset retirement obligations 483 476
Accounts payable 7,390 1,948
Accrued and other liabilities 2,721 2,757
Accrued Dividend 0 202
Total current liabilities 11,427 5,824
Long term liabilities:    
Asset retirement obligations 6,604 6,403
Contingent consideration payable 4,017 3,940
Other long term liabilities 151 163
Total long term liabilities 10,772 10,506
Commitments and contingencies (Note 10)      
Preferred Stock, Value, Outstanding 24,119 23,502
Equity:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 54,773,823 and 54,057,159 as of September 30, 2013, and June 30, 2013, respectively 540 540
Treasury stock (at cost): 9,425,114 and 9,414,176 shares as of September 30, 2013, and June 30, 2013, respectively (9,344) (9,333)
Capital in excess of par value 91,443 90,786
Accumulated deficit (55,329) (50,079)
Accumulated other comprehensive income 10,720 10,526
Total equity attributable to Magellan Petroleum Corporation 38,030 42,440
Total liabilities, preferred stock and equity $ 84,348 $ 82,272