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Condensed Consolidated Statement of Operations (USD $)
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3 Months Ended | 9 Months Ended | ||
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2012
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Mar. 31, 2011
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| REVENUES: | ||||
| Oil production | $ 4,644,348 | $ 3,135,298 | $ 10,640,691 | $ 8,062,157 |
| Gas production | 172,000 | 460,787 | 1,147,909 | 1,328,467 |
| Other | (11,134) | 1,270,595 | (45,700) | 3,636,242 |
| Total revenues | 4,805,214 | 4,866,680 | 11,742,900 | 13,026,866 |
| COSTS AND EXPENSES: | ||||
| Lease operating | 4,134,859 | 2,054,567 | 10,411,556 | 6,414,270 |
| Depletion, depreciation, amortization, and accretion | 401,289 | 125,980 | 1,242,217 | 1,694,333 |
| Exploration costs | 1,625,448 | 452,260 | 3,619,214 | 1,480,500 |
| General and Administrative Expense | 3,225,007 | 2,681,982 | 9,083,063 | 12,005,041 |
| Impairment of Oil and Gas Properties | 0 | 122,862 | 0 | 122,862 |
| (Gain) on sale of assets | (19,261) | (490,883) | (4,029,149) | (954,060) |
| Total Operating Expenses | 9,367,342 | 4,946,768 | 20,326,901 | 20,762,946 |
| Operating (loss) income | (4,562,128) | (80,088) | (8,584,001) | (7,736,080) |
| Interest Income (Expense), Nonoperating, Net | (32,712) | 190,983 | 357,103 | 658,794 |
| Other expenses | 4,753 | 0 | 4,540 | 0 |
| Total Other Income | (27,959) | 190,983 | 361,643 | 658,794 |
| Loss before income tax benefit | (4,590,087) | 110,895 | (8,222,358) | (7,077,286) |
| Income tax (provision) benefit | 0 | (178,042) | 0 | 1,501,611 |
| Net loss after income tax benefit | (4,590,087) | (67,147) | (8,222,358) | (5,575,675) |
| Net (Loss) income attributable to non-controlling interest in subsidiaries | 0 | (17,128) | 15,401 | 16,147 |
| Net (Loss) income attributable to Magellan Petroleum | $ (4,590,087) | $ (84,275) | $ (8,206,957) | $ (5,559,528) |
| Average Number of Basic and Diluted Common Shares Outstanding | 53,835,594 | 52,455,977 | 53,592,958 | 52,375,537 |
| Net (Loss) income per basic and dilutive common shares attributable to Magellan Petroleum Corporation common shareholders | $ (0.09) | $ 0.00 | $ (0.15) | $ (0.11) |
| X | ||||||||||
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- Definition
Average Number of Basic and Diluted Common Shares Outstanding No definition available.
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- Definition
Gas sales No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
Oil Sales No definition available.
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- Details
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue related to the upstream oil and gas activities, such as exploration, development, and production of crude petroleum. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The capitalized costs incurred during the period (excluded from amortization) in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. Exploration costs also include costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, the maintenance of land and lease records, dry hole contributions and bottom hole contributions, costs of drilling and equipping exploratory wells and costs of drilling exploratory-type stratigraphic test wells. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The expense recorded to reduce the value of oil and gas assets consisting of proved properties and unproved properties as the estimate of future successful production from these properties is reduced. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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- Definition
The net amount of nonoperating interest income (expense). No definition available.
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The capitalized costs incurred during the period (excluded from amortization) to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are: costs of labor to operate the wells and related equipment and facilities; repairs and maintenance; materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities; property taxes and insurance applicable to proved properties and wells and related equipment and facilities; severance taxes; some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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