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, 2013
Jun. 30, 2013
Current Assets:    
Cash and cash equivalents $ 12,159 $ 32,469
Accounts receivable — trade 842 794
Accounts receivable — working interest partners 35 58
Inventories 561 555
Prepaid assets 2,065 1,422
Total current assets 15,662 35,298
Property and equipment, net (succesful efforts method):    
Proved Oil and Gas Property, Successful Effort Method 35,872 35,377
Less accumulated depletion, depreciation and amortization (6,216) (5,814)
Unproved Oil and Gas Property, Successful Effort Method 5,238 5,312
Wells in progress 14,459 923
Land, buildings, and equipment (net of accumulated depreciation of $1,611 and $1,810 as of December 31, 2013, and June 30, 2013, respectively) 1,142 1,382
Net property and equipment 50,495 37,180
Other Non-current Assets:    
Goodwill 2,174 2,174
Deferred income taxes 7,217 7,217
Other long term assets 250 403
Total other non-current assets 9,641 9,794
Total assets 75,798 82,272
Current liabilities:    
Short term line of credit 51 51
Current portion of note payable 174 390
Current portion of asset retirement obligations 384 476
Accounts payable 2,756 1,948
Accrued and other liabilities 3,363 2,757
Accrued Dividend 0 202
Total current liabilities 6,728 5,824
Long term liabilities:    
Asset retirement obligations 6,628 6,403
Contingent consideration payable 4,096 3,940
Other long term liabilities 165 163
Total long term liabilities 10,889 10,506
COMMITMENTS AND CONTINGENCIES (Note 12)      
Series A convertible preferred stock (par value $0.01 per share): Authorized 50,000,000 shares, issued 20,089,436 and 19,239,734 as of December 31, 2013, and June 30, 2013, respectively; liquidation preference of $28,220 and $27,227, respectively 24,540 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 December 31, 2013, and June 30, 2013, respectively 548 540
Treasury stock (at cost): 9,425,114 and 9,414,176 shares as of December 31, 2013, and June 30, 2013, respectively (9,344) (9,333)
Capital in excess of par value 91,844 90,786
Accumulated deficit (59,862) (50,079)
Accumulated other comprehensive income 10,455 10,526
Total equity attributable to Magellan Petroleum Corporation 33,641 42,440
Total liabilities, preferred stock and equity $ 75,798 $ 82,272