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
Mar. 31, 2014
Jun. 30, 2013
Current Assets:    
Cash and cash equivalents $ 19,014 $ 32,469
Available-for-sale Securities 20,113 44
Accounts receivable — trade 2,613 794
Accounts receivable — working interest partners 89 58
Accounts receivable — sale of Amadeus Basin assets 4,624 0
Inventories 391 555
Prepaid assets 1,754 1,378
Assets, Noncurrent 48,598 35,298
Property and equipment, net (succesful efforts method):    
Proved Oil and Gas Property, Successful Effort Method 28,957 35,377
Less accumulated depletion, depreciation and amortization (3,499) (5,814)
Unproved Oil and Gas Property, Successful Effort Method 899 5,312
Wells in progress 17,303 923
Net property and equipment 401 1,382
Assets, Noncurrent 44,061 37,180
Other Non-current Assets:    
Goodwill 1,174 2,174
Deferred income taxes 0 7,217
Other long term assets 200 403
Other Assets, Noncurrent 1,374 9,794
Assets 94,033 82,272
Current liabilities:    
Short term line of credit 0 51
Current portion of note payable 138 390
Current portion of asset retirement obligations 388 476
Accounts payable 3,078 1,948
Accrued and other liabilities 4,623 2,757
Accrued Dividend 431 202
Liabilities, Current 8,658 5,824
Long term liabilities:    
Asset retirement obligations 2,434 6,403
Contingent consideration payable 4,174 3,940
Other long term liabilities 118 163
Liabilities, Noncurrent 6,726 10,506
COMMITMENTS AND CONTINGENCIES (Note 15)      
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 March 31, 2014, 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 March 31, 2014, and June 30, 2013, respectively 548 540
Treasury stock (at cost): 9,425,114 and 9,414,176 shares as of March 31, 2014, and June 30, 2013, respectively (9,344) (9,333)
Capital in excess of par value 92,445 90,786
Accumulated deficit (35,773) (50,079)
Accumulated other comprehensive income 6,233 10,526
Total equity attributable to Magellan Petroleum Corporation 54,109 42,440
Total liabilities, preferred stock and equity $ 94,033 $ 82,272