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, 2014
Jun. 30, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 10,773 $ 16,422
Securities available-for-sale 9,861 11,935
Accounts receivable — trade 700 886
Accounts receivable — working interest partners 47 0
Inventories 811 739
Prepaid and other assets 2,007 2,105
Total current assets 24,199 32,087
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 29,506 29,335
Less accumulated depletion, depreciation, amortization, and accretion (3,733) (3,575)
Unproved oil and gas properties 538 550
Wells in progress 24,942 21,296
Land, buildings, and equipment (net of accumulated depreciation of $534 and $483 as of September 30, 2014, and June 30, 2014, respectively) 383 368
Net property and equipment 51,636 47,974
OTHER NON-CURRENT ASSETS:    
Goodwill 1,174 1,174
Other long term assets 200 200
Total other non-current assets 1,374 1,374
Total assets 77,209 81,435
CURRENT LIABILITIES:    
Current portion of asset retirement obligations 378 397
Accounts payable 4,287 3,586
Accrued and other liabilities 2,539 2,121
Accrued dividends 430 429
Contingent consideration payable 1,888 0
Total current liabilities 9,522 6,533
LONG TERM LIABILITIES:    
Asset retirement obligations 2,522 2,476
Contingent consideration payable 0 1,852
Other long term liabilities 118 118
Total long term liabilities 2,640 4,446
COMMITMENTS AND CONTINGENCIES      
Series A convertible preferred stock (par value $0.01 per share): Authorized 50,000,000 shares, issued 20,089,436 as of September 30, 2014, and June 30, 2014; liquidation preference of $28,220 as of September 30, 2014, and June 30, 2014 24,539 24,539
EQUITY:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 55,178,558 and 55,004,838 as of September 30, 2014, and June 30, 2014, respectively 552 550
Treasury stock (at cost): 9,425,114 shares as of September 30, 2014, and June 30, 2014 (9,344) (9,344)
Capital in excess of par value 93,073 92,986
Accumulated deficit (39,323) (36,266)
Accumulated other comprehensive loss (4,450) (2,009)
Total equity attributable to Magellan Petroleum Corporation 40,508 45,917
Total liabilities, preferred stock and equity $ 77,209 $ 81,435