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Related Parties Transactions
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3 Months Ended |
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Sep. 30, 2014
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| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Note 16 - Related Party Transactions
Devizes International Consulting Limited. A director of Celtique, with which the Company co-owns equally several licenses in the UK, is also the sole owner of Devizes International Consulting Limited ("Devizes"). Devizes performs consulting related services to MPUK. The Company recorded $81 thousand and $40 thousand of consulting fees related to Devizes during the three months ended September 30, 2014, and 2013, respectively.
Davis Graham & Stubbs LLP. Milam Randolph Pharo, a current Director of the Company, is currently of counsel at Davis Graham & Stubbs LLP (“DGS”), a Denver-based law firm with over 140 attorneys, of which over 65 are partners. Mr. Pharo has held that position since April 2013. Mr. Pharo has a compensation arrangement with DGS such that Mr. Pharo has an interest in the amount of fees paid by the Company to DGS for certain legal services performed by DGS for the Company. During the three months ended September 30, 2014, and 2013, the Company recorded $32 thousand and $55 thousand, respectively, of legal fees related to DGS, with respect to which amounts Mr. Pharo had a compensation interest of $0 and $0, respectively.
Key Energy Services Inc. ("KES"). J. Robinson West, the Chairman of the Board of Directors of the Company, also served as a non-employee director on the board of directors for KES until May, 2014. KES performed contract drilling rig services for the Company in Poplar during the first and second quarters of fiscal year 2014. The total contract fees payable to KES from activities during the three months ended September 30, 2013, was $1.1 million. During the three months ended September 30, 2014, KES performed no services for the Company and J. Robinson West was no longer a director of KES.
Central Petroleum Limited ("Central"). J. Thomas Wilson, President and Chief Executive Officer of the Company, also serves as a director of Central, in which the Company has an approximately 11% ownership interest. At September 30, 2014, the Company had recorded $33 thousand due to Central within accounts payable for funds received on Central's behalf from a third party licensee. Subsequent to September 30, 2014, these funds were remitted to Central.
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