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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
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Jun. 30, 2014
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| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 7,405us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 16,422us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Securities available-for-sale | 2,962us-gaap_AvailableForSaleSecurities | 11,935us-gaap_AvailableForSaleSecurities |
| Accounts receivable — trade | 446us-gaap_AccountsReceivableNetCurrent | 886us-gaap_AccountsReceivableNetCurrent |
| Accounts receivable — working interest partners | 90mpet_AccountsReceivableWorkingInterestPartners | 0mpet_AccountsReceivableWorkingInterestPartners |
| Inventories | 783us-gaap_InventoryNet | 739us-gaap_InventoryNet |
| Prepaid and other assets | 2,127us-gaap_PrepaidExpenseAndOtherAssetsCurrent | 2,105us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
| Total current assets | 13,813us-gaap_AssetsCurrent | 32,087us-gaap_AssetsCurrent |
| PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD): | ||
| Proved oil and gas properties | 29,700us-gaap_ProvedOilAndGasPropertySuccessfulEffortMethod | 29,335us-gaap_ProvedOilAndGasPropertySuccessfulEffortMethod |
| Less accumulated depletion, depreciation, amortization, and accretion | (3,898)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | (3,575)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
| Unproved oil and gas properties | 727us-gaap_UnprovedOilAndGasPropertySuccessfulEffortMethod | 550us-gaap_UnprovedOilAndGasPropertySuccessfulEffortMethod |
| Wells in progress | 26,169us-gaap_ConstructionInProgressGross | 21,296us-gaap_ConstructionInProgressGross |
| Land, buildings, and equipment (net of accumulated depreciation of $585 and $483 as of December 31, 2014, and June 30, 2014, respectively) | 296us-gaap_PropertyPlantAndEquipmentNet | 368us-gaap_PropertyPlantAndEquipmentNet |
| Net property and equipment | 52,994us-gaap_AssetsNoncurrent | 47,974us-gaap_AssetsNoncurrent |
| OTHER NON-CURRENT ASSETS: | ||
| Goodwill | 1,174us-gaap_Goodwill | 1,174us-gaap_Goodwill |
| Other long term assets | 468us-gaap_OtherAssets | 200us-gaap_OtherAssets |
| Total other non-current assets | 1,642us-gaap_OtherAssetsNoncurrent | 1,374us-gaap_OtherAssetsNoncurrent |
| Total assets | 68,449us-gaap_Assets | 81,435us-gaap_Assets |
| CURRENT LIABILITIES: | ||
| Short term line of credit | 3,501us-gaap_NotesPayableToBankCurrent | 0us-gaap_NotesPayableToBankCurrent |
| Current portion of asset retirement obligations | 372us-gaap_AssetRetirementObligationCurrent | 397us-gaap_AssetRetirementObligationCurrent |
| Accounts payable | 3,813us-gaap_AccountsPayableCurrent | 3,586us-gaap_AccountsPayableCurrent |
| Accrued and other liabilities | 1,954us-gaap_AccruedLiabilitiesCurrent | 2,121us-gaap_AccruedLiabilitiesCurrent |
| Accrued dividends | 0us-gaap_DividendsPayableCurrent | 429us-gaap_DividendsPayableCurrent |
| Total current liabilities | 9,640us-gaap_LiabilitiesCurrent | 6,533us-gaap_LiabilitiesCurrent |
| LONG TERM LIABILITIES: | ||
| Asset retirement obligations | 2,556us-gaap_AssetRetirementObligationsNoncurrent | 2,476us-gaap_AssetRetirementObligationsNoncurrent |
| Contingent consideration payable | 1,888us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent | 1,852us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent |
| Other long term liabilities | 282us-gaap_OtherLiabilitiesNoncurrent | 118us-gaap_OtherLiabilitiesNoncurrent |
| Total long term liabilities | 4,726us-gaap_LiabilitiesNoncurrent | 4,446us-gaap_LiabilitiesNoncurrent |
| COMMITMENTS AND CONTINGENCIES (Note 15) | ||
| PREFERRED STOCK (Note 10): | ||
| Series A convertible preferred stock (par value $0.01 per share): Authorized 28,000,000 shares, issued 20,441,001 and 20,089,436 as of December 31, 2014, and June 30, 2014, respectively; liquidation preference of $28,714 and $28,220 as of December 31, 2014, and June 30, 2014, respectively | 24,969us-gaap_PreferredStockValueOutstanding | 24,539us-gaap_PreferredStockValueOutstanding |
| EQUITY: | ||
| Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 55,376,221 and 55,004,838 as of December 31, 2014, and June 30, 2014, respectively | 554us-gaap_CommonStockValue | 550us-gaap_CommonStockValue |
| Treasury stock (at cost): 9,675,114 and 9,425,114 shares as of December 31, 2014, and June 30, 2014, respectively | (9,806)us-gaap_TreasuryStockValue | (9,344)us-gaap_TreasuryStockValue |
| Capital in excess of par value | 92,437us-gaap_AdditionalPaidInCapitalCommonStock | 92,986us-gaap_AdditionalPaidInCapitalCommonStock |
| Accumulated deficit | (42,468)us-gaap_RetainedEarningsAccumulatedDeficit | (36,266)us-gaap_RetainedEarningsAccumulatedDeficit |
| Accumulated other comprehensive loss | (11,614)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax | (2,009)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
| Total equity attributable to Magellan Petroleum Corporation | 29,103us-gaap_StockholdersEquity | 45,917us-gaap_StockholdersEquity |
| Non-controlling interest in subsidiary | 11us-gaap_MinorityInterest | 0us-gaap_MinorityInterest |
| Total equity | 29,114us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 45,917us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Total liabilities, preferred stock and equity | 68,449us-gaap_LiabilitiesAndStockholdersEquity | 81,435us-gaap_LiabilitiesAndStockholdersEquity |
| Series A Convertible Preferred Stock [Member] | ||
| PREFERRED STOCK (Note 10): | ||
| Series A convertible preferred stock (par value $0.01 per share): Authorized 28,000,000 shares, issued 20,441,001 and 20,089,436 as of December 31, 2014, and June 30, 2014, respectively; liquidation preference of $28,714 and $28,220 as of December 31, 2014, and June 30, 2014, respectively |
$ 24,969us-gaap_PreferredStockValueOutstanding / us-gaap_StatementClassOfStockAxis = mpet_SeriesAConvertiblePreferredStockMember |
$ 24,539us-gaap_PreferredStockValueOutstanding / us-gaap_StatementClassOfStockAxis = mpet_SeriesAConvertiblePreferredStockMember |
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- Definition
Accounts receivable working interest partners No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Current portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liability recognized arising from contingent consideration in a business combination, expected to be settled beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Current portion of the total carrying amount as of the balance sheet date due within one year or the operating cycle, if longer, on all notes payable to banks paid on an installment with long term maturities. This can include the amount of any loans from the applicant firm. This does not, however, include any mortgage balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Value of all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by shareholders, which is net of related treasury stock. May be all or a portion of the number of preferred shares authorized. These shares represent the ownership interest of the preferred shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Oil and Gas properties with proved reserves under the successful effort method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Oil and Gas properties with unproved reserves under the successful effort method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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