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Consolidated Statement of Operations (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2014
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Dec. 31, 2013
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| Income Statement [Abstract] | ||||
| REVENUE FROM OIL PRODUCTION | $ 1,265mpet_OilSales | $ 1,633mpet_OilSales | $ 2,855mpet_OilSales | $ 3,767mpet_OilSales |
| OPERATING EXPENSES: | ||||
| Lease operating | 1,270us-gaap_ProductionCosts | 1,001us-gaap_ProductionCosts | 2,484us-gaap_ProductionCosts | 3,317us-gaap_ProductionCosts |
| Depletion, depreciation, amortization, and accretion | 260us-gaap_DepreciationAndAmortization | 469us-gaap_DepreciationAndAmortization | 515us-gaap_DepreciationAndAmortization | 619us-gaap_DepreciationAndAmortization |
| Exploration | 486us-gaap_ExplorationCosts | 547us-gaap_ExplorationCosts | 908us-gaap_ExplorationCosts | 1,171us-gaap_ExplorationCosts |
| General and administrative | 2,137us-gaap_GeneralAndAdministrativeExpense | 2,176us-gaap_GeneralAndAdministrativeExpense | 4,526us-gaap_GeneralAndAdministrativeExpense | 4,823us-gaap_GeneralAndAdministrativeExpense |
| Total operating expenses | 4,153us-gaap_OperatingExpenses | 4,193us-gaap_OperatingExpenses | 8,433us-gaap_OperatingExpenses | 9,930us-gaap_OperatingExpenses |
| Loss from operations | (2,888)us-gaap_OperatingIncomeLoss | (2,560)us-gaap_OperatingIncomeLoss | (5,578)us-gaap_OperatingIncomeLoss | (6,163)us-gaap_OperatingIncomeLoss |
| OTHER INCOME (EXPENSE): | ||||
| Net interest (expense) | (17)us-gaap_InterestIncomeExpenseNonoperatingNet | (5)us-gaap_InterestIncomeExpenseNonoperatingNet | (17)us-gaap_InterestIncomeExpenseNonoperatingNet | (23)us-gaap_InterestIncomeExpenseNonoperatingNet |
| Other (expense) income | 20us-gaap_OtherNonoperatingIncomeExpense | (45)us-gaap_OtherNonoperatingIncomeExpense | 82us-gaap_OtherNonoperatingIncomeExpense | (106)us-gaap_OtherNonoperatingIncomeExpense |
| Total other income (expense) | 3us-gaap_NonoperatingIncomeExpense | (50)us-gaap_NonoperatingIncomeExpense | 65us-gaap_NonoperatingIncomeExpense | (129)us-gaap_NonoperatingIncomeExpense |
| Loss from continuing operations | (2,885)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (2,610)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (5,513)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (6,292)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
| DISCONTINUED OPERATIONS: | ||||
| Loss from discontinued operations, net of tax | 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax | (1,502)us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax | 0us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax | (2,656)us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax |
| Net loss from discontinued operations | 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity | (1,502)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity | 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity | (2,656)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity |
| Net loss | (2,885)us-gaap_ProfitLoss | (4,112)us-gaap_ProfitLoss | (5,513)us-gaap_ProfitLoss | (8,948)us-gaap_ProfitLoss |
| Net loss attributable to non-controlling interest in subsidiary | 170us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 170us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |
| Net loss attributable to Magellan Petroleum Corporation | (2,715)us-gaap_NetIncomeLoss | (4,112)us-gaap_NetIncomeLoss | (5,343)us-gaap_NetIncomeLoss | (8,948)us-gaap_NetIncomeLoss |
| Preferred stock dividends | (430)us-gaap_PreferredStockDividendsIncomeStatementImpact | (421)us-gaap_PreferredStockDividendsIncomeStatementImpact | (859)us-gaap_PreferredStockDividendsIncomeStatementImpact | (835)us-gaap_PreferredStockDividendsIncomeStatementImpact |
| Net loss attributable to common stockholders | $ (3,145)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (4,533)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (6,202)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (9,783)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
| Loss per common share (Note 12): | ||||
| Weighted average number of basic shares outstanding | 45,677,540us-gaap_WeightedAverageNumberOfSharesOutstandingBasic | 45,348,709us-gaap_WeightedAverageNumberOfSharesOutstandingBasic | 45,666,211us-gaap_WeightedAverageNumberOfSharesOutstandingBasic | 45,348,774us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
| Weighted average number of diluted shares outstanding | 45,677,540us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding | 45,348,709us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding | 45,666,211us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding | 45,348,774us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
| Basic and diluted loss per common share: | ||||
| Net loss from continuing operations attributable to Magellan Petroleum Corporation, including preferred stock dividends (per share) | $ (0.07)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (0.07)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (0.14)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (0.16)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare |
| Net loss from discontinued operations (per share) | $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ (0.03)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ (0.06)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare |
| Net loss attributable to common stockholders (per share) | $ (0.07)us-gaap_EarningsPerShareBasicAndDiluted | $ (0.10)us-gaap_EarningsPerShareBasicAndDiluted | $ (0.14)us-gaap_EarningsPerShareBasicAndDiluted | $ (0.22)us-gaap_EarningsPerShareBasicAndDiluted |
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- Definition
Oil Sales No definition available.
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
The capitalized costs incurred during the period (excluded from amortization) in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. Exploration costs also include costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, the maintenance of land and lease records, dry hole contributions and bottom hole contributions, costs of drilling and equipping exploratory wells and costs of drilling exploratory-type stratigraphic test wells. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Per basic and diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation, when the per share amount is the same. No definition available.
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- Definition
The net amount of nonoperating interest income (expense). No definition available.
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition
The capitalized costs incurred during the period (excluded from amortization) to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are: costs of labor to operate the wells and related equipment and facilities; repairs and maintenance; materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities; property taxes and insurance applicable to proved properties and wells and related equipment and facilities; severance taxes; some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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