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Related Parties Transactions
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6 Months Ended |
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Dec. 31, 2014
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| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Note 16 - Related Party Transactions
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. During the three months ended December 31, 2014, the Company paid $33 thousand to Central for funds received on Central's behalf from a third party licensee in the same amount.
Davis Graham & Stubbs LLP. Milam Randolph Pharo, a Director of the Company until December 11, 2014, 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 six months ended December 31, 2014, and 2013, the Company recorded $140 thousand and $35 thousand, respectively, of legal fees related to DGS, with respect to which amounts Mr. Pharo had a compensation interest of $0 and less than $2,500, respectively.
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 $125 thousand and $63 thousand of consulting fees related to Devizes during the six months ended December 31, 2014, and 2013, 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 six months ended December 31, 2013, was $2.2 million. During the six months ended December 31, 2014, KES performed no services for the Company, and J. Robinson West was no longer a director of KES.
Mervyn Cowie. Mervyn Cowie, a former employee of the Company's MPA subsidiary, currently serves both as a director of MPA and its subsidiaries and as a consultant to MPA. Since December 1, 2014, the recurring monthly fee payable to Mr. Cowie for his consulting services amounts to AUD $5,400.
MI3 Petroleum Engineering. In association with its purchase of an option to acquire Farnham Dome, the Company established a majority owned subsidiary called Utah CO2 LLC ("Utah CO2"), a Delaware limited liability company. Utah CO2 has two non-controlling interest owners, one of which is MI4 Oil and Gas LLC ("MI4"). MI4 is a Colorado limited liability company majority owned by Carlos Pereira, who is also the majority owner of MI3. MI3 performs ongoing consulting work for both Utah CO2 and other Magellan entities. During the six months ended December 31, 2014, the Company recorded $0.3 million of fees payable to MI3 with respect to work performed for Utah CO2.
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