Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.1.9
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Jun. 30, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 3,031us-gaap_CashAndCashEquivalentsAtCarryingValue $ 16,422us-gaap_CashAndCashEquivalentsAtCarryingValue
Securities available-for-sale 4,122us-gaap_AvailableForSaleSecurities 11,935us-gaap_AvailableForSaleSecurities
Accounts receivable — trade 287us-gaap_AccountsReceivableNetCurrent 886us-gaap_AccountsReceivableNetCurrent
Accounts receivable — working interest partners 218mpet_AccountsReceivableWorkingInterestPartners 0mpet_AccountsReceivableWorkingInterestPartners
Inventories 656us-gaap_InventoryNet 739us-gaap_InventoryNet
Prepaid and other assets 1,899us-gaap_PrepaidExpenseAndOtherAssetsCurrent 2,105us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 10,213us-gaap_AssetsCurrent 32,087us-gaap_AssetsCurrent
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 29,850us-gaap_ProvedOilAndGasPropertySuccessfulEffortMethod 29,335us-gaap_ProvedOilAndGasPropertySuccessfulEffortMethod
Less accumulated depletion, depreciation, and amortization (4,056)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (3,575)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Unproved oil and gas properties 695us-gaap_UnprovedOilAndGasPropertySuccessfulEffortMethod 550us-gaap_UnprovedOilAndGasPropertySuccessfulEffortMethod
Wells in progress 27,464us-gaap_ConstructionInProgressGross 21,296us-gaap_ConstructionInProgressGross
Land, buildings, and equipment (net of accumulated depreciation of $633 and $483 as of March 31, 2015, and June 30, 2014, respectively) 248us-gaap_PropertyPlantAndEquipmentNet 368us-gaap_PropertyPlantAndEquipmentNet
Net property and equipment 54,201us-gaap_AssetsNoncurrent 47,974us-gaap_AssetsNoncurrent
OTHER NON-CURRENT ASSETS:    
Goodwill 1,174us-gaap_Goodwill 1,174us-gaap_Goodwill
Other long term assets 571us-gaap_OtherAssets 200us-gaap_OtherAssets
Total other non-current assets 1,745us-gaap_OtherAssetsNoncurrent 1,374us-gaap_OtherAssetsNoncurrent
Total assets 66,159us-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 356us-gaap_AssetRetirementObligationCurrent 397us-gaap_AssetRetirementObligationCurrent
Accounts payable 3,283us-gaap_AccountsPayableCurrent 3,586us-gaap_AccountsPayableCurrent
Accrued and other liabilities 2,109us-gaap_AccruedLiabilitiesCurrent 2,121us-gaap_AccruedLiabilitiesCurrent
Accrued dividends 0us-gaap_DividendsPayableCurrent 429us-gaap_DividendsPayableCurrent
Total current liabilities 9,249us-gaap_LiabilitiesCurrent 6,533us-gaap_LiabilitiesCurrent
LONG TERM LIABILITIES:    
Asset retirement obligations, net of current portion 2,596us-gaap_AssetRetirementObligationsNoncurrent 2,476us-gaap_AssetRetirementObligationsNoncurrent
Contingent consideration payable 0us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent 1,852us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent
Other long term liabilities 126us-gaap_OtherLiabilitiesNoncurrent 118us-gaap_OtherLiabilitiesNoncurrent
Total long term liabilities 2,722us-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 20,798,719 and 20,089,436 as of March 31, 2015, and June 30, 2014, respectively; liquidation preference of $29,217 and $28,220 as of March 31, 2015, and June 30, 2014, respectively 25,406us-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 March 31, 2015, 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 March 31, 2015, and June 30, 2014, respectively (9,806)us-gaap_TreasuryStockValue (9,344)us-gaap_TreasuryStockValue
Capital in excess of par value 92,851us-gaap_AdditionalPaidInCapitalCommonStock 92,986us-gaap_AdditionalPaidInCapitalCommonStock
Accumulated deficit (45,020)us-gaap_RetainedEarningsAccumulatedDeficit (36,266)us-gaap_RetainedEarningsAccumulatedDeficit
Accumulated other comprehensive loss (9,879)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax (2,009)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total equity attributable to Magellan Petroleum Corporation 28,700us-gaap_StockholdersEquity 45,917us-gaap_StockholdersEquity
Non-controlling interest in subsidiary 82us-gaap_MinorityInterest 0us-gaap_MinorityInterest
Total equity 28,782us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest 45,917us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilities, preferred stock and equity 66,159us-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 20,798,719 and 20,089,436 as of March 31, 2015, and June 30, 2014, respectively; liquidation preference of $29,217 and $28,220 as of March 31, 2015, and June 30, 2014, respectively $ 25,406us-gaap_PreferredStockValueOutstanding
/ us-gaap_StatementClassOfStockAxis
= mpet_SeriesAConvertiblePreferredStockMember 		$ 24,539us-gaap_PreferredStockValueOutstanding
/ us-gaap_StatementClassOfStockAxis
= mpet_SeriesAConvertiblePreferredStockMember