Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 658 $ 1,051
Securities available-for-sale 1,901 4,230
Accounts receivable — trade 331 420
Accounts receivable — working interest partners and other 234 130
Inventories 578 651
Prepaid and other assets 2,120 2,100
Total current assets 5,822 8,582
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 20,851 20,857
Less accumulated depletion, depreciation, and amortization (4,481) (4,355)
Unproved oil and gas properties 700 709
Wells in progress 19,951 19,660
Land, buildings, and equipment (net of accumulated depreciation of $711 and $682 as of September 30, 2015, and June 30, 2015, respectively) 172 202
Net property and equipment 37,193 37,073
OTHER NON-CURRENT ASSETS:    
Goodwill 500 500
Other long term assets 565 545
Total other non-current assets 1,065 1,045
Total assets 44,080 46,700
CURRENT LIABILITIES:    
Accounts payable 3,364 2,534
Accrued and other liabilities 2,682 2,120
Short-term note payable 108 0
Total current liabilities 6,154 4,654
LONG TERM LIABILITIES:    
Notes payable 5,500 5,500
Asset retirement obligations 2,689 2,647
Other long term liabilities 98 98
Total long term liabilities $ 8,287 $ 8,245
COMMITMENTS AND CONTINGENCIES (Note 14)
PREFERRED STOCK (Note 9):    
Total preferred stock $ 26,302 $ 25,850
EQUITY:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 6,911,921 and 6,917,027 as of September 30, 2015, and June 30, 2015, respectively 69 69
Treasury stock (at cost): 1,209,389 and 1,209,389 shares as of September 30, 2015, and June 30, 2015, respectively (9,806) (9,806)
Capital in excess of par value 93,478 93,386
Accumulated deficit (84,509) (81,006)
Accumulated other comprehensive income 4,111 5,302
Total equity attributable to Magellan Petroleum Corporation 3,343 7,945
Non-controlling interest in subsidiary (6) 6
Total equity 3,337 7,951
Total liabilities, preferred stock and equity 44,080 46,700
Series A Convertible Preferred Stock [Member]    
PREFERRED STOCK (Note 9):    
Total preferred stock $ 26,302 $ 25,850