Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.3.1.900
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2015
Jun. 30, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 429 $ 1,051
Securities available-for-sale 2,535 4,230
Accounts receivable — trade 212 420
Accounts receivable — working interest partners and other 109 130
Inventories 554 651
Prepaid and other assets 1,995 2,100
Total current assets 5,834 8,582
PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):    
Proved oil and gas properties 20,841 20,857
Less accumulated depletion, depreciation, amortization and accretion (4,652) (4,355)
Unproved oil and gas properties 519 709
Wells in progress 19,927 19,660
Land, buildings, and equipment (net of accumulated depreciation of $735 and $682 as of December 31, 2015, and June 30, 2015, respectively) 150 202
Net property and equipment 36,785 37,073
OTHER NON-CURRENT ASSETS:    
Goodwill, net 500 500
Other long term assets 510 545
Total other non-current assets 1,010 1,045
Total assets 43,629 46,700
CURRENT LIABILITIES:    
Accounts payable 3,137 2,534
Accrued and other liabilities 2,595 2,120
Current portion of notes payable 760 0
Total current liabilities 6,492 4,654
LONG TERM LIABILITIES:    
Notes payable, net of current portion 4,813 5,500
Asset retirement obligations 2,731 2,647
Other long term liabilities 98 98
Total long term liabilities $ 7,642 $ 8,245
COMMITMENTS AND CONTINGENCIES
PREFERRED STOCK (Note 9):    
Total preferred stock $ 26,763 $ 25,850
EQUITY:    
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 6,972,023 and 6,917,027 as of December 31, 2015, and June 30, 2015, respectively 70 69
Treasury stock (at cost): 1,209,389 and 1,209,389 shares as of December 31, 2015, and June 30, 2015, respectively (9,806) (9,806)
Capital in excess of par value 93,675 93,386
Accumulated deficit (86,338) (81,006)
Accumulated other comprehensive income 5,149 5,302
Total equity attributable to Magellan Petroleum Corporation 2,750 7,945
Non-controlling interest in subsidiary (18) 6
Total equity 2,732 7,951
Total liabilities, preferred stock and equity 43,629 46,700
Series A Convertible Preferred Stock    
PREFERRED STOCK (Note 9):    
Total preferred stock $ 26,763 $ 25,850