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Quarterly Financial Data
 12 Months Ended
Jun. 30, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
Note 15 - Quarterly Financial Data (Unaudited)
The following table summarizes the unaudited quarterly financial data, including income before income taxes, net income, and net income per common share for the years ended 2012 and 2011.
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
June 30,
2012
 
(In thousands, except per share data)
Year ended June 30, 2012
 
 
 
 
 
 
 
 
 
Total operating revenues
$
3,735

 
$
3,202

 
$
4,805

 
$
1,970

 
$
13,712

Total operating expenses (income)
$
2,883

 
$
8,076

 
$
9,367

 
$
(26,388
)
 
$
(6,062
)
Income (loss) before income taxes
$
1,123

 
$
(4,755
)
 
$
(4,590
)
 
$
28,754

 
$
20,532

Net income (loss) attributable to Magellan Petroleum Corporation
$
940

 
$
(4,557
)
 
$
(4,590
)
 
$
34,705

 
$
26,498

Net income (loss) per basic common share outstanding
$
0.02

 
$
(0.08
)
 
$
(0.09
)
 
$
0.64

 
$
0.49

Net income (loss) per diluted common share outstanding
$
0.02

 
$
(0.08
)
 
$
(0.09
)
 
$
0.64

 
$
0.49

 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
June 30,
2011
 
(In thousands, except per share data)
Year ended June 30, 2011
 
 
 
 
 
 
 
 
 
Total operating revenues
$
3,699

 
$
4,461

 
$
4,867

 
$
5,149

 
$
18,176

Total operating expenses
$
7,658

 
$
8,158

 
$
4,947

 
$
25,632

 
$
46,395

(Loss) income before income taxes
$
(3,713
)
 
$
(3,476
)
 
$
111

 
$
(20,218
)
 
$
(27,296
)
Net loss attributable to Magellan Petroleum Corporation
$
(3,376
)
 
$
(2,099
)
 
$
(84
)
 
$
(26,873
)
 
$
(32,432
)
Net loss per basic common share outstanding
$
(0.06
)
 
$
(0.04
)
 
*

 
$
(0.51
)
 
$
(0.62
)
Net loss per diluted common share outstanding
$
(0.06
)
 
$
(0.04
)
 
*

 
$
(0.51
)
 
$
(0.62
)
(*) Not meaningful
During the fourth quarter of fiscal year 2012, Magellan, through its wholly owned subsidiary MPAL, completed the Santos SA (see Note 2) and became the sole owner of the Palm Valley Interests and of the Dingo Interests, while Santos became the sole owner of the Mereenie Interests. The transaction resulted in a gain on sale of assets in the amount of $36.2 million.