Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Current Assets:
Cash and cash equivalents	$ 14,516	$ 41,215
Accounts receivable — trade	923	1,152
Accounts receivable — working interest partners and other	200	231
Inventories	541	499
Prepaid assets	1,399	511
Total current assets	17,579	43,608
Property and equipment, net (succesful efforts method):
Proved oil and gas properties	34,381	33,927
Less accumulated depletion, depreciation and amortization	(5,842)	(5,740)
Unproved oil and gas properties	5,796	7,091
Wells in progress	3,006	3,744
Land, buildings, and equipment (net of accumulated depreciation of $2,243 and $2,077 as of March 31, 2013, and June 30, 2012, respectively)	1,539	1,422
Net property and equipment	38,880	40,444
Other Non-current Assets:
Goodwill	2,174	2,174
Deferred income taxes	6,929	5,951
Other long term assets	518	397
Total other non-current assets	9,621	8,522
Total assets	66,080	92,574
Current liabilities:
Short term line of credit	637	50
Current portion of note payable	411	480
Current portion of asset retirement obligations	340	329
Accounts payable	2,121	3,672
Accrued and other liabilities	3,127	3,000
Total current liabilities	6,636	7,531
Long term liabilities:
Note payable	87	390
Asset retirement obligations	7,583	7,455
Contingent consideration payable	4,244	4,072
Other long term liabilities	200	218
Total long term liabilities	12,114	12,135
Commitments and contingencies (Note 10)
Equity:
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 54,057,159 and 53,835,594 as of March 31, 2013, and June 30, 2012, respectively	540	538
Preferred stock (par value $0.01 per share): Authorized 50,000,000 shares, outstanding, 0 as of March 31, 2013, and June 30, 2012, respectively	0	0
Treasury stock (at cost): 9,414,176 and 0 shares as of March 31, 2013, and June 30, 2012, respectively	(9,333)	0
Capital in excess of par value	90,691	90,753
Accumulated deficit	(46,518)	(29,590)
Accumulated other comprehensive income	11,950	11,207
Total equity attributable to Magellan Petroleum Corporation	47,330	72,908
Total liabilities and equity	$ 66,080	$ 92,574