Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Jun. 30, 2011
Current assets:
Cash and cash equivalents	$ 25,723,216	$ 20,416,625
Accounts receivable trade (net of allowance for doubtful accounts of $0 and $66,702 at September 30, 2011 and at June 30, 2011 respectively)	1,680,516	4,356,621
Accounts receivable working interest partners	322,602	453,843
Deposit on Evans Shoal	0	10,745,061
Marketable securities	2,399,882	0
Securities available-for-sale (at fair value)	0	0
Inventories	581,701	731,672
Deferred income taxes	0	0
Assets held for sale	1,501,417	0
Prepaid assets	300,452	517,482
Other assets	2,122	61,934
Total current assets	32,511,908	37,283,238
Deferred income taxes	0	0
Deposit on Evans Shoal	0	0
Securities available-for-sale - Noncurrent	204,298	238,070
Property and equipment, net:
Oil and gas properties (successful efforts method)	34,653,014	138,576,622
Land, buildings and equipment	2,811,914	4,088,759
Field equipment	5,537,910	6,390,383
Property Plant And Equipment Gross	43,002,838	149,055,764
Less accumulated depletion, depreciation and amortization	(13,026,703)	(119,901,581)
Net property and equipment	29,976,135	29,154,183
Goodwill	4,695,204	4,695,204
Other assets	241,928	204,457
Total assets	67,629,473	71,575,152
Current liabilities:
Accounts payable	1,572,705	3,860,919
Accrued liabilities	1,808,877	2,056,717
Accounts payable - working interest partners	513,535	0
Short term line of credit	700,000	500
Current portion of notes payable	540,000	552,000
Liability related to assets held for sale	6,223,114	0
Deferred income taxes	0	0
Income taxes payable	139,361	0
Contingent consideration - short term	0	0
Total current liabilities	11,497,592	6,470,136
Long term liabilities:
Deferred Income Taxes and Other Tax Liabilities Noncurrent	0	0
Notes payable	738,438	870,438
Asset retirement obligations	4,717,230	11,397,410
Contingent consideration	4,151,000	0
Total long term liabilities	9,959,022	12,577,606
Commitments and contingencies
Other long term liabilities	352,354	309,758
Equity:
Common stock, par value $.01 per share: Authorized 300,000,000 shares, outstanding, 53,735,594 and 52,455,977 at September 30, 2011 and June 30, 2011, respectively	537,354	524,558
Capital in excess of par value	89,590,211	93,617,424
Preferred stock, par value $.01 per share: Authorized 50,000,000 and 0 shares, outstanding, none at September 30, 2011 and at June 30, 2011, respectively	0	0
Accumulated deficit	(55,148,657)	(56,073,255)
Accumulated other comprehensive income	11,193,951	12,469,626
Total equity attributable to Magellan Petroleum Corporation	46,172,859	50,538,353
Non-controlling interest in subsidiaries	0	1,989,057
Total equity	46,172,859	52,527,410
Total liabilities and equity	$ 67,629,473	$ 71,575,152