Tellurian (TELL) 10-Q 12 May 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2014	9-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'
Current Fiscal Year End Date	'--06-30	'
Entity Central Index Key	'0000061398	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Registrant Name	'MAGELLAN PETROLEUM CORP /DE/	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Common Stock Shares Outstanding	'	45,348,709

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$19,014	$32,469
Available-for-sale Securities	20,113	44
Accounts receivable — trade	2,613	794
Accounts receivable — working interest partners	89	58
Accounts receivable — sale of Amadeus Basin assets	4,624	0
Inventories	391	555
Prepaid assets	1,754	1,378
Assets, Noncurrent	48,598	35,298
Property and equipment, net (succesful efforts method):	'	'
Proved Oil and Gas Property, Successful Effort Method	28,957	35,377
Less accumulated depletion, depreciation and amortization	-3,499	-5,814
Unproved Oil and Gas Property, Successful Effort Method	899	5,312
Wells in progress	17,303	923
Net property and equipment	401	1,382
Assets, Noncurrent	44,061	37,180
Other Non-current Assets:	'	'
Goodwill	1,174	2,174
Deferred income taxes	0	7,217
Other long term assets	200	403
Other Assets, Noncurrent	1,374	9,794
Assets	94,033	82,272
Current liabilities:	'	'
Short term line of credit	0	51
Current portion of note payable	138	390
Current portion of asset retirement obligations	388	476
Accounts payable	3,078	1,948
Accrued and other liabilities	4,623	2,757
Accrued Dividend	431	202
Liabilities, Current	8,658	5,824
Long term liabilities:	'	'
Asset retirement obligations	2,434	6,403
Contingent consideration payable	4,174	3,940
Other long term liabilities	118	163
Liabilities, Noncurrent	6,726	10,506
COMMITMENTS AND CONTINGENCIES (Note 15)	'	'
Series A convertible preferred stock (par value $0.01 per share): Authorized 50,000,000 shares, issued 20,089,436 and 19,239,734 as of March 31, 2014, and June 30, 2013, respectively; liquidation preference of $28,220 and $27,227, respectively	24,540	23,502
Equity:	'	'
Common stock (par value $0.01 per share): Authorized 300,000,000 shares, issued, 54,773,823 and 54,057,159 as of March 31, 2014, and June 30, 2013, respectively	548	540
Treasury stock (at cost): 9,425,114 and 9,414,176 shares as of March 31, 2014, and June 30, 2013, respectively	-9,344	-9,333
Capital in excess of par value	92,445	90,786
Accumulated deficit	-35,773	-50,079
Accumulated other comprehensive income	6,233	10,526
Total equity attributable to Magellan Petroleum Corporation	54,109	42,440
Total liabilities, preferred stock and equity	$94,033	$82,272

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Accumulated depreciation	$434	$1,810
Preferred stock, par value	$0.01	$0.01
Preferred Stock, authorized	50,000,000	50,000,000
Preferred stock, outstanding	20,089,436	19,239,734
Preferred stock, liquidation preference	$28,220	$27,227
Common stock, par value	$0.01	$0.01
Common stock, authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	54,773,823	54,057,159
Treasury Stock, Shares	9,425,114	9,414,176

Consolidated_Statement_of_Oper

Consolidated Statement of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
REVENUES:	'	'	'	'
Oil production	$1,907	$1,706	$5,674	$4,608
OPERATING EXPENSES:	'	'	'	'
Lease operating	1,397	1,032	4,714	3,515
Depletion, depreciation, amortization, and accretion	337	230	956	645
Exploration	1,605	2,395	2,776	3,523
General and administrative	1,588	2,204	6,411	7,685
Impairment	0	0	0	890
Total operating (income) expense	4,927	5,861	14,857	16,258
Loss from operations	-3,020	-4,155	-9,183	-11,650
OTHER INCOME (EXPENSE):	'	'	'	'
Net interest expense	-80	-20	-103	-51
Other income (expense)	27	449	-78	337
Total other (expense) income	-53	429	-181	286
Loss from continuing operations	-3,073	-3,726	-9,364	-11,364
Loss from discontinued operations, net of tax	-2,589	-606	-5,245	-5,564
Gain on disposal of discontinued operations, net of tax	30,182	0	30,182	0
Net income (loss) from discontinued operations	27,593	-606	24,937	-5,564
Net income (loss) attributable to Magellan Petroleum Corporation	24,520	-4,332	15,573	-16,928
Preferred stock dividends	-431	0	-1,267	0
Net income (loss) attributable to common stockholders	$24,089	($4,332)	$14,306	($16,928)
Earnings per common share (Note 12):	'	'	'	'
Weighted average number of basic shares outstanding	45,348,709	46,084,149	45,348,753	51,302,369
Weighted average number of diluted shares outstanding	45,348,709	46,084,149	45,348,753	51,302,369
Basic earnings (loss) per common share:	'	'	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.08)	($0.21)	($0.22)
Net income (loss) from discontinued operations (in dollars per share)	$0.61	($0.01)	$0.55	($0.11)
Net income (loss) attributable to common stockholders (in dollars per share)	$0.53	($0.09)	$0.32	($0.33)
Diluted earnings (loss) per common share:	'	'	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.08)	($0.21)	($0.22)
Net income (loss) from discontinued operations (in dollars per share)	$0.61	($0.01)	$0.55	($0.11)
Net income (loss) attributable to common stockholders (in dollars per share)	$0.53	($0.09)	$0.32	($0.33)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Statement of Other Comprehensive Income [Abstract]	'	'	'	'
Net income	$24,520	($4,332)	$15,573	($16,928)
Other comprehensive income (loss), net of tax:	'	'	'	'
Foreign currency translation gain (loss) during the period	911	-190	834	773
Reclassification of foreign currency translation gain to earnings upon sale of subsidiary	-6,049	0	-6,049	0
Unrealized holding gain (loss) on securities available-for-sale	916	-8	922	-30
Other comprehensive (loss) income, net of tax	-4,222	-198	-4,293	743
Comprehensive income (loss) attributable to Magellan Petroleum Corporation	$20,298	($4,530)	$11,280	($16,185)

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Equity (USD $)	Total	Common Stock	Treasury Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Income
In Thousands, unless otherwise specified
June 30, 2013 at Jun. 30, 2013	$42,440	$540	($9,333)	$90,786	($50,079)	$10,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Net income	15,573	'	'	'	15,573	'
Other comprehensive loss, net of tax	-4,293	'	'	'	'	-4,293
Stock and stock compensation expense	1,667	8	'	1,659	'	'
Net shares repurchased for employee tax costs upon vesting of restricted stock	-11	'	-11	'	'	'
Dividends, Preferred Stock	-1,267	'	'	'	-1,267	'
March 31, 2014 at Mar. 31, 2014	$54,109	$548	($9,344)	$92,445	($35,773)	$6,233

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Net income	$15,573	($16,928)
Adjustments to reconcile net income (loss) to net cash used in operating activities:	'	'
Depletion, depreciation, amortization, and accretion	956	645
Increase in fair value of contingent consideration payable	234	172
Gain on disposal of Amadeus Basin assets	-30,182	0
Exploration costs previously capitalized	733	2,233
Stock compensation expense	1,667	753
Impairment loss	0	890
Severance benefit costs	0	535
Net changes in operating assets and liabilities:	'	'
Accounts receivable	-64	-148
Inventories	165	-42
Prepayments and other current assets	-410	195
Accounts payable and accrued liabilities	697	-2,563
Net cash provided by (used in) operating activities of continuing operations	-10,631	-14,258
INVESTING ACTIVITIES:	'	'
Additions to property and equipment	-16,934	-2,233
Proceeds from first cash installment for the sale of Amadeus Basin assets	13,859	0
Net cash used in investing activities of continuing operations	-3,075	-2,233
FINANCING ACTIVITIES:	'	'
Repurchase of common stock	-11	-9,333
Repurchase of warrant	0	-813
Short term debt issuances	1,000	2,000
Short term debt repayments	-1,303	-1,413
Long term debt repayments	0	-372
Net cash used in financing activities of continuing operations	-314	-9,931
Net cash provided by (used in) operating activities of discontinued operations	1,366	-922
Net cash used in investing activities of discontinued operations	-1,265	-83
Net cash used in discontinued operations	101	-1,005
Effect of exchange rate changes on cash and cash equivalents	464	728
Net decrease in cash and cash equivalents	-13,455	-26,699
Cash and cash equivalents at beginning of period	32,469	41,215
CASH AND CASH EQUIVALENTS AT END OF PERIOD	19,014	14,516
Supplemental schedule of non-cash activities:	'	'
Revision to estimate of asset retirement obligations	0	-306
Amounts in accounts payable and accrued liabilities related to property and equipment	$846	$109

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis Of Presentation	'
	Note 1 - Basis of Presentation
	Description of Operations
	Magellan Petroleum Corporation (the "Company" or "Magellan") is an independent oil and gas exploration and production company focused on the development of a CO2-enhanced oil recovery ("CO2-EOR") program at Poplar Dome ("Poplar") in eastern Montana and the exploration of conventional and unconventional hydrocarbon resources in the Weald Basin, located in Sussex County England onshore United Kingdom ("UK"). Magellan also owns an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, Australia, which the Company currently plans to farmout; and an 11% ownership stake in Central Petroleum Limited (ASX: CTP), a Brisbane based exploration and production company that operates one of the largest holdings of prospective onshore acreage in Australia. The Company conducts its operations through three wholly owned subsidiaries corresponding to the geographic areas in which the Company operates: Nautilus Poplar LLC ("NP") in the US, Magellan Petroleum (UK) Limited ("MPUK") in the UK, and Magellan Petroleum Australia Pty Ltd ("MPA") in Australia.
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements include the accounts of Magellan and its wholly owned subsidiaries, NP, MPUK, and MPA, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, and in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these interim unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete annual period financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. All intercompany transactions have been eliminated. Operating results for the nine months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014. This report should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the "2013 Form 10-K"). All amounts presented are in US dollars, unless otherwise noted. Amounts expressed in Australian currency are indicated as "AUD."
	Use of Estimates
	The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	Foreign Currency Translation
	The functional currency of our foreign subsidiaries is their local currency. Assets and liabilities of foreign subsidiaries are translated to US dollars at period-end exchange rates, and our unaudited condensed consolidated statements of operations and cash flows are translated at average exchange rates during the reporting periods. Resulting translation adjustments are recorded in accumulated other comprehensive income, a separate component of stockholders' equity. A component of accumulated other comprehensive income will be released into income when the Company executes a partial or complete sale of an investment in a foreign subsidiary or a group of assets of a foreign subsidiary considered a business and/or when the Company no longer holds a controlling financial interest in a foreign subsidiary or group of assets of a foreign subsidiary considered a business.
	Transactions denominated in currencies other than the local currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in foreign currency transaction gains and losses that are reflected in results of operations as unrealized (based on period end translation) or realized (upon settlement of the transactions) and reported under general and administrative expenses in the consolidated statements of operations.
	Securities available-for-sale
	Securities available-for-sale are comprised of investments in publicly traded securities and are carried at quoted market prices. Unrealized gains and losses are excluded from earnings and recorded as a component of accumulated other comprehensive income in stockholders' equity, net of deferred income taxes. The Company recognizes gains or losses when securities are sold. On a quarterly basis, we perform an assessment to determine whether there have been any events or economic circumstances to indicate that a security with an unrealized loss has suffered other-than-temporary impairment. As a result of this review, no impairment was recorded during the nine months ended March 31, 2014, or 2013, respectively.
	Stock Based Compensation
	Stock option grants may contain time based, market based, or performance based vesting provisions. Time based options are expensed on a straight-line basis over the vesting period. Market based options are expensed based on a graded amortized method, the expense is recognized if the derived service period is satisfied, even if the market condition is not achieved. Performance based options ("PBOs") are recognized when the achievement of the performance conditions is considered probable. Accordingly, PBOs are expensed over the period of time the performance condition is expected to be achieved. Management re-assesses whether achievement of performance conditions is probable at the end of each reporting period. If changes in the estimated outcome of the performance conditions affect the quantity of the awards expected to vest, the cumulative effect of the change is recognized in the period of change.
	The fair value of the stock options is determined on the grant date and is affected by our stock price and other assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, risk free interest rates, expected dividends, and the expected option exercise term. The Company estimates the fair value of PBOs and time based stock options using the Black-Scholes-Merton pricing model. The simplified method is used to estimate the expected term of stock options due to a lack of related historical data regarding exercise, cancellation, and forfeiture. For market based stock options, the fair value is estimated using Monte Carlo simulation techniques.
	Exploration
	We capitalize exploratory well costs until a determination is made that the well has found proved reserves or is deemed to be noncommercial. If a well is deemed to be noncommercial, the well costs are charged to exploration expense as dry hole costs. Exploration expenses include dry hole costs and geological and geophysical expenses.
	Segment Information
	As of June 30, 2013, the Company determined, based on the criteria of ASC Topic 280, that it operates in three segments, NP, MPUK, and MPA, as well as a head office, Magellan ("Corporate"), which is treated as a cost center.
	The Company's chief operating decision maker is J. Thomas Wilson (President and CEO of the Company), who reviews the results and manages operations of the Company in the three reporting segments of NP, MPUK, MPA, and Corporate. The presentation of all historical segment information herein has been reclassified to conform to the current segment reporting structure, which also reflects the manner in which the Company's management monitors performance and allocates resources. For information pertaining to our reporting segments, see Note 13 - Segment Information, and Part II, Item 8 of our 2013 Form 10-K.
	Recently Issued Accounting Standards
	In February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU No. 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective July 1, 2013. The Company's adoption of this standard did not have a significant impact on its unaudited condensed consolidated financial statements.
	In March 2013, the FASB issued ASU No. 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of a foreign subsidiary or foreign group of assets comprising a business. The Company's adoption of this standard did not have a significant impact on its unaudited condensed consolidated financial statements.

Sale_of_Amadeus_Basin_Assets

Sale of Amadeus Basin Assets	9 Months Ended
	Mar. 31, 2014
Extractive Industries [Abstract]	'
Sale of Amadeus Basin Assets	'
	Note 2 - Sale of Amadeus Basin Assets
	On March 31, 2014 (the "Central Closing Date"), pursuant to the Share Sale and Purchase Deed dated February 17, 2014 (the "Sale Deed"), the Company sold its Amadeus Basin assets, the Palm Valley and Dingo gas fields ("Palm Valley" and "Dingo," respectively), to Central Petroleum Limited ("Central") through the sale of the Company's wholly owned subsidiary, Magellan Petroleum (N.T.) Pty. Ltd, to Central's wholly owned subsidiary Central Petroleum PV Pty. Ltd ("Central PV"). In exchange for the assets, on March 31, 2014, Central paid to Magellan (i) AUD $15.0 million, and (ii) 39.5 million newly issued shares of Central stock (ASX: CTP), equivalent to an ownership interest in Central of approximately 11%. Central also committed to the payment of AUD $5.0 million to Magellan on April 15, 2014. The Sale Deed provides for certain customary purchase price adjustments, including the payment by Central of capital expenditures incurred by Magellan during the period from October 1, 2013, and March 31, 2014, less AUD $485 thousand, which is estimated at approximately AUD $743 thousand. The Sale Deed also provides that the Company is entitled to receive 25% of the revenues generated at the Palm Valley gas field from gas sales when the volume-weighted gas price realized at Palm Valley exceeds AUD $5.00/Gigajoule ("GJ") and AUD $6.00/GJ for the first 10 years following the Central Closing Date and for the following 5 years, respectively, with such prices to be escalated in accordance with the Australian CPI. Between the third and fifth anniversaries of the Central Closing Date, inclusive, the Company may seek from Central a one-time payment (the "Bonus Discharge Amount") corresponding to the present value, assuming an annual discount rate of 10%, of any expected remaining bonus payments in exchange for foregoing future bonus payments. If the Company receives the Bonus Discharge Amount, bonus payments and the Bonus Discharge Amount together may not exceed AUD $7.0 million. The Company also retained its rights to receive any and all bonuses (the "Mereenie Bonus") payable by Santos Ltd ("Santos") and contingent upon production at the Mereenie oil and gas field achieving certain threshold levels. The Mereenie Bonus was established in 2011 pursuant to the terms of the asset swap agreement between the Company and Santos for the sale of the Company's interest in Mereenie to Santos and the Company's purchase of the interests of Santos in the Palm Valley and Dingo gas fields. For additional information, see Note 3 - Discontinued Operations.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Operations	'
	Note 3 - Discontinued Operations
	As discussed in detail in Note 2, on March 31, 2014, pursuant to the Sale Deed, the Company completed the sale of Palm Valley and Dingo to Central PV. The assets of Palm Valley and Dingo were previously reported under the MPA segment, accordingly, MPA's results of operations associated with this sale were reclassified to discontinued operations in the third quarter of fiscal year 2014. Prior period amounts related to discontinued operations in the unaudited condensed consolidated statement of operations and statement of clash flows have also been reclassified to conform to the current period presentation. Summarized results of the Company's discontinued operations are as follows:
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014		2013
		(In thousands)
	Revenue	$	356		$	231		$	814	$	738
	Net income (loss) from discontinued operations	$	27,593		$	(606	)	$	24,937	$	(5,564	)
	The Company reasonably estimated potential purchase price adjustments pursuant to the Sale Deed relating to the reimbursement of Dingo development costs and post completion costs. As of March 31, 2014, the gain related to the Company's discontinued operations is summarized as follows:
		March 31,			June 30,
		2014			2013
		(In thousands)
	Assets and liabilities sold
	Property and equipment, net	$	(10,100	)	$	(9,627	)
	Deferred income taxes	(7,217		)	(7,217		)
	Goodwill allocated to disposal group	(1,000		)	(1,000		)
	Asset retirement obligations	4,457			4,575
	Other assets and liabilities, net (1)	1,178			—
	Total assets and liabilities of discontinued operations	(12,682		)	(13,269		)
	Consideration
	First cash installment - received at Central Closing Date	13,859
	Second cash installment - received on April 15, 2014	4,624
	Stock of Central	19,147
	Total consideration	37,630
	Reclassification of foreign currency translation gains to earnings upon sale of foreign subsidiary	6,049
	Transaction costs	(815		)
	Gain on disposal of discontinued operations, net of tax	$	30,182
	(1) Includes preliminary purchase price adjustments that have not been finalized.
	For additional information about the sale of the Amadeus Basin assets and the Sale Deed, see Note 2 - Sale of Amadeus Basin Assets.

Securities_AvailableforSale

Securities Available-for-Sale	9 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Securities Available-for-Sale	'
	Note 4 - Securities Available-for-Sale
	The following table presents the amortized cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale equity securities as follows:
		March 31, 2014
		Amortized		Gross unrealized gains		Gross unrealized losses			Fair
		cost							value
		(In thousands)
	Equity securities	$	19,339	$	929	$	(155	)	$	20,113
		June 30, 2013
		Amortized		Gross unrealized gains		Gross unrealized losses			Fair
		cost							value
		(In thousands)
	Equity securities	$	192	$	—	$	(148	)	$	44

Debt

Debt	9 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Note 5 - Debt
	The outstanding principal of a $1.7 million note payable by NP, re-issued in January 2011 (the "Note Payable"), will be fully amortized in June 2014. As of March 31, 2014, the minimum future principal maturities of the Note Payable, totaling $138 thousand, were considered a current liability.
	The variable interest rate of the Note Payable is based upon the Wall Street Journal Prime Rate (the "Index") plus 1.00%, subject to a floor rate of 6.25%. The Index was 3.25% at March 31, 2014, resulting in an interest rate of 6.25% per annum as of March 31, 2014. Under the Note Payable, NP is subject to certain customary financial and restrictive covenants. As of March 31, 2014, NP was in compliance with all financial and restrictive covenants.
	The Note Payable is collateralized by a first mortgage and an assignment of production from Poplar and is guaranteed by Magellan up to $6.0 million, not to exceed the amount of the principal owed. The carrying amount of the Note Payable approximates its fair value, due to its variable interest rate, which resets based on market rates

Asset_Retirement_Obligations

Asset Retirement Obligations	9 Months Ended
	Mar. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligations	'
	Note 6 - Asset Retirement Obligations
	The estimated valuation of asset retirement obligations ("AROs") is based on the Company's historical experience and management's best estimate of plugging and abandonment costs by field. Assumptions and judgments made by management when assessing an ARO include: (i) the existence of a legal obligation; (ii) estimated probabilities, amounts, and timing of settlements; (iii) the credit-adjusted risk-free rate to be used; and (iv) inflation rates. Accretion expense is recorded under depletion, depreciation, amortization, and accretion in the unaudited condensed consolidated statements of operations. If the recorded value of ARO requires revision, the revision is recorded to both the ARO and the asset retirement capitalized cost. As a result of the sale of the Amadeus Basin assets on March 31, 2014, AROs were reduced by approximately $4.5 million.
	The following table summarizes the ARO activity for the nine months ended March 31, 2014:
		Total
		(In thousands)
	Fiscal year opening balance	$	6,879
	Liabilities incurred	7
	Liabilities sold	(4,457		)
	Accretion expense	325
	Effect of exchange rate changes	68
	Balance at March 31, 2014	2,822
	Less current asset retirement obligation	388
	Long term asset retirement obligation	$	2,434

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Note 7 - Fair Value Measurements
	The Company follows authoritative guidance related to fair value measurement and disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement using market participant assumptions at the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
	•	Level 1: Quoted prices in active markets for identical assets.
	•	Level 2: Significant other observable inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, either directly or indirectly, for substantially the full term of the financial instrument.
	•	Level 3: Significant unobservable inputs.
	The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the asset or liability. The Company's policy is to recognize transfers in or out of a fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. The Company has consistently applied the valuation techniques discussed above for all periods presented. During the nine months ended March 31, 2014, and 2013, there have been no transfers in or out of Level 1, Level 2, or Level 3.
	Assets and liabilities measured on a recurring basis
	The Company's financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, are carried at cost, which approximates fair value due to the short term maturity of these instruments. The recorded values of the line of credit and Note Payable (see Note 5 - Debt) approximate fair value due to their variable interest rate structures.
	The following table presents items required to be measured at fair value on a recurring basis by the level in which they are classified within the valuation hierarchy as follows:
		March 31, 2014
		Level 1			Level 2			Level 3		Total
		(In thousands)
	Assets:
	Securities available-for-sale	$	20,113		$	—		$	—	$	20,113
	Liabilities:
	Contingent consideration payable (1)	$	—		$	—		$	4,174	$	4,174
		June 30, 2013
		Level 1			Level 2			Level 3		Total
		(In thousands)
	Assets:
	Securities available-for-sale	$	44		$	—		$	—	$	44
	Liabilities:
	Contingent consideration payable (1)	$	—		$	—		$	3,940	$	3,940
	(1) See Note 15 - Commitments and Contingencies, below for additional information about this item.
	The contingent consideration payable is a standalone liability that is measured at fair value on a recurring basis for which there is no available quoted market price, principal market, or market participants. The inputs for this instrument are unobservable and therefore classified as Level 3 inputs. The calculation of this liability is a significant management estimate and uses drilling and production projections, consistent with the Company's reserve report for NP, to estimate future production bonus payments, and a discount rate that is reflective of the Company's credit adjusted borrowing rate. Inputs are reviewed by management on an annual basis and the liability is estimated by converting estimated future production bonus payments to a single net present value using a discounted cash flow model. Payments of future production bonuses are sensitive to Poplar's 60 days rolling gross production average. The contingent consideration payable would increase with significant production increases and/or a reduction in the discount rate.
	The following table presents information about significant unobservable inputs to the Company's Level 3 financial liability measured at fair value on a recurring basis as follows:
	Description		Valuation technique	Significant unobservable inputs		March 31,	June 30,
						2014	2013
	Contingent consideration payable		Discounted cash flow model	Discount rate		8.00%	8.00%
				First production payout		December 31, 2015	December 31, 2015
				Second production payout		December 31, 2016	December 31, 2016
	Adjustments to the fair value of the contingent consideration payable are recorded in the unaudited condensed consolidated statements of operations under net interest income. The following table presents a roll forward of the contingent consideration payable for the nine months ended March 31, 2014:
		Total
		(In thousands)
	Fiscal year opening balance	$	3,940
	Accretion of contingent consideration payable	234
	Balance at March 31, 2014	$	4,174
	Assets and liabilities measured on a nonrecurring basis
	The Company also utilizes fair value to perform an annual impairment test on its oil and gas properties, or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. Fair value is estimated using expected undiscounted future cash flows from oil and gas properties. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and are also classified within Level 3. For the nine months ended March 31, 2014, no events or circumstances were identified that would indicate that an impairment of our oil and gas properties has occurred.

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 8 - Income Taxes
	The Company has estimated the applicable effective tax rate expected for the full fiscal year. The Company's effective tax rate used to estimate income taxes on a current year-to-date basis for the nine months ended March 31, 2014, and 2013, is 0% and 5.46%, respectively. Deferred tax assets ("DTAs") are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating losses and foreign tax credit carry forwards. A valuation allowance reduces DTAs to the estimated realizable value, which is the amount of DTAs management believes is "more-likely-than-not" to be realized in future periods.
	We review our DTAs and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. We anticipate that we will continue to record a valuation allowance against our DTAs in all jurisdictions of the Company, until such time as we are able to determine that it is "more-likely-than-not" that those DTAs will be realized. Following the sale of MPNT, the deferred tax asset related to the Petroleum Resource Rent Tax was realized as part of the sale transaction. Consistent with the position at June 30, 2013, the Company maintains a full valuation allowance recorded against all DTAs, until such time as we are able to determine it is "more-likely-than-not" those reserved DTAs will be realized. The Company therefore had no recorded DTAs as of March 31, 2014.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Note 9 - Stock Based Compensation
	The 2012 Stock Incentive Plan
	On January 16, 2013, the Company's shareholders approved the Magellan Petroleum Corporation 2012 Omnibus Incentive Compensation Plan (the "2012 Stock Incentive Plan"). The 2012 Stock Incentive Plan replaced the Company's 1998 Stock Incentive Plan (the "1998 Stock Plan"). The 2012 Stock Incentive Plan provides for the granting of stock options, stock appreciation rights, restricted stock and/or restricted stock units, performance shares and/or performance units, incentive awards, cash awards, and other stock based awards to employees, including officers, directors, and consultants of the Company (or subsidiaries of the Company) who are selected to receive incentive compensation awards by the Compensation, Nominating and Governance Committee (the "CNG Committee") of the Board of Directors of the Company (the "Board"), which is the plan administrator for the 2012 Stock Incentive Plan. The stated maximum number of shares of the Company's common stock authorized for awards under the 2012 Stock Incentive Plan is 5,000,000 shares plus the remaining number of shares under the 1998 Stock Plan immediately before the effective date of the 2012 Stock Incentive Plan, which was 288,435 as of January 15, 2013. The maximum aggregate annual number of options or stock appreciation rights that may be granted to one participant is 1,000,000, and the maximum annual number of performance shares, performance units, restricted stock, or restricted stock units that may be granted to any one participant is 500,000. The maximum term of the 2012 Stock Incentive Plan is ten years.
	Stock Option Grants
	Under the 2012 Stock Incentive Plan, stock option grants may contain time based, performance based, or market based vesting provisions. During the nine months ended March 31, 2014, the Company granted a total of 3,000,000 stock options under the 2012 Stock Incentive Plan, of which 1,500,000 were granted as PBOs, and 1,500,000 were granted with market based vesting provisions. Performance metrics used to measure the potential vesting of the PBOs consist of: (i) completing the drilling of the CO2-EOR pilot program at Poplar (weighted 10%); (ii) board approval of a full field CO2-EOR development project at Poplar (weighted 40%); (iii) sale of substantially all of the Amadeus Basin assets (weighted 20%); (iv) approval of a farmout agreement or the ability to participate in drilling one well in the Weald Basin with internally developed funding, including proceeds from a sale of assets (weighted 20%); and (v) approval and execution of a farmout agreement for drilling one well in the Bonaparte Basin (weighted 10%). Potential vesting of the market based stock options are subject to the Company maintaining a $2.35 per share closing price for 10 consecutive trading days and median stock price of $2.35 over a period of 90 days. As of March 31, 2014, performance metrics (i), (iii) and (iv) were met.
	As of March 31, 2014, 2,250,000 stock options with market based vesting provisions or PBOs had not vested, and 560,107 shares, including forfeited shares, which remain available for future issuance. Stock options outstanding have expiration dates ranging from November 18, 2015, to October 15, 2023.
	The following table summarizes the stock option activity for the nine months ended March 31, 2014:
		Number of			WAEPS (1)
		Shares
	Fiscal year opening balance	7,788,957			$1.33
	Granted	3,000,000			$1.03
	Forfeited	(41,666	)		$1.05
	Balance at March 31, 2014	10,747,291			$1.25
	Weighted average remaining contractual term	6.4		years
	(1) Weighted average exercise price per share.
	The fair value of stock options granted under the 2012 Stock Incentive Plan or the 1998 Stock Plan was estimated using the following weighted-average assumptions for the nine months ended:
		March 31,
		2014								2013
		PBOs (1)					Market Based (2)			PBOs
	Number of options	1,500,000					1,500,000			1,007,500
	Weighted average grant date fair value per share	$0.57					$0.69			$0.61
	Expected dividend	0					0			0
	Forfeiture rate	0					0			0
	Risk free interest rate	1.5	%	-	1.7	%		2.8	%	0.6	%	-	0.8	%
	Expected life (years)	0.4		-	1.6			2.6		5.1		-	6
	Expected volatility (based on historical price)	61.7	%	-	61.9	%		66.6	%	60.3	%	-	63.5	%
	(1) The term related to these PBOs were estimated using an average probabilistic weighted method.
	(2) The Company assumed market based options will be voluntarily exercised at the midpoint of vesting, and the contractual term.
	Stock Compensation Expense
	The Company recorded $0.6 million and $1.7 million of related stock compensation expense for the three and nine months ended March 31, 2014, respectively, and $0.1 million and $0.8 million of related stock compensation expense for the three and nine months ended March 31, 2013. Stock compensation expense is included in general and administrative expense in the unaudited condensed consolidated statements of operations. As of March 31, 2014, the unrecorded expected future compensation expense related to stock option awards was $1.5 million.
	Stock Awards
	On July 1, 2013, 450,000 restricted shares of the Company's Common Stock (the "Common Stock") were awarded to executive officers pursuant to the 2012 Stock Incentive Plan. The restricted shares are subject to a three year vesting term. The Company's compensation policy is designed to provide the Company's non-employee directors with a portion of their annual base Board service compensation in the form of equity. On July 1, 2013, the Company issued a total of 266,664 shares of its Common Stock to non-employee directors pursuant to this policy and the 2012 Stock Incentive Plan.

Preferred_Stock

Preferred Stock	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Preferred Stock	'
	Note 10 - Preferred Stock
	Series A Convertible Preferred Stock Financing
	On May 10, 2013, the Company entered into a Series A Convertible Preferred Stock Purchase Agreement (the "Series A Purchase Agreement") with One Stone Holdings II LP ("One Stone"), an affiliate of One Stone Energy Partners, L.P. Pursuant to the terms of the Series A Purchase Agreement, on May 17, 2013 (the "Closing Date"), the Company issued to One Stone 19,239,734 shares of Series A Convertible Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), at a purchase price of $1.22149381 per share (the "Purchase Price"), for aggregate proceeds of approximately $23.5 million. Subject to certain conditions, each share of Series A Preferred Stock and any related unpaid accumulated dividends are convertible into one share of the Company's Common Stock, par value $0.01 per share, at an initial face amount and conversion price of $1.22149381 per share (the "Conversion Price").
	The Certificate of Designations, as amended (the "Certificate of Designations"), governing the Series A Preferred Stock also includes the following key terms:
	•	Dividends. Holders of Series A Preferred Stock are entitled to a dividend equivalent to 7.0% per annum on the face value, which is the Purchase Price plus any accumulated unpaid dividends, payable quarterly in arrears. Dividends are generally payable in kind ("PIK") (in the form of additional shares of Series A Preferred Stock) or in cash, at the Company's option.
	•	Conversion. Each share of Series A Preferred Stock is convertible at any time, at the holder's option, into one share of Common Stock, based on an initial face amount and conversion price of $1.22149381 per share. The Series A Preferred Stock is entitled to customary anti-dilution protections.
	•	Voting. The Series A Preferred Stock is entitled to vote on an as-converted basis with the Common Stock.
	•	Forced Conversion. At any time after the third anniversary of the Closing Date, the Company will have the right to cause the holders to convert all, but not less than all, of the shares of Series A Preferred Stock into shares of Common Stock, if, among other conditions: (i) the average per share price of Common Stock equals or exceeds 200% of the Purchase Price for a period of 20 out of 30 consecutive trading days, (ii) the average daily trading volume of shares of Common Stock exceeds an amount equal to the number of shares of Common Stock issuable upon the conversion of all outstanding shares of Series A Preferred Stock divided by 45, and (iii) the resale of shares of Common Stock into which such shares are converted is covered by an effective shelf registration statement, or such shares of Common Stock can be sold under Rule 144 under the US Securities Act of 1933, as amended (the "Securities Act").
	•	Redemption. At any time after the third anniversary of the Closing Date, and upon 30 days prior written notice, the Company may elect to redeem all, but not less than all, shares of Series A Preferred Stock for an amount equal to the greater of (i) the closing sale price of the Common Stock on the date the Company delivers such notice multiplied by the number of shares of Common Stock issuable upon conversion of the outstanding Series A Preferred Stock, and (ii) a cash payment that, when considering all cash dividends already paid, allows the holders of Series A Preferred Stock to achieve a 20% annualized internal rate of return on the then outstanding Series A Preferred Stock. The holders of Series A Preferred Stock will have the right to convert the Series A Preferred Stock into shares of Common Stock at any time prior to the close of business on the redemption date.
	•	Change in Control. In the event of a Change in Control (as defined in the Certificate of Designations) of the Company, holders of Series A Preferred Stock will have the option to (i) convert Series A Preferred Stock into Common Stock immediately prior to the Change in Control, (ii) in certain circumstances, receive stock or securities in the acquirer of the Company having substantially identical terms as those of the Series A Preferred Stock, or (iii) receive a cash payment that, when considering all cash dividends already paid, allows the holders of Series A Preferred Stock to achieve a 20% annualized internal rate of return on the then outstanding Series A Preferred Stock.
	The Company has determined that a Change in Control (as defined in the Certificate of Designations) is not solely within the Company's control, and therefore the Series A Preferred Stock is presented in the unaudited condensed consolidated balance sheets under temporary equity, outside of permanent equity.
	•	Liquidation. Upon a liquidation event, holders of Series A Preferred Stock are entitled to a non-participating liquidation preference per share of Series A Preferred Stock equal to (i) 115% of the Purchase Price until the second anniversary of the Closing Date, (ii) 110% of the Purchase Price after the second anniversary of the Closing Date until the third anniversary of the Closing Date, (iii) 105% of the Purchase Price after the third anniversary of the Closing Date until the fourth anniversary of the Closing Date, and (iv) thereafter, at the Purchase Price, plus, in each case, any accrued and accumulated dividends on such share.
	•	Ranking. Series A Preferred Stock ranks senior to Common Stock with respect to dividend rights and rights on liquidation, winding up, and dissolution.
	•	Board Representation. For so long as the holders of Series A Preferred Stock own at least 15% or 10% of the fully diluted shares of Common Stock (assuming full conversion of the Series A Preferred Stock), the holders of a majority of the then outstanding shares of Series A Preferred Stock have the right to appoint two members or one member, respectively, to the Company's Board. These directors are not subject to director elections by the holders of Common Stock at the Company's annual meetings of shareholders.
	•	Minority Veto Rights. For so long as the holders of Series A Preferred Stock own at least 10% of the fully diluted Common Stock (assuming full conversion of the Series A Preferred Stock), the holders of a majority of the then outstanding shares of Series A Preferred Stock will hold veto rights with respect to (i) capital expenditures greater than $15.0 million that are not provided for in the then-current annual budget; (ii) certain related-party transactions; (iii) changes to the Company's principal line of business; and (iv) an increase in the size of the Board to a number greater than 12.
	The Series A Purchase Agreement and a related separate Registration Rights Agreement also include the following key terms:
	•	Standstill. For a period of two years following the date of the Series A Purchase Agreement, One Stone is generally prohibited from (i) acquiring direct or beneficial control of any additional equity securities of the Company or any rights thereto; (ii) making, or in any way participating in, directly or indirectly, any solicitation of proxies to vote in any election contest or initiate, propose or otherwise solicit stockholders of the Company for approval of any stockholder proposals; (iii) participating in or forming any voting group or voting trust with respect to any voting securities of the Company; and (iv) seeking to influence, modify, or control management, the Board, or any business, policies, or actions of the Company. Until such time as One Stone no longer holds any Series A Preferred Stock, One Stone is prohibited from engaging, directly or indirectly, in any short selling of the Common Stock.
	•	Registration Rights. Holders of Series A Preferred Stock are entitled to resale registration rights with respect to the shares of Common Stock issuable upon conversion of the Series A Preferred Stock.
	The Company has analyzed the embedded features of the Series A Preferred Stock and has determined that none of the embedded features is required under US GAAP to be bifurcated from the Series A Preferred Stock and accounted for separately as a derivative. The Company recorded the transaction by recognizing the fair value of the Series A Preferred Stock at the time of issuance in the amount of $23.5 million. The Company will accrete the Series A Preferred Stock to the redemption value if events or circumstances indicate that redemption is probable.
	For the nine months ended March 31, 2014, the Company recorded preferred stock dividends of $1.3 million related to the Series A Preferred Stock. The preferred stock dividend for the three months ended March 31, 2014, will be paid in cash, and accordingly an accrual of $431 thousand was recorded for unpaid cash dividends as of March 31, 2014.
	The activity related to the Series A Preferred Stock for the nine months ended March 31, 2014, and the fiscal year ended June 30, 2013, is as follows:
		NINE MONTHS ENDED			FISCAL YEAR ENDED
		March 31, 2014			June 30, 2013
		Number of shares	Amount		Number of shares	Amount
		(In thousands, except share amounts)
	Fiscal year opening balance	19,239,734	$	23,502	—	$	—
	Issuance of Series A Preferred Stock	—	—		19,239,734	23,502
	PIK dividend shares issued, for previously accrued dividend	164,607	202		—	—
	Current year PIK dividends shares issued	685,095	836		—	—
	Balance at March 31, 2014	20,089,436	$	24,540	19,239,734	$	23,502

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Note 11 - Stockholders' Equity
	Treasury Stock
	On September 24, 2012, the Company announced that its Board had approved a stock repurchase program authorizing the Company to repurchase up to a total value of $2.0 million in shares of its Common Stock. The size and timing of such purchases is to be based on market and business conditions as well as other factors. The Company is not obligated to purchase any shares of its Common Stock. The authorization will expire on August 21, 2014, and purchases under the program can be discontinued at any time. During November 2012, the Company repurchased 149,539 shares pursuant to this program. As of March 31, 2014, $1.9 million in shares of Common Stock remained authorized for repurchase under this program.
	On January 14, 2013, the Company entered into a Collateral Purchase Agreement (the "Collateral Agreement") with Sopak AG, a Swiss subsidiary of Glencore International plc ("Sopak"), pursuant to which the Company agreed to purchase: (i) 9,264,637 shares of the Company's Common Stock, (ii) a warrant granting Sopak the right to purchase from the Company an additional 4,347,826 shares of Common Stock, and (iii) a Registration Rights Agreement, dated as of June 29, 2009, and amended as of October 14, 2009, and June 23, 2010, between the Company, Young Energy Prize S.A., a Luxembourg corporation ("YEP"), and ECP Fund, SICAV-FIS, a Luxembourg corporation ("ECP"), which is a subsidiary of Yamalco Investments Limited, a Cyprus company ("Yamalco"), for a purchase price of $10.0 million. The Collateral Agreement was subsequently amended on January 15, 2013, and completed on January 16, 2013. The Company accounted for the Collateral Agreement by allocating the purchase price of $10.0 million to the fair value of the warrant, which was estimated at $0.8 million, and the remaining $9.2 million to the purchase of the 9,264,637 shares of Common Stock, resulting in a value per share of $0.993 for the shares of Common Stock purchased. YEP, ECP, and Yamalco are entities affiliated with Nikolay V. Bogachev, a former director of the Company.
	All repurchased shares of Common Stock are currently being held in treasury at cost, including direct issuance cost. The following table summarizes the Company's treasury stock activity as follows:
		NINE MONTHS ENDED			FISCAL YEAR ENDED
		March 31, 2014			June 30, 2013
		Number of shares	Amount		Number of shares	Amount
		(In thousands, except share amounts)
	Fiscal year opening balance	9,414,176	$	9,333	—	$	—
	Repurchases through the stock repurchase program	—	—		149,539	137
	Repurchase through the Collateral Agreement (1)	—	—		9,264,637	9,196
	Net shares repurchased for employee tax costs upon vesting of restricted stock	10,938	11		—	—
	Balance at March 31, 2014	9,425,114	$	9,344	9,414,176	$	9,333
	(1) Purchase price of $10.0 million reduced by the fair value of the warrant.
	Retired Warrant
	The Company formally retired the warrant purchased from Sopak pursuant to the Collateral Agreement described above. The fair value of the warrant was estimated using the Black-Scholes-Merton pricing model and determined to be approximately $0.8 million, which was included as a reduction of additional paid in capital in the unaudited condensed consolidated balance sheet.
	Assumptions used in estimating the fair value of the warrant included: (i) the Common Stock market price on the repurchase date of $0.90 per share; (ii) the warrant exercise price of $1.15 per share; (iii) an expected dividend of $0; (iv) a risk free interest rate of 0.2%; (v) a remaining contractual term of 1.5 years; and (vi) an expected volatility based on historical prices of 60.8%.

Earnings_Per_Common_Share

Earnings Per Common Share	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Common Share	'
	Note 12 - Earnings Per Common Share
	The following table summarizes the computation of basic and diluted earnings per share:
		THREE MONTHS ENDED							NINE MONTHS ENDED
		March 31,							March 31,
		2014				2013			2014			2013
		(In thousands, except share and per share amounts)
	Loss from continuing operations	$	(3,073	)		$	(3,726	)	$	(9,364	)	$	(11,364	)
	Preferred stock dividend	(431		)		—			(1,267		)	—
	Net loss	(3,504		)		(3,726		)	(10,631		)	(11,364		)
	Net income (loss) from discontinued operations	27,593				(606		)	24,937			(5,564		)
	Net income (loss) attributable to common stockholders	$	24,089			$	(4,332	)	$	14,306		$	(16,928	)
	Basic weighted average shares outstanding	45,348,709				46,084,149			45,348,753			51,302,369
	Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants (1)	—				—			—			—
	Diluted weighted average common shares outstanding	45,348,709				46,084,149			45,348,753			51,302,369
	Basic earnings (loss) per common share:
	Loss from continuing operations	($0.07)				($0.08)			($0.21)			($0.22)
	Net income (loss) from discontinued operations	$0.61				($0.01)			$0.55			($0.11)
	Net income (loss) attributable to common stockholders	$0.53				($0.09)			$0.32			($0.33)
	Diluted earnings (loss) per common share:
	Loss from continuing operations	($0.07)				($0.08)			($0.21)			($0.22)
	Net income (loss) from discontinued operations	$0.61				($0.01)			$0.55			($0.11)
	Net income (loss) attributable to common stockholders	$0.53				($0.09)			$0.32			($0.33)
	(1) All diluted earnings per share calculations are dictated by the results from continuing operations, accordingly there were no dilutive effect on earnings per share in the periods presented.
	There is no dilutive effect on earnings per share in periods with net losses. Stock options or shares of Common Stock issuable upon the conversion of the Series A Preferred Stock were not considered in the calculation of diluted weighted average common shares outstanding, as they would be antidilutive. Potentially dilutive securities excluded from the calculation of diluted shares outstanding in periods with net losses are as follows:
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014		2013
	In-the-money stock options	5,143,666			75,000			907,500		82,500
	Non-vested restricted stock	850,000			—			900,000		—
	Total	5,993,666			75,000			1,807,500		82,500

Segment_Information

Segment Information	9 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Information	'
	Note 13 - Segment Information
	The Company conducts its operations through three wholly owned subsidiaries: NP, which operates in the US; MPUK, which includes our operations in the UK; and MPA, which is primarily active in Australia. Oversight for these subsidiaries is provided by Corporate which is treated as a cost center. Due to the sale of the Amadeus Basin assets held by MPA, results of operations related to MPA are included in results of operations from discontinued operations.
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014			2013
		(In thousands)
	Revenue from oil production:
	NP	$	1,907		$	1,706		$	5,674		$	4,608
	Net income (loss) from continuing operations:
	NP	$	40		$	333		$	(536	)	$	(133	)
	MPUK	(1,349		)	(2,417		)	(2,495		)	(4,424		)
	Corporate	(2,011		)	(1,673		)	(6,700		)	(6,661		)
	Inter-segment elimination	247			31			367			(146		)
	Consolidated net loss from continuing operations	$	(3,073	)	$	(3,726	)	$	(9,364	)	$	(11,364	)
								March 31,			June 30,
								2014			2013
								(In thousands)
	Total assets:
	NP							$	26,831		$	26,093
	MPUK							174			2,021
	MPA							39,821			33,418
	Corporate							102,403			96,558
	Inter-segment elimination (1)							(75,196		)	(75,818		)
	Consolidated total assets							94,033			82,272
	Assets of discontinued operations							—			(18,199		)
	Total assets of continuing operations							$	94,033		$	64,073
	(1) Asset inter-segment eliminations are primarily derived from investments in subsidiaries.

Oil_and_Gas_Activities

Oil and Gas Activities	9 Months Ended
	Mar. 31, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract]	'
Oil and Gas Activities	'
	Note 14 - Oil and Gas Activities
	The following table presents the capitalized costs under the successful efforts method for oil and gas properties as of:
		March 31,			June 30,
		2014			2013
		(In thousands)
	Proved oil and gas properties:
	United States	$	28,957		$	27,606
	Australia	—			7,771
	Less accumulated depletion, depreciation, and amortization	(3,499		)	(5,814		)
	Total net proved oil and gas properties	$	25,458		$	29,563
	Unproved oil and gas properties:
	United Kingdom	$	630		$	1,075
	United States	269			261
	Australia	—			3,976
	Total unproved oil and gas properties	$	899		$	5,312
	Wells in Progress:
	United Kingdom	$	728		$	688
	United States (1)	16,575			235
	Total wells in progress	$	17,303		$	923
	(1) The Company began implementing a CO2-enhanced oil recovery pilot project at NP in the first quarter of fiscal year 2014.
	During the nine months ended March 31, 2014, the Company allowed petroleum exploration and development licenses in the UK to expire at the end of their term. As a result, $0.7 million of exploration expense was recorded in the unaudited condensed consolidated statement of operations.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 15 - Commitments and Contingencies
	Refer to Note 12 - Commitments, of the Notes to the Consolidated Financial Statements in our 2013 Form 10-K for information on all commitments.
	In September 2011, the Company entered into a Purchase and Sale Agreement (the "Nautilus PSA") among the Company and the non-controlling interest owners of NP for the Company's acquisition of the sellers' interests in NP (the "Nautilus Transaction"). The Nautilus PSA provides for potential future contingent production payments, payable by the Company in cash to the sellers, of up to a total of $5.0 million if certain increased average daily production milestones for the underlying properties are achieved. J. Thomas Wilson, a director and executive officer of the Company, has an approximately 52% interest in such contingent payments. See Note 7 - Fair Value Measurements, above for information regarding the estimated discounted fair value of the future contingent consideration payable related to the Nautilus Transaction.
	The Company has estimated that there is the potential for a statutory liability of approximately $1.5 million of required US Federal tax withholdings, and related penalties and interest, related to the Collateral Agreement as described in Note 11 - Stockholders' Equity. As a result, we have recorded a total liability of $1.5 million and $1.0 million as of March 31, 2014, and June 30, 2013, respectively, under accrued and other liabilities in the unaudited condensed consolidated balance sheets included in this report. The Company has a legally enforceable right to collect from Sopak any amounts owed to the IRS as a result of the Collateral Agreement. As a result, we have recorded a corresponding receivable of $1.5 million and $1.0 million as of March 31, 2014, and June 30, 2013, respectively, under prepaid and other assets in the unaudited condensed consolidated balance sheets.

Related_Parties_Transactions

Related Parties Transactions	9 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Note 16 - Related Party Transactions
	During the third quarter of fiscal year 2012, the Company identified a potential liability of approximately $2.0 million related to the Company's non-payment of required US Federal tax withholdings in the course of its initial acquisition of a part of NP. In October 2009, Magellan acquired 83.5% of the membership interests in NP (the "Poplar Acquisition") from the two majority owners of NP, White Bear LLC ("White Bear"), and YEP I, SICAV-FES ("YEP I"). Both of these entities are affiliated with Nikolay V. Bogachev, a foreign national who was a director of Magellan at the time of the Poplar Acquisition but has since resigned. Because YEP I was a foreign entity and the members of White Bear were foreign nationals, Magellan was required to make US Federal tax withholdings from the payments to or for the benefit of White Bear and YEP I. Of the $2.0 million liability, $1.3 million was estimated to relate to the interest sold by White Bear, $0.6 million to the interest sold by YEP I, and $0.1 million to Magellan's interest on the late payment of the US Federal tax withholdings.
	With regards to White Bear, Mr. Bogachev filed his US income tax return and paid taxes due on the Poplar Acquisition, and Magellan has no further related potential liability. With regards to YEP I, which is now a defunct entity, Magellan concluded that it was unlikely that one of YEP I's successor entities would be filing the corresponding US income tax return. As a result, the Company initiated a disclosure process with the IRS. During October 2013, the Company received a letter from the IRS stating that the disclosure process was completed. This transaction had no effect on the Company for the nine months ended March 31, 2014.
	J. Robinson West, the Chairman of the Board of Directors of the Company, also serves as a non-employee director on the board of directors for Key Energy Services Inc. ("KES"). KES performed contract drilling rig services for the Company in Poplar during the second quarter of fiscal year 2014. The total contract fees paid to KES during the nine months ended March 31, 2014, was $2.2 million. As of March 31, 2014, there were no unpaid contract fees related to KES.
	See Note 11 - Stockholders' Equity above for discussions of other transactions in which Mr. Bogachev had an interest and which were finalized as of January 16, 2013.

Severance_Costs

Severance Costs	9 Months Ended
	Mar. 31, 2014
Restructuring and Related Activities [Abstract]	'
Severance Costs	'
	Note 17 - Employee Severance Costs
	The Company is required to record charges for one-time employee severance benefits and other associated costs as incurred. In July 2012, the Company incurred severance costs payable in connection with the termination of the employment of certain employees pursuant to the terms of their employment agreements. On March 31, 2014, the Company sold its interests in Palm Valley and Dingo to Central. Pursuant to the Sale Deed, the Company incurred severance costs payable in connection with the termination of certain MPA employees. For the nine months ended March 31, 2014, the Company expensed total employee-related severance costs of $1.5 million, all of which were charged to loss from discontinued operations, net of tax, in the unaudited condensed consolidated statement of operations. The Company does not expect any additional benefits or other associated costs related to the terminations of employment as discussed above.
	The liability related to these severance costs is included in the unaudited condensed consolidated balance sheets under accrued and other liabilities. A reconciliation of the beginning and ending liability balance for charges to general and administrative expense and cash payments for the nine months ended March 31, 2014, is as follows:
		Severance - Termination Benefits			Severance - Discontinued Operations		Total Severance Liability
		(In thousands)
	Fiscal year opening balance	$	418		$	—	$	418
	Charges to loss from discontinued operations, net of tax	—			1,475		1,475
	Cash payments	(250		)	—		(250		)
	Balance at March 31, 2014	$	168		$	1,475	$	1,643

Subsequent_Events

Subsequent Events	9 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 18 - Subsequent Events
	On April 15, 2014 the Company received approximately $4.6 million, the second cash installment pursuant to the Sale Deed related to the sale of the Amadeus Basin assets.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements include the accounts of Magellan and its wholly owned subsidiaries, NP, MPUK, and MPA, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, and in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these interim unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete annual period financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. All intercompany transactions have been eliminated. Operating results for the nine months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014. This report should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the "2013 Form 10-K"). All amounts presented are in US dollars, unless otherwise noted. Amounts expressed in Australian currency are indicated as "AUD."
Use of Estimates	'
	Use of Estimates
	The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Foreign Currency Translation	'
	Foreign Currency Translation
	The functional currency of our foreign subsidiaries is their local currency. Assets and liabilities of foreign subsidiaries are translated to US dollars at period-end exchange rates, and our unaudited condensed consolidated statements of operations and cash flows are translated at average exchange rates during the reporting periods. Resulting translation adjustments are recorded in accumulated other comprehensive income, a separate component of stockholders' equity. A component of accumulated other comprehensive income will be released into income when the Company executes a partial or complete sale of an investment in a foreign subsidiary or a group of assets of a foreign subsidiary considered a business and/or when the Company no longer holds a controlling financial interest in a foreign subsidiary or group of assets of a foreign subsidiary considered a business.
	Transactions denominated in currencies other than the local currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in foreign currency transaction gains and losses that are reflected in results of operations as unrealized (based on period end translation) or realized (upon settlement of the transactions) and reported under general and administrative expenses in the consolidated statements of operations.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	'
	Securities available-for-sale
	Securities available-for-sale are comprised of investments in publicly traded securities and are carried at quoted market prices. Unrealized gains and losses are excluded from earnings and recorded as a component of accumulated other comprehensive income in stockholders' equity, net of deferred income taxes. The Company recognizes gains or losses when securities are sold. On a quarterly basis, we perform an assessment to determine whether there have been any events or economic circumstances to indicate that a security with an unrealized loss has suffered other-than-temporary impairment. As a result of this review, no impairment was recorded during the nine months ended March 31, 2014, or 2013, respectively.
Share Based Compensation	'
	Stock Based Compensation
	Stock option grants may contain time based, market based, or performance based vesting provisions. Time based options are expensed on a straight-line basis over the vesting period. Market based options are expensed based on a graded amortized method, the expense is recognized if the derived service period is satisfied, even if the market condition is not achieved. Performance based options ("PBOs") are recognized when the achievement of the performance conditions is considered probable. Accordingly, PBOs are expensed over the period of time the performance condition is expected to be achieved. Management re-assesses whether achievement of performance conditions is probable at the end of each reporting period. If changes in the estimated outcome of the performance conditions affect the quantity of the awards expected to vest, the cumulative effect of the change is recognized in the period of change.
	The fair value of the stock options is determined on the grant date and is affected by our stock price and other assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, risk free interest rates, expected dividends, and the expected option exercise term. The Company estimates the fair value of PBOs and time based stock options using the Black-Scholes-Merton pricing model. The simplified method is used to estimate the expected term of stock options due to a lack of related historical data regarding exercise, cancellation, and forfeiture. For market based stock options, the fair value is estimated using Monte Carlo simulation techniques.
Exploration	'
	Exploration
	We capitalize exploratory well costs until a determination is made that the well has found proved reserves or is deemed to be noncommercial. If a well is deemed to be noncommercial, the well costs are charged to exploration expense as dry hole costs. Exploration expenses include dry hole costs and geological and geophysical expenses.
Segment Information	'
	Segment Information
	As of June 30, 2013, the Company determined, based on the criteria of ASC Topic 280, that it operates in three segments, NP, MPUK, and MPA, as well as a head office, Magellan ("Corporate"), which is treated as a cost center.
	The Company's chief operating decision maker is J. Thomas Wilson (President and CEO of the Company), who reviews the results and manages operations of the Company in the three reporting segments of NP, MPUK, MPA, and Corporate. The presentation of all historical segment information herein has been reclassified to conform to the current segment reporting structure, which also reflects the manner in which the Company's management monitors performance and allocates resources. For information pertaining to our reporting segments, see Note 13 - Segment Information, and Part II, Item 8 of our 2013 Form 10-K.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	In February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU No. 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective July 1, 2013. The Company's adoption of this standard did not have a significant impact on its unaudited condensed consolidated financial statements.
	In March 2013, the FASB issued ASU No. 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of a foreign subsidiary or foreign group of assets comprising a business. The Company's adoption of this standard did not have a significant impact on its unaudited condensed consolidated financial statements.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	'
	As of March 31, 2014, the gain related to the Company's discontinued operations is summarized as follows:
		March 31,			June 30,
		2014			2013
		(In thousands)
	Assets and liabilities sold
	Property and equipment, net	$	(10,100	)	$	(9,627	)
	Deferred income taxes	(7,217		)	(7,217		)
	Goodwill allocated to disposal group	(1,000		)	(1,000		)
	Asset retirement obligations	4,457			4,575
	Other assets and liabilities, net (1)	1,178			—
	Total assets and liabilities of discontinued operations	(12,682		)	(13,269		)
	Consideration
	First cash installment - received at Central Closing Date	13,859
	Second cash installment - received on April 15, 2014	4,624
	Stock of Central	19,147
	Total consideration	37,630
	Reclassification of foreign currency translation gains to earnings upon sale of foreign subsidiary	6,049
	Transaction costs	(815		)
	Gain on disposal of discontinued operations, net of tax	$	30,182
	(1) Includes preliminary purchase price adjustments that have not been finalized.
	Prior period amounts related to discontinued operations in the unaudited condensed consolidated statement of operations and statement of clash flows have also been reclassified to conform to the current period presentation. Summarized results of the Company's discontinued operations are as follows:
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014		2013
		(In thousands)
	Revenue	$	356		$	231		$	814	$	738
	Net income (loss) from discontinued operations	$	27,593		$	(606	)	$	24,937	$	(5,564	)

Securities_AvailableforSale_Ta

Securities Available-for-Sale (Tables)	9 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of Available-for-sale Securities	'
	The following table presents the amortized cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale equity securities as follows:
		March 31, 2014
		Amortized		Gross unrealized gains		Gross unrealized losses			Fair
		cost							value
		(In thousands)
	Equity securities	$	19,339	$	929	$	(155	)	$	20,113
		June 30, 2013
		Amortized		Gross unrealized gains		Gross unrealized losses			Fair
		cost							value
		(In thousands)
	Equity securities	$	192	$	—	$	(148	)	$	44

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	9 Months Ended
	Mar. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligations Roll-Forward	'
	The following table summarizes the ARO activity for the nine months ended March 31, 2014:
		Total
		(In thousands)
	Fiscal year opening balance	$	6,879
	Liabilities incurred	7
	Liabilities sold	(4,457		)
	Accretion expense	325
	Effect of exchange rate changes	68
	Balance at March 31, 2014	2,822
	Less current asset retirement obligation	388
	Long term asset retirement obligation	$	2,434

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	The following table presents items required to be measured at fair value on a recurring basis by the level in which they are classified within the valuation hierarchy as follows:
		March 31, 2014
		Level 1			Level 2			Level 3		Total
		(In thousands)
	Assets:
	Securities available-for-sale	$	20,113		$	—		$	—	$	20,113
	Liabilities:
	Contingent consideration payable (1)	$	—		$	—		$	4,174	$	4,174
		June 30, 2013
		Level 1			Level 2			Level 3		Total
		(In thousands)
	Assets:
	Securities available-for-sale	$	44		$	—		$	—	$	44
	Liabilities:
	Contingent consideration payable (1)	$	—		$	—		$	3,940	$	3,940
	(1) See Note 15 - Commitments and Contingencies, below for additional information about this item.
Fair Value Inputs, Assets, Quantitative Information	'
	The following table presents information about significant unobservable inputs to the Company's Level 3 financial liability measured at fair value on a recurring basis as follows:
	Description		Valuation technique	Significant unobservable inputs		March 31,	June 30,
						2014	2013
	Contingent consideration payable		Discounted cash flow model	Discount rate		8.00%	8.00%
				First production payout		December 31, 2015	December 31, 2015
				Second production payout		December 31, 2016	December 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	'
	Adjustments to the fair value of the contingent consideration payable are recorded in the unaudited condensed consolidated statements of operations under net interest income. The following table presents a roll forward of the contingent consideration payable for the nine months ended March 31, 2014:
		Total
		(In thousands)
	Fiscal year opening balance	$	3,940
	Accretion of contingent consideration payable	234
	Balance at March 31, 2014	$	4,174

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Option Activity	'
	The following table summarizes the stock option activity for the nine months ended March 31, 2014:
		Number of			WAEPS (1)
		Shares
	Fiscal year opening balance	7,788,957			$1.33
	Granted	3,000,000			$1.03
	Forfeited	(41,666	)		$1.05
	Balance at March 31, 2014	10,747,291			$1.25
	Weighted average remaining contractual term	6.4		years
	(1) Weighted average exercise price per share
Fair Value of Shares Issued Under the Stock Plan and Weighted-Average Assumptions	'
	The fair value of stock options granted under the 2012 Stock Incentive Plan or the 1998 Stock Plan was estimated using the following weighted-average assumptions for the nine months ended:
		March 31,
		2014								2013
		PBOs (1)					Market Based (2)			PBOs
	Number of options	1,500,000					1,500,000			1,007,500
	Weighted average grant date fair value per share	$0.57					$0.69			$0.61
	Expected dividend	0					0			0
	Forfeiture rate	0					0			0
	Risk free interest rate	1.5	%	-	1.7	%		2.8	%	0.6	%	-	0.8	%
	Expected life (years)	0.4		-	1.6			2.6		5.1		-	6
	Expected volatility (based on historical price)	61.7	%	-	61.9	%		66.6	%	60.3	%	-	63.5	%
	(1) The term related to these PBOs were estimated using an average probabilistic weighted method.
	(2) The Company assumed market based options will be voluntarily exercised at the midpoint of vesting, and the contractual term.

Tables

(Tables)	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Schedule of Preferred Stock Activity	'
	The activity related to the Series A Preferred Stock for the nine months ended March 31, 2014, and the fiscal year ended June 30, 2013, is as follows:
		NINE MONTHS ENDED			FISCAL YEAR ENDED
		March 31, 2014			June 30, 2013
		Number of shares	Amount		Number of shares	Amount
		(In thousands, except share amounts)
	Fiscal year opening balance	19,239,734	$	23,502	—	$	—
	Issuance of Series A Preferred Stock	—	—		19,239,734	23,502
	PIK dividend shares issued, for previously accrued dividend	164,607	202		—	—
	Current year PIK dividends shares issued	685,095	836		—	—
	Balance at March 31, 2014	20,089,436	$	24,540	19,239,734	$	23,502

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Treasury Stock Activity	'
	The following table summarizes the Company's treasury stock activity as follows:
		NINE MONTHS ENDED			FISCAL YEAR ENDED
		March 31, 2014			June 30, 2013
		Number of shares	Amount		Number of shares	Amount
		(In thousands, except share amounts)
	Fiscal year opening balance	9,414,176	$	9,333	—	$	—
	Repurchases through the stock repurchase program	—	—		149,539	137
	Repurchase through the Collateral Agreement (1)	—	—		9,264,637	9,196
	Net shares repurchased for employee tax costs upon vesting of restricted stock	10,938	11		—	—
	Balance at March 31, 2014	9,425,114	$	9,344	9,414,176	$	9,333
	(1) Purchase price of $10.0 million reduced by the fair value of the warrant.

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	The following table summarizes the computation of basic and diluted earnings per share:
		THREE MONTHS ENDED							NINE MONTHS ENDED
		March 31,							March 31,
		2014				2013			2014			2013
		(In thousands, except share and per share amounts)
	Loss from continuing operations	$	(3,073	)		$	(3,726	)	$	(9,364	)	$	(11,364	)
	Preferred stock dividend	(431		)		—			(1,267		)	—
	Net loss	(3,504		)		(3,726		)	(10,631		)	(11,364		)
	Net income (loss) from discontinued operations	27,593				(606		)	24,937			(5,564		)
	Net income (loss) attributable to common stockholders	$	24,089			$	(4,332	)	$	14,306		$	(16,928	)
	Basic weighted average shares outstanding	45,348,709				46,084,149			45,348,753			51,302,369
	Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants (1)	—				—			—			—
	Diluted weighted average common shares outstanding	45,348,709				46,084,149			45,348,753			51,302,369
	Basic earnings (loss) per common share:
	Loss from continuing operations	($0.07)				($0.08)			($0.21)			($0.22)
	Net income (loss) from discontinued operations	$0.61				($0.01)			$0.55			($0.11)
	Net income (loss) attributable to common stockholders	$0.53				($0.09)			$0.32			($0.33)
	Diluted earnings (loss) per common share:
	Loss from continuing operations	($0.07)				($0.08)			($0.21)			($0.22)
	Net income (loss) from discontinued operations	$0.61				($0.01)			$0.55			($0.11)
	Net income (loss) attributable to common stockholders	$0.53				($0.09)			$0.32			($0.33)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	'
	Potentially dilutive securities excluded from the calculation of diluted shares outstanding in periods with net losses are as follows:
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014		2013
	In-the-money stock options	5,143,666			75,000			907,500		82,500
	Non-vested restricted stock	850,000			—			900,000		—
	Total	5,993,666			75,000			1,807,500		82,500

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment	'
	he Company conducts its operations through three wholly owned subsidiaries: NP, which operates in the US; MPUK, which includes our operations in the UK; and MPA, which is primarily active in Australia. Oversight for these subsidiaries is provided by Corporate which is treated as a cost center. Due to the sale of the Amadeus Basin assets held by MPA, results of operations related to MPA are included in results of operations from discontinued operations.
		THREE MONTHS ENDED						NINE MONTHS ENDED
		March 31,						March 31,
		2014			2013			2014			2013
		(In thousands)
	Revenue from oil production:
	NP	$	1,907		$	1,706		$	5,674		$	4,608
	Net income (loss) from continuing operations:
	NP	$	40		$	333		$	(536	)	$	(133	)
	MPUK	(1,349		)	(2,417		)	(2,495		)	(4,424		)
	Corporate	(2,011		)	(1,673		)	(6,700		)	(6,661		)
	Inter-segment elimination	247			31			367			(146		)
	Consolidated net loss from continuing operations	$	(3,073	)	$	(3,726	)	$	(9,364	)	$	(11,364	)
								March 31,			June 30,
								2014			2013
								(In thousands)
	Total assets:
	NP							$	26,831		$	26,093
	MPUK							174			2,021
	MPA							39,821			33,418
	Corporate							102,403			96,558
	Inter-segment elimination (1)							(75,196		)	(75,818		)
	Consolidated total assets							94,033			82,272
	Assets of discontinued operations							—			(18,199		)
	Total assets of continuing operations							$	94,033		$	64,073
	(1) Asset inter-segment eliminations are primarily derived from investments in subsidiaries.

Oil_and_Gas_Activities_Tables

Oil and Gas Activities (Tables)	9 Months Ended
	Mar. 31, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract]	'
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure	'
	The following table presents the capitalized costs under the successful efforts method for oil and gas properties as of:
		March 31,			June 30,
		2014			2013
		(In thousands)
	Proved oil and gas properties:
	United States	$	28,957		$	27,606
	Australia	—			7,771
	Less accumulated depletion, depreciation, and amortization	(3,499		)	(5,814		)
	Total net proved oil and gas properties	$	25,458		$	29,563
	Unproved oil and gas properties:
	United Kingdom	$	630		$	1,075
	United States	269			261
	Australia	—			3,976
	Total unproved oil and gas properties	$	899		$	5,312
	Wells in Progress:
	United Kingdom	$	728		$	688
	United States (1)	16,575			235
	Total wells in progress	$	17,303		$	923
	(1) The Company began implementing a CO2-enhanced oil recovery pilot project at NP in the first quarter of fiscal year 2014.

Severance_Costs_Tables

Severance Costs (Tables)	9 Months Ended
	Mar. 31, 2014
Restructuring and Related Activities [Abstract]	'
Schedule of Restructuring and Related Costs	'
	A reconciliation of the beginning and ending liability balance for charges to general and administrative expense and cash payments for the nine months ended March 31, 2014, is as follows:
		Severance - Termination Benefits			Severance - Discontinued Operations		Total Severance Liability
		(In thousands)
	Fiscal year opening balance	$	418		$	—	$	418
	Charges to loss from discontinued operations, net of tax	—			1,475		1,475
	Cash payments	(250		)	—		(250		)
	Balance at March 31, 2014	$	168		$	1,475	$	1,643

Basis_of_Presentation_Descript

Basis of Presentation (Description of Operations) (Details) (USD $)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	segment
Schedule of Equity Method Investments [Line Items]	'	'
Number of Reportable Segments	3	'
Impairment on AFS securities	$0	$0

Sale_of_Amadeus_Basin_Assets_D

Sale of Amadeus Basin Assets (Details)	9 Months Ended		0 Months Ended	6 Months Ended	9 Months Ended		9 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Apr. 15, 2014	Apr. 15, 2014	Mar. 31, 2014
	USD ($)	USD ($)	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin
			AUD	AUD	USD ($)	Maximum	Palm Valley	Subsequent Event	Subsequent Event	Central Petroleum Limited
						AUD		USD ($)	AUD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'	'	'	'	'	'
Proceeds from first and second cash installment for the sale of Amadeus Basin assets	$13,859,000	$0	15,000,000	'	$13,859,000	'	'	$4,624,000	5,000,000	'
Shares issued during period for acquisitions	4,347,826	'	'	'	'	'	'	'	'	39,500,000
Ownership percentage	'	'	'	'	'	'	'	'	'	11.00%
Amount excluded form reimbursement of capital expenditures	'	'	'	485,000	'	'	'	'	'	'
Reimbursement of capital expenditures	'	'	'	743,000	'	'	'	'	'	'
Royalty rate	'	'	'	'	'	'	25.00%	'	'	'
AUD/Gigajoule gas price trigger for first ten years	'	'	'	'	'	'	5	'	'	'
AUD/Gigajoule gas price trigger for following five years	'	'	'	'	'	'	6	'	'	'
Discount rate	'	'	'	'	10.00%	'	'	'	'	'
Bonus discharge amount	'	'	'	'	'	7,000,000	'	'	'	'

Discontinued_Operations_Detail

Discontinued Operations (Details)	3 Months Ended		9 Months Ended		0 Months Ended	3 Months Ended	9 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2013	Apr. 15, 2014	Apr. 15, 2014
	USD ($)	USD ($)	USD ($)	USD ($)	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin
					AUD	USD ($)	USD ($)	USD ($)	Subsequent Event	Subsequent Event
									USD ($)	AUD
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]	'	'	'	'	'	'	'	'	'	'
Revenue	$356	$231	$814	$738	'	'	'	'	'	'
Net income (loss) from discontinued operations	27,593	-606	24,937	-5,564	'	'	'	'	'	'
Assets and liabilities sold	'	'	'	'	'	'	'	'	'	'
Property and equipment, net	'	'	'	'	'	-10,100	-10,100	-9,627	'	'
Deferred income taxes	'	'	'	'	'	-7,217	-7,217	-7,217	'	'
Goodwill allocated to disposal group	'	'	'	'	'	-1,000	-1,000	-1,000	'	'
Asset retirement obligations	'	'	'	'	'	4,457	4,457	4,575	'	'
Other assets and liabilities, net	'	'	'	'	'	1,178	1,178	0	'	'
Total assets and liabilities of discontinued operations	'	'	'	'	'	-12,682	-12,682	-13,269	'	'
Proceeds from first and second cash installment for the sale of Amadeus Basin assets	'	'	13,859	0	15,000	'	13,859	'	4,624	5,000
Stock of Central	'	'	'	'	'	'	19,147	'	'	'
Total consideration	'	'	'	'	'	'	37,630	'	'	'
Reclassification of foreign currency translation gains to earnings upon sale of foreign subsidiary	'	'	'	'	'	'	6,049	'	'	'
Transaction costs	'	'	'	'	'	'	-815	'	'	'
Gain on disposal of discontinued operations, net of tax	$30,182	$0	$30,182	$0	'	$30,182	'	'	'	'

Securities_AvailableforSale_De

Securities Available-for-Sale (Details) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]	'	'
Amortized cost	$19,339	$192
Gross unrealized gains	929	0
Gross unrealized losses	-155	-148
Fair value	$20,113	$44

Debt_Long_Term_Debt_Instrument

Debt (Long Term Debt Instruments) (Details) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2014	Jan. 31, 2011	Mar. 31, 2014
			Payment Guarantee	Notes Payable	Notes Payable	Notes Payable
			Collateralized Debt Obligations	Note Payable Due June 2014	Note Payable Due June 2014	Note Payable Due June 2014
						Prime Rate
Debt Instrument [Line Items]	'	'	'	'	'	'
Note payable issued amount	'	'	'	'	$1,700,000	'
Current portion of note payable	138,000	390,000	'	138,000	'	'
Basis Spread on Wall Street Journal Prime Rate	'	'	'	'	'	1.00%
Variable Rate Floor	'	'	'	6.25%	'	'
Variable Interest Rate Applicable at Period End	'	'	'	3.25%	'	'
Interest Rate at Period End	'	'	'	6.25%	'	'
Guarantee Maximum Exposure	'	'	$6,000,000	'	'	'

Asset_Retirement_Obligations_R

Asset Retirement Obligations (Roll-Forward) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2013
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]	'	'
Fiscal year opening balance	$6,879	'
Liabilities incurred	7	'
Liabilities sold	-4,457	'
Accretion expense	325	'
Effect of exchange rate changes	68	'
Balance at March 31, 2014	2,822	'
Less current asset retirement obligation	388	476
Long term asset retirement obligation	$2,434	$6,403

Fair_Value_Measurements_Detail

Fair Value Measurements (Details)	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Future Production Bonus, Rolling Production Average	'60 days	'
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Discount Rate	8.00%	8.00%

Fair_Value_Measurements_Assets

Fair Value Measurements (Assets and Liabilities Carried at Fair Value by Classification Level in Valuation Hierarchy) (Details) (Recurring, USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities available for sale	$20,113	$44
Assets	'	'
Contingent consideration payable	0	0
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities available for sale	0	0
Assets	'	'
Contingent consideration payable	0	0
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities available for sale	0	0
Assets	'	'
Contingent consideration payable	4,174	3,940
Estimate of Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Securities available for sale	20,113	44
Assets	'	'
Contingent consideration payable	$4,174	$3,940

Fair_Value_Measurements_Unobse

Fair Value Measurements (Unobservable Input Reconciliation) (Details) (Recurring, Level 3, USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Recurring | Level 3	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Balance at beginning	$3,940
Accretion Expense	234
Balance at end	$4,174

Income_Taxes_Income_Before_Inc

Income Taxes (Income Before Income Tax, Domestic and Foreign) (Details)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net Income (Loss) Before Income Taxes	'	'
Effective Income Tax Rate, Continuing Operations	0.00%	5.46%

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

In Millions, except Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jul. 02, 2013

Jul. 02, 2013

Jan. 16, 2013

Jan. 16, 2013

Mar. 31, 2014

Jan. 16, 2013

Mar. 31, 2014

Dec. 08, 2010

PBOs

PBOs

PBOs

PBOs

PBOs

PBOs

Market Based

Restricted Stock

Common Stock

Employee Stock Option

RSUs

2012 Stock Incentive Plan

2012 Stock Incentive Plan

1998 Stock Incentive Plan

1998 Stock Incentive Plan

CO2-EOR Pilot Program at Poplar

CO2-EOR Development Project at Poplar

Sale of Substantially All of the Amadeus Basin Assets

Approval of a Farmout Agreement or Participation in Drilling a Well in the Weald Basin

Approval of a Farmout Agreement in the Bonaparte Basin

Executive Officers

Non-employee Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares authorized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

288,435

Maximum number of shares allowed to be issued each year

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

500,000

'

'

'

'

Expiration term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

Grants in period (in shares)

'

'

'

'

1,500,000

'

'

'

'

'

1,500,000

'

'

'

'

3,000,000

'

'

'

Performance metrics weighted average

'

'

'

'

'

10.00%

40.00%

20.00%

20.00%

10.00%

'

'

'

'

'

'

'

'

'

Minimum per share closing price for vesting (in dollars per share)

'

'

'

'

'

'

'

'

'

'

$2.35

'

'

'

'

'

'

'

'

Nonvested options outstanding (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,250,000

'

Share-based compensation expense

$0.60

$0.10

$1.70

$0.80

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized

$1.50

'

$1.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Grants in period

'

'

'

'

'

'

'

'

'

'

'

450,000

266,664

'

'

'

'

'

'

StockBased_Compensation_Stock_

Stock-Based Compensation (Stock Option Activity) (Details) (USD $)	9 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'
Balance at beginning of year (in shares)	7,788,957
Granted (in shares)	3,000,000
Forfeited (in shares)	-41,666
Options outstanding at year end (in shares)	10,747,291
Weighted Average Remaining Contractual Term	'6 years 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]	'
Weighted Average Exercise Price per Share, Balance at beginning of year	$1.33
Weighted Average Exercise Price Per Share, Granted	$1.03
Weighted Average Exercise Price Per Share, Forfeited	$1.05
Weighted Average Exercise Price per Share, Options outstanding at year end	$1.25
Stock options | 1998 Stock Incentive Plan	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares available for grant	560,107

StockBased_Compensation_Fair_V

Stock-Based Compensation (Fair Value of Shares Issued Under the Stock Plan and Weighted-Average Assumptions) (Details) (USD $)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of options	3,000,000	'
PBOs	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of options	1,500,000	1,007,500
Weighted-average grant date fair value per share (in dollars per share)	$0.57	$0.61
Expected dividend	$0	$0
Forfeiture rate	0.00%	0.00%
Expected volatility, Minimum	61.70%	60.30%
Expected volatility, Maximum	61.90%	63.50%
PBOs | Minimum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Risk free interest rate	1.50%	0.60%
Expected life (years)	'0 years 5 months	'5 years 1 month
PBOs | Maximum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Risk free interest rate	1.70%	0.80%
Expected life (years)	'1 year 7 months	'6 years 0 months
Market Based	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of options	1,500,000	'
Weighted-average grant date fair value per share (in dollars per share)	$0.69	'
Expected dividend	$0	'
Forfeiture rate	0.00%	'
Risk free interest rate	2.80%	'
Expected life (years)	'2 years 7 months	'
Expected volatility, Maximum	66.60%	'

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	0 Months Ended	9 Months Ended
	10-May-13	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Class of Stock [Line Items]	'	'	'	'
Issuance of Series A Preferred Stock	'	0	19,239,734	'
Preferred stock, par value	'	$0.01	'	$0.01
Proceeds fro issuance of preferred stock	$23,500,000	'	'	'
Dividends, Preferred Stock	'	1,267,000	'	'
Accrued Dividend	'	431,000	'	202,000
Series A Preferred Stock	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Issuance of Series A Preferred Stock	19,239,734	'	'	'
Preferred stock, par value	$0.01	'	'	'
Price per share	$1.22	'	'	'
Shares issued upon conversion	1	'	'	'
Dividend rate	7.00%	'	'	'
Convertible Preferred Stock, Terms of Forced Conversion, Common Stock Maximum Allowable Amount to Exceed Conversion Price for Twenty of Thirty Consecutive Trading Days, Percentage	200.00%	'	'	'
Convertible Preferred Stock, Terms of Forced Conversion, Average Daily Trading Volume Denominator	45	'	'	'
Convertible Preferred Stock, Written Noticed for Redemption Period	'30 days	'	'	'
Convertible Preferred Stock, Redemption, Annualized Rate of Return	20.00%	'	'	'
Convertible Preferred Stock, Liquidation Premium until Second Anniversary of Issuance	115.00%	'	'	'
Convertible Preferred Stock, Liquidation Premium after Second Anniversary until Third Anniversary of Issuance	110.00%	'	'	'
Convertible Preferred Stock, Liquidation Premium after Third Anniversary until Fourth Anniversary of Issuance	105.00%	'	'	'
Series A Preferred Stock | One Stone	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Convertible Preferred Stock, Maximum Number of Board Members with Fifteen Percent Ownership	2	'	'	'
Convertible Preferred Stock, Maximum Number of Board Members with Ten Percent Ownership of Fully Diluted Shares	1	'	'	'
Convertible Preferred Stock, Minority Veto Rights, Capital Expenditures, Minimum	$15,000,000	'	'	'
Convertible Preferred Stock, Minority Veto Rights, Board of Director Members, Maximum	12	'	'	'
Convertible Preferred Stock, Standstill Period	'2 years	'	'	'

Preferred_Stock_Rollforward_De

Preferred Stock Rollforward (Details) (USD $)	9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Number of shares	'	'	'
Fiscal year opening balance	19,239,734	0	0
Issuance of Series A Preferred Stock	0	19,239,734	'
PIK dividend shares issued, for previously accrued dividend	164,607	'	0
Current year PIK dividends shares issued	685,095	'	0
Balance at March 31, 2014	20,089,436	'	19,239,734
Amount	'	'	'
Fiscal year opening balance	$23,502	$0	$0
Issuance of Series A Preferred Stock	0	23,502	'
PIK dividend shares issued, for previously accrued dividend	202	'	0
Current year PIK dividends shares issued	836	'	0
Balance at March 31, 2014	$24,540	'	$23,502

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	9 Months Ended		12 Months Ended		9 Months Ended		12 Months Ended	0 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2013	Jan. 14, 2013	Mar. 31, 2014	Jun. 30, 2013
					Retired Warrant	Series A Preferred Stock	Series A Preferred Stock	Collateral Agreement	Collateral Agreement	Collateral Agreement
Class of Warrant or Right [Line Items]	'	'	'	'	'	'	'	'	'	'
Stock Repurchase Program, Authorized Amount	$2,000,000	'	'	'	'	'	'	'	'	'
Treasury Stock, Shares, Acquired	9,425,114	0	9,414,176	'	'	0	149,539	'	0	9,264,637
Shares issued during period for acquisitions	4,347,826	'	'	'	'	'	'	'	'	'
Repayments of Related Party Debt	10,000,000	'	'	'	'	'	'	'	'	'
Payments for Repurchase of Warrants	0	813,000	'	'	800,000	'	'	'	'	'
Treasury Stock, Value	9,344,000	'	9,333,000	0	'	0	137,000	'	0	9,196,000
Net shares repurchased for employee tax costs upon vesting of restricted stock (in shares)	10,938	'	0	'	'	'	'	'	'	'
Net shares repurchased for employee tax costs upon vesting of restricted stock	11,000	'	0	'	'	'	'	'	'	'
Treasury Stock Acquired, Average Cost Per Share	'	'	'	'	'	'	'	$0.99	'	'
Preferred stock, par value	'	'	'	'	$0.90	'	'	'	'	'
Exercise Price of Warrants	$1.25	'	$1.33	'	$1.15	'	'	'	'	'
Expected Dividend Payments	'	'	'	'	$0	'	'	'	'	'
Risk free interest rate	'	'	'	'	0.20%	'	'	'	'	'
Weighted Average Remaining Contractual Term	'6 years 4 months 24 days	'	'	'	'1 year 6 months	'	'	'	'	'
Expected Volatility Rate	'	'	'	'	60.80%	'	'	'	'	'

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'	'	'
Loss from continuing operations	($3,073)	($3,726)	($9,364)	($11,364)
Preferred stock dividends	-431	0	-1,267	0
Net loss	-3,504	-3,726	-10,631	-11,364
Net income (loss) from discontinued operations	27,593	-606	24,937	-5,564
Net income (loss) attributable to common stockholders	$24,089	($4,332)	$14,306	($16,928)
Earnings per common share	'	'	'	'
Basic weighted average shares outstanding	45,348,709	46,084,149	45,348,753	51,302,369
Add: dilutive effects of in-the-money stock options and non-vested restricted stock grants (1)	0	0	0	0
Diluted weighted average common shares outstanding	45,348,709	46,084,149	45,348,753	51,302,369
Basic earnings (loss) per common share:	'	'	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.08)	($0.21)	($0.22)
Net income (loss) from discontinued operations (in dollars per share)	$0.61	($0.01)	$0.55	($0.11)
Net income (loss) attributable to common stockholders (in dollars per share)	$0.53	($0.09)	$0.32	($0.33)
Diluted earnings (loss) per common share:	'	'	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.08)	($0.21)	($0.22)
Net income (loss) from discontinued operations (in dollars per share)	$0.61	($0.01)	$0.55	($0.11)
Net income (loss) attributable to common stockholders (in dollars per share)	$0.53	($0.09)	$0.32	($0.33)

Earnings_Per_Common_Share_Sche

Earnings Per Common Share (Schedule of Antidilutive Securities) (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive securities	5,993,666	75,000	1,807,500	82,500
Stock options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive securities	5,143,666	75,000	907,500	82,500
Restricted Stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive securities	850,000	0	900,000	0

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
			segment
Segment Reporting Information [Line Items]	'	'	'	'	'
Number of Reportable Segments	'	'	3	'	'
Loss from continuing operations	($3,073)	($3,726)	($9,364)	($11,364)	'
Assets	94,033	'	94,033	'	82,272
Assets of discontinued operations	0	'	0	'	-18,199
Total assets of continuing operations	94,033	'	94,033	'	64,073
Nautilus Poplar, LLC (NP)	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenue from oil production:	1,907	1,706	5,674	4,608	'
Loss from continuing operations	40	333	-536	-133	'
Assets	26,831	'	26,831	'	26,093
Magellan Petroleum UK (MPUK)	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Loss from continuing operations	-1,349	-2,417	-2,495	-4,424	'
Assets	174	'	174	'	2,021
Magellan Petroleum Australia (MPA)	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Assets	39,821	'	39,821	'	33,418
Corporate	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Loss from continuing operations	-2,011	-1,673	-6,700	-6,661	'
Assets	102,403	'	102,403	'	96,558
Inter-segment Elimination	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Loss from continuing operations	247	31	367	-146	'
Assets	($75,196)	'	($75,196)	'	($75,818)

Oil_and_Gas_Activities_Costs_I

Oil and Gas Activities (Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities) (Details) (USD $)	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Jun. 30, 2013
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]	'	'
Proved Oil and Gas Property, Successful Effort Method	$28,957,000	$35,377,000
Less accumulated depletion, depreciation and amortization	-3,499,000	-5,814,000
Total net proved oil and gas properties	25,458,000	29,563,000
Unproved Oil and Gas Property, Successful Effort Method	899,000	5,312,000
Wells in progress	17,303,000	923,000
Exploration expense	700,000	'
United States	'	'
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]	'	'
Proved Oil and Gas Property, Successful Effort Method	28,957,000	27,606,000
Unproved Oil and Gas Property, Successful Effort Method	269,000	261,000
Wells in progress	16,575,000	235,000
Australia	'	'
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]	'	'
Proved Oil and Gas Property, Successful Effort Method	0	7,771,000
Unproved Oil and Gas Property, Successful Effort Method	0	3,976,000
United Kingdom	'	'
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]	'	'
Unproved Oil and Gas Property, Successful Effort Method	630,000	1,075,000
Wells in progress	$728,000	$688,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Millions, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'	'
Business Acquisition, Contingent Consideration, Potential Cash Payment	$5	'
Business Acquisition, Contingent Consideration, Potential Cash Payment, Interest, Percentage	52.00%	'
Accrued Income Taxes, Current	1.5	1
Amount of Income Tax Liability, If Not Paid by Related Party	$1.50	$1

Related_Parties_Transactions_D

Related Parties Transactions (Details) (USD $)	Mar. 31, 2013	Oct. 31, 2009	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2014
	US Federal Tax Withholding	Nautilus Poplar, LLC (NP)	Nautilus Poplar, LLC (NP)	White Bear, LLC	Young Energy Prize S.A. (YEP)	J. Robinson West
		owner	US Federal Tax Withholding	US Federal Tax Withholding	US Federal Tax Withholding
Related Party Transaction [Line Items]	'	'	'	'	'	'
Loss Contingency, Estimate of Possible Loss	$100,000	'	$2,000,000	$1,300,000	$600,000	'
Business Acquisition, Percentage of Membership Interests Acquire	'	83.50%	'	'	'	'
Number of Majority Owners	'	2	'	'	'	'
Amount of transaction	'	'	'	'	'	2,200,000
Related party payable	'	'	'	'	'	$0

Severance_Costs_Details

Severance Costs (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Restructuring Reserve [Roll Forward]	'
Fiscal year opening balance	$418
Charges to loss from discontinued operations, net of tax	0
Fiscal year opening balance	418
Charges to loss from discontinued operations, net of tax	1,475
Cash payments	-250
Balance at March 31, 2014	168
Balance at March 31, 2014	1,475
Balance at March 31, 2014	$1,643

Subsequent_Events_Details

Subsequent Events (Details)	9 Months Ended		0 Months Ended	9 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Apr. 15, 2014	Apr. 15, 2014
	USD ($)	USD ($)	Amadeus Basin	Amadeus Basin	Amadeus Basin	Amadeus Basin
			AUD	USD ($)	Subsequent Event	Subsequent Event
					USD ($)	AUD
Subsequent Event [Line Items]	'	'	'	'	'	'
Proceeds from second cash installment for the sale of Amadeus Basin assets	$13,859	$0	15,000	$13,859	$4,624	5,000