Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 2,747 $ 106,396 $ 8,386
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 51,043 49,753 32,629
Accretion expense 2,253 2,338 2,446
Amortization of non-cash debt related items 402 461 397
Amortization of deferred credit (3,086) (3,155) (3,670)
Equity in earnings of Medusa Spar LLC (226) (799) (427)
Deferred income tax expense 2,223 10,928 1,503
Valuation allowance 0 (80,211) (1,503)
Unrealized gain on derivative contracts (1,683) 0 0
Impairment of other property and equipment 1,176 0 0
Gain on acquired assets 0 (4,995) 0
Non-cash (gain) loss for early debt extinguishment (1,366) (1,942) 339
Non-cash expense related to equity share-based awards 1,697 1,337 2,347
Change in the fair value of liability share-based awards 1,620 761 760
Payments to settle asset retirement obligations (1,314) (2,563) (2,486)
Changes in current assets and liabilities:      
Accounts receivable (883) (3,734) 59,527
Other current assets 100 180 (209)
Current liabilities 1,753 4,695 907
Payments to settle vested liability share-based awards 3,383 0 0
Change in natural gas balancing receivable 51 252 347
Change in natural gas balancing payable (102) (115) (300)
Change in other long-term liabilities 205 100 (115)
Change in other assets, net (1,937) (520) (776)
Cash provided by operating activities 51,290 79,167 100,102
Cash flows from investing activities:      
Capital expenditures (133,299) (100,243) (59,908)
Acquisitions (2,075) 0 (995)
Proceeds from sale of mineral interests and equipment 39,936 7,615 0
Investment in restricted assets related to plugging and abandonment 0 (150) (375)
Distribution from Medusa Spar LLC 1,735 1,267 1,540
Cash used in investing activities (93,703) (91,511) (59,738)
Cash flows from financing activities:      
Borrowings on senior secured revolving credit facility 53,000 0 0
Payments on senior secured revolving credit facility (43,000) 0 (10,000)
Redemption of remaining 9.75% senior notes 0 0 (16,212)
Redemption of 13% senior notes (10,225) (35,062) 0
Issuance of common stock 0 73,765 0
Taxes paid related to exercise of employee stock options (18) 0 (40)
Cash (used in) provided by financing activities (243) 38,703 (26,252)
Net change in cash and cash equivalents (42,656) 26,359 14,112
Beginning of period cash and cash equivalents 43,795 17,436 3,635
Less: Cash held by subsidiary deconsolidated at January 1, 2010 0 0 (311)
End of period cash and cash equivalents $ 1,139 $ 43,795 $ 17,436