Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 3,012 $ 1,139
Accounts receivable 20,586 15,608
Fair market value of derivatives 60 1,674
Deferred tax asset, current 3,843 0
Other current assets 2,063 1,502
Total current assets 29,564 19,923
Oil and natural gas properties, full-cost accounting method:    
Evaluated properties 1,701,577 1,497,010
Less accumulated depreciation, depletion and amortization (1,420,612) (1,296,265)
Net oil and natural gas properties 280,965 200,745
Unevaluated properties excluded from amortization 43,222 68,776
Total oil and natural gas properties 324,187 269,521
Other property and equipment, net 7,255 10,058
Restricted investments 3,806 3,798
Investment in Medusa Spar LLC 0 8,568
Deferred tax asset 57,765 64,383
Other assets, net 1,376 1,922
Total assets 423,953 378,173
Current liabilities:    
Accounts payable and accrued liabilities 57,637 36,016
Asset retirement obligations 4,120 2,336
Fair market value of derivatives 1,036 125
Total current liabilities 62,793 38,477
13% Senior Notes:    
Principal outstanding 48,481 96,961
Deferred credit, net of accumulated amortization of $20,814 and $17,800, respectively 5,267 13,707
Total 13% Senior Notes 53,748 110,668
Credit facility 22,000 10,000
Asset retirement obligations 2,612 10,965
Other long-term liabilities 3,706 2,092
Total liabilities 144,859 172,202
Stockholders' equity:    
Preferred Stock, series A cumulative, $.01 par value and $50.00 liquidation preference, 2,500 shares authorized; 1,579 and 0 shares outstanding, respectively 16 0
Common Stock, $.01 par value, 60,000 shares authorized; 40,345 and 39,801 shares outstanding at December 31, 2013 and 2012, respectively 404 398
Capital in excess of par value 401,540 328,116
Retained deficit (122,866) (122,543)
Total stockholders' equity 279,094 205,971
Total liabilities and stockholders' equity $ 423,953 $ 378,173