Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 104,149 $ 8,386 $ 46,796
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 49,753 32,629 34,274
Accretion expense 2,338 2,446 3,149
Amortization of non-cash debt related items 461 397 2,816
Amortization of deferred credit (3,155) (3,670) (294)
Equity in earnings of Medusa Spar LLC (799) (427) (660)
Deferred income tax expense 13,175 1,503 18,816
Valuation allowance (80,211) (1,503) (11,193)
Non-cash interest expense for Callon Entrada non-recourse credit agreement 0 0 3,693
Non-cash gain on acquired assets (4,995) 0 0
Non-cash (gain) charge for early debt extinguishment (1,942) 339 0
Non-cash charge related to compensation plans 2,098 3,107 2,335
Payments to settle asset retirement obligations (2,563) (2,486) (6,657)
Changes in current assets and liabilities      
Accounts receivable (3,734) 59,527 (45,573)
Other current assets 180 (209) (468)
Current liabilities 4,695 907 (27,260)
Change in natural gas balancing receivable 252 347 279
Change in natural gas balancing payable (115) (300) (312)
Change in other long-term liabilities 100 (115) (12)
Change in other assets, net (520) (776) (31)
Cash provided by operating activities 79,167 100,102 19,698
Cash flows from investing activities:      
Capital expenditures (100,243) (59,908) (29,133)
Acquisitions 0 (995) (15,756)
Proceeds from sale of mineral interest 7,615 0 0
Investment in restricted assets for plugging and abandonment (150) (375) 0
Distribution from Medusa Spar LLC 1,267 1,540 1,700
Cash used in investing activities (91,511) (59,738) (43,189)
Cash flows from financing activities:      
Increases in senior secured facility 0 0 20,337
Payments on senior secured facility 0 (10,000) (10,337)
Redemption of remaining 9.75% senior notes 0 (16,212) 0
Redemption of 13% senior notes (35,062) 0 0
Issuance of common stock 73,765    
Proceeds from exercise of employee stock options 0 (40) 0
Cash provided by (used in) financing activities 38,703 (26,252) 10,000
Net change in cash and cash equivalents 26,359 14,112 (13,491)
Cash and cash equivalents:      
Balance, beginning of period 17,436 3,635 17,126
Less: Cash held by subsidiary deconsolidated at January 1, 2010 0 (311) 0
Balance, end of period $ 43,795 $ 17,436 $ 3,635