Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.3.0.15
Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 48,234 $ 17,436
Accounts receivable 15,786 10,728
Fair market value of derivatives 8,338 0
Other current assets 1,744 2,180
Total current assets 74,102 30,344
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,388,501 1,316,677
Less accumulated depreciation, depletion and amortization (1,195,371) (1,155,915)
Net oil and gas properties 193,130 160,762
Unevaluated properties excluded from amortization 7,811 8,106
Total oil and gas properties 200,941 168,868
Other property and equipment, net 10,716 3,370
Restricted investments 3,750 4,044
Investment in Medusa Spar LLC 9,914 10,424
Other assets, net 3,395 1,276
Total assets 302,818 218,326
Current liabilities:    
Accounts payable and accrued liabilities 24,335 17,702
Asset retirement obligations 1,372 2,822
Fair market value of derivatives 0 937
Total current liabilities 25,707 21,461
13% Senior Notes due 2016    
Principal outstanding 106,961 137,961
Deferred credit, net of accumulated amortization of $12,329 and $3,964, respectively 19,178 27,543
Total 13% Senior Notes 126,139 165,504
Asset retirement obligations 12,565 13,103
Other long-term liabilities 2,910 2,448
Total liabilities 167,321 202,516
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500,000 shares authorized;    
Common Stock, $.01 par value, 60,000,000 shares authorized; 39,381,693 and 28,984,125 shares outstanding at September 30, 2011 and December 31, 2010, respectively 394 290
Capital in excess of par value 323,693 248,160
Other comprehensive income (loss) 3,027 (8,560)
Retained earnings (deficit) (191,617) (224,080)
Total stockholders' equity 135,497 15,810
Total liabilities and stockholders' equity $ 302,818 $ 218,326