Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 1,485 $ 43,795
Accounts receivable 16,643 15,181
Fair market value of derivatives 2,013 2,499
Other current assets 1,359 1,601
Total current assets 21,500 63,076
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,490,862 1,421,640
Less accumulated depreciation, depletion and amortization (1,244,329) (1,208,331)
Net oil and gas properties 246,533 213,309
Unevaluated properties excluded from amortization 45,672 2,603
Total oil and natural gas properties 292,205 215,912
Other property and equipment, net 12,374 10,512
Restricted investments 3,796 3,790
Investment in Medusa Spar LLC 8,809 9,956
Deferred tax asset 64,911 65,743
Other assets, net 2,004 718
Total assets 405,599 369,707
Current liabilities:    
Accounts payable and accrued liabilities 30,988 26,057
Asset retirement obligations 2,340 1,260
Fair market value of derivatives 224 0
Total current liabilities 33,552 27,317
13% Senior Notes    
Principal outstanding 96,961 106,961
Deferred credit, net of accumulated amortization of $17,018 and $13,123, respectively 14,489 18,384
Total 13% Senior Notes 111,450 125,345
Senior secured revolving credit facility 40,000 0
Asset retirement obligations 11,664 12,678
Other long-term liabilities 3,471 3,165
Total liabilities 200,137 168,505
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500 shares authorized; 0 0
Common Stock, $.01 par value, 60,000 shares authorized; 39,780 and 39,398 shares outstanding at September 30, 2012 and December 31, 2011, respectively 398 394
Capital in excess of par value 326,892 324,474
Other comprehensive income 279 1,624
Retained deficit (122,107) (125,290)
Total stockholders' equity 205,462 201,202
Total liabilities and stockholders' equity $ 405,599 $ 369,707