Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 1,139 $ 43,795
Accounts receivable 15,608 15,181
Fair market value of derivatives 1,674 2,499
Other current assets 1,502 1,601
Total current assets 19,923 63,076
Crude oil and natural gas properties, full-cost accounting method:    
Evaluated properties 1,497,010 1,421,640
Less accumulated depreciation, depletion and amortization (1,296,265) (1,208,331)
Net oil and natural gas properties 200,745 213,309
Unevaluated properties excluded from amortization 68,776 2,603
Total oil and natural gas properties 269,521 215,912
Other property and equipment, net 10,058 10,512
Restricted investments 3,798 3,790
Investment in Medusa Spar LLC 8,568 9,956
Deferred tax asset 64,383 65,743
Other assets, net 1,922 718
Total assets 378,173 369,707
Current liabilities:    
Accounts payable and accrued liabilities 36,016 26,057
Asset retirement obligations 2,336 1,260
Fair market value of derivatives 125 0
Total current liabilities 38,477 27,317
13% Senior Notes:    
Principal outstanding 96,961 106,961
Deferred credit, net of accumulated amortization of $17,800 and $13,123, respectively 13,707 18,384
Total 13% Senior Notes 110,668 125,345
Senior secured revolving credit facility 10,000 0
Asset retirement obligations 10,965 12,678
Other long-term liabilities 2,092 3,165
Total liabilities 172,202 168,505
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500,000 shares authorized; 0 0
Common Stock, $.01 par value, 60,000,000 shares authorized; 39,800,548 and 39,398,416 shares outstanding at December 31, 2012 and 2011, respectively 398 394
Capital in excess of par value 328,116 324,474
Other comprehensive income 0 1,624
Retained deficit (122,543) (125,290)
Total stockholders' equity 205,971 201,202
Total liabilities and stockholders' equity $ 378,173 $ 369,707