Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 1,379 $ 1,139
Accounts receivable 15,024 15,608
Fair market value of derivatives 1,511 1,674
Other current assets 645 1,502
Total current assets 18,559 19,923
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,533,739 1,497,010
Less accumulated depreciation, depletion and amortization (1,307,307) (1,296,265)
Net oil and gas properties 226,432 200,745
Unevaluated properties excluded from amortization 60,976 68,776
Total oil and natural gas properties 287,408 269,521
Other property and equipment, net 9,898 10,058
Restricted investments 3,800 3,798
Investment in Medusa Spar LLC 8,260 8,568
Deferred tax asset 64,542 64,383
Other assets, net 1,998 1,922
Total assets 394,465 378,173
Current liabilities:    
Accounts payable and accrued liabilities 34,457 36,016
Asset retirement obligations 2,802 2,336
Fair market value of derivatives 537 125
Total current liabilities 37,796 38,477
13% Senior Notes    
Principal outstanding 96,961 96,961
Deferred credit, net of accumulated amortization of $18,599 and $17,800, respectively 12,908 13,707
Total 13% Senior Notes 109,869 110,668
Senior secured revolving credit facility 27,000 10,000
Asset retirement obligations 11,496 10,965
Other long-term liabilities 2,108 2,092
Total liabilities 188,269 172,202
Stockholders' equity:    
Preferred Stock, $0.01 par value, 2,500,000 shares authorized; 0 0
Common stock, $0.01 par value, 60,000,000 shares authorized; 39,843,601 and 39,800,548 shares outstanding at March 31, 2013 and December 31, 2012, respectively 399 398
Capital in excess of par value 329,140 328,116
Retained deficit (123,343) (122,543)
Total stockholders' equity 206,196 205,971
Total liabilities and stockholders' equity $ 394,465 $ 378,173