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
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 13,406 $ 1,139
Accounts receivable 15,828 15,608
Fair market value of derivatives 1,647 1,674
Other current assets 904 1,502
Total current assets 31,785 19,923
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,583,159 1,497,010
Less accumulated depreciation, depletion and amortization (1,317,961) (1,296,265)
Net oil and gas properties 265,198 200,745
Unevaluated properties excluded from amortization 55,182 68,776
Total oil and natural gas properties 320,380 269,521
Other property and equipment, net 9,926 10,058
Restricted investments 3,800 3,798
Investment in Medusa Spar LLC 7,946 8,568
Deferred tax asset 63,892 64,383
Other assets, net 3,474 1,922
Total assets 441,203 378,173
Current liabilities:    
Accounts payable and accrued liabilities 40,637 36,016
Asset retirement obligations 6,223 2,336
Fair market value of derivatives 106 125
Total current liabilities 46,966 38,477
13% Senior Notes    
Deferred credit, net of accumulated amortization of $19,415 and $17,800, respectively 12,092 13,707
13% Senior Notes due 2016 96,961 96,961
Total 13% Senior Notes 109,053 110,668
Senior secured revolving credit facility 0 10,000
Asset retirement obligations 7,175 10,965
Other long-term liabilities 1,474 2,092
Total liabilities 164,668 172,202
Stockholders' equity:    
Preferred stock, series A cumulative, $0.01 par value and $50.00 liquidation preference, 2,500 shares authorized: 1,579 and 0 shares outstanding, respectively 16 0
Common stock, $0.01 par value, 60,000 shares authorized; 40,277 and 39,801 shares outstanding, respectively 404 398
Capital in excess of par value 399,380 328,116
Retained deficit (123,265) (122,543)
Total stockholders' equity 276,535 205,971
Total liabilities and stockholders' equity $ 441,203 $ 378,173