Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 869 $ 1,139
Accounts receivable 20,072 15,608
Fair market value of derivatives 0 1,674
Deferred tax asset 3,323 0
Other current assets 1,738 1,502
Total current assets 26,002 19,923
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,634,151 1,497,010
Less accumulated depreciation, depletion and amortization (1,329,866) (1,296,265)
Net oil and gas properties 304,285 200,745
Unevaluated properties excluded from amortization 50,540 68,776
Total oil and natural gas properties 354,825 269,521
Other property and equipment, net 10,635 10,058
Restricted investments 3,800 3,798
Investment in Medusa Spar LLC 7,776 8,568
Deferred tax asset 60,198 64,383
Other assets, net 4,205 1,922
Total assets 467,441 378,173
Current liabilities:    
Accounts payable and accrued liabilities 49,384 36,016
Asset retirement obligations 6,002 2,336
Fair market value of derivatives 1,139 125
Total current liabilities 56,525 38,477
13% Senior Notes:    
Principal outstanding 96,961 96,961
Deferred credit, net of accumulated amortization of $20,248 and $17,800, respectively 11,259 13,707
Total 13% Senior Notes 108,220 110,668
Senior secured revolving credit facility 17,000 10,000
Asset retirement obligations 5,505 10,965
Other long-term liabilities 3,579 2,092
Total liabilities 190,829 172,202
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; 40,328 and 39,801 shares outstanding, respectively 405 398
Capital in excess of par value 400,348 328,116
Retained deficit (124,157) (122,543)
Total stockholders' equity 276,612 205,971
Total liabilities and stockholders' equity $ 467,441 $ 378,173