Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 1,040 $ 3,182
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 34,668 37,005
Accretion expense 1,556 1,709
Amortization of non-cash debt related items 348 293
Amortization of deferred credit (2,448) (2,304)
Non-cash gain on early extinguishment of debt 0 (1,366)
Equity in earnings of Medusa Spar LLC (14) (180)
Deferred income tax expense 950 1,508
Unrealized loss (gain) on derivative contracts 2,929 (2,017)
Non-cash expense related to equity share-based awards 1,335 752
Change in the fair value of liability share-based awards 1,076 2,611
Payments to settle asset retirement obligations (701) (1,136)
Changes in current assets and liabilities:    
Accounts receivable (3,455) (1,260)
Other current assets (236) 244
Current liabilities 1,969 4,965
Payments to settle vested liability share-based awards (239) (1,462)
Change in natural gas balancing receivable (206) (96)
Change in natural gas balancing payable (52) (152)
Change in other long-term liabilities (206) 0
Change in other assets, net (3,100) (911)
Cash provided by operating activities 35,214 41,385
Cash flows from investing activities:    
Capital expenditures (101,067) (115,401)
Acquisition (11,000) 0
Proceeds from sale of mineral interest and equipment 1,389 526
Distribution from Medusa Spar LLC 813 1,423
Cash used in investing activities (109,865) (113,452)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 48,000 43,000
Payments on senior secured revolving credit facility (41,000) (3,000)
Redemption of 13% senior notes 0 (10,225)
Issuance of preferred stock 70,035 0
Payment of preferred stock dividends (2,654) 0
Taxes paid related to exercise of employee stock options 0 (18)
Cash provided by financing activities 74,381 29,757
Net change in cash and cash equivalents (270) (42,310)
Beginning of period cash and cash equivalents 1,139 43,795
End of period cash and cash equivalents $ 869 $ 1,485