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, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 43,795 $ 17,436
Accounts receivable 15,181 10,728
Fair market value of derivatives 2,499 0
Other current assets 1,601 2,180
Total current assets 63,076 30,344
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,421,640 1,316,677
Less accumulated depreciation, depletion and amortization (1,208,331) (1,155,915)
Net oil and gas properties 213,309 160,762
Unevaluated properties excluded from amortization 2,603 8,106
Total oil and natural gas properties 215,912 168,868
Other property and equipment, net 10,512 3,370
Restricted investments 3,790 4,044
Investment in Medusa Spar LLC 9,956 10,424
Deferred tax asset 63,496 0
Other assets, net 718 1,276
Total assets 367,460 218,326
Current liabilities:    
Accounts payable and accrued liabilities 26,057 17,702
Asset retirement obligations 1,260 2,822
Fair market value of derivatives 0 937
Total current liabilities 27,317 21,461
13% Senior Notes    
Principal outstanding 106,961 137,961
Deferred credit, net of accumulated amortization of $13,123 and $3,964, respectively 18,384 27,543
Total 13% Senior Notes (See Note 6) 125,345 165,504
Asset retirement obligations 12,678 13,103
Other long-term liabilities 3,165 2,448
Total liabilities 168,505 202,516
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500,000 shares authorized; 0 0
Common Stock, $.01 par value, 60,000,000 shares authorized; 39,398,415 and 28,955,512 shares outstanding at December 31, 2011 and 2010, respectively 394 290
Capital in excess of par value 324,474 248,160
Other comprehensive loss (income) 1,624 (937)
Retained deficit (127,537) (231,703)
Total stockholders' equity 198,955 15,810
Total liabilities and stockholders' equity $ 367,460 $ 218,326