Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 4,304 $ 2,747 $ 106,396
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 45,393 51,043 49,753
Accretion expense 1,785 2,253 2,338
Amortization of non-cash debt related items 471 402 461
Amortization of deferred credit (3,164) (3,086) (3,155)
Equity in earnings of Medusa Spar LLC (17) (226) (799)
Deferred income tax expense 2,778 2,223 10,928
Valuation allowance 0 0 (80,211)
Net loss (gain) on derivatives, net of settlements 2,730 (1,683) 0
Impairment of other property and equipment 1,707 1,176 0
Gain on acquired equipment 0 0 (4,995)
Non-cash gain for early debt extinguishment (3,696) (1,366) (1,942)
Non-cash expense related to equity share-based awards 2,092 1,697 1,337
Change in the fair value of liability share-based awards 2,903 1,620 761
Payments to settle asset retirement obligations (721) (1,314) (2,563)
Changes in current assets and liabilities:      
Accounts receivable (3,497) (883) (3,734)
Other current assets (560) 100 180
Current liabilities 3,583 1,753 4,695
Payments to settle vested liability share-based awards (239) (3,383) 0
Change in natural gas balancing receivable 22 51 252
Change in natural gas balancing payable (527) (102) (115)
Change in other long-term liabilities (206) 205 100
Change in other assets, net (812) (1,937) (520)
Net cash provided by operating activities 54,329 51,290 79,167
Cash flows from investing activities:      
Capital expenditures (159,724) (133,299) (100,243)
Acquisitions (10,885) (2,075) 0
Proceeds from sale of mineral interests and equipment 89,992 39,936 7,615
Investment in restricted assets related to plugging and abandonment 0 0 (150)
Distribution from Medusa Spar LLC 813 1,735 1,267
Net cash used in investing activities (79,804) (93,703) (91,511)
Cash flows from financing activities:      
Borrowings on credit facility 80,000 53,000 0
Payments on credit facility (68,000) (43,000) 0
Redemption of 13% Senior Notes (50,060) (10,225) (35,062)
Issuance of preferred stock 70,035 0 0
Issuance of common stock 0 0 73,765
Payment of preferred stock dividends (4,627) 0 0
Taxes paid related to exercise of employee stock options 0 (18) 0
Net cash provided by (used in) financing activities 27,348 (243) 38,703
Net change in cash and cash equivalents 1,873 (42,656) 26,359
Balance, beginning of period 1,139 43,795 17,436
Balance, end of period $ 3,012 $ 1,139 $ 43,795