Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 1,863 $ (800)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 10,598 11,393
Accretion expense 228 565
Amortization of non-cash debt related items 119 111
Amortization of deferred credit (433) (799)
Equity in earnings of Medusa Spar LLC   (21)
Deferred income tax expense 1,341 (169)
Net loss (gain) on derivatives, net of settlements 1,639 1,039
Gain on sale of other property and equipment (1,080)  
Non-cash expense related to equity share-based awards 996 580
Change in the fair value of liability share-based awards 3,483 (195)
Payments to settle asset retirement obligations (26) (396)
Changes in current assets and liabilities:    
Accounts receivable (2,928) 1,333
Other current assets 707 857
Current liabilities 5,155 158
Payments to settle vested liability share-based awards (1,669)  
Change in other long-term liabilities   (206)
Change in other assets, net (26) (575)
Net cash provided by operating activities 19,967 12,875
Cash flows from investing activities:    
Capital expenditures (65,760) (30,089)
Proceeds from sale of mineral interests and equipment 2,226 114
Distribution from Medusa Spar LLC   340
Net cash used in investing activities (63,534) (29,635)
Cash flows from financing activities:    
Borrowings on credit facility 46,000 17,000
Payment of deferred financing costs (1,729)  
Payment of preferred stock dividends (1,974)  
Cash flows from financing activities: 42,297 17,000
Net change in cash and cash equivalents (1,270) 240
Balance, beginning of period 3,012 1,139
Balance, end of period $ 1,742 $ 1,379