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
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 6,603 $ (42)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 22,976 22,405
Accretion expense 401 1,098
Amortization of non-cash debt related items 298 228
Amortization of deferred credit (433) (1,615)
Equity in earnings of Medusa Spar LLC   3
Deferred income tax expense 5,469 494
Net loss (gain) on derivatives, net of settlements 4,677 (249)
Gain on sale of other property and equipment (1,080)  
Gain on early extinguishment of debt (3,205)  
Non-cash expense related to equity share-based awards (36) 734
Change in the fair value of liability share-based awards 8,070 (852)
Payments to settle asset retirement obligations (1,469) (615)
Changes in current assets and liabilities:    
Accounts receivable (5,268) 789
Other current assets 265 598
Current liabilities 2,014 (324)
Payments to settle vested liability share-based awards (3,469) (239)
Change in other long-term liabilities   (386)
Change in other assets, net (216) (1,790)
Net cash provided by operating activities 35,597 20,237
Cash flows from investing activities:    
Capital expenditures (127,219) (58,385)
Acquisition   (11,000)
Proceeds from sale of mineral interests and equipment 2,267 1,389
Distribution from Medusa Spar LLC   616
Net cash used in investing activities (124,952) (67,380)
Cash flows from financing activities:    
Borrowings on debt 150,000 31,000
Payment of deferred financing costs (2,928)  
Payments on debt (55,610) (41,000)
Issuance of preferred stock   70,090
Payment of preferred stock dividends (3,947) (680)
Cash flows from financing activities: 87,515 59,410
Net change in cash and cash equivalents (1,840) 12,267
Balance, beginning of period 3,012 1,139
Balance, end of period $ 1,172 $ 13,406