Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 9,926 $ 43,795
Accounts receivable 18,536 15,181
Fair market value of derivatives 467 2,499
Other current assets 527 1,601
Total current assets 29,456 63,076
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,446,890 1,421,640
Less accumulated depreciation, depletion and amortization (1,220,520) (1,208,331)
Net oil and gas properties 226,370 213,309
Unevaluated properties excluded from amortization 18,433 2,603
Total oil and natural gas properties 244,803 215,912
Other property and equipment, net 12,646 10,512
Restricted investments 3,792 3,790
Investment in Medusa Spar LLC 9,361 9,956
Deferred tax asset 64,097 63,496
Other assets, net 824 718
Total assets 364,979 367,460
Current liabilities:    
Accounts payable and accrued liabilities 25,148 26,057
Asset retirement obligations 1,170 1,260
Fair market value of derivatives 82 0
Total current liabilities 26,400 27,317
13% Senior Notes    
Principal outstanding 106,961 106,961
Deferred credit, net of accumulated amortization of $13,934 and $13,123, respectively 17,573 18,384
Total 13% Senior Notes (See Note 6) 124,534 125,345
Senior secured revolving credit facility 0 0
Asset retirement obligations 12,900 12,678
Other long-term liabilities 2,394 3,165
Total liabilities 166,228 168,505
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500,000 shares authorized; 0 0
Common Stock, $.01 par value, 60,000,000 shares authorized; 39,412,238 and 39,398,416 shares outstanding at March 31, 2012 and December 31, 2011, respectively 394 394
Capital in excess of par value 325,252 324,474
Other comprehensive (loss) income 154 1,624
Retained deficit (127,049) (127,537)
Total stockholders' equity 198,751 198,955
Total liabilities and stockholders' equity $ 364,979 $ 367,460