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
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 113 $ 43,795
Accounts receivable 17,247 15,181
Fair market value of derivatives 4,645 2,499
Other current assets 1,538 1,601
Total current assets 23,543 63,076
Oil and gas properties, full-cost accounting method:    
Evaluated properties 1,472,497 1,421,640
Less accumulated depreciation, depletion and amortization (1,232,364) (1,208,331)
Net oil and gas properties 240,133 213,309
Unevaluated properties excluded from amortization 22,451 2,603
Total oil and natural gas properties 262,584 215,912
Other property and equipment, net 12,506 10,512
Restricted investments 3,792 3,790
Investment in Medusa Spar LLC 9,027 9,956
Deferred tax asset 63,965 65,743
Other assets, net 3,195 718
Total assets 378,612 369,707
Current liabilities:    
Accounts payable and accrued liabilities 32,997 26,057
Asset retirement obligations 997 1,260
Total current liabilities 33,994 27,317
13% Senior Notes    
Principal outstanding 96,961 106,961
Deferred credit, net of accumulated amortization of $16,253 and $13,123, respectively 15,254 18,384
Total 13% Senior Notes 112,215 125,345
Senior secured revolving credit facility 10,000 0
Asset retirement obligations 12,784 12,678
Other long-term liabilities 2,397 3,165
Total liabilities 171,390 168,505
Stockholders' equity:    
Preferred Stock, $.01 par value, 2,500 shares authorized; 0 0
Common Stock, $.01 par value, 60,000 shares authorized; 39,472 and 39,398 shares outstanding at June 30, 2012 and December 31, 2011, respectively 395 394
Capital in excess of par value 326,281 324,474
Other comprehensive income 1,547 1,624
Retained deficit (121,001) (125,290)
Total stockholders' equity 207,222 201,202
Total liabilities and stockholders' equity $ 378,612 $ 369,707