Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 4,287 $ 24,041
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 24,676 23,203
Accretion expense 1,135 1,198
Non-cash gain on acquired assets 0 (3,688)
Amortization of non-cash debt related items 225 218
Amortization of deferred credit (1,538) (1,583)
Non-cash gain on early extinguishment of debt (1,366) (1,942)
Equity in earnings of Medusa Spar LLC (124) (386)
Deferred income tax expense 1,754 8,186
Valuation allowance 0 (12,158)
Non-cash derivative income due to hedge ineffectiveness (322) (33)
Non-cash unrealized gain on mark-to-market derivative instruments, net (3,575) 0
Non-cash charge related to compensation plans 1,512 1,239
Payments to settle asset retirement obligations (1,029) (1,288)
Changes in current assets and liabilities    
Accounts receivable (2,036) (7,909)
Other current assets 63 572
Current liabilities 4,756 1,353
Change in natural gas balancing receivable (95) 187
Change in natural gas balancing payable (17) (52)
Change in other long-term liabilities 0 100
Change in other assets, net (865) (300)
Cash provided by operating activities 27,441 30,958
Cash flows from investing activities:    
Capital expenditures (72,538) (42,018)
Investment in restricted assets for plugging and abandonment 0 (75)
Proceeds from sale of mineral interest and equipment 522 6,417
Distribution from Medusa Spar LLC 1,120 597
Cash used in investing activities (70,896) (35,079)
Cash flows from financing activities:    
Draw on senior secured credit facility 10,000 0
Redemption of 13% senior notes (10,225) (35,062)
Issuance of common stock 0 73,765
Equity issued related to employee stock plans (2) 0
Cash (used in) provided by financing activities (227) 38,703
Net change in cash and cash equivalents (43,682) 34,582
Beginning of period cash and cash equivalents 43,795 17,436
End of period cash and cash equivalents $ 113 $ 52,018