XML 55 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities      
Net income (loss) $ 45,094 $ (33,261) $ (10,309)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Unrealized loss (gain) on derivatives 7,232 4,802 (5,138)
Depletion, depreciation and amortization 98,395 80,454 31,754
Accretion of asset retirement obligations 348 256 209
Full-cost ceiling impairment 21,229 63,475 35,673
Stock-based compensation expense 3,897 140 2,406
Deferred income tax provision (benefit) 9,293 (1,430) (5,475)
Loss on asset sales and inventory impairment 192 485 154
Changes in operating assets and liabilities      
Accounts receivable (2,160) (16,342) (1,523)
Lease and well equipment inventory 243 50 21
Prepaid expenses (668) 50 650
Other assets (548) (673) (814)
Accounts payable, accrued liabilities and other current liabilities (3,638) 19,740 13,497
Royalties payable 1,257 4,685 873
Advances from joint interest owners (1,515) 1,515 (723)
Income taxes payable 404 0 0
Other long-term liabilities 415 282 613
Net cash provided by operating activities 179,470 124,228 61,868
Investing activities      
Oil and natural gas properties capital expenditures (363,192) (300,689) (156,431)
Expenditures for other property and equipment (3,977) (7,332) (4,671)
Purchases of certificates of deposit (61) (496) (4,298)
Maturities of certificates of deposit 291 1,601 5,312
Net cash used in investing activities (366,939) (306,916) (160,088)
Financing activities      
Repayments of borrowings under Credit Agreement (130,000) (123,000) (103,000)
Borrowings under Credit Agreement 180,000 160,000 191,000
Proceeds from issuance of common stock 149,069 146,510 592
Swing sale profit contribution 0 24 0
Cost to issue equity (7,390) (11,599) (1,710)
Proceeds from stock options exercised 0 2,660 837
Taxes paid related to net share settlement of stock-based compensation (18) 0 0
Payment of dividends - Class B 0 (96) (275)
Net cash provided by financing activities 191,661 174,499 87,444
Increase (decrease) in cash 4,192 (8,189) (10,776)
Cash at beginning of year 2,095 10,284 21,060
Cash at end of year $ 6,287 $ 2,095 $ 10,284