EX-99.2 3 ex992to8ka07428007_11252019.htm

Exhibit 99.2

 

SOUTHERN OIL
BALANCE SHEET
(in thousands)
   June 30,
2019
   (Unaudited)
Assets   
Current assets:     
Cash and cash equivalents  $29,185 
Receivables   7,536 
Prepaid assets   1,257 
Other current assets   636 
Total current assets   38,614 
Oil and gas properties, net   71,861 
Other property and equipment, net   189 
Other assets   50 
Total assets  $110,714 
      
Liabilities and members’ equity     
Liabilities     
Current liabilities:     
Accounts payable and accrued expenses  $7,344 
Asset retirement obligation - current portion   1,420 
Total current liabilities   8,764 
Asset retirement obligation - long-term portion   9,840 
Deferred taxes   5,867 
Other liabilities   81 
Total liabilities   24,552 
Members’ equity   86,162 
Total liabilities and members’ equity  $110,714 

 

 

 

 

SOUTHERN OIL
STATEMENT OF EARNINGS AND MEMBERS’ EQUITY
(in thousands)
   First Six Months
2019
   (Unaudited)
Revenues   
Oil and gas  $39,927 
Cost and expenses     
Oil and gas production costs   9,822 
Selling, general and administrative   3,051 
Depreciation, depletion and amortization   9,804 
    22,677 
Other income (expenses)     
Interest expense   (9)
Earnings before income taxes   17,241 
Income tax expense    4,215 
Net earnings   $13,026 
      
Members’ equity - beginning   73,136 
Contributions   - 
Members’ equity - ending  $86,162 

 

 

 

 

 

 

 

 

SOUTHERN OIL
STATEMENT OF CASH FLOWS
(in thousands)
   First Six Months
   2019
   (Unaudited)
Operating activities     
Net earnings  $13,026 
Adjustments to reconcile net earnings to operating cash flows:     
Depreciation, depletion and amortization   9,804 
Provision for deferred income taxes   1,002 
Mark to market of hedge position   1,003 
Non-cash expenses   238 
Changes in receivables and inventories   (734)
Changes in other assets   (824)
Changes in accounts payable and accrued expenses   211 
Net cash provided by operating activities   23,726 
Investing activities     
Capital expenditures   (5,084)
Net cash (used in) investing activities   (5,084)
Decrease in cash, cash equivalents and restricted cash   18,642 
Cash, cash equivalents and restricted cash at beginning of year   10,593 
Cash, cash equivalents and restricted cash at end of second quarter  $29,235