Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited)

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CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 14,310 $ 22,846
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 7,057 11,854
Unrealized foreign exchange loss (gain) 22 (358)
Dry hole costs 8,836 2,853
Stock based compensation 2,238 1,704
Bad debt expense 1,141 590
Change in operating assets and liabilities:    
Trade receivables (18,266) (9,904)
Accounts with partners (20,010) 6,077
Other receivables (3,306) (1,061)
Crude oil inventory (1,944) (437)
Materials and supplies (305) (180)
Prepayments and other (1,166) (1,594)
Accounts payable, accrued liabilities and other liabilities 1,848 (4,372)
Net cash provided by (used in) operating activities (9,545) 28,018
CASH FLOWS FROM INVESTING ACTIVITIES    
Restricted cash, net (510) 88
Property and equipment expenditures (40,833) (27,221)
Net cash used in investing activities (41,343) (27,133)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock 135 3,369
Purchase of treasury stock (1,339)  
Distribution to noncontrolling interest   (3,597)
Net cash used in financing activities (1,204) (228)
NET CHANGE IN CASH AND CASH EQUIVALENTS (52,092) 657
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 130,800 137,139
CASH AND CASH EQUIVALENTS AT END OF PERIOD 78,708 137,796
Supplemental disclosure of cash flow information    
Income taxes paid 18,416 41,733
Supplemental disclosure of non cash transactions    
Property and equipment additions incurred during the period but not paid at period end 11,238 5,456
Property and equipment reductions as the result in changes in asset retirement cost estimates   $ 5,670