Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Current Assets:    
Cash and cash equivalent $ 80,721 $ 130,529
Restricted Cash 12,159 12,366
Receivables:    
Trade 87 16,972
Accounts with partners, net of allowance of zero at March 31, 2014 and $7.6 million at December 31, 2013 40,963 307
Other 4,462 4,435
Crude oil inventory 1,152 352
Materials & supplies 468 164
Prepayments and others 6,312 2,339
Total current assets 146,324 167,464
Property and equipment - successful efforts method    
Wells, platforms and other production facilities 217,805 215,701
Undeveloped acreage 22,919 23,705
Work in progress 74,311 64,489
Equipment & other 7,801 6,831
Property, plant and equipment, gross, Total 322,836 310,726
Accumulated depreciation , depletion and amortization (176,000) (172,202)
Net property and equipment 146,836 138,524
Other assets:    
Restricted cash 830 830
Deferred tax assets 1,349 1,349
Deferred finance charge 1,722  
Total Assets 297,061 308,167
Current Liabilities:    
Accounts payable and accrued liabilities 38,446 42,561
Accounts with partners 1,732 3,268
Total current liabilities 40,178 45,829
Asset retirement obligations 11,630 11,464
Total Liabilities 51,808 57,293
Commitments and Contingencies (note 4)      
Owners' Equity    
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,976,646 and 64,012,914 shares issued with 7,094,705 and 7,162,573 shares in treasury at March 31, 2014 and December 31, 2013 respectively 6,408 6,408
Additional paid-in capital 56,502 55,455
Retained earnings 217,404 224,442
Less treasury stock, at cost (35,061) (35,431)
Total Equity 245,253 250,874
Total Liabilities & Owners' Equity $ 297,061 $ 308,167