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
Jun. 30, 2014
Dec. 31, 2013
Current Assets:    
Cash and cash equivalent $ 118,567 $ 130,529
Restricted cash 12,301 12,366
Receivables:    
Trade 21,585 16,972
Accounts with partners, net of allowance of zero at June 30, 2014 and $7.6 million at December 31, 2013 1,490 307
Other 5,494 4,435
Crude oil inventory 305 352
Materials and supplies 503 164
Prepayments and others 2,528 2,339
Total current assets 162,773 167,464
Property and equipment - successful efforts method    
Wells, platforms and other production facilities 218,422 215,701
Undeveloped acreage 22,133 23,705
Work in progress 102,858 64,489
Equipment and other 6,864 6,831
Property, plant and equipment, gross, Total 350,277 310,726
Accumulated depreciation, depletion and amortization (182,825) (172,202)
Net property and equipment 167,452 138,524
Other assets:    
Restricted cash 830 830
Deferred tax assets 1,349 1,349
Deferred finance charge 1,913  
Total Assets 334,317 308,167
Current Liabilities:    
Accounts payable and other liabilities 49,739 42,561
Accounts with partners 1,618 3,268
Total current liabilities 51,357 45,829
Asset retirement obligations 11,732 11,464
Total Liabilities 63,089 57,293
Commitments and Contingencies (note 4)      
Owners' Equity    
Common stock, $0.10 par value, 100,000,000 authorized shares, 64,052,813 and 64,012,914 shares issued with 7,094,705 and 7,162,573 shares in treasury at June 30, 2014 and December 31, 2013 respectively 6,415 6,408
Additional paid-in capital 57,755 55,455
Retained earnings 242,118 224,442
Less treasury stock, at cost (35,061) (35,431)
Total Equity 271,227 250,874
Total Liabilities and Owners' Equity $ 334,317 $ 308,167