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, 2014
Jun. 30, 2013
Operating Activities:    
Net income $ 17,676 $ 14,310
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation, depletion and amortization 11,155 7,057
Unrealized foreign exchange loss 22 22
Dry hole costs and impairment loss on unproved leasehold 13,273 8,836
Stock based compensation 2,057 2,238
Bad debt expense   1,141
Change in operating assets and liabilities:    
Trade receivables (4,613) (18,266)
Accounts with partners (2,834) (20,010)
Other receivables (1,140) (3,306)
Crude oil inventory (216) (1,944)
Materials and supplies (339) (305)
Prepayment and other (191) (1,166)
Accounts payable and other liabilities 5,710 1,848
Net cash provided by (used in) operating activities 40,560 (9,545)
Cash Flows from Investing Activities    
Decrease (increase) in restricted cash 65 (510)
Property and equipment expenditures (51,292) (40,833)
Net cash used in investing activities (51,227) (41,343)
Cash Flows from Financing Activities    
Proceeds from the issuance of common stock 620 135
Debt issuance costs (1,914)  
Purchase of treasury shares   (1,339)
Net cash used in financing activities (1,295) (1,204)
Net Change in Cash and Cash Equivalents (11,962) (52,092)
Cash and Cash Equivalent at Beginning of Period 130,529 130,800
Cash and Cash Equivalent at End of Period 118,567 78,708
Supplemental disclosure of cash flow information    
Income taxes paid 15,122 18,416
Investment in property and equipment not paid $ 14,971 $ 11,238