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
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating Activities:    
Net income $ 20,788 $ 16,696
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation, depletion and amortization 15,444 11,011
Amortization of debt issuance costs 97  
Unrealized foreign exchange loss 22 22
Dry hole costs and impairment loss on unproved leasehold 13,273 20,190
Stock based compensation 2,698 2,600
Bad debt expense 1,800 1,284
Change in operating assets and liabilities:    
Trade receivables 10,945 7,475
Accounts with partners (500) (15,246)
Other receivables (2,315) (5,967)
Crude oil inventory (1,308) (1,793)
Materials and supplies (1,501) 113
Prepayment and other (3,547) (1,756)
Accounts payable and other liabilities (1,142) 2,176
Net cash provided by operating activities 54,754 36,805
Cash Flows from Investing Activities    
Decrease (increase) in restricted cash 65 (879)
Property and equipment expenditures (68,104) (56,138)
Net cash used in investing activities (68,039) (57,017)
Cash Flows from Financing Activities    
Proceeds from the issuance of common stock 5,076 557
Debt issuance costs (1,954)  
Borrowings 15,000  
Purchase of treasury shares (1,868) (10,680)
Net cash provided by (used in) financing activities 16,254 (10,123)
Net Change in Cash and Cash Equivalents 2,969 (30,335)
Cash and Cash Equivalent at Beginning of Period 130,529 130,800
Cash and Cash Equivalent at End of Period 133,498 100,465
Supplemental disclosure of cash flow information    
Income taxes paid 21,484 28,157
Receivable from employees for stock option exercises 534 177
Investment in property and equipment not paid $ 22,747 $ 13,254