| Preliminary Estimates Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed |
|
|
|
|
|
|
|
November 22, 2016
|
|
|
|
(in thousands)
|
|
Assets acquired:
|
|
|
|
Wells, platforms and other production facilities
|
$
|
5,754
|
|
Equipment and other
|
|
684
|
|
Value added tax and other receivables
|
|
297
|
|
Abandonment funding
|
|
546
|
|
Accounts receivable - trade
|
|
888
|
|
Other current assets
|
|
220
|
|
Liabilities assumed:
|
|
|
|
Asset retirement obligations
|
|
(1,731)
|
|
Accrued liabilities and other
|
|
(747)
|
|
Total identifiable net assets and consideration transferred
|
$
|
5,911
|
|
| Pro Forma Results |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(in thousands)
|
|
Pro forma (unaudited)
|
|
|
|
|
|
|
|
Oil and gas sales
|
|
$
|
65,427
|
|
$
|
88,940
|
|
Operating loss
|
|
|
(4,295)
|
|
|
(101,494)
|
|
Loss from continuing operations
|
|
|
(19,232)
|
|
|
(120,546)
|
|
Basic and diluted net loss per share:
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
$
|
(0.33)
|
|
$
|
(2.07)
|
|
Net loss
|
|
$
|
(0.47)
|
|
$
|
(2.72)
|
|
| Summarized Results Of, And Assets And Liabilities Attributable To, Discontinued Operations |
Summarized Results of Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
(in thousands)
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Exploration expense
|
|
$
|
15,137
|
|
$
|
36,044
|
|
$
|
1,707
|
|
Depreciation, depletion and amortization
|
|
|
9
|
|
|
12
|
|
|
12
|
|
General and administrative expense
|
|
|
1,269
|
|
|
2,535
|
|
|
2,082
|
|
Bad debt expense (recovery) and other
|
|
|
(7,629)
|
|
|
-
|
|
|
-
|
|
Total operating costs and expenses
|
|
|
8,786
|
|
|
38,591
|
|
|
3,801
|
|
Other operating loss, net
|
|
|
(172)
|
|
|
(1,856)
|
|
|
-
|
|
Operating loss
|
|
|
(8,958)
|
|
|
(40,447)
|
|
|
(3,801)
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
3,201
|
|
|
-
|
|
|
-
|
|
Other, net
|
|
|
552
|
|
|
2,345
|
|
|
4
|
|
Total other income
|
|
|
3,753
|
|
|
2,345
|
|
|
4
|
|
Loss from discontinued operations before income taxes
|
|
|
(5,205)
|
|
|
(38,102)
|
|
|
(3,797)
|
|
Income tax expense
|
|
|
3,078
|
|
|
-
|
|
|
-
|
|
Loss from discontinued operations
|
|
$
|
(8,283)
|
|
$
|
(38,102)
|
|
$
|
(3,797)
|
Assets and Liabilities Attributable to Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Accounts with partners
|
|
$
|
2,138
|
|
$
|
8,091
|
|
Prepayments and other
|
|
|
1
|
|
|
278
|
|
Total current assets
|
|
|
2,139
|
|
|
8,369
|
|
Property and equipment - successful efforts method:
|
|
|
|
|
|
|
|
Equipment and other
|
|
|
-
|
|
|
143
|
|
|
|
|
-
|
|
|
143
|
|
Accumulated depreciation, depletion, amortization and impairment
|
|
|
-
|
|
|
(127)
|
|
Net property and equipment
|
|
|
-
|
|
|
16
|
|
Total assets
|
|
$
|
2,139
|
|
$
|
8,385
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
77
|
|
$
|
2,708
|
|
Foreign taxes payable
|
|
|
3,078
|
|
|
-
|
|
Accrued liabilities and other
|
|
|
15,297
|
|
|
1,421
|
|
Total current liabilities
|
|
$
|
18,452
|
|
$
|
4,129
|
|