Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 32,205 $ 19,669
Restricted cash 866 842
Receivables:    
Trade 8,260 3,556
Accounts with partners, net of allowance of $0.5 million at March 31, 2018 and December 31, 2017 88 3,395
Other 12 100
Crude oil inventory 1,279 3,263
Prepayments and other 3,767 2,791
Current assets - discontinued operations 3,030 2,836
Total current assets 49,507 36,452
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 390,279 389,935
Undeveloped acreage 10,000 10,000
Equipment and other 9,366 9,432
Property, plant and equipment, gross, Total 409,645 409,367
Accumulated depreciation, depletion, amortization and impairment (387,046) (386,146)
Net property and equipment 22,599 23,221
Other noncurrent assets:    
Restricted cash 968 967
Value added tax and other receivables, net of allowance of $6.6 million and $6.5 million at March 31, 2018 and December 31, 2017, respectively 7,043 6,925
Deferred tax asset 1,260 1,260
Abandonment funding 10,808 10,808
Total assets 92,185 79,633
Current liabilities:    
Accounts payable 10,269 11,584
Accounts with partners 4,822  
Accrued liabilities and other 13,477 12,991
Foreign taxes payable 1,849  
Current portion of long term debt 5,833 6,666
Current liabilities - discontinued operations 15,002 15,347
Total current liabilities 51,252 46,588
Asset retirement obligations 20,434 20,163
Other long term liabilities 283 284
Long term debt, excluding current portion, net 1,119 2,309
Total liabilities 73,088 69,344
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, $0.10 par value; 100,000,000 shares authorized, 66,443,971 shares issued, 58,862,876 shares outstanding as of March 31, 2018 and December 31, 2017 6,644 6,644
Additional paid-in capital 71,400 71,251
Less treasury stock, 7,581,095 and 7,581,095 shares at cost as of March 31, 2018 and December 31, 2017 (37,953) (37,953)
Accumulated deficit (20,994) (29,653)
Total shareholders' equity 19,097 10,289
Total liabilities and shareholders' equity $ 92,185 $ 79,633