Annual report pursuant to Section 13 and 15(d)

Statements Of Consolidated Cash Flows

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Statements Of Consolidated Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (158,656) $ (77,550) $ 43,072
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 33,010 20,086 16,929
Amortization of debt issuance cost 304 328  
Deferred taxes 1,349    
Unrealized foreign exchange (gain) loss (2,835) (59) 22
Dry hole costs and impairment loss on unproved leasehold 45,652 13,273 22,490
Stock based compensation 3,810 3,322 3,005
Bad debt provision 2,699 2,400 1,562
Other operating loss, net 2,948    
Impairment of proved properties 81,322 98,341  
Change in operating assets and liabilities:      
Trade receivables 14,174 (2,555) (9,011)
Accounts with partners (16,953) (13,864) (12,649)
Other receivables (584) (1,250) (53)
Crude oil inventory 1,266 (1,748) 279
Materials and supplies 92 (122) 173
Value added tax receivable (2,286)    
Other long term assets (1,566) (3,537)  
Prepayments and other 3,114 (4,172) 594
Accounts payable 28,926 (8,907) 7,106
Accrued liabilities and other 3,089 (596) 1,881
Net cash provided by operating activities 38,875 23,390 75,400
CASH FLOWS FROM INVESTING ACTIVITIES      
Decrease (increase) in restricted cash 5,536 (9,219) (1,065)
Property and equipment expenditures (88,944) (92,179) (66,879)
Proceeds from sales of oil and gas properties 398    
Net cash used in investing activities (83,010) (101,398) (67,944)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuances of common stock 441 5,685 3,729
Debt issuance costs   (2,287)  
Borrowings   15,000  
Purchases of treasury stock   (1,868) (11,456)
Net cash provided by (used in) financing activities 441 16,530 (7,727)
NET CHANGE IN CASH AND CASH EQUIVALENTS (43,694) (61,478) (271)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 69,051 130,529 130,800
CASH AND CASH EQUIVALENTS AT END OF PERIOD 25,357 69,051 130,529
Supplemental disclosure of cash flow information:      
Interest paid, net of capitalized interest 1,337    
Taxes paid 15,163 23,041 34,444
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred during the period but not paid at period end 17,332 18,963 13,440
Asset retirement cost capitalized $ 542 $ 2,662 $ 453