Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 98,232 $ 9,651 $ (26,550)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Loss from discontinued operations 496 621 8,283
Depreciation, depletion and amortization 5,596 6,457 6,926
Gain on revision of asset retirement obligations (3,325)    
Other amortization 417 369 1,424
Deferred taxes (56,907) (1,260)  
Unrealized foreign exchange (gain) loss 834 (576) (32)
Stock-based compensation 2,306 1,098 192
Commodity derivatives (gain) loss (3,520) 1,032 1,711
Cash settlements (paid)/received on matured derivative contracts, net (744) 195  
Bad debt (recovery) expense (77) 452 1,222
Other operating (income) loss, net (570) 84 266
Operational expenses associated with equipment and other 1,604 1,189  
Impairment of proved properties     88
Change in operating assets and liabilities:      
Trade receivables (8,351) 3,195 (1,050)
Accounts with joint venture owners 2,747 (108) 16,284
Other receivables (1,330) (43) (18)
Crude oil inventory 2,478 (2,350) (192)
Prepayments and other 420 1,646 517
Value added tax and other receivables (777) (3,025) (1,937)
Accounts payable (3,409) (7,297) (15,459)
Foreign taxes payable 2,751    
Accrued liabilities and other (643) 2,050 (4,586)
Other long-term assets     546
Net cash provided by (used in) continuing operating activities 38,228 13,380 (12,365)
Net cash provided by (used in) discontinued operating activities (1,052) (4,423) 12,286
Net cash provided by (used in) operating activities 37,176 8,957 (79)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions   64 (5,692)
Property and equipment expenditures (14,127) (1,813) (8,705)
Proceeds from sale of oil and gas properties   250 830
Premiums paid for put options     (2,939)
Net cash used in continuing investing activities (14,127) (1,499) (16,506)
Net cash used in discontinued investing activities
Net cash used in investing activities (14,127) (1,499) (16,506)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 544 39  
Treasury shares (58) (20) (51)
Debt issuance costs     (93)
Debt repayment (9,166) (10,001)  
Borrowings   4,167  
Net cash used in continuing financing activities (8,680) (5,815) (144)
Net cash provided by discontinued financing activities
Net cash used in financing activities (8,680) (5,815) (144)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 14,369 1,643 (16,729)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 32,286 30,643 47,372
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 46,655 32,286 30,643
Supplemental disclosure of cash flow information:      
Interest paid 257 997 1,326
Income taxes paid in cash 2,720 15,153 9,210
Income taxes paid in-kind with oil 9,385    
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at year end 2,138 455 2,282
Oil and natural gas property additions paid with non-cash assets 4,197    
Gross-up of oil and natural gas properties by establishment of deferred tax liability 18,613    
Asset retirement obligations (6,527) $ 600 $ 1,543
Restricted stock vestings issued out of treasury $ (177)