| Summary of Quarterly Financial Information |
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Three Months Ended
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March 31,
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June 30,
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September 30,
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December 31,
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(in thousands of dollars except per share information)
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2018:
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Total revenues
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$
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27,645
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$
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24,426
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$
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25,266
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$
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27,606
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Total operating costs and expenses
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14,631
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19,017
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7,940
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12,433
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Operating income
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13,038
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5,723
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17,320
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15,206
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Income from continuing operations
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8,711
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887
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78,626
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10,504
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Loss from discontinued operations
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(52)
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(343)
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(21)
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(80)
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Net income
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8,659
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544
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78,605
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10,424
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Basic net income per share
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$
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0.15
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$
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0.02
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$
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1.31
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$
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0.17
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Diluted net income per share
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$
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0.15
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$
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0.02
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$
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1.28
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$
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0.17
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Basic income from continuing operations per share
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$
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0.15
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$
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0.02
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$
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1.31
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$
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0.17
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Diluted income from continuing operations per share
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$
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0.15
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$
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0.02
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$
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1.28
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$
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0.17
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As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances.
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Three Months Ended
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March 31,
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June 30,
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September 30,
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December 31,
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(in thousands of dollars except per share information)
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2017:
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Total revenues
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$
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21,266
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$
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20,425
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$
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18,178
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$
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17,156
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Total operating costs and expenses
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13,055
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15,068
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14,454
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14,413
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Operating income
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8,148
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5,587
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3,721
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2,495
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Income (loss) from continuing operations
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4,435
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2,451
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(148)
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3,534
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Loss from discontinued operations
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(176)
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(168)
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(174)
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(103)
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Net income (loss)
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4,259
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2,283
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(322)
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3,431
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Basic net income (loss) per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Diluted net income (loss) per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Basic income (loss) from continuing operations per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Diluted income (loss) from continuing operations per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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| Schedule Of Error Correction |
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As of September 30, 2018
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As Previously Reported
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Adjustments
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As Restated
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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33,715
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$
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—
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$
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33,715
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Restricted cash
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1,025
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—
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1,025
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Receivables:
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Trade
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—
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—
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—
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Accounts with joint venture owners, net of allowance of $0.5 million
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931
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—
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931
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Other
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408
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—
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408
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Crude oil inventory
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2,232
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—
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2,232
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Prepayments and other
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3,058
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—
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3,058
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Current assets - discontinued operations
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3,222
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—
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3,222
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Total current assets
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44,591
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—
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44,591
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Oil and natural gas properties, at cost - successful efforts method:
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Proved properties
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398,072
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11,539
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409,611
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Unproved properties
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16,698
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7,073
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23,771
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Equipment and other
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8,821
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—
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8,821
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423,591
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18,612
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442,203
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Accumulated depreciation, depletion, amortization and impairment
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(388,660)
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—
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(388,660)
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Net oil and natural gas properties, equipment and other
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34,931
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18,612
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53,543
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Other noncurrent assets:
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Restricted cash
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918
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—
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918
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Value added tax and other receivables, net of allowance of $2.1 million
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2,306
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—
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2,306
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Deferred tax assets
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68,807
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(18,612)
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50,195
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Abandonment funding
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10,808
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—
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10,808
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Total assets
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$
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162,361
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$
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—
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$
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162,361
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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7,219
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$
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—
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$
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7,219
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Accounts with joint venture owners
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5,496
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—
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5,496
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Accrued liabilities and other
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17,662
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—
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17,662
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Foreign taxes payable
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1,775
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—
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1,775
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Current portion of long term debt
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—
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—
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—
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Current liabilities - discontinued operations
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15,191
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—
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15,191
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Total current liabilities
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47,343
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—
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47,343
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Asset retirement obligations
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14,459
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—
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14,459
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Other long-term liabilities
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1,264
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—
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1,264
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Long term debt, excluding current portion, net
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—
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—
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—
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Total liabilities
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63,066
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—
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63,066
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Commitments and contingencies
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Shareholders’ equity:
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Preferred stock, none issued, 500,000 shares authorized, $25 par value
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—
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—
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—
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Common stock, $0.10 par value; 100,000,000 shares authorized, 67,092,825 shares issued and 59,538,878 shares outstanding
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6,709
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—
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6,709
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Additional paid-in capital
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72,229
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—
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72,229
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Less treasury stock, 7,553,947 shares at cost
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(37,798)
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—
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(37,798)
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Retained earnings
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58,155
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—
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58,155
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Total shareholders' equity
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99,295
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—
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99,295
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Total liabilities and shareholders' equity
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$
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162,361
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$
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—
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$
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162,361
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