Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements Of Consolidated Cash Flows

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Condensed Statements Of Consolidated Cash Flows (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 26,405 $ 18,338
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 12,643 8,318
Unrealized foreign exchange gain 84 (1,289)
Dry hole costs (credits) (33) 251
Stock based compensation 1,582 1,344
Change in operating assets and liabilities:    
Trade receivables 3,018 (13,773)
Accounts with partners 4,648 8,913
Other receivables 645 (1,564)
Crude oil inventory (343) (40)
Materials and supplies 29 (256)
Prepayments and other (859) (1,745)
Accounts payable, accrued liabilities and other liabilities (6,758) (4,018)
Other long term assets   502
Net cash provided by operating activities 41,061 14,981
CASH FLOWS FROM INVESTING ACTIVITIES    
Funds in escrow, net 3,889 32
Property and equipment expenditures (11,325) (13,422)
Net cash used in investing activities (7,436) (13,390)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock 1,107 123
Redemption of rights plan   5
Distribution to noncontrolling interest (1,499) (1,498)
Net cash used in financing activities (392) (1,370)
NET CHANGE IN CASH AND CASH EQUIVALENTS 33,233 221
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 81,234 80,570
CASH AND CASH EQUIVALENTS AT END OF PERIOD 114,467 80,791
Supplemental disclosure of cash flow information    
Income taxes paid 44,550 18,268
Supplemental disclosure of non cash transactions    
Noncontrolling interest distribution declared during the period but not paid at period end 1,698 1,498
Property and equipment additions incurred during the period but not paid at period end $ 2,941 $ 3,253