Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Consolidated Cash Flows (Unaudited)

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Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 24,258 $ 29,860
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 16,715 17,796
Unrealized foreign exchange gain (358) (99)
Dry hole costs (credits) 2,853 (36)
Stock based compensation 2,055 1,902
Bad debt provision 959 4,061
Impairment of proved properties 7,620  
Other   4
Change in operating assets and liabilities:    
Trade receivables (1,660) 2,924
Accounts with partners (2,543) 3,221
Other receivables 980 6,275
Crude oil inventory (1,105) (3,342)
Materials and supplies (141) 221
Prepayments and other (2,847) (3,741)
Accounts payable, accrued liabilities and other liabilities (1,983) (4,704)
Net cash provided by operating activities 44,803 54,342
CASH FLOWS FROM INVESTING ACTIVITIES    
Restricted cash, net 55 3,920
Property and equipment expenditures (43,507) (22,963)
Net cash used in investing activities (43,452) (19,043)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock 3,369 1,237
Distribution to noncontrolling interest (5,595) (5,195)
Net cash used in financing activities (2,226) (3,958)
NET CHANGE IN CASH AND CASH EQUIVALENTS (875) 31,341
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 137,139 81,234
CASH AND CASH EQUIVALENTS AT END OF PERIOD 136,264 112,575
Supplemental disclosure of cash flow information    
Income taxes paid 59,486 62,399
Supplemental disclosure of non cash transactions    
Property and equipment additions incurred during the period but not paid at period end 9,775 5,945
Property and equipment reductions as the result in changes in asset retirement cost estimates $ 5,463