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, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 5,339 $ 40,562 $ 42,387
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation, depletion and amortization 19,913 25,596 20,021
Unrealized foreign exchange (gain) loss (245) 25 (595)
Dry hole costs 37,289 60 2,609
Stock based compensation 2,406 2,217 1,895
Bad debt provision 1,621 4,448  
Impairment loss 7,620 4,975  
Gain on disposal of assets   4  
Change in operating assets and liabilities:      
Trade receivables 2,126 3,981 (5,893)
Accounts with partners 18,988 5,171 (2,622)
Other receivables (199) 5,560 (4,557)
Crude oil inventory (71) 176 (262)
Materials and supplies (102) 266 (341)
Other long term assets     502
Prepayments and other (766) (886) (301)
Accounts payable and other liabilities 39 (2,570) (7,328)
Net cash provided by operating activities 93,958 89,585 45,515
CASH FLOWS FROM INVESTING ACTIVITIES      
Decrease in restricted cash 78 3,597 639
Property and equipment expenditures (71,915) (31,973) (40,012)
Net cash used in investing activities (71,837) (28,376) (39,373)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuance of common stock 3,335 1,888 510
Redemption of rights agreement     5
Distribution to noncontrolling interest (5,595) (7,192) (5,993)
Acquisition of noncontrolling interest (26,200)    
Net cash used in financing activities (28,460) (5,304) (5,478)
NET CHANGE IN CASH AND CASH EQUIVALENTS (6,339) 55,905 664
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 137,139 81,234 80,570
CASH AND CASH EQUIVALENTS AT END OF PERIOD 130,800 137,139 81,234
Supplemental disclosure of cash flow information      
Cash paid for Income taxes 83,306 92,275 35,777
Supplemental disclosure of non cash investing and financing activities      
Property and equipment additions incurred during the period but not paid at period end 9,814 6,450 5,478
Receivable from employees for stock option exercise $ 173   $ 651