Annual report pursuant to Section 13 and 15(d)

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited)

v2.4.0.8
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 43,072 $ 5,339 $ 40,562
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation, depletion and amortization 16,929 19,913 25,596
Unrealized foreign exchange (gain) loss 22 (245) 25
Dry hole costs and impairment loss on unproved leasehold 22,490 37,289 60
Stock based compensation 3,005 2,406 2,217
Bad debt provision 1,562 1,621 4,448
Impairment of proved properties   7,620 4,975
Gain on disposal of assets     4
Change in operating assets and liabilities:      
Trade receivables (9,011) 2,126 3,981
Accounts with partners (12,649) 18,988 5,171
Other receivables (53) (199) 5,560
Crude oil inventory 279 (71) 176
Materials and supplies 173 (102) 266
Other long term assets         
Prepayments and other 594 (766) (886)
Accounts payable and other liabilities 8,988 39 (2,570)
Net cash provided by operating activities 75,401 93,958 89,585
CASH FLOWS FROM INVESTING ACTIVITIES      
Decrease/(increase) in restricted cash (1,065) 78 3,597
Property and equipment expenditures (66,879) (71,915) (31,973)
Net cash used in investing activities (67,944) (71,837) (28,376)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuance of common stock 3,729 3,335 1,888
Purchase of treasury stock (11,456)    
Distribution to noncontrolling interest   (5,595) (7,192)
Acquisition of noncontrolling interest   (26,200)  
Net cash used in financing activities (7,727) (28,460) (5,304)
NET CHANGE IN CASH AND CASH EQUIVALENTS (270) (6,339) 55,905
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 130,800 137,139 81,234
CASH AND CASH EQUIVALENTS AT END OF PERIOD 130,529 130,800 137,139
Supplemental disclosure of cash flow information      
Cash paid for Income taxes 34,444 83,306 92,275
Supplemental disclosure of non cash investing and financing activities      
Property and equipment additions incurred during the period but not paid at period end 13,440 9,814 6,450
Receivable from employees for stock option exercise   $ 173