Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 81,836,000 $ (48,181,000) $ 2,563,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Loss from discontinued operations, net of tax 98,000 98,000 (5,411,000)
Depreciation, depletion and amortization 21,060,000 9,382,000 7,083,000
Bargain purchase gain (7,651,000)    
Impairment of proved crude oil and natural gas properties 0 30,625,000  
Gain on revision of asset retirement obligations     (379,000)
Other amortization   181,000 241,000
Deferred taxes (39,978,000) 24,159,000 14,480,000
Unrealized foreign exchange (gain) loss (291,000) 91,000 (50,000)
Stock-based compensation 2,459,000 114,000 3,506,000
Cash settlements paid on exercised stock appreciation rights (3,271,000) (275,000) (491,000)
Derivative instruments (gain) loss, net 22,826,000 (6,577,000) 446,000
Cash settlements received (paid) on matured derivative contracts, net (18,020,000) 7,216,000 2,439,000
Bad debt expense and other 875,000 1,165,000 (341,000)
Other operating loss, net 440,000 869,000 58,000
Operational expenses associated with equipment and other 2,415,000 1,601,000 69,000
Cash advance for other long-term assets (1,176,000)    
Change in operating assets and liabilities:      
Trade receivables (11,308,000) 14,335,000 (2,428,000)
Accounts with joint venture owners 1,594,000 4,016,000 (2,075,000)
Other receivables (9,736,000) 1,405,000 (94,000)
Crude oil inventory 5,022,000 (2,834,000) (287,000)
Prepayments and other 1,617,000 (1,126,000) (1,014,000)
Value added tax and other receivables (1,593,000) (1,268,000) 275,000
Accounts payable (922,000) (842,000) 6,011,000
Foreign income taxes receivable/payable 2,268,000 (4,880,000) 2,396,000
Accrued liabilities and other 1,645,000 (1,383,000) 4,161,000
Net cash provided by continuing operating activities 50,209,000 27,891,000 31,158,000
Net cash used in discontinued operating activities (92,000) (441,000) (4,686,000)
Net cash provided by operating activities 50,117,000 27,450,000 26,472,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (16,558,000) (20,008,000) (10,348,000)
Acquisition of crude oil and natural gas properties (22,505,000) (4,320,000)  
Net cash used in continuing investing activities (39,063,000) (24,328,000) (10,348,000)
Net cash used in discontinued investing activities
Net cash used in investing activities (39,063,000) (24,328,000) (10,348,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 1,369,000 63,000 256,000
Treasury shares (1,426,000) (992,000) (3,911,000)
Net cash used in continuing financing activities (57,000) (929,000) (3,655,000)
Net cash used in discontinued financing activities
Net cash used in financing activities (57,000) (929,000) (3,655,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,997,000 2,193,000 12,469,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 61,317,000 59,124,000 46,655,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 72,314,000 61,317,000 59,124,000
Supplemental disclosure of cash flow information:      
Income taxes (received) paid in cash   (696,000) (674,000)
Income taxes paid in-kind with crude oil 20,103,000 8,738,000 7,268,000
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 15,021,000 3,966,000 13,646,000
Recognition of right-of-use operating lease assets and liabilities 581,000 1,478,000 44,681,000
Recognition of right-of-use operating lease liabilities 581,000 1,478,000 44,656,000
Asset retirement obligations $ 21,733,000 $ 359,000 595,000
Restricted stock issued out of treasury     $ 309,000