v3.21.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 15,753,000 $ (52,204,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loss from discontinued operations 52,000 52,000
Depreciation, depletion and amortization 9,958,000 5,904,000
Bargain purchase gain (7,651,000)  
Impairment of proved crude oil and natural gas properties 0 30,625,000
Other amortization   121,000
Deferred taxes (1,511,000) 32,271,000
Unrealized foreign exchange gain (308,000) (19,000)
Stock-based compensation 2,073,000 (1,849,000)
Cash settlements paid on exercised stock appreciation rights (2,933,000) 0
Derivative instruments (gain) loss, net 15,923,000 (6,583,000)
Cash settlements received (paid) on matured derivative contracts, net (6,003,000) 7,216,000
Bad debt expense and other 496,000 989,000
Other operating loss, net 486,000 46,000
Operational expenses associated with equipment and other 521,000 1,077,000
Change in operating assets and liabilities:    
Trade receivables (17,645,000) 4,814,000
Accounts with joint venture owners 642,000 11,783,000
Other receivables (131,000) (857,000)
Crude oil inventory 3,508,000 219,000
Prepayments and other (8,622,000) (779,000)
Value added tax and other receivables (500,000) (695,000)
Accounts payable (10,597,000) (5,819,000)
Foreign income taxes receivable/payable 11,673,000 (2,386,000)
Accrued liabilities and other 8,028,000 (3,333,000)
Net cash provided by continuing operating activities 13,212,000 20,593,000
Net cash used in discontinued operating activities (52,000) (354,000)
Net cash provided by operating activities 13,160,000 20,239,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property and equipment expenditures (4,301,000) (20,097,000)
Acquisition of crude oil and natural gas properties (22,505,000)  
Net cash used in continuing investing activities (26,806,000) (20,097,000)
Net cash used in discontinued investing activities
Net cash used in investing activities (26,806,000) (20,097,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuances of common stock 1,053,000  
Treasury shares (1,168,000) (990,000)
Net cash used in continuing financing activities (115,000) (990,000)
Net cash used in discontinued financing activities
Net cash used in financing activities (115,000) (990,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (13,761,000) (848,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 61,317,000 59,124,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 47,556,000 58,276,000
Supplemental disclosure of cash flow information:    
Income taxes paid in-kind with crude oil   1,855,000
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions incurred but not paid at end of period 1,244,000 3,932,000
Recognition of right-of-use operating lease assets and liabilities   565,000
Asset retirement obligations $ 14,564,000 $ 359,000

Source