Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (48,181) $ 2,563 $ 98,232
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
(Income) loss from discontinued operations 98 (5,411) 496
Depreciation, depletion and amortization 9,382 7,083 5,596
Impairment of proved crude oil and natural gas properties 30,625    
Gain on revision of asset retirement obligations   (379) (3,325)
Other amortization 181 241 417
Deferred taxes 24,159 14,480 (56,907)
Unrealized foreign exchange gain 91 (50) 834
Stock-based compensation 114 3,506 2,388
Cash settlements paid on exercised stock appreciation rights (275) (491) (82)
Derivative instruments (gain) loss, net (6,577) 446 (4,264)
Cash settlements received on matured derivative contracts, net 7,216 2,439 744
Bad debt expense and other 1,165 (341) (77)
Other operating loss, net 869 58 (570)
Operational expenses associated with equipment and other 1,601 69 1,604
Change in operating assets and liabilities:      
Trade receivables 14,335 (2,428) (8,351)
Accounts with joint venture owners 4,016 (2,075) 2,747
Other receivables 1,405 (94) (1,330)
Crude oil inventory (2,834) (287) 2,478
Prepayments and other (1,126) (1,014) 1,164
Value added tax and other receivables (1,268) 275 (777)
Accounts payable (842) 6,011 (3,409)
Foreign income taxes receivable/payable (4,880) 2,396 2,751
Accrued liabilities and other (1,383) 4,161 (2,131)
Net cash provided by continuing operating activities 27,891 31,158 38,228
Net cash used in discontinued operating activities (441) (4,686) (1,052)
Net cash provided by operating activities 27,450 26,472 37,176
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (20,008) (10,348) (14,127)
Acquisition of crude oil and natural gas properties (4,320)    
Net cash used in continuing investing activities (24,328) (10,348) (14,127)
Net cash used in investing activities (24,328) (10,348) (14,127)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 63 256 544
Debt repayments     (9,166)
Treasury shares (992) (3,911) (58)
Net cash used in continuing financing activities (929) (3,655) (8,680)
Net cash used in discontinued financing activities
Net cash used in financing activities (929) (3,655) (8,680)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 2,193 12,469 14,369
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 59,124 46,655 32,286
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 61,317 59,124 46,655
Supplemental disclosure of cash flow information:      
Interest expense paid in cash     257
Income taxes (received) paid in cash (696) (674) 2,720
Income taxes paid in-kind with crude oil 8,738 7,268 9,385
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 3,966 13,646 2,138
Crude oil and natural gas property additions paid with non-cash assets     4,197
Gross-up of crude oil and natural gas properties by establishment of deferred tax liability     18,613
Recognition of right-of-use operating lease assets and liabilities 1,478 44,681  
Recognition of right-of-use operating lease liabilities 1,478 44,656  
Asset retirement obligations $ 359 595 (6,527)
Restricted stock issued out of treasury   $ 309 $ 177