Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 20,474 $ 25,357
Restricted cash 741 1,048
Receivables:    
Trade 6,751 5,353
Accounts with partners, net of allowance of $0.5 million and no allowance at December 31, 2016 and 2015, respectively 3,297 19,765
Other 120 42
Crude oil inventory 913 639
Materials and supplies 84 194
Prepayments and other 3,956 2,975
Current assets - discontinued operations 2,139 8,369
Total current assets 38,475 63,742
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 389,231 412,593
Undeveloped acreage 10,000 10,000
Equipment and other 9,779 10,805
Property, plant and equipment, gross, Total 409,010 433,398
Accumulated depreciation, depletion, amortization and impairment (380,991) (400,041)
Net property and equipment 28,019 33,357
Other noncurrent assets:    
Restricted cash 918 15,830
Value added tax and other receivables, net of allowance of $4.7 million and $4.2 million at December 31, 2016 and 2015, respectively 5,110 4,221
Deferred finance charge   1,655
Abandonment funding 8,510 5,137
Noncurrent assets - discontinued operations   16
Total assets 81,032 123,958
Current liabilities:    
Accounts payable 19,096 44,140
Accrued liabilities and other 10,506 18,447
Current portion of long term debt 7,500  
Current liabilities - discontinued operations 18,452 4,129
Total current liabilities 55,554 66,716
Asset retirement obligations 18,612 16,166
Other long term liabilities 284  
Long term debt, excluding current portion 6,940 15,000
Total liabilities 81,390 97,882
Commitments and contingencies (Note 9)
Shareholders’ equity (deficit):    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 66,109,565 and 66,041,338 shares issued, $0.10 par value, 100,000,000 shares authorized 6,611 6,604
Additional paid-in capital 70,268 69,118
Less treasury stock, 7,555,095 and7,514,169 shares at cost (37,933) (37,882)
Accumulated deficit (39,304) (11,764)
Total shareholders' equity (deficit) (358) 26,076
Total liabilities and shareholders' equity (deficit) $ 81,032 $ 123,958