Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 18,863 $ 20,474
Restricted cash 829 741
Receivables:    
Trade 7,203 6,751
Accounts with partners, net of allowance of $0.5 million at September 30, 2017 and December 31, 2016 2,748 3,297
Other 1 120
Crude oil inventory 1,160 913
Prepayments and other 2,952 4,040
Current assets - discontinued operations 2,773 2,139
Total current assets 36,529 38,475
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 389,204 389,231
Undeveloped acreage 10,000 10,000
Equipment and other 10,318 9,779
Property, plant and equipment, gross, Total 409,522 409,010
Accumulated depreciation, depletion, amortization and impairment (385,617) (380,991)
Net property and equipment 23,905 28,019
Other noncurrent assets:    
Restricted cash 967 918
Value added tax and other receivables, net of allowance of $6.7 million and $4.7 million at September 30, 2017 and December 31, 2016, respectively 6,624 5,110
Abandonment funding 8,510 8,510
Total assets 76,535 81,032
Current liabilities:    
Accounts payable 13,849 19,096
Accrued liabilities and other 10,098 10,506
Current portion of long term debt 7,500 7,500
Current liabilities - discontinued operations 15,400 18,452
Total current liabilities 46,847 55,554
Asset retirement obligations 19,202 18,612
Other long term liabilities 284 284
Long term debt, excluding current portion 3,483 6,940
Total liabilities 69,816 81,390
Commitments and contingencies (Note 6)
Shareholders’ equity (deficit):    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 66,382,243 and 66,109,565 shares issued $0.10 par value, 100,000,000 shares authorized 6,638 6,611
Additional paid-in capital 71,106 70,268
Less treasury stock, 7,564,212 and 7,555,095 shares at cost (37,941) (37,933)
Accumulated deficit (33,084) (39,304)
Total shareholders' equity (deficit) 6,719 (358)
Total liabilities and shareholders' equity (deficit) $ 76,535 $ 81,032