Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Consolidated Cash Flows (Unaudited)

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Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 22,846 $ 26,405
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 11,854 12,643
Unrealized foreign exchange loss (gain) (358) 84
Dry hole costs (credits) 2,853 (33)
Stock based compensation 1,704 1,582
Bad debt expenses 590   
Change in operating assets and liabilities:    
Trade receivables (9,904) 3,018
Accounts with partners 6,077 4,648
Other receivables (1,061) 645
Crude oil inventory (437) (343)
Materials and supplies (180) 29
Prepayments and other (1,594) (859)
Accounts payable, accrued liabilities and other liabilities (4,372) (6,758)
Net cash provided by operating activities 28,018 41,061
CASH FLOWS FROM INVESTING ACTIVITIES    
Restricted cash, net 88 3,889
Property and equipment expenditures (27,221) (11,325)
Net cash used in investing activities (27,133) (7,436)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock 3,369 1,107
Distribution to noncontrolling interest (3,597) (1,499)
Net cash used in financing activities (228) (392)
NET CHANGE IN CASH AND CASH EQUIVALENTS 657 33,233
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 137,139 81,234
CASH AND CASH EQUIVALENTS AT END OF PERIOD 137,796 114,467
Supplemental disclosure of cash flow information    
Income taxes paid 41,733 44,550
Supplemental disclosure of non cash transactions    
Noncontrolling interest distribution declared during the period but not paid at period end   1,698
Property and equipment additions incurred during the period but not paid at period end 5,456 2,941
Property and equipment reductions as the result in changes in asset retirement cost estimates $ 5,670