Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 19,669 $ 20,474
Restricted cash 842 741
Receivables:    
Trade 3,556 6,751
Accounts with partners, net of allowance of $0.5 million at December 31, 2017 and December 31, 2016 3,395 3,297
Other 100 120
Crude oil inventory 3,263 913
Prepayments and other 2,791 4,040
Current assets - discontinued operations 2,836 2,139
Total current assets 36,452 38,475
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 389,935 389,231
Undeveloped acreage 10,000 10,000
Equipment and other 9,432 9,779
Property, plant and equipment, gross, Total 409,367 409,010
Accumulated depreciation, depletion, amortization and impairment (386,146) (380,991)
Net property and equipment 23,221 28,019
Other noncurrent assets:    
Restricted cash 967 918
Value added tax and other receivables, net of allowance of $6.5 million and $4.7 million at December 31, 2017 and December 31, 2016, respectively 6,925 5,110
Deferred tax asset 1,260  
Abandonment funding 10,808 8,510
Total assets 79,633 81,032
Current liabilities:    
Accounts payable 11,584 19,096
Accrued liabilities and other 12,991 10,506
Current portion of long term debt 6,666 7,500
Current liabilities - discontinued operations 15,347 18,452
Total current liabilities 46,588 55,554
Asset retirement obligations 20,163 18,612
Other long term liabilities 284 284
Long term debt, excluding current portion, net 2,309 6,940
Total liabilities 69,344 81,390
Commitments and contingencies (Note 6)
Shareholders’ equity (deficit):    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, $0.10 par value; 100,000,000 shares authorized, 66,443,971 and 66,109,565 shares issued, 58,862,876 and 58,544,470 shares outstanding 6,644 6,611
Additional paid-in capital 71,251 70,268
Less treasury stock, 7,581,095 and 7,555,095 shares at cost (37,953) (37,933)
Accumulated deficit (29,653) (39,304)
Total shareholders' equity (deficit) 10,289 (358)
Total liabilities and shareholders' equity (deficit) $ 79,633 $ 81,032