Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 13,681 $ 25,357
Restricted cash 783 1,048
Receivables:    
Trade receivables 7,363 5,353
Accounts with partners 12,220 27,856
Other receivables 100 42
Crude oil inventory 704 639
Materials and supplies 161 194
Prepayments and other 3,630 3,253
Total current assets 38,642 63,742
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 410,423 412,593
Undeveloped acreage 10,000 10,000
Equipment and other 10,545 10,948
Property, plant and equipment, gross, Total 430,968 433,541
Accumulated depreciation, depletion, amortization and impairment (403,888) (400,168)
Net property and equipment 27,080 33,373
Other noncurrent assets:    
Restricted cash 15,830 15,830
Value added tax and other receivable, net of allowance of $4.8 million and $4.2 million at June 30, 2016 and December 31, 2015 4,968 4,221
Deferred finance charge   1,655
Abandonment funding 5,137 5,137
Total assets 91,657 123,958
Current liabilities:    
Accounts payable 23,579 46,848
Foreign taxes payable 3,074  
Accrued liabilities and other 14,701 19,868
Current portion of long term debt 5,000  
Total current liabilities 46,354 66,716
Asset retirement obligations 16,632 16,166
Long term debt, excluding current portion 9,344 15,000
Total liabilities 72,330 97,882
Commitments and contingencies (Note 6)
Shareholders’ equity:    
Common stock, 65,941,338 and 66,041,338 shares issued, $0.10 par value, 100,000,000 shares authorized 6,594 6,604
Additional paid-in capital 70,744 69,118
Less treasury stock, 7,545,978 and7,514,169 shares at cost (37,923) (37,882)
Accumulated deficit (20,088) (11,764)
Total shareholders' equity 19,327 26,076
Total liabilities and shareholders' equity $ 91,657 $ 123,958