Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 24,245 $ 20,474
Restricted cash 755 741
Receivables:    
Trade 6,496 6,751
Accounts with partners, net of allowance of $0.5 million at March 31, 2017 and December 31, 2016 3 3,297
Other 81 120
Crude oil inventory 1,037 913
Materials and supplies 102 84
Prepayments and other 3,362 3,956
Current assets - discontinued operations 2,415 2,139
Total current assets 38,496 38,475
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 389,302 389,231
Undeveloped acreage 10,000 10,000
Equipment and other 10,003 9,779
Property, plant and equipment, gross, Total 409,305 409,010
Accumulated depreciation, depletion, amortization and impairment (382,622) (380,991)
Net property and equipment 26,683 28,019
Other noncurrent assets:    
Restricted cash 918 918
Value added tax and other receivables, net of allowance of $4.9 million and $4.7 million at March 31, 2017 and December 31, 2016, respectively 5,390 5,110
Abandonment funding 8,510 8,510
Total assets 79,997 81,032
Current liabilities:    
Accounts payable 9,745 19,096
Accrued liabilities and other 8,962 10,506
Current portion of long term debt 8,333 7,500
Accounts with partners 4,805  
Current liabilities - discontinued operations 18,320 18,452
Total current liabilities 50,165 55,554
Asset retirement obligations 18,851 18,612
Other long term liabilities 284 284
Long term debt, excluding current portion 6,621 6,940
Total liabilities 75,921 81,390
Commitments and contingencies (Note 6)
Shareholders’ equity (deficit):    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 66,146,890 and 66,109,565 shares issued $0.01 par value, 100,000,000 shares authorized 6,614 6,611
Additional paid-in capital 70,440 70,268
Less treasury stock, 7,555,095 shares at cost (37,933) (37,933)
Accumulated deficit (35,045) (39,304)
Total shareholders' equity (deficit) 4,076 (358)
Total liabilities and shareholders' equity (deficit) $ 79,997 $ 81,032