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Consolidating Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2011
Consolidating Financial Statements [Abstract] |
Schedule Of Consolidating Balance Sheet | Consolidating Balance Sheet (In thousands, except share data)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | December 31, 2011 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 443,482 |  |  | $ | 27,390 |  |  | $ | — |  |  | $ | 470,872 |
Short-term investments |  |  | 19,994 |  |  |  | — |  |  |  | — |  |  |  | 19,994 |
Accounts receivable – oil and gas revenues |  |  | — |  |  |  | 52,164 |  |  |  | — |  |  |  | 52,164 |
Accounts receivable – joint interest partners |  |  | 88 |  |  |  | 68,808 |  |  |  | (1,628 | ) |  |  | 67,268 |
Inventory |  |  | — |  |  |  | 3,543 |  |  |  | — |  |  |  | 3,543 |
Prepaid expenses |  |  | 309 |  |  |  | 1,831 |  |  |  | — |  |  |  | 2,140 |
Advances to joint interest partners |  |  | — |  |  |  | 3,935 |  |  |  | — |  |  |  | 3,935 |
Deferred income taxes |  |  | — |  |  |  | 3,233 |  |  |  | — |  |  |  | 3,233 |
Other current assets |  |  | 18 |  |  |  | 473 |  |  |  | — |  |  |  | 491 |
Total current assets |  |  | 463,891 |  |  |  | 161,377 |  |  |  | (1,628 | ) |  |  | 623,640 |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) |  |  | — |  |  |  | 1,235,357 |  |  |  | — |  |  |  | 1,235,357 |
Other property and equipment |  |  | — |  |  |  | 20,859 |  |  |  | — |  |  |  | 20,859 |
Less: accumulated depreciation, depletion, amortization and impairment |  |  | — |  |  |  | (176,261 | ) |  |  | — |  |  |  | (176,261 | )
Total property, plant and equipment, net |  |  | — |  |  |  | 1,079,955 |  |  |  | — |  |  |  | 1,079,955 |
Investments in and advances to subsidiaries |  |  | 958,880 |  |  |  | — |  |  |  | (958,880 | ) |  |  | — |
Derivative instruments |  |  | — |  |  |  | 4,362 |  |  |  | — |  |  |  | 4,362 |
Deferred costs and other assets |  |  | 15,742 |  |  |  | 3,683 |  |  |  | — |  |  |  | 19,425 |
Total assets |  | $ | 1,438,513 |  |  | $ | 1,249,377 |  |  | $ | (960,508 | ) |  | $ | 1,727,382 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,563 |  |  | $ | 12,272 |  |  | $ | (1,628 | ) |  | $ | 12,207 |
Advances from joint interest partners |  |  | — |  |  |  | 9,064 |  |  |  | — |  |  |  | 9,064 |
Revenues and production taxes payable |  |  | — |  |  |  | 19,468 |  |  |  | — |  |  |  | 19,468 |
Accrued liabilities |  |  | 103 |  |  |  | 119,589 |  |  |  | — |  |  |  | 119,692 |
Accrued interest payable |  |  | 15,767 |  |  |  | 7 |  |  |  | — |  |  |  | 15,774 |
Derivative instruments |  |  | — |  |  |  | 5,907 |  |  |  | — |  |  |  | 5,907 |
Other current liabilities |  |  | — |  |  |  | 472 |  |  |  | — |  |  |  | 472 |
Total current liabilities |  |  | 17,433 |  |  |  | 166,779 |  |  |  | (1,628 | ) |  |  | 182,584 |
Long-term debt |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | 800,000 |
Asset retirement obligations |  |  | — |  |  |  | 13,075 |  |  |  | — |  |  |  | 13,075 |
Derivative instruments |  |  | — |  |  |  | 3,505 |  |  |  | — |  |  |  | 3,505 |
Deferred income taxes |  |  | (13,158 | ) |  |  | 106,141 |  |  |  | — |  |  |  | 92,983 |
Other liabilities |  |  | — |  |  |  | 997 |  |  |  | — |  |  |  | 997 |
Total liabilities |  |  | 804,275 |  |  |  | 290,497 |  |  |  | (1,628 | ) |  |  | 1,093,144 |
Stockholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital contributions from affiliates |  |  | — |  |  |  | 941,575 |  |  |  | (941,575 | ) |  |  | — |
Common stock, $0.01 par value; 300,000,000 shares authorized; 92,483,393 issued and 92,460,914 outstanding |  |  | 921 |  |  |  | — |  |  |  | — |  |  |  | 921 |
Treasury stock, at cost; 22,479 shares |  |  | (602 | ) |  |  | — |  |  |  | — |  |  |  | (602 | )
Additional paid-in-capital |  |  | 647,374 |  |  |  | 8,743 |  |  |  | (8,743 | ) |  |  | 647,374 |
Retained deficit |  |  | (13,455 | ) |  |  | 8,562 |  |  |  | (8,562 | ) |  |  | (13,455 | )
Total stockholders' equity |  |  | 634,238 |  |  |  | 958,880 |  |  |  | (958,880 | ) |  |  | 634,238 |
Total liabilities and stockholders' equity |  | $ | 1,438,513 |  |  | $ | 1,249,377 |  |  | $ | (960,508 | ) |  | $ | 1,727,382 |
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | December 31, 2010 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 119,940 |  |  | $ | 23,580 |  |  | $ | — |  |  | $ | 143,520 |
Accounts receivable – oil and gas revenues |  |  | — |  |  |  | 25,909 |  |  |  | — |  |  |  | 25,909 |
Accounts receivable – joint interest partners |  |  | — |  |  |  | 28,902 |  |  |  | (306 | ) |  |  | 28,596 |
Inventory |  |  | — |  |  |  | 1,323 |  |  |  | — |  |  |  | 1,323 |
Prepaid expenses |  |  | 236 |  |  |  | 254 |  |  |  | — |  |  |  | 490 |
Advances to joint interest partners |  |  | — |  |  |  | 3,595 |  |  |  | — |  |  |  | 3,595 |
Deferred income taxes |  |  | — |  |  |  | 2,470 |  |  |  | — |  |  |  | 2,470 |
Total current assets |  |  | 120,176 |  |  |  | 86,033 |  |  |  | (306 | ) |  |  | 205,903 |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) |  |  | — |  |  |  | 580,968 |  |  |  | — |  |  |  | 580,968 |
Other property and equipment |  |  | — |  |  |  | 1,970 |  |  |  | — |  |  |  | 1,970 |
Less: accumulated depreciation, depletion, amortization and impairment |  |  | — |  |  |  | (99,255 | ) |  |  | — |  |  |  | (99,255 | )
Total property, plant and equipment, net |  |  | — |  |  |  | 483,683 |  |  |  | — |  |  |  | 483,683 |
Investments in and advances to subsidiaries |  |  | 430,970 |  |  |  | — |  |  |  | (430,970 | ) |  |  | — |
Deferred costs and other assets |  |  | — |  |  |  | 2,266 |  |  |  | — |  |  |  | 2,266 |
Total assets |  | $ | 551,146 |  |  | $ | 571,982 |  |  | $ | (431,276 | ) |  | $ | 691,852 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 306 |  |  | $ | 8,198 |  |  | $ | (306 | ) |  | $ | 8,198 |
Advances from joint interest partners |  |  | — |  |  |  | 3,101 |  |  |  | — |  |  |  | 3,101 |
Revenues and production taxes payable |  |  | — |  |  |  | 6,180 |  |  |  | — |  |  |  | 6,180 |
Accrued liabilities |  |  | — |  |  |  | 58,239 |  |  |  | — |  |  |  | 58,239 |
Accrued interest payable |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Derivative instruments |  |  | — |  |  |  | 6,543 |  |  |  | — |  |  |  | 6,543 |
Total current liabilities |  |  | 306 |  |  |  | 82,263 |  |  |  | (306 | ) |  |  | 82,263 |
Long-term debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset retirement obligations |  |  | — |  |  |  | 7,640 |  |  |  | — |  |  |  | 7,640 |
Derivative instruments |  |  | — |  |  |  | 3,943 |  |  |  | — |  |  |  | 3,943 |
Deferred income taxes |  |  | (954 | ) |  |  | 46,386 |  |  |  | — |  |  |  | 45,432 |
Other liabilities |  |  | — |  |  |  | 780 |  |  |  | — |  |  |  | 780 |
Total liabilities |  |  | (648 | ) |  |  | 141,012 |  |  |  | (306 | ) |  |  | 140,058 |
Stockholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital contributions from affiliates |  |  | — |  |  |  | 513,501 |  |  |  | (513,501 | ) |  |  | — |
Common stock, $0.01 par value; 300,000,000 shares authorized; 92,240,345 issued and outstanding |  |  | 920 |  |  |  | — |  |  |  | — |  |  |  | 920 |
Additional paid-in-capital |  |  | 643,719 |  |  |  | 8,743 |  |  |  | (8,743 | ) |  |  | 643,719 |
Retained deficit |  |  | (92,845 | ) |  |  | (91,274 | ) |  |  | 91,274 |  |  |  | (92,845 | )
Total stockholders' equity |  |  | 551,794 |  |  |  | 430,970 |  |  |  | (430,970 | ) |  |  | 551,794 |
Total liabilities and stockholders' equity |  | $ | 551,146 |  |  | $ | 571,982 |  |  | $ | (431,276 | ) |  | $ | 691,852 |
Schedule Of Consolidating Statement Of Operations | Consolidating Statement of Operations (In thousands)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Years Ended December 31, 2011 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
Oil and gas revenues |  | $ | — |  |  | $ | 330,422 |  |  | $ | — |  |  | $ | 330,422 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses |  |  | — |  |  |  | 34,072 |  |  |  | — |  |  |  | 34,072 |
Production taxes |  |  | — |  |  |  | 33,865 |  |  |  | — |  |  |  | 33,865 |
Depreciation, depletion and amortization |  |  | — |  |  |  | 74,981 |  |  |  | — |  |  |  | 74,981 |
Exploration expenses |  |  | — |  |  |  | 1,685 |  |  |  | — |  |  |  | 1,685 |
Impairment of oil and gas properties |  |  | — |  |  |  | 3,610 |  |  |  | — |  |  |  | 3,610 |
Loss on sale of properties |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | 207 |
General and administrative expenses |  |  | 5,505 |  |  |  | 23,930 |  |  |  | — |  |  |  | 29,435 |
Total expenses |  |  | 5,505 |  |  |  | 172,350 |  |  |  | — |  |  |  | 177,855 |
Operating income (loss) |  |  | (5,505 | ) |  |  | 158,072 |  |  |  | — |  |  |  | 152,567 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | 99,836 |  |  |  | — |  |  |  | (99,836 | ) |  |  | — |
Net gain on derivative instruments |  |  | — |  |  |  | 1,595 |  |  |  | — |  |  |  | 1,595 |
Interest expense |  |  | (28,310 | ) |  |  | (1,308 | ) |  |  | — |  |  |  | (29,618 | )
Other income (expense) |  |  | 1,165 |  |  |  | 470 |  |  |  | — |  |  |  | 1,635 |
Total other income (expense) |  |  | 72,691 |  |  |  | 757 |  |  |  | (99,836 | ) |  |  | (26,388 | )
Income (loss) before income taxes |  |  | 67,186 |  |  |  | 158,829 |  |  |  | (99,836 | ) |  |  | 126,179 |
Income tax benefit (expense) |  |  | 12,204 |  |  |  | (58,993 | ) |  |  | — |  |  |  | (46,789 | )
Net income (loss) |  | $ | 79,390 |  |  | $ | 99,836 |  |  | $ | (99,836 | ) |  | $ | 79,390 |
Consolidating Statement of Operations (In thousands)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Year Ended December 31, 2010 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
Oil and gas revenues |  | $ | — |  |  | $ | 128,927 |  |  | $ | — |  |  | $ | 128,927 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses |  |  | — |  |  |  | 14,582 |  |  |  | — |  |  |  | 14,582 |
Production taxes |  |  | — |  |  |  | 13,768 |  |  |  | — |  |  |  | 13,768 |
Depreciation, depletion and amortization |  |  | — |  |  |  | 37,832 |  |  |  | — |  |  |  | 37,832 |
Exploration expenses |  |  | — |  |  |  | 297 |  |  |  | — |  |  |  | 297 |
Impairment of oil and gas properties |  |  | — |  |  |  | 11,967 |  |  |  | — |  |  |  | 11,967 |
Stock-based compensation expenses |  |  | — |  |  |  | 8,743 |  |  |  | — |  |  |  | 8,743 |
General and administrative expenses |  |  | 2,780 |  |  |  | 16,965 |  |  |  | — |  |  |  | 19,745 |
Total expenses |  |  | 2,780 |  |  |  | 104,154 |  |  |  | — |  |  |  | 106,934 |
Operating income (loss) |  |  | (2,780 | ) |  |  | 24,773 |  |  |  | — |  |  |  | 21,993 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | (28,124 | ) |  |  | — |  |  |  | 28,124 |  |  |  | — |
Net loss on derivative instruments |  |  | — |  |  |  | (7,653 | ) |  |  | — |  |  |  | (7,653 | )
Interest expense |  |  | — |  |  |  | (1,357 | ) |  |  | — |  |  |  | (1,357 | )
Other income (expense) |  |  | 255 |  |  |  | 29 |  |  |  | — |  |  |  | 284 |
Total other income (expense) |  |  | (27,869 | ) |  |  | (8,981 | ) |  |  | 28,124 |  |  |  | (8,726 | )
Income (loss) before income taxes |  |  | (30,649 | ) |  |  | 15,792 |  |  |  | 28,124 |  |  |  | 13,267 |
Income tax benefit (expense) |  |  | 954 |  |  |  | (43,916 | ) |  |  | — |  |  |  | (42,962 | )
Net income (loss) |  | $ | (29,695 | ) |  | $ | (28,124 | ) |  | $ | 28,124 |  |  | $ | (29,695 | )
Schedule Of Consolidating Statement Of Cash Flows | Consolidating Statement of Cash Flows (In thousands)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Year Ended December 31, 2011 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 79,390 |  |  | $ | 99,836 |  |  | $ | (99,836 | ) |  | $ | 79,390 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | (99,836 | ) |  |  | — |  |  |  | 99,836 |  |  |  | — |
Depreciation, depletion and amortization |  |  | — |  |  |  | 74,981 |  |  |  | — |  |  |  | 74,981 |
Impairment of oil and gas properties |  |  | — |  |  |  | 3,610 |  |  |  | — |  |  |  | 3,610 |
Loss on sale of properties |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | 207 |
Deferred income taxes |  |  | (12,204 | ) |  |  | 58,993 |  |  |  | — |  |  |  | 46,789 |
Derivative instruments |  |  | — |  |  |  | (1,595 | ) |  |  | — |  |  |  | (1,595 | )
Stock-based compensation expenses |  |  | 3,656 |  |  |  | — |  |  |  | — |  |  |  | 3,656 |
Debt discount amortization and other |  |  | 1,196 |  |  |  | 365 |  |  |  | — |  |  |  | 1,561 |
Working capital and other changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in accounts receivable |  |  | (88 | ) |  |  | (66,134 | ) |  |  | 1,322 |  |  |  | (64,900 | )
Change in inventory |  |  | — |  |  |  | (2,550 | ) |  |  | — |  |  |  | (2,550 | )
Change in prepaid expenses |  |  | (73 | ) |  |  | (1,527 | ) |  |  | — |  |  |  | (1,600 | )
Change in other current assets |  |  | (18 | ) |  |  | (473 | ) |  |  | — |  |  |  | (491 | )
Change in other assets |  |  | (100 | ) |  |  | (39 | ) |  |  | — |  |  |  | (139 | )
Change in accounts payable and accrued liabilities |  |  | 17,127 |  |  |  | 20,511 |  |  |  | (1,322 | ) |  |  | 36,316 |
Change in other current liabilities |  |  | — |  |  |  | 472 |  |  |  | — |  |  |  | 472 |
Change in other liabilities |  |  | — |  |  |  | 317 |  |  |  | — |  |  |  | 317 |
Net cash provided by operating activities |  |  | (10,950 | ) |  |  | 186,974 |  |  |  | — |  |  |  | 176,024 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | (613,223 | ) |  |  | — |  |  |  | (613,223 | )
Derivative settlements |  |  | — |  |  |  | (3,841 | ) |  |  | — |  |  |  | (3,841 | )
Purchases of short-term investments |  |  | (184,907 | ) |  |  | — |  |  |  | — |  |  |  | (184,907 | )
Redemptions of short-term investments |  |  | 164,913 |  |  |  | — |  |  |  | — |  |  |  | 164,913 |
Advances to joint interest partners |  |  | — |  |  |  | (497 | ) |  |  | — |  |  |  | (497 | )
Advances from joint interest partners |  |  | — |  |  |  | 5,963 |  |  |  | — |  |  |  | 5,963 |
Proceeds from equipment and property sales |  |  | — |  |  |  | 2,202 |  |  |  | — |  |  |  | 2,202 |
Net cash used in investing activities |  |  | (19,994 | ) |  |  | (609,396 | ) |  |  | — |  |  |  | (629,390 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | 800,000 |
Purchases of treasury stock |  |  | (602 | ) |  |  | — |  |  |  | — |  |  |  | (602 | )
Debt issuance costs |  |  | (16,838 | ) |  |  | (1,842 | ) |  |  | — |  |  |  | (18,680 | )
Investment in / capital contributions from subsidiaries |  |  | (428,074 | ) |  |  | 428,074 |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  |  | 354,486 |  |  |  | 426,232 |  |  |  | — |  |  |  | 780,718 |
Increase in cash and cash equivalents |  |  | 323,542 |  |  |  | 3,810 |  |  |  | — |  |  |  | 327,352 |
Cash and cash equivalents at beginning of period |  |  | 119,940 |  |  |  | 23,580 |  |  |  | — |  |  |  | 143,520 |
Cash and cash equivalents at end of period |  | $ | 443,482 |  |  | $ | 27,390 |  |  | $ | — |  |  | $ | 470,872 |
Consolidating Statement of Cash Flows (In thousands)
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | Year Ended December 31, 2010 |
|  | Parent/ Issuer |  |  | Combined Guarantor Subsidiaries |  |  | Intercompany Eliminations |  |  | Consolidated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (29,695 | ) |  | $ | (28,124 | ) |  | $ | 28,124 |  |  | $ | (29,695 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | 28,124 |  |  |  | — |  |  |  | (28,124 | ) |  |  | — |
Depreciation, depletion and amortization |  |  | — |  |  |  | 37,832 |  |  |  | — |  |  |  | 37,832 |
Impairment of oil and gas properties |  |  | — |  |  |  | 11,967 |  |  |  | — |  |  |  | 11,967 |
Deferred income taxes |  |  | (954 | ) |  |  | 43,916 |  |  |  | — |  |  |  | 42,962 |
Derivative instruments |  |  | — |  |  |  | 7,653 |  |  |  | — |  |  |  | 7,653 |
Stock-based compensation expenses |  |  | 1,227 |  |  |  | 8,743 |  |  |  | — |  |  |  | 9,970 |
Debt discount amortization and other |  |  | — |  |  |  | 470 |  |  |  | — |  |  |  | 470 |
Working capital and other changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in accounts receivable |  |  | — |  |  |  | (44,756 | ) |  |  | 306 |  |  |  | (44,450 | )
Change in inventory |  |  | — |  |  |  | (498 | ) |  |  | — |  |  |  | (498 | )
Change in prepaid expenses |  |  | (236 | ) |  |  | (120 | ) |  |  | — |  |  |  | (356 | )
Change in other assets |  |  | — |  |  |  | (164 | ) |  |  | — |  |  |  | (164 | )
Change in accounts payable and accrued liabilities |  |  | 306 |  |  |  | 13,917 |  |  |  | (306 | ) |  |  | 13,917 |
Change in other liabilities |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Net cash provided by (used in) operating activities |  |  | (1,228 | ) |  |  | 50,840 |  |  |  | — |  |  |  | 49,612 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | (226,544 | ) |  |  | — |  |  |  | (226,544 | )
Acquisition of oil and gas properties |  |  | — |  |  |  | (86,393 | ) |  |  | — |  |  |  | (86,393 | )
Derivative settlements |  |  | — |  |  |  | (120 | ) |  |  | — |  |  |  | (120 | )
Advances to joint interest partners |  |  | — |  |  |  | 1,010 |  |  |  | — |  |  |  | 1,010 |
Advances from joint interest partners |  |  | — |  |  |  | 2,512 |  |  |  | — |  |  |  | 2,512 |
Net cash used in investing activities |  |  | — |  |  |  | (309,535 | ) |  |  | — |  |  |  | (309,535 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of common stock |  |  | 399,669 |  |  |  | — |  |  |  | — |  |  |  | 399,669 |
Proceeds from credit facility |  |  | — |  |  |  | 72,000 |  |  |  | — |  |  |  | 72,000 |
Principal payments on credit facility |  |  | — |  |  |  | (107,000 | ) |  |  | — |  |  |  | (107,000 | )
Debt issuance costs |  |  | — |  |  |  | (1,788 | ) |  |  | — |  |  |  | (1,788 | )
Investment in / capital contributions from subsidiaries |  |  | (278,501 | ) |  |  | 278,501 |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 121,168 |  |  |  | 241,713 |  |  |  | — |  |  |  | 362,881 |
Increase (decrease) in cash and cash equivalents |  |  | 119,940 |  |  |  | (16,982 | ) |  |  | — |  |  |  | 102,958 |
Cash and cash equivalents at beginning of period |  |  | — |  |  |  | 40,562 |  |  |  | — |  |  |  | 40,562 |
Cash and cash equivalents at end of period |  | $ | 119,940 |  |  | $ | 23,580 |  |  | $ | — |  |  | $ | 143,520 |

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