XML 63 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net loss $ (15,081) $ (22,169)
Net loss attributable to noncontrolling interests (4) (168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,150 2,856
Impairment of oil and gas properties 1,337 354
Depreciation, depletion, amortization and accretion 3,379 753
(Gain) loss on sale of oil and gas properties (275) 5,413
(Gain) loss on sale of equity investment $ (566) 1,028
Loss on sale of 50% of the deposit for business acquisition 1,945
Loss on settlement of payables 39
(Gain) loss on debt extinguishment $ (2,192) 823
Loss from equity method investments 91 $ 463
Deferred interest expense and principal related to debt restructuring 1,152
Amortization of debt discount 3,158 $ 2,543
Amortization of deferred financing costs 1,565 $ 1,041
Changes in operating assets and liabilities:    
Accounts receivable (169)
Accounts receivable - oil and gas 1,674 $ (1,005)
Accounts receivable - oil and gas - related party 21 23
Accounts receivable - related party $ 55 (52)
Inventory 396
Prepaid expenses and other current assets $ (125) (85)
Accounts payable $ (4,184) 3,635
Accounts payable - related party (486)
Accrued expenses $ (48) 844
Accrued expenses - related party 408 245
Revenue payable (165) 416
Advances from joint interest owners (657) 2,217
Net cash provided by (used in) operating activities $ (7,476) 1,069
Cash Flows From investing activities:    
Cash paid for oil and gas properties (28,521)
Cash paid for drilling costs $ (143) (3,639)
Proceeds from sale of equity investment $ 500 1,616
Proceeds from sale of oil and gas properties 8,797
Proceeds from sale of deposit 3,055
Proceeds from disposition of White Hawk 2,718
Cash paid for asset retirement bond (85)
Issuance of notes receivable - related parties (1,834)
Cash paid for unproved leasehold costs (274)
Net cash provided by (used in) investing activities $ 357 $ (18,167)
Cash Flows From Financing Activities:    
Repayment of notes payable (863)
Proceeds from issuance of common stock, net of offering costs $ 2,780 $ 6,525
Proceeds from notes payable, net of discounts and financing costs $ 21,226
Repayment of notes payable - related party $ (100)
Proceeds from notes payable
Cash paid for deferred financing costs $ (5,658)
Repayment of Secured Notes Payable (2,321)
Repayment of paid-in-kind obligations (400)
Proceeds from exercise of warrants and options 4
Net cash provided by financing activities $ 1,817 19,376
Net (decrease) increase in cash (5,302) 2,278
Cash at beginning of period 6,675 6,613
Cash at end of period 1,373 8,891
Cash paid for:    
Interest $ 4,764 $ 2,843
Income Taxes
Noncash Investing and Financing Activities:    
Issuance of common stock in settlement of liabilities $ 580
Issuance of common stock to Bridge Note holders due to conversion $ 102 2,098
Rescission of common stock issued in private placement 10,000
Deferred financing costs related to warrants issued in conjunction with notes payable 1,520
Reclass of notes payable - Bridge Notes to convertible notes 2,375
Consolidation of non-controlling interest in PEDCO MSL 2,644
Reclass of deposit for business acquisitions to notes receivable 5,000
Beneficial conversion feature of convertible notes payable - Bridge Notes 285
Reclass of notes payable - related parties to notes payable - Bridge Notes 525
Debt discount related to the warrants issued to Bridge Notes $ 427
Accrual of development costs for oil and gas properties $ 1,943
Changes in estimates of asset retirement obligations 13 $ 21
Accounts receivable acquired in purchase of oil and gas property 1,678
Accounts payable acquired in purchase of oil and gas property 751
Note receivable sold for purchase of oil and gas properties 5,000
Notes payable - Subordinated assumed as part of purchase of oil and gas properties 8,353
Issuance of Redeemable Series A Convertible Preferred Stock for purchase of oil and gas properties 28,402
Issuance of common stock for purchase of oil and gas properties 2,734
Issuance of warrants for deferred financing costs $ 160