v2.3.0.11
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES:    
Net income $ 9,453 $ 5,114
Adjustments to reconcile net income to cash provided by operating activities:    
Depletion, depreciation and amortization 14,039 10,845
Unrealized gain on commodity derivatives (2,082) (3,194)
Gain on sale of oil and gas properties (491)  
Exploration expense 4,908 1,677
Share-based compensation expense 2,548 996
Deferred income taxes 5,213 2,807
Changes in operating assets and liabilities:    
Accounts receivable 4,927 (3,846)
Prepaid expenses and other assets 29 235
Accounts payable 5,114 2,492
Oil, NGL and gas sales payable (1,225) 1,368
Accrued liabilities 3,634 (162)
Cash provided by operating activities 46,067 18,332
INVESTING ACTIVITIES:    
Additions to oil and gas properties (161,816) (29,757)
Proceeds from gain on sale of oil and gas properties, net 363  
Additions to other property and equipment, net (430) (477)
Cash used in investing activities (161,883) (30,234)
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock upon exercise of stock options 505  
Borrowings under credit facility, net of debt issuance costs 118,675 51,162
Repayment of amounts outstanding under credit facility (26,000) (41,650)
Cash provided by financing activities 93,180 9,512
CHANGE IN CASH AND CASH EQUIVALENTS (22,636) (2,390)
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS 2 (2)
CASH AND CASH EQUIVALENTS, beginning of period 23,465 2,685
CASH AND CASH EQUIVALENTS, end of period 831 293
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest $ 1,363 $ 1,017