Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 12,893,000 $ 93,897,000
Accounts receivable-oil and gas 29,737,000 28,019,000
Accounts receivable-related parties 5,194,000 4,731,000
Prepaid expenses and other current assets 1,384,000 1,327,000
Short-term derivative instruments   1,601,000
Total current assets 49,208,000 129,575,000
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $175,587,000 and $138,623,000 excluded from amortization in 2012 and 2011, respectively 1,130,838,000 1,035,754,000
Other property and equipment 7,960,000 8,024,000
Accumulated depletion, depreciation, amortization and impairment (596,530,000) (575,142,000)
Property and equipment, net 542,268,000 468,636,000
Other assets    
Equity investments 163,174,000 86,824,000
Other assets 5,093,000 5,123,000
Total other assets 168,267,000 91,947,000
Deferred tax asset 1,000,000 1,000,000
Total assets 760,743,000 691,158,000
Liabilities and Stockholders' Equity    
Accounts payable and accrued liabilities 75,639,000 43,872,000
Asset retirement obligation-current 620,000 620,000
Short-term derivative instruments 9,259,000  
Current maturities of long-term debt 143,000 141,000
Total current liabilities 85,661,000 44,633,000
Long-term derivative instruments 127,000  
Asset retirement obligation - long-term 12,276,000 12,033,000
Long-term debt, net of current maturities 12,107,000 2,142,000
Total liabilities 110,171,000 58,808,000
Commitments and contingencies (Note 10)      
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding      
Stockholders' equity:    
Common stock - $.01 par value, 100,000,000 authorized, 55,649,717 issued and outstanding in 2012 and 55,621,371 in 2011 556,000 556,000
Paid-in capital 605,719,000 604,584,000
Accumulated other comprehensive income (loss) (7,119,000) 2,663,000
Retained earnings 51,416,000 24,547,000
Total stockholders' equity 650,572,000 632,350,000
Total liabilities and stockholders' equity $ 760,743,000 $ 691,158,000