Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Assets    
Cash and cash equivalents $ 4,678,000 $ 2,468,000
Accounts receivable - oil and gas 19,872,000 14,952,000
Accounts receivable - related parties 9,558,000 573,000
Prepaid expenses and other current assets 1,923,000 1,732,000
Total current assets 36,031,000 19,725,000
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $59,734,000 and $16,778,000 excluded from amortization in 2011 and 2010, respectively 859,647,000 747,344,000
Other property and equipment 7,701,000 7,609,000
Accumulated depletion, depreciation, amortization and impairment (538,692,000) (512,822,000)
Property and equipment, net 328,656,000 242,131,000
Other assets    
Equity investments 50,180,000 33,021,000
Note receivable - related party 23,895,000 20,006,000
Other assets 4,932,000 4,182,000
Total other assets 79,007,000 57,209,000
Deferred tax asset 628,000 628,000
Total assets 444,322,000 319,693,000
Liabilities and Stockholders' Equity    
Accounts payable and accrued liabilities 49,690,000 41,155,000
Asset retirement obligation - current 635,000 635,000
Short-term derivative instruments 3,431,000 4,720,000
Current maturities of long-term debt 137,000 2,417,000
Total current liabilities 53,893,000 48,927,000
Asset retirement obligation - long-term 10,982,000 10,210,000
Long-term debt, net of current maturities 32,215,000 49,500,000
Total liabilities 97,090,000 108,637,000
Commitments and contingencies (Note 13)    
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, 47,480,032 issued and outstanding in 2011 and 44,645,435 in 2010 475,000 446,000
Paid-in capital 381,102,000 296,253,000
Accumulated other comprehensive income (loss) 1,091,000 (1,768,000)
Retained earnings (accumulated deficit) (35,436,000) (83,875,000)
Total stockholders' equity 347,232,000 211,056,000
Total liabilities and stockholders' equity $ 444,322,000 $ 319,693,000