Financials

v3.5.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 325,885 $ 1,224
Accounts receivable 56,172 39,624
Fair value of derivatives 3,502 19,943
Other current assets 1,712 1,461
Total current assets 387,271 62,252
Oil and natural gas properties, full-cost accounting method:    
Evaluated properties 2,593,798 2,335,223
Less accumulated depreciation, depletion, amortization and impairment (1,901,102) (1,756,018)
Net oil and natural gas properties 692,696 579,205
Unevaluated properties 393,875 132,181
Total oil and natural gas properties 1,086,571 711,386
Other property and equipment, net 12,816 7,700
Restricted investments 3,329 3,309
Deferred financing costs 3,431 3,642
Fair value of derivatives 57  
Acquisition deposit 32,700  
Other assets, net 1,429 305
Total assets 1,527,604 788,594
Current liabilities:    
Accounts payable and accrued liabilities 99,026 70,970
Accrued interest 5,950 5,989
Cash-settleable restricted stock unit awards 8,269 10,128
Asset retirement obligations 3,529 790
Deferred tax liability 42  
Fair value of derivatives 7,786  
Total current liabilities 124,602 87,877
Senior secured revolving credit facility   40,000
Secured second lien term loan, net of unamortized deferred financing costs 290,085 288,565
Asset retirement obligations 1,934 4,317
Cash-settleable restricted stock unit awards 7,042 4,877
Fair value of derivatives 2,936  
Other long-term liabilities 286 200
Total liabilities 426,885 425,836
Stockholders' equity:    
Preferred stock, series A cumulative, $0.01 par value and $50.00 liquidation preference, 2,500,000 shares authorized: 1,458,948 and 1,578,948 shares outstanding, respectively 15 16
Common stock, $0.01 par value, 300,000,000 and 150,000,000 shares authorized, respectively; 161,036,233 and 80,087,148 shares outstanding, respectively 1,610 801
Capital in excess of par value 1,535,661 702,970
Accumulated deficit (436,567) (341,029)
Total stockholders' equity 1,100,719 362,758
Total liabilities and stockholders' equity $ 1,527,604 $ 788,594

Source

v3.5.0.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating revenues:        
Total operating revenues $ 55,927 $ 34,316 $ 131,770 $ 103,949
Operating expenses:        
Lease operating expenses 9,961 7,194 24,229 20,728
Production taxes 3,478 2,583 8,153 7,800
Depreciation, depletion and amortization 17,303 16,704 49,318 52,395
General and administrative 7,891 4,302 19,755 22,167
Accretion expense 187 142 762 485
Write-down of oil and natural gas properties   87,301 95,788 87,301
Rig termination fee       3,641
Acquisition expense 456   2,410  
Total operating expenses 39,276 118,226 200,415 194,517
Income (loss) from operations 16,651 (83,910) (68,645) (90,568)
Other (income) expense:        
Interest expense, net of capitalized amounts 831 5,603 10,502 15,567
(Gain) loss on derivative contracts (5,135) (23,283) 11,281 (17,463)
Other income, net (122) (92) (299) (177)
Total other (income) expense (4,426) (17,772) 21,484 (2,073)
Income (loss) before income taxes 21,077 (66,138) (90,129) (88,495)
Income tax (benefit) expense (62) 45,667 (62) 38,474
Net income (loss) 21,139 (111,805) (90,067) (126,969)
Preferred stock dividends (1,824) (1,974) (5,471) (5,921)
Income (loss) available to common stockholders $ 19,315 $ (113,779) $ (95,538) $ (132,890)
Income (loss) per common share:        
Basic $ 0.14 $ (1.72) $ (0.85) $ (2.10)
Diluted $ 0.14 $ (1.72) $ (0.85) $ (2.10)
Shares used in computing income (loss) per common share:        
Basic 136,983 66,277 112,925 63,265
Diluted 137,483 66,277 112,925 63,265
Crude Oil [Member]        
Operating revenues:        
Total operating revenues $ 49,095 $ 30,582 $ 117,093 $ 94,584
Natural Gas And Natural Gas Liquids [Member]        
Operating revenues:        
Total operating revenues $ 6,832 $ 3,734 $ 14,677 $ 9,365

Source

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (90,067) $ (126,969)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation, depletion and amortization 50,560 52,583
Write-down of oil and natural gas properties 95,788 87,301
Accretion expense 762 485
Amortization of non-cash debt related items 2,371 2,342
Deferred income tax (benefit) expense (62) 38,474
Net loss on derivatives, net of settlements 27,105 7,635
Non-cash expense related to equity share-based awards (253) (300)
Change in the fair value of liability share-based awards 6,045 4,759
Payments to settle asset retirement obligations (895) (3,047)
Changes in operating assets and liabilities:    
Accounts receivable (16,444) (7,278)
Other current assets (251) 31
Current liabilities 19,815 6,455
Acquisition deposit (32,700)  
Change in other long-term liabilities 86 100
Change in other assets, net (1,671) 421
Payments to settle vested liability share-based awards related to early retirements   (3,538)
Payments to settle vested liability share-based awards (10,300) (3,925)
Net cash provided by operating activities 49,889 55,529
Cash flows from investing activities:    
Capital expenditures (122,698) (175,699)
Acquisitions (302,057) (2,849)
Proceeds from sales of mineral interests and equipment 22,923 348
Net cash used in investing activities (401,832) (178,200)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 217,000 130,000
Payments on senior secured revolving credit facility (257,000) (66,000)
Issuance of common stock, net 722,715 65,546
Payment of preferred stock dividends (5,471) (5,921)
Payment of deferred financing costs (640)  
Net cash provided by financing activities 676,604 123,625
Net change in cash and cash equivalents 324,661 954
Balance, beginning of period 1,224 968
Balance, end of period $ 325,885 $ 1,922

Source