Investor Relations

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 33,197 $ 18,615
Accounts receivable:    
Oil, natural gas, and NGL sales 21,924 25,728
Trade 18,894 6,805
Commodity derivative assets 622 297
Other current assets 4,566 2,739
Total current assets 79,203 54,184
Property and equipment:    
Unproved properties and land, not subject to depletion 355,267 398,547
Proved properties, net of accumulated depletion 502,329 424,082
Wells in progress 82,664 81,780
Oil and gas properties, net 940,260 904,409
Other property and equipment, net 6,113 4,327
Total property and equipment, net 946,373 908,736
Cash held in escrow and other deposits 18,219 18,248
Goodwill 40,711 40,711
Other assets 2,077 2,234
Total assets 1,086,583 1,024,113
Current liabilities:    
Accounts payable and accrued expenses 97,726 52,453
Revenue payable 19,044 16,557
Production taxes payable 13,097 17,673
Asset retirement obligations 1,508 2,683
Commodity derivative liabilities 45 2,874
Total current liabilities 131,420 92,240
Revolving credit facility 0  
Notes payable, net of issuance costs 75,809 75,614
Asset retirement obligations 13,955 13,775
Other liabilities 1,981 1,745
Total liabilities 223,165 183,374
Commitments and contingencies (See Note 14)
Shareholders' equity:    
Preferred stock - $0.01 par value, 10,000,000 shares authorized: no shares issued and outstanding 0 0
Common stock - $0.001 par value, 300,000,000 shares authorized: 200,806,149 and 200,647,572 shares issued and outstanding, respectively 201 201
Additional paid-in capital 1,151,899 1,148,998
Retained deficit (288,682) (308,460)
Total shareholders' equity 863,418 840,739
Total liabilities and shareholders' equity $ 1,086,583 $ 1,024,113
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Oil, natural gas, and NGL revenues $ 43,790 $ 18,273
Sales of purchased oil 1,268 0
Total revenues 45,058 18,273
Expenses:    
Lease operating expenses 3,722 4,299
Production taxes 1,466 1,833
Costs of purchased oil 1,518 0
Depreciation, depletion, and accretion 13,229 12,092
Full cost ceiling impairment 0 45,621
Unused commitment charge 669 68
General and administrative 8,200 7,443
Total expenses 28,804 71,356
Operating income (loss) 16,254 (53,083)
Other income (expense):    
Commodity derivatives gain 3,379 1,680
Interest expense, net of amounts capitalized 0 0
Interest income 11 8
Other income (expense) 236 (6)
Total other income 3,626 1,682
Income (Loss) before income taxes 19,880 (51,401)
Income tax expense 0 0
Net income (loss) $ 19,880 $ (51,401)
Net income (loss) per common share:    
Basic (in dollars per share) $ 0.10 $ (0.42)
Diluted (in dollars per share) $ 0.10 $ (0.42)
Weighted-average shares outstanding:    
Basic (in shares) 200,707,891 121,392,736
Diluted (in shares) 201,309,251 121,392,736
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 19,880 $ (51,401)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion, depreciation, and accretion 13,229 12,092
Full cost ceiling impairment 0 45,621
Stock-based compensation 2,675 2,519
Mark-to-market of commodity derivative contracts:    
Total gain on commodity derivatives contracts (3,379) (1,680)
Cash settlements on commodity derivative contracts 81 3,059
Changes in operating assets and liabilities:    
Accounts receivable (3,745) 557
Accounts payable and accrued expenses 5,293 (1,075)
Revenue payable 2,486 (3,132)
Production taxes payable (4,807) 1,602
Other (2,355) (40)
Net cash provided by operating activities 29,358 8,122
Cash flows from investing activities:    
Acquisitions of oil and gas properties and leaseholds (25,082) (10,645)
Capital expenditures for drilling and completion activities (55,464) (22,581)
Other capital expenditures (2,416) (722)
Land and other property and equipment (2,101) (426)
Cash held in escrow 29 0
Proceeds from sales of oil and gas properties 70,689 0
Net cash used in investing activities (14,345) (34,374)
Cash flows from financing activities:    
Proceeds from equity offerings 0 92,575
Offering costs 0 (3,409)
Payment of employee payroll taxes in connection with shares withheld (431) (284)
Payment of employee payroll taxes in connection with shares withheld 20,000 0
Principal repayments on revolving credit facility (20,000) (78,000)
Financing fees on amendments to revolving credit facility 0 (192)
Net cash (used in) provided by financing activities (431) 10,690
Net increase (decrease) in cash and equivalents 14,582 (15,562)
Cash and equivalents at beginning of period 18,615 66,499
Cash and equivalents at end of period $ 33,197 $ 50,937