Investor Relations

Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 63,757 $ 66,499
Accounts receivable:    
Oil and gas sales 11,925 12,527
Trade 8,738 12,156
Commodity derivative assets 1,610 6,572
Escrow deposit 18,244 0
Other current assets 2,612 1,944
Total current assets 106,886 99,698
Property and equipment:    
Unproved properties and land, not subject to depletion 458,802 103,423
Proved properties, net of accumulated depletion 382,180 422,778
Oil and gas properties, net 840,982 526,201
Other property and equipment, net 1,626 646
Total property and equipment, net 842,608 526,847
Commodity derivative assets 22 2,996
Goodwill 40,711 40,711
Other assets 2,392 2,364
Total assets 992,619 672,616
Current liabilities:    
Accounts payable and accrued expenses 42,415 36,573
Revenue payable 13,614 13,603
Production taxes payable 14,177 24,530
Asset retirement obligations 2,319 0
Total current liabilities 72,525 74,706
Revolving credit facility 0 78,000
Notes payable, net of issuance costs 75,424 0
Commodity derivative liabilities 80 0
Asset retirement obligations 11,529 13,400
Total liabilities 159,558 166,106
Commitments and contingencies (Note 16)
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: 200,537,625 and 110,033,601 shares issued and outstanding, respectively 201 110
Additional paid-in capital 1,146,621 595,671
Retained deficit (313,761) (89,271)
Total shareholders' equity 833,061 506,510
Total liabilities and shareholders' equity $ 992,619 $ 672,616
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Oil and gas revenues $ 26,234 $ 33,378 $ 68,454 $ 80,602
Expenses:        
Lease operating expenses 3,819 5,078 14,963 12,944
Production taxes (1,461) 3,099 2,509 7,485
Depreciation, depletion, and accretion 9,635 18,417 33,001 48,231
Full cost ceiling impairment 25,453 96,340 215,223 99,340
Transportation commitment charge 205 0 505 0
General and administrative 8,236 5,432 23,199 15,755
Total expenses 45,887 128,366 289,400 183,755
Operating loss (19,653) (94,988) (220,946) (103,153)
Other income (expense):        
Commodity derivatives gain (loss) 407 6,619 (3,617) 5,697
Interest expense, net 0 (87) 0 (247)
Interest income 10 15 179 69
Total other income (expense) 417 6,547 (3,438) 5,519
Loss before income taxes (19,236) (88,441) (224,384) (97,634)
Income tax expense (benefit) 5 (10,520) 106 (14,132)
Net loss $ (19,241) $ (77,921) $ (224,490) $ (83,502)
Net loss per common share:        
Basic (in dollars per share) $ (0.10) $ (0.74) $ (1.36) $ (0.82)
Diluted (in dollars per share) $ (0.10) $ (0.74) $ (1.36) $ (0.82)
Weighted-average shares outstanding:        
Basic (in shares) 200,515,555 105,100,849 164,771,544 102,329,504
Diluted (in shares) 200,515,555 105,100,849 164,771,544 102,329,504
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (224,490) $ (83,502)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depletion, depreciation, and accretion 33,001 48,231
Full cost ceiling impairment 215,223 99,340
Provision for deferred taxes 0 (38,097)
Stock-based compensation 7,285 7,688
Mark-to-market of commodity derivative contracts:    
Total loss (gain) on commodity derivatives contracts 3,617 (5,697)
Cash settlements on commodity derivative contracts 5,137 28,343
Cash premiums paid for commodity derivative contracts 0 (4,562)
Accounts receivable    
Oil and gas sales 602 8,678
Trade 2,679 12,686
Accounts payable and accrued expenses 1,761 663
Revenue payable (363) (5,886)
Production taxes payable (10,158) 2,695
Other (1,101) (827)
Net cash provided by operating activities 33,193 69,753
Cash flows from investing activities:    
Acquisition of oil and gas properties (499,831) 0
Well costs and other capital expenditures (82,318) (110,224)
Earnest money deposit (18,244) (5,850)
Proceeds from sales of oil and gas properties 24,223 6,239
Net cash used in investing activities (576,170) (109,835)
Cash flows from financing activities:    
Proceeds from sale of stock 565,398 200,100
Offering costs (21,987) (9,255)
Shares withheld for payment of employee payroll taxes (510) (621)
Proceeds from revolving credit facility 55,000 0
Principal repayments on revolving credit facility (133,000) (68,000)
Financing fees on revolving credit facility (269) 0
Proceeds from issuance of notes payable 80,000 0
Financing fees on issuance of notes payable (4,397) 0
Net cash provided by financing activities 540,235 122,224
Net increase (decrease) in cash and equivalents (2,742) 82,142
Cash and equivalents at beginning of period 66,499 39,570
Cash and equivalents at end of period $ 63,757 $ 121,712