XML 51 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (91,991,355) $ (15,845,382) $ (30,844,897)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation, depletion and amortization 58,764,443 56,920,515 45,022,272
Asset retirement obligations (385,942) (392,861) (162,668)
Stock compensation expense 2,486,492 1,935,886 1,789,031
Amortization of financing costs and discounts 1,590,692 2,321,158 4,192,875
Deferred income taxes (35,062,841) (8,098,357) (16,378,441)
Impairment and abandonment of oil and gas properties 117,540,239 14,954,633 22,254,059
(Gain) loss on sale of assets (8,900)   1,069,616
Unrealized loss (gain) on derivative instruments 2,288,189 (454,906) 6,500,825
Provision for bad debts (28,495) 445 167,819
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable, net 4,362,084 (1,534,180) 379,494
Increase in prepaid expenses (370,879) (304,849) (168,766)
Increase (decrease) in accounts payable and accrued liabilities (27,911,424) 22,148,113 14,188,815
Net cash provided by operating activities 31,272,303 71,650,215 48,010,034
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (79,334,481) (87,511,475) (54,745,840)
Acquisition of oil and gas properties   (954,687)  
Sale of assets 400,900   (224,776)
Deposits     69,954
Net cash used in investing activities (78,933,581) (88,466,162) (54,900,662)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on debt (210,301,303) (139,975,774) (286,802,034)
Proceeds from debt 258,425,527 156,953,711 265,783,020
Proceeds from issuance of common stock 37,557 60,562 29,967,579
Debt issuance expenditures (304,225) (46,214) (1,946,307)
Purchase of treasury stock (196,278) (176,338) (111,630)
Net cash provided by financing activities 47,661,278 16,815,947 6,890,628
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0    
CASH AND CASH EQUIVALENTS, Beginning of year 0    
CASH AND CASH EQUIVALENTS, End of year 0 0  
Cash paid for interest 24,077,674 24,618,488 25,982,510
Cash paid for income taxes $ 210,000   $ 22,233