Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2013
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	451,431		$	7,525		$	—		$	—		$	458,956
Accounts receivable - oil and gas	58,662			162			—			—			58,824
Accounts receivable - related parties	2,617			—			—			—			2,617
Accounts receivable - intercompany	21,379			27			—			(21,406		)	—
Prepaid expenses and other current assets	2,581			—			—			—			2,581
Deferred tax asset	6,927			—			—			—			6,927
Short-term derivative instruments	324			—			—			—			324
Note receivable - related party	875			—			—			—			875
Total current assets	544,796			7,714			—			(21,406		)	531,104
Property and equipment:
Oil and natural gas properties, full-cost accounting	2,470,411			7,340			—			(573		)	2,477,178
Other property and equipment	11,102			29			—			—			11,131
Accumulated depletion, depreciation, amortization and impairment	(784,695		)	(22		)	—			—			(784,717		)
Property and equipment, net	1,696,818			7,347			—			(573		)	1,703,592
Other assets:
Equity investments and investments in subsidiaries	432,727			—			191,473			(184,132		)	440,068
Derivative instruments	521			—			—			—			521
Other assets	17,851			—			—			—			17,851
Total other assets	451,099			—			191,473			(184,132		)	458,440
Total assets	$	2,692,713		$	15,061		$	191,473		$	(206,111	)	$	2,693,136
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	190,284		$	423		$	—		$	—		$	190,707
Accounts payable - intercompany	—			21,296			110			(21,406		)	—
Asset retirement obligation - current	795			—			—			—			795
Short-term derivative instruments	12,280			—			—			—			12,280
Current maturities of long-term debt	159			—			—			—			159
Total current liabilities	203,518			21,719			110			(21,406		)	203,941
Long-term derivative instrument	11,366			—			—			—			11,366
Asset retirement obligation - long-term	14,288			—			—			—			14,288
Deferred tax liability	114,275			—			—			—			114,275
Long-term debt, net of current maturities	299,028			—			—			—			299,028
Total liabilities	642,475			21,719			110			(21,406		)	642,898
Stockholders' equity:
Common stock	851			—			—			—			851
Paid-in capital	1,813,058			322			208,277			(208,599		)	1,813,058
Accumulated other comprehensive income (loss)	(9,781		)	—			(9,781		)	9,781			(9,781		)
Retained earnings (accumulated deficit)	246,110			(6,980		)	(7,133		)	14,113			246,110
Total stockholders' equity	2,050,238			(6,658		)	191,363			(184,705		)	2,050,238
Total liabilities and stockholders' equity	$	2,692,713		$	15,061		$	191,473		$	(206,111	)	$	2,693,136

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2012
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	165,293		$	1,795		$	—		$	—		$	167,088
Accounts receivable - oil and gas	25,070			545			—			—			25,615
Accounts receivable - related parties	33,806			1,042			—			—			34,848
Accounts receivable - intercompany	15,368									(15,368		)	—
Prepaid expenses and other current assets	1,506			—			—			—			1,506
Short-term derivative instruments	664			—			—			—			664
Total current assets	241,707			3,382			—			(15,368		)	229,721
Property and equipment:
Oil and natural gas properties, full-cost accounting,	1,606,172			4,918			—			—			1,611,090
Other property and equipment	8,642			20			—			—			8,662
Accumulated depletion, depreciation, amortization and impairment	(665,864		)	(20		)	—			—			(665,884		)
Property and equipment, net	948,950			4,918			—			—			953,868
Other assets:
Equity investments and investments in subsidiaries	374,209			—			172,766			(165,491		)	381,484
Other assets	13,295			—			—			—			13,295
Total other assets	387,504			—			172,766			(165,491		)	394,779
Total assets	$	1,578,161		$	8,300		$	172,766		$	(180,859	)	$	1,578,368
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	110,037		$	207		$	—		$	—		$	110,244
Accounts payable - intercompany	—			15,259			109			(15,368		)	—
Asset retirement obligation - current	60			—			—			—			60
Short-term derivative instruments	10,442			—			—			—			10,442
Current maturities of long-term debt	150			—			—			—			150
Total current liabilities	120,689			15,466			109			(15,368		)	120,896
Asset retirement obligation - long-term	13,215			—			—			—			13,215
Deferred tax liability	18,607			—			—			—			18,607
Long-term debt, net of current maturities	298,888			—			—			—			298,888
Other non-current liabilities	354			—			—			—			354
Total liabilities	451,753			15,466			109			(15,368		)	451,960
Stockholders' equity:
Common stock	674			—			—			—			674
Paid-in capital	1,036,245			322			174,348			(174,670		)	1,036,245
Accumulated other comprehensive income (loss)	(3,429		)	—			2,442			(2,442		)	(3,429		)
Retained earnings (accumulated deficit)	92,918			(7,488		)	(4,133		)	11,621			92,918
Total stockholders' equity	1,126,408			(7,166		)	172,657			(165,491		)	1,126,408
Total liabilities and stockholders' equity	$	1,578,161		$	8,300		$	172,766		$	(180,859	)	$	1,578,368

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2013
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Total revenues	$	261,809		$	1,517	$	—		$	(573	)	$	262,753
Costs and expenses:
Lease operating expenses	25,971			732		—			—			26,703
Production taxes	26,848			85		—			—			26,933
Midstream transportation, processing and marketing	10,999			31		—			—			11,030
Depreciation, depletion, and amortization	118,878			2		—			—			118,880
General and administrative	22,359			159		1			—			22,519
Accretion expense	717			—		—			—			717
Loss on sale of assets	508			—		—			—			508
	206,280			1,009		1			—			207,290
INCOME (LOSS) FROM OPERATIONS	55,529			508		(1		)	(573		)	55,463
OTHER (INCOME) EXPENSE:
Interest expense	17,490			—		—			—			17,490
Interest income	(297		)	—		—			—			(297		)
(Income) loss from equity method investments and investments in subsidiaries	(212,992		)	—		2,999			(3,065		)	(213,058		)
	(195,799		)	—		2,999			(3,065		)	(195,865		)
INCOME (LOSS) BEFORE INCOME TAXES	251,328			508		(3,000		)	2,492			251,328
INCOME TAX EXPENSE	98,136			—		—			—			98,136
NET INCOME (LOSS)	$	153,192		$	508	$	(3,000	)	$	2,492		$	153,192

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2012
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	247,637		$	1,289		$	—		$	—		$	248,926
Costs and expenses:
Lease operating expenses	23,644			664			—			—			24,308
Production taxes	28,874			83			—			—			28,957
Midstream transportation, processing and marketing	432			11									443
Depreciation, depletion, and amortization	90,749			—			—			—			90,749
General and administrative	13,602			132			74			—			13,808
Accretion expense	698			—			—			—			698
Gain on sale of assets	(7,300		)	—			—			—			(7,300		)
	150,699			890			74			—			151,663
INCOME (LOSS) FROM OPERATIONS	96,938			399			(74		)	—			97,263
OTHER (INCOME) EXPENSE:
Interest expense	7,458			—			—			—			7,458
Interest income	(72		)	—			—			—			(72		)
(Income) loss from equity method investments and investments in subsidiaries	(5,182		)	—			1,512			(4,652		)	(8,322		)
	2,204			—			1,512			(4,652		)	(936		)
INCOME (LOSS) FROM COTINUING OPERATIONS BEFORE INCOME TAXES	94,734			399			(1,586		)	4,652			98,199
INCOME TAX EXPENSE	26,363			—			—			—			26,363
INCOME (LOSS) FROM CONTINUING OPERATIONS	68,371			399			(1,586		)	4,652			71,836
DISCONTINUED OPERATIONS
Loss on disposal of Belize properties, net of tax	—			3,465			—			—			3,465
NET INCOME (LOSS)	$	68,371		$	(3,066	)	$	(1,586	)	$	4,652		$	68,371

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2011
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Total revenues	$	228,281		$	973	$	—		$	—		$	229,254
Costs and expenses:
Lease operating expenses	20,168			729		—			—			20,897
Production taxes	25,991			63		—			—			26,054
Midstream transportation, processing and marketing	275			4		—			—			279
Depreciation, depletion, and amortization	62,320			—		—			—			62,320
General and administrative	8,038			11		25			—			8,074
Accretion expense	666			—		—			—			666
	117,458			807		25			—			118,290
INCOME (LOSS) FROM OPERATIONS	110,823			166		(25		)	—			110,964
OTHER (INCOME) EXPENSE:
Interest expense	1,400			—		—			—			1,400
Interest income	(39		)	—		(147		)	—			(186		)
(Income) loss from equity method investments and investments in subsidiaries	1,130			—		1,592			(1,304		)	1,418
	2,491			—		1,445			(1,304		)	2,632
INCOME (LOSS) BEFORE INCOME TAXES	108,332			166		(1,470		)	1,304			108,332
INCOME TAX BENEFIT	(90		)	—		—			—			(90		)
NET INCOME (LOSS)	$	108,422		$	166	$	(1,470	)	$	1,304		$	108,422

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Year Ended December 31, 2013
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	153,192		$	508	$	(3,000	)	$	2,492	$	153,192
Foreign currency translation adjustment	(12,223		)	—		(12,223		)	12,223		(12,223		)
Change in fair value of derivative instruments, net of taxes	(4,419		)	—		—			—		(4,419		)
Reclassification of settled contracts, net of taxes	10,290			—		—			—		10,290
Other comprehensive income (loss)	(6,352		)	—		(12,223		)	12,223		(6,352		)
Comprehensive income	$	146,840		$	508	$	(15,223	)	$	14,715	$	146,840

	Year Ended December 31, 2012
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net income (loss)	$	68,371		$	(3,066	)	$	(1,586	)	$	4,652		$	68,371
Foreign currency translation adjustment	1,355			—			1,355			(1,355		)	1,355
Change in fair value of derivative instruments, net of taxes	(8,452		)	—			—			—			(8,452		)
Reclassification of settled contracts, net of taxes	1,005			—			—			—			1,005
Other comprehensive income (loss)	(6,092		)	—			1,355			(1,355		)	(6,092		)
Comprehensive income	$	62,279		$	(3,066	)	$	(231	)	$	3,297		$	62,279

	Year Ended December 31, 2011
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net income (loss)	$	108,422		$	166	$	(1,470	)	$	1,304	$	108,422
Foreign currency translation adjustment	(1,865		)	—		(1,865		)	1,865		(1,865		)
Change in fair value of derivative instruments, net of taxes	1,576			—		—			—		1,576
Reclassification of settled contracts, net of taxes	4,720			—		—			—		4,720
Other comprehensive income (loss)	4,431			—		(1,865		)	1,865		4,431
Comprehensive income	$	112,853		$	166	$	(3,335	)	$	3,169	$	112,853

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2013
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	182,961		$	8,104		$	—		$	—		$	191,065
Net cash provided by (used in) investing activities	(661,886		)	(2,374		)	(33,929		)	33,929			(664,260		)
Net cash provided by (used in) financing activities	765,063			—			33,929			(33,929		)	765,063
Net increase in cash and cash equivalents	286,138			5,730			—			—			291,868
Cash and cash equivalents at beginning of period	165,293			1,795			—			—			167,088
Cash and cash equivalents at end of period	$	451,431		$	7,525		$	—		$	—		$	458,956

	Year Ended December 31, 2012
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	195,734		$	3,425		$	(1	)	$	—		$	199,158
Net cash provided by (used in) investing activities	(838,177		)	(2,402		)	(103,915		)	103,915			(840,579		)
Net cash provided by (used in) financing activities	714,612			—			103,915			(103,915		)	714,612
Net increase (decrease) in cash and cash equivalents	72,169			1,023			(1		)	—			73,191
Cash and cash equivalents at beginning of period	93,124			772			1			—			93,897
Cash and cash equivalents at end of period	$	165,293		$	1,795		$	—		$	—		$	167,088

	Year Ended December 31, 2011
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	154,329		$	3,808		$	1		$	—		$	158,138
Net cash provided by (used in) investing activities	(320,203		)	(3,045		)	(25,858		)	25,858			(323,248		)
Net cash provided by (used in) financing activities	256,539			—			25,858			(25,858		)	256,539
Net increase in cash and cash equivalents	90,665			763			1			—			91,429
Cash and cash equivalents at beginning of period	2,459			9			—			—			2,468
Cash and cash equivalents at end of period	$	93,124		$	772		$	1		$	—		$	93,897