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8-K - FORM 8-K - PostRock Energy Corp | h80209e8vk.htm |
Exhibit 99.1
For Immediate Release
|
PostRock Reports Year-End Results
OKLAHOMA CITY March 2, 2011 PostRock Energy Corporation (NASDAQ: PSTR) (PostRock or the
Company) today announced its results for the fourth quarter and year ended December 31, 2010.
Before turning to the results, the Company noted the following key events that took place during
2010.
| PostRock was formed out of three predecessor entities. |
| White Deer Energy L.P., a private equity fund, invested $60 million in the Company. |
| The Companys credit agreements were restructured. |
| Certain Appalachian assets were sold for $28 million, another $11.7 million were sold in early 2011. |
| Debt was reduced by $109.1 million, another $9.3 million was paid down in early 2011. |
| 163 wells were completed and 292 returned to production in the Cherokee Basin. |
| Proved reserves rose 80.3%, reaching 134.9 Bcfe at year-end. |
| Operating costs were reduced to $2.39 a Mcfe. |
2010 Results
Revenues fell to $103.9 million, a 2.0% decline from the prior year as the impact of lower
production and reduced pipeline revenue was largely offset by higher oil and gas prices.
Production declined 9.4% to 53.9 Mcfe a day, primarily due to a lack of development drilling in
late 2008 and 2009. Average prices for the year, excluding hedging gains, increased 21.5% to $4.47
per Mcfe. Realized hedging gains during the year totaled $31.9 million. Interstate pipeline
revenue decreased $8.3 million, or 44.5%, to $10.1 million due to the expiration of a significant
contract at the end of October 2009.
Production costs, including lease operating expenses (LOE), gathering, and severance and ad
valorem taxes fell 16.1% to $47.0 million. The decline was comprised of a $6.6 million reduction
in LOE and gathering costs and a $2.4 million reduction in production taxes. The cost reductions
resulted from an increased focus on operating efficiencies in the Cherokee Basin. Severance and ad
valorem taxes fell as a result of lower gas prices. Production costs totaled $2.39 per Mcfe, a
7.3% drop from 2009. During the year, the Company recovered $5.8 million of the cost to operate
the gathering system through third party gathering fees. LOE net of this gathering cost recovery
was $2.09 per Mcfe. Pipeline operating expense decreased 4.0% to $6.3 million. General and
administrative expenses fell 36.6% to $26.4 million, reflecting a significant reduction in
non-recurring expenses and savings realized following White Deers investment.
Fourth Quarter Results
Revenues fell $4.9 million, or 17.0%, from the prior year period to $23.5 million. The
decline reflected reduced volumes and lower realized gas prices. Production declined 4.0% to 54.2
Mcfe a day from the prior year period but increased very slightly from third quarter levels. The
drop in production reflected a lack of drilling in 2009 and lower than anticipated production from
2010 drilling and completions. Average prices for the quarter, excluding hedging gains, decreased
10% to $3.85 per Mcfe.
Realized hedging gains in the quarter decreased 28.5% to $10.8 million. Pipeline revenue fell
$0.7 million, or 18.8%, to $2.8 million primarily due to the expiration of a significant contract
at the end of October 2009.
Production costs, including LOE, gathering, and severance and ad valorem taxes, decreased a
sharp 25.3%, to $11.3 million. The decline was comprised of a $1.9 million reduction in LOE and
gathering costs, a $1.7 million drop in ad valorem taxes and a $0.3 million decrease in severance
taxes. The reduction in LOE and gathering costs resulted from a greater focus on operational
efficiency in the Cherokee Basin. Lower ad valorem and severance taxes resulted from the sharp
fall in natural gas prices in 2009. Production costs totaled $2.27 per Mcfe in the quarter, a 22%
drop from the prior year. During the quarter, the Company recovered $1.4 million of the cost to
operate the gathering system through third party gathering fees. LOE net of this gathering cost
recovery was $1.98 per Mcfe. Pipeline operating expenses were roughly flat at $1.5 million.
General and administrative expenses fell 59% to $4.9 million reflecting the sharp reduction in
non-recurring expenses and cost savings realized following White Deers investment.
Hedges
PostRock holds natural gas hedges covering 37.1 Mmcf a day for 2011 at an average price of
$6.38 per Mcf. The Company also holds hedges covering 30.1 Mmcf a day in 2012 and 24.7 Mmcf a day
in 2013. In the fourth quarter, new hedges covering 132 Bbls a day of 2011 oil production were
entered into an average price of $85.90 a barrel and 115 Bbls a day of 2012 production was hedged
at an average price of $87.90. The fair value of the Companys hedges shown below at December 31,
2010 was $60.7 million. Fair value of PostRocks hedges will change based on oil and gas price
fluctuations.
2011 | 2012 | 2013 | ||||||||||||||||||||||
Price | Volume | Price | Volume | Price | Volume | |||||||||||||||||||
($/Mmbtu) | (Mmbtu) | ($/Mmbtu) | (Mmbtu) | ($/Mmbtu) | (Mmbtu) | |||||||||||||||||||
Southern Star Gas Swaps |
$ | 6.43 | 5,000,304 | $ | 6.72 | 2,000,004 | $ | | | |||||||||||||||
NYMEX Gas Swaps |
$ | 7.02 | 8,549,998 | $ | 7.22 | 9,000,000 | $ | 7.28 | 9,000,003 | |||||||||||||||
Southern Star Basis Swaps |
$ | (0.67 | ) | 8,549,998 | $ | (0.70 | ) | 9,000,000 | $ | (0.71 | ) | 9,000,003 |
($/Bbl) | (Bbls) | ($/Bbl) | (Bbls) | ($/Bbl) | (Bbls) | |||||||||||||||||||
NYMEX Oil
Swaps |
$ | 85.90 | 48,000 | $ | 87.90 | 42,000 | $ | | |
Debt and Liquidity
At December 31, 2010, PostRock had $220.2 million of outstanding debt and $37.2 million of
liquidity, including cash and available borrowings. In the debt restructuring, the current portion
was reduced from $305.2 million at June 30, 2010 to $10.5 million at December 31, 2010. At
year-end, the current portion represented twelve months of amortization on the Secured Pipeline
Loan. That loan totaled $13.5 million at year-end. It is amortizing at the monthly rate of
$500,000 through March and $1.0 million thereafter. It will be fully retired no later than March
2012.
At year-end, the Company was in compliance with all financial covenants.
(Predecessor) | ||||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(in thousands) | ||||||||
Cash and equivalents |
$ | 730 | $ | 20,884 | ||||
Long-term debt (including current maturities) |
||||||||
Current Credit Agreements |
||||||||
Borrowing Base Facility |
$ | 187,000 | $ | | ||||
Secured Pipeline Loan |
13,500 | | ||||||
QER Loan |
19,721 | | ||||||
Former Credit Agreements |
||||||||
Quest Cherokee Loan |
| 145,000 | ||||||
Second Lien Loan |
| 29,821 | ||||||
Midstream Loan |
| 118,728 | ||||||
PESC Loan |
| 35,658 | ||||||
Other Notes Payable |
| 103 | ||||||
Total |
$ | 220,221 | $ | 329,310 | ||||
Preferred Stock |
$ | 50,622 | $ | | ||||
Equity |
||||||||
Total stockholders deficit |
(12,792 | ) | (148,377 | ) | ||||
Non-controlling interests |
| 57,990 | ||||||
Total equity / (deficit) |
$ | (12,792 | ) | $ | (90,387 | ) | ||
Total capitalization |
$ | 258,051 | $ | 238,923 | ||||
Capital Expenditures
Capital expenditures in 2010 totaled $32.3 million, a significant increase from the $9.6
million spent in 2009. Of this amount, spending included $30.8 million related to oil and gas
operations and $1.5 million to the KPC Pipeline. In the Cherokee Basin, 163 wells were completed,
of which 124 wells had been drilled prior to 2010. In Appalachia, $4.3 million was spent,
primarily on drilling wells that were subsequently sold to Magnum Hunter.
For 2011, the Company has budgeted $52 million of capital spending. Of this amount, $43.6
million will pay for the drilling and completion of 290 new wells, the completion of 8 wells
drilled in 2010 and the recompletion of 40 wells, all in the Cherokee Basin. In addition, $7.3 million
has been budgeted for leasehold acquisition land and equipment purchases and approximately $1.0
million for the KPC Pipeline. These capital expenditures are expected to be entirely funded with
internal cash flow.
Reserves
Proved reserves increased to 134.9 Bcfe at year end 2010, an 80.3% increase from the 74.8 Bcfe
reported one year ago. The increase was mostly driven by 35.5 Bcfe related to lower gathering
costs as a result of recombining our predecessor entities and 30.9 Bcfe related to higher prices.
At year-end 2010, approximately 90% of the Companys reserves were classified as proved developed.
Gas - Mcf | Oil - Bbls | Total - Mcfe | ||||||||||
Balance, December 31, 2009 |
69,874,571 | 824,038 | 74,818,799 | |||||||||
Purchase of reserves in place |
10,842 | | 10,842 | |||||||||
Extensions, discoveries, and other additions |
574,200 | 11,851 | 645,306 | |||||||||
Sale of reserves |
(13,016,672 | ) | | (13,016,672 | ) | |||||||
Revisions of previous estimates |
92,244,096 | (15,040 | ) | 92,153,856 | ||||||||
Production, 2010 |
(19,225,006 | ) | (76,583 | ) | (19,684,504 | ) | ||||||
Balance, December 31, 2010 |
130,462,031 | 744,266 | 134,927,627 | |||||||||
Commenting on the announcement, David C. Lawler, the Companys President and Chief Executive
Officer, said, Last year, we reached what we believe will be a key turning point for PostRock and
its investors. We recombined our predecessor companies, recapitalized with the assistance of White
Deer and we began to sell non-core assets. All these steps served to reduce debt and to increase
focus on our core operations in the Cherokee Basin. In 2011, we plan to efficiently grow reserves
and production as well as continue to lower costs and reduce debt. We believe this effort can be
aided by our vertically integrated operating model. We are able to provide a full complement of
fracture treating and well service on our wells while utilizing the latest artificial lift and well
management system technology. As we begin to enhance our competitive position in the Basin, we will
begin to pursue acquisitions opportunities that will be accretive to our shareholders.
The majority of our development work in the first half of 2010 was delivered on schedule and
under budget. However, a number of the new wells failed to meet projections. Through a growing
focus on the detailed study of geologic and engineering factors by area of the field and even by
individual well site, we expect to greatly increase our knowledge of individual locations. By
customizing our fracture treatments and completions, we expect to enhance the productivity of our
capital.
At KPC Pipeline, we remain focused on increasing utilization. We are pursuing this by
offering new services, reducing fuel rates, and adding producer volumes from new oil and gas plays
developing near our lines. Partially as a result of these initiatives, we increased volumes to 3.6
Bcfe in 2010, a 37% increase from the prior year. If this trend continues, higher utilization
should lead to improved profitability and enhance our ability to secure long-term firm
transportation agreements.
PostRock Energy Corporation is engaged in the acquisition, exploration, development,
production and transportation of oil and natural gas, primarily in the Cherokee Basin of Kansas and
Oklahoma. The Company owns and operates over 3,000 wells and nearly 2,200 miles of gas gathering
lines in the Basin. It also owns a 1,100 mile interstate gas pipeline serving parts of Oklahoma
and Kansas.
Webcast and Conference Call
PostRock will host a year-end 2010 results webcast and conference call at 10:00 a.m. Central
Time, Thursday, March 3, 2011. The live webcast will be accessible on the Investors page at
www.pstr.com. It will also be available for replay. The dial-in phone number for the call is
(866) 516-1003.
Forward-Looking Statements
Opinions, forecasts, projections or statements, other than statements of historical fact, are
forward-looking statements that involve risks and uncertainties. Forward-looking statements in this
announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance such expectations will prove
correct. Actual results may differ materially due to a variety of factors, some of which may not be
foreseen. These risks and other risks are detailed in the Companys filings with the Securities
and Exchange Commission, including risk factors listed in the Companys 10-K and other filings with
the SEC. You can find the Companys SEC filings at www.pstr.com or www.sec.gov. By making these
forward-looking statements, the Company undertakes no obligation to update these statements after
the date of this release.
Company Contacts |
||
Jack Collins
|
North Whipple | |
Chief Financial Officer
|
Manager, Corporate Development & Investor Relations | |
(405) 702-7460
|
(405) 702-7423 |
Reconciliation of Non-GAAP Financial Measures
The Company defines adjusted EBITDA as net income (loss) before income taxes; interest
expense, depreciation, depletion and amortization; other (income) expense; change in fair value of
derivative instruments; loss (recovery) from misappropriation of funds; stock based compensation
and impairments. The following table represents a reconciliation of net income (loss) to EBITDA and
adjusted EBITDA for the period presented:
(Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Three Months | Three Months | March 6, 2010 to | Year Ended | |||||||||||||||||
Ended December | Ended December | December 31, | January 1, 2010 | December 31, | ||||||||||||||||
31, 2010 | 31, 2009 | 2010 | to March 5, 2010 | 2009 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net income (loss) attributable to controlling interest |
$ | 9,609 | $ | (63,990 | ) | $ | 45,221 | $ | 11,778 | $ | (144,922 | ) | ||||||||
Adjusted for: |
||||||||||||||||||||
Net income (loss) attributable to non-controlling interest |
| (102,036 | ) | | 9,958 | (147,398 | ) | |||||||||||||
Income tax expense |
| | | | | |||||||||||||||
Interest expense, net |
3,112 | 8,663 | 20,137 | 5,336 | 29,329 | |||||||||||||||
Depreciation, depletion, accretion and amortization |
7,801 | 8,528 | 18,683 | 4,164 | 47,802 | |||||||||||||||
EBITDA |
$ | 20,522 | $ | (148,835 | ) | $ | 84,041 | $ | 31,236 | $ | (215,189 | ) | ||||||||
Other (income) expense, net |
(8 | ) | (109 | ) | 24 | 4 | (108 | ) | ||||||||||||
(Gain) on
forgiveness of debt |
(2,909 | ) | | (2,909 | ) | | | |||||||||||||
Unrealized (gain) loss from derivative financial
instruments |
13,193 | (1,992 | ) | (19,611 | ) | (21,573 | ) | 50,026 | ||||||||||||
Recovery of misappropriated funds |
(595 | ) | (6 | ) | (1,592 | ) | | (3,412 | ) | |||||||||||
Stock based compensation |
648 | 136 | 1,635 | 808 | 1,279 | |||||||||||||||
Loss (Gain) on sale of assets |
(13,626 | ) | 25 | (13,495 | ) | | 25 | |||||||||||||
Impairment |
| 165,728 | | | 268,630 | |||||||||||||||
Adjusted EBITDA |
$ | 17,225 | $ | 14,947 | $ | 48,093 | $ | 10,475 | $ | 101,251 | ||||||||||
Although adjusted EBITDA is not a measure of performance calculated in accordance with
generally accepted accounting principles, or GAAP, management considers it an important measure of
performance. Adjusted EBITDA is not a substitute for the GAAP measures of earnings or cash flow and
is not necessarily a measure of the Companys ability to fund its cash needs. In addition, it
should be noted that companies calculate adjusted EBITDA differently. Therefore, adjusted EBITDA
as presented may not be comparable to adjusted EBITDA reported by other companies. Adjusted EBITDA
has material limitations as a performance measure because it excludes, among other things, (a)
interest expense, (b) depreciation, depletion, amortization and accretion, (c) impairments of oil
and gas properties, and (d) income taxes, which may become material for the Company in the future.
Because of its limitations, adjusted EBITDA should not be considered a measure of discretionary
cash available to us to reinvest in PostRocks business.
POSTROCK ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
(Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Three Months | Three Months | March 6, 2010 | January 1, | Year Ended | ||||||||||||||||
Ended December | Ended December | to December | 2010 to March | December 31, | ||||||||||||||||
31, 2010 | 31, 2009 | 31, 2010 | 5, 2010 | 2009 | ||||||||||||||||
Revenue |
||||||||||||||||||||
Oil and gas sales |
$ | 19,202 | $ | 23,182 | $ | 69,277 | $ | 18,659 | $ | 79,893 | ||||||||||
Gathering revenue |
1,430 | 1,696 | 4,771 | 1,076 | 7,760 | |||||||||||||||
Pipeline revenue |
2,819 | 3,470 | 8,380 | 1,749 | 18,428 | |||||||||||||||
Total revenues |
23,451 | 28,348 | 82,428 | 21,484 | 106,081 | |||||||||||||||
Costs and expenses |
||||||||||||||||||||
Oil and gas production |
11,302 | 15,126 | 38,329 | 8,645 | 55,961 | |||||||||||||||
Pipeline operating |
1,463 | 1,445 | 5,195 | 1,110 | 6,573 | |||||||||||||||
General
administrative expenses |
4,933 | 12,018 | 20,705 | 5,735 | 41,723 | |||||||||||||||
Depreciation, depletion and amortization |
7,801 | 8,528 | 18,683 | 4,164 | 47,802 | |||||||||||||||
(Gain) loss from sale of assets |
(13,626 | ) | 25 | (13,495 | ) | | 25 | |||||||||||||
Impairments |
| 165,728 | | | 268,630 | |||||||||||||||
Recovery of misappropriated funds |
(595 | ) | (6 | ) | (1,592 | ) | | (3,412 | ) | |||||||||||
Total costs and expenses |
11,278 | 202,864 | 67,825 | 19,654 | 417,302 | |||||||||||||||
Operating income (loss) |
12,173 | (174,516 | ) | 14,603 | 1,830 | (311,221 | ) | |||||||||||||
Other income (expense) |
||||||||||||||||||||
Gain (loss) from derivative financial instruments |
(2,369 | ) | 17,044 | 47,870 | 25,246 | 48,122 | ||||||||||||||
Gain on
forgiveness of debt |
2,909 | | 2,909 | | | |||||||||||||||
Other income (expense), net |
8 | 109 | (24 | ) | (4 | ) | 108 | |||||||||||||
Interest expense, net |
(3,112 | ) | (8,663 | ) | (20,137 | ) | (5,336 | ) | (29,329 | ) | ||||||||||
Total other income (expense) |
(2,564 | ) | 8,490 | 30,618 | 19,906 | 18,901 | ||||||||||||||
Income (loss) before income taxes and non-controlling
interests |
9,609 | (166,026 | ) | 45,221 | 21,736 | (292,320 | ) | |||||||||||||
Income tax benefit (expense ) |
| | | | | |||||||||||||||
Net income (loss) |
9,609 | (166,026 | ) | 45,221 | 21,736 | (292,320 | ) | |||||||||||||
Net (income) loss attributable to non-controlling
interest |
| 102,036 | | (9,958 | ) | 147,398 | ||||||||||||||
Net income (loss) attributable to controlling interest |
$ | 9,609 | $ | (63,990 | ) | $ | 45,221 | $ | 11,778 | $ | (144,922 | ) | ||||||||
Preferred stock dividends and accretion |
2,098 | | 2,307 | | | |||||||||||||||
Net income
(loss) available to common stockholders |
$ | 7,511 | $ | (63,990 | ) | $ | 42,914 | $ | 11,778 | $ | (144,922 | ) | ||||||||
Net income (loss) per common share |
||||||||||||||||||||
Basic |
$ | 0.91 | $ | (2.01 | ) | $ | 5.29 | $ | 0.37 | $ | (4.55 | ) | ||||||||
Diluted |
$ | 0.66 | $ | (2.01 | ) | $ | 4.62 | $ | 0.36 | $ | (4.55 | ) | ||||||||
Weighted average shares outstanding |
||||||||||||||||||||
Basic |
8,239 | 31,851 | 8,110 | 32,137 | 31,833 | |||||||||||||||
Diluted |
11,372 | 31,851 | 9,295 | 32,614 | 31,833 | |||||||||||||||
POSTROCK ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Predecessor) | ||||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 730 | $ | 20,884 | ||||
Restricted cash |
28 | 718 | ||||||
Accounts receivable trade, net |
11,845 | 13,707 | ||||||
Other receivables |
1,153 | 2,269 | ||||||
Other current assets |
2,771 | 8,141 | ||||||
Inventory |
6,161 | 9,702 | ||||||
Current derivative financial instrument assets |
31,588 | 10,624 | ||||||
Total current assets |
54,276 | 66,045 | ||||||
Oil and gas properties under full cost method of
accounting, net |
116,488 | 40,478 | ||||||
Pipeline assets, net |
61,148 | 136,017 | ||||||
Other property and equipment, net |
15,964 | 19,433 | ||||||
Other assets, net |
9,303 | 2,727 | ||||||
Long-term derivative financial instrument assets |
39,633 | 18,955 | ||||||
Total assets |
$ | 296,812 | $ | 283,655 | ||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 7,030 | $ | 10,852 | ||||
Revenue payable |
5,898 | 5,895 | ||||||
Accrued expenses |
8,210 | 11,417 | ||||||
Current portion of notes payable |
10,500 | 310,015 | ||||||
Current derivative financial instrument liabilities |
3,792 | 1,447 | ||||||
Total current liabilities |
35,430 | 339,626 | ||||||
Long-term derivative financial instrument liabilities |
6,681 | 8,569 | ||||||
Asset retirement obligations |
7,150 | 6,552 | ||||||
Notes payable |
209,721 | 19,295 | ||||||
Total liabilities |
258,982 | 374,042 | ||||||
Commitments and contingencies
|
||||||||
Series A Cumulative Redeemable Preferred Stock |
50,622 | | ||||||
Equity |
||||||||
Preferred stock |
2 | | ||||||
Common stock |
82 | 33 | ||||||
Additional paid-in capital |
377,538 | 299,010 | ||||||
Treasury stock, at cost |
| (7 | ) | |||||
Accumulated deficit |
(390,414 | ) | (447,413 | ) | ||||
Total stockholders deficit before non-controlling interests |
(12,792 | ) | (148,377 | ) | ||||
Non-controlling interests |
| 57,990 | ||||||
Total
(deficit) equity |
(12,792 | ) | (90,387 | ) | ||||
Total liabilities and equity |
$ | 296,812 | $ | 283,655 | ||||
POSTROCK ENERGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
(Predecessor) | (Predecessor) | |||||||||||
March 6, 2010 | January 1, 2010 | Year Ended | ||||||||||
to December 31, | to March 5, | December 31, | ||||||||||
2010 | 2010 | 2009 | ||||||||||
Cash flows from operating activities |
||||||||||||
Net income (loss) |
$ | 45,221 | $ | 21,736 | $ | (292,320 | ) | |||||
Adjustments to reconcile net income (loss) to cash provided by
operations |
||||||||||||
Depreciation, depletion and amortization |
18,683 | 4,164 | 47,802 | |||||||||
Stock-based compensation |
1,635 | 808 | 1,279 | |||||||||
Impairments |
| | 268,630 | |||||||||
Amortization
of deferred financing costs |
5,753 | 2,094 | 7,761 | |||||||||
Change in fair value of derivative financial instruments |
(19,611 | ) | (21,573 | ) | 50,026 | |||||||
Recovery of misappropriated funds net of liabilities assumed |
(487 | ) | | (977 | ) | |||||||
Loss (gain) on disposal of property and equipment |
(13,495 | ) | | 25 | ||||||||
Gain on forgiveness of debt |
(2,909 | ) | ||||||||||
Other non-cash changes to items affecting net income (loss) |
138 | | 1,000 | |||||||||
Change in assets and liabilities |
||||||||||||
Accounts receivable |
2,400 | (237 | ) | 3,008 | ||||||||
Other receivables |
(199 | ) | 1,014 | 7,165 | ||||||||
Other current assets |
(486 | ) | 466 | 1,461 | ||||||||
Other assets |
(3,224 | ) | 2 | 193 | ||||||||
Accounts payable |
(4,773 | ) | (83 | ) | (25,115 | ) | ||||||
Revenue payable |
160 | (157 | ) | (2,526 | ) | |||||||
Accrued expenses |
735 | 983 | 7,142 | |||||||||
Other |
17 | | 65 | |||||||||
Net cash flows from operating activities |
29,558 | 9,217 | 74,619 | |||||||||
Cash flows from investing activities |
||||||||||||
Restricted cash |
691 | (1 | ) | (159 | ) | |||||||
Proceeds from sale of oil and gas properties |
14,062 | | 8,898 | |||||||||
Equipment, development, drilling, leasehold and pipeline |
(25,858 | ) | (2,282 | ) | (8,426 | ) | ||||||
Net cash flows from investing activities |
(11,105 | ) | (2,283 | ) | 313 | |||||||
Cash flows from financing activities |
||||||||||||
Proceeds from issuance of preferred stock and warrants |
60,000 | | | |||||||||
Proceeds from bank borrowings |
2,100 | 900 | 4,300 | |||||||||
Repayments of bank borrowings |
(102,023 | ) | (41 | ) | (67,413 | ) | ||||||
Debt and
equity financing costs |
(6,477 | ) | | (4,720 | ) | |||||||
Net cash flows from financing activities |
(46,400 | ) | 859 | (67,833 | ) | |||||||
Net increase (decrease) in cash |
(27,947 | ) | 7,793 | 7,099 | ||||||||
Cash and cash equivalents beginning of period |
28,677 | 20,884 | 13,785 | |||||||||
Cash and cash equivalents end of period |
$ | 730 | $ | 28,677 | $ | 20,884 | ||||||