Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 68,371 $ 108,422 $ 47,363
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of discount-Asset Retirement Obligation 698 666 617
Depletion, depreciation and amortization 90,749 62,320 38,907
Stock-based compensation expense 2,813 772 295
(Gain) loss from equity investments (8,322) 1,418 977
Interest income-note receivable (2) (147) (267)
Unrealized loss (gain) on derivative instruments 144 (25) 0
Deferred income tax expense (benefit) 24,120 (372) (95)
Amortization of loan commitment fees 640 540 0
Amortization of note discount and premium 59 0 0
Write off of loan commitment fees 1,143 0 0
Loss on disposal of assets 5,702 0 0
Gain on sale of assets (7,300) 0 0
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable 2,404 (13,067) (5,460)
Increase in accounts receivable—related party (30,117) (4,158) (437)
(Increase) decrease in prepaid expenses (179) 405 315
Increase in other assets 0 0 (75)
Increase in accounts payable and accrued liabilities 50,506 1,612 4,948
Settlement of asset retirement obligation (2,271) (248) (1,253)
Net cash provided by operating activities 199,158 158,138 85,835
Cash flows from investing activities:      
Deductions to cash held in escrow 8 8 8
Additions to other property, plant and equipment (638) (415) (427)
Additions to oil and gas properties (757,192) (287,292) (101,644)
Proceeds from sale of other property, plant and equipment 140 0 0
Proceeds from sale of oil and gas properties 63,590 1,384 304
Advances on note receivable to related party 0 (3,182) (2,877)
Contributions to equity method investments (147,307) (34,621) (1,244)
Distributions from equity method investments 820 870 565
Net cash used in investing activities (840,579) (323,248) (105,315)
Cash flows from financing activities:      
Principal payments on borrowings (158,639) (97,634) (52,711)
Borrowings on line of credit 158,500 48,000 52,200
Proceeds from bond issuance 296,835 0 0
Debt issuance costs and loan commitment fees (9,175) (981) (1,144)
Proceeds from issuance of common stock, net of offering costs, and exercise of stock options 427,091 307,154 21,879
Net cash provided by financing activities 714,612 256,539 20,224
Net increase in cash and cash equivalents 73,191 91,429 744
Cash and cash equivalents at beginning of period 93,897 2,468 1,724
Cash and cash equivalents at end of period 167,088 93,897 2,468
Supplemental disclosure of cash flow information:      
Interest payments 1,461 991 1,949
Income tax payments 261 1 40
Supplemental disclosure of non-cash transactions:      
Capitalized stock based compensation 1,875 515 197
Asset retirement obligations 2,195 1,390 1,328
Foreign currency translation gain (loss) on investment in Grizzly Oil Sands ULC 1,355 (855) 1,313
Foreign currency translation gain (loss) on note receivable-related party    $ (1,085) $ 942