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FORM 10-Q FOR QUARTER ENDED MARCH 31, 2007PDF VersionUNITED STATES
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| TEXAS | 20-3940661 |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
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| 16825 Northchase Dr., Suite 400 | |
| Houston, Texas | 77060 |
| (Address of principal executive offices) | (Zip Code) |
(281) 874-2700
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
Yes √ No___
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.
Large accelerated filer √ Accelerated filer___ Non-accelerated filer___
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes___ No √
Indicate the number of shares outstanding of each of the
Issuer's
classes
| Common Stock | 29,897,074 Shares |
| ($.01 Par Value) | (Outstanding at April 30, 2007) |
| (Class of Stock) |
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PART I.
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PAGE
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Item 1.
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3
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- March 31, 2007 and December 31, 2006
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4
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- For the Three month periods ended March 31, 2007 and 2006
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5
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- For the Three month period ended March 31, 2007 and year ended
December 31, 2006
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6
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- For the Three month periods ended March 31, 2007 and 2006
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7
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Item 2.
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21
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Item 3.
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30
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Item 4.
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31
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PART II.
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Item 1.
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Legal Proceedings
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32
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Item 1A.
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Risk Factors
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32
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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None
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Item 3.
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Defaults Upon Senior Securities
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None
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Item 4.
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Submission of Matters to a Vote of Security Holders
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None
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Item 5.
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Other Information
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None
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Item 6.
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Exhibits
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32
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33
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March 31, 2007
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December 31, 2006
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(Unaudited)
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$ |
2,963
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$ |
1,058
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Accounts receivable-
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Oil and gas sales
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63,286
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63,935
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Joint interest owners
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895
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1,844
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Other Receivables
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1,035
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1,231
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Deferred Tax Asset
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2,383
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2,383
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Other current assets
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24,366
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22,122
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Total Current
Assets
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94,928
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92,573
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Property and Equipment:
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Oil and gas, using
full-cost accounting
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Proved properties
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2,368,048
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2,264,832
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Unproved properties
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107,426
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112,136
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2,475,474
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2,376,968
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Furniture, fixtures, and
other equipment
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30,441
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28,041
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2,505,915
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2,405,009
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Less – Accumulated
depreciation, depletion, and
amortization
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(969,634 | ) | (921,697 | ) | ||||
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1,536,281
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1,483,312
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Other Assets:
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Debt issuance costs
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7,071
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7,382
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Restricted assets
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2,414
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2,415
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9,485
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9,797
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| $ |
1,640,694
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$ |
1,585,682
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LIABILITIES AND
STOCKHOLDERS’ EQUITY
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Current Liabilities:
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Accounts payable and
accrued liabilities
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$ |
60,707
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$ |
74,425
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Accrued capital costs
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41,478
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55,282
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Accrued interest
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10,692
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8,764
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Undistributed oil and gas
revenues
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9,709
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7,504
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Total Current
Liabilities
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122,586
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145,975
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Long-Term Debt
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414,000
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381,400
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Deferred Income Taxes
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239,357
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224,967
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Asset Retirement Obligation
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34,122
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