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Condensed Consolidated Interim Balance Sheets
(Unaudited - Expressed in thousands of U.S. Dollars)
As at As at March 31, 2013 December 31, 2012--------------------------------------------------------------------------------------------------------------------------------------------------------ASSETSCurrent Cash and cash equivalents $ 112,180 $ 82,974 Accounts receivable 204,625 221,017 Prepaids and other 5,909 6,813 Product inventory 428 ----------------------------------------------------------------------------- 323,142 310,804Non-Current Restricted cash 783 782 Intangible exploration and evaluation assets 51,890 48,414 Property and equipment Petroleum properties 284,533 280,895 Other assets 4,147 4,350 Goodwill 8,180 8,180---------------------------------------------------------------------------- $ 672,675 $ 653,425--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIESCurrent Accounts payable and accrued liabilities $ 45,145 $ 48,587---------------------------------------------------------------------------- 45,145 48,587Non-Current Long-term debt 17,097 16,885 Convertible debentures 93,842 98,742 Deferred taxes 53,210 52,363 Other long-term liabilities 940 988---------------------------------------------------------------------------- 210,234 217,565----------------------------------------------------------------------------SHAREHOLDERS' EQUITY Share capital 159,259 158,721 Contributed surplus 12,879 11,714 Retained earnings 290,303 265,425---------------------------------------------------------------------------- 462,441 435,860---------------------------------------------------------------------------- $ 672,675 $ 653,425--------------------------------------------------------------------------------------------------------------------------------------------------------
Condensed Consolidated Interim Statement of Changes in Shareholders' Equity
(Unaudited - Expressed in thousands of U.S. Dollars)
Three months ended March 31 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Share Capital Balance, beginning of period $ 158,721 $ 154,263 Stock options exercised 396 268 Transfer from contributed surplus on exercise of options 142 100---------------------------------------------------------------------------- Balance, end of period $ 159,259 $ 154,631--------------------------------------------------------------------------------------------------------------------------------------------------------Contributed Surplus Balance, beginning of period $ 11,714 $ 8,538 Share-based compensation expense 1,307 814 Transfer to share capital on exercise of options (142) (100)---------------------------------------------------------------------------- Balance, end of period $ 12,879 $ 9,252--------------------------------------------------------------------------------------------------------------------------------------------------------Retained Earnings Balance, beginning of period $ 265,425 $ 177,691 Net earnings and total comprehensive income 24,878 10,975---------------------------------------------------------------------------- Balance, end of period $ 290,303 $ 188,666--------------------------------------------------------------------------------------------------------------------------------------------------------
