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Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in thousands of U.S. Dollars)
Three months ended March 31 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------CASH FLOWS RELATED TO THE FOLLOWINGACTIVITIES:OPERATING Net earnings for the period $ 24,878 $ 10,975 Adjustments for: Depletion, depreciation and amortization 11,180 11,749 Deferred lease inducement 115 114 Impairment of exploration and evaluation costs - 16 Stock-based compensation 1,278 1,140 Finance costs 2,202 6,206 Income tax expense 23,921 21,585 Unrealized (gain) loss on commodity contracts - 124 Unrealized (gain) loss on financial instruments (2,990) 7,840 Unrealized (gain) loss on foreign currency translation (1,505) (350) Income taxes paid (23,074) (23,311) Changes in non-cash working capital 15,895 (34,317)----------------------------------------------------------------------------Net cash generated by (used in) operating activities 51,900 1,771----------------------------------------------------------------------------INVESTING Additions to intangible exploration and evaluation assets (3,476) (271) Additions to petroleum properties (14,677) (3,961) Additions to other assets (40) (240) Changes in restricted cash (1) (1) Changes in non-cash working capital (893) (7,940)----------------------------------------------------------------------------Net cash generated by (used in) investing activities (19,087) (12,413)----------------------------------------------------------------------------FINANCING Issue of common shares for cash 396 268 Financing costs (50) - Interest paid (3,373) (807) Issue of convertible debentures - 97,851 Issue costs for convertible debentures - (4,389) Increase (decrease) in other long-term liabilities (144) (164) Changes in non-cash working capital - 805----------------------------------------------------------------------------Net cash generated by (used in) financing activities (3,171) 93,564----------------------------------------------------------------------------Currency translation differences relating to cash and cash equivalents (436) 507----------------------------------------------------------------------------NET INCREASE (DECREASE) IN CASH AND CASHEQUIVALENTS 29,206 83,429CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 82,974 43,884----------------------------------------------------------------------------CASH AND CASH EQUIVALENTS, END OF PERIOD $ 112,180 $ 127,313--------------------------------------------------------------------------------------------------------------------------------------------------------
