tat-10q_20190930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-34574

 

TRANSATLANTIC PETROLEUM LTD.

(Exact name of registrant as specified in its charter)

 

 

Bermuda

None

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

16803 Dallas Parkway, Suite 200

Addison, Texas

75001

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (214) 220-4323

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class 

 

 

 

 

 

 

 

Ticker Symbol

 

 

 

 

 

 

 

Name of each exchange on which registered 

Common shares, par value $0.10

 

 

 

 

 

 

 

TAT

 

 

 

 

 

 

 

NYSE American

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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant is required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 8, 2019, the registrant had 57,708,698 common shares outstanding.

 

 


 


TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

 

 

Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018

4

 

 

Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2019 and 2018

5

 

 

Unaudited Consolidated Statement of Equity for the Three and Nine Months Ended September 30, 2019 and 2018

6

 

 

Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

7

 

 

Notes to Unaudited Consolidated Financial Statements

8

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

30

 

 

Item 4. Controls and Procedures

30

 

 

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

31

 

 

Item 1A. Risk Factors

31

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

31

 

 

Item 3. Defaults Upon Senior Securities

32

 

 

Item 4. Mine Safety Disclosures

32

 

 

Item 5. Other Information

32

 

 

Item 6. Exhibits

33

 

 


2


Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of applicable U.S. and Canadian securities legislation. Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future, by us or on our behalf. Such statements are generally identifiable by the terminology used such as “plans,” “expects,” “estimates,” “budgets,” “intends,” “anticipates,” “believes,” “projects,” “indicates,” “targets,” “objective,” “could,” “should,” “may,” or other similar words.

By their very nature, forward-looking statements require us to make assumptions that may not materialize or that may not be accurate. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements, including the factors discussed under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2018. Such factors include, but are not limited to, the following: our ability to access sufficient capital to fund our operations; fluctuations in and volatility of the market prices for oil and natural gas products; the ability to produce and transport oil and natural gas; the results of exploration and development drilling and related activities; global economic conditions, particularly in the countries in which we carry on business, especially economic slowdowns; actions by governmental authorities including increases in taxes, legislative and regulatory initiatives related to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including sanctions, armed conflicts, and actions by insurgent groups; the negotiation and closing of material contracts or sale of assets; future capital requirements and the availability of financing; risks associated with drilling, operating and decommissioning wells; actions of third-party co-owners of interests in properties in which we also own an interest; and the other factors discussed in other documents that we file with or furnish to the U.S. Securities and Exchange Commission (the “SEC”) and Canadian securities regulatory authorities. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors and our course of action would depend upon our assessment of the future, considering all information then available. In that regard, any statements as to: future oil or natural gas production levels; capital expenditures; asset sales; the allocation of capital expenditures to exploration and development activities; sources of funding for our capital expenditure programs or operations; drilling of new wells; demand for oil and natural gas products; expenditures and allowances relating to environmental matters; dates by which certain areas will be developed or will come on-stream; expected finding and development costs; future production rates; ultimate recoverability of reserves, including the ability to convert probable and possible reserves to proved reserves; dates by which transactions are expected to close; future cash flows, uses of cash flows, collectability of receivables and availability of trade credit; expected operating costs; changes in any of the foregoing; and other statements using forward-looking terminology are forward-looking statements, and there can be no assurance that the expectations conveyed by such forward-looking statements will, in fact, be realized.

Although we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or financial condition.

Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, as well as others not now anticipated. The foregoing statements are not exclusive and further information concerning us, including factors that potentially could materially affect our financial results, may emerge from time to time. We do not intend to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements, except as required by law.

 

3


PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

TRANSATLANTIC PETROLEUM LTD.

Consolidated Balance Sheets

(in thousands of U.S. Dollars, except share data)

 

 

September 30, 2019

 

 

December 31, 2018

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,452

 

 

$

9,892

 

Accounts receivable, net

 

 

 

 

 

 

 

Oil and natural gas sales

 

12,032

 

 

 

12,912

 

Joint interest and other

 

1,567

 

 

 

982

 

Related party

 

853

 

 

 

878

 

Prepaid and other current assets

 

12,331

 

 

 

8,696

 

Derivative asset

 

384

 

 

 

 

Note receivable - related party

 

 

 

 

5,828

 

Inventory

 

4,804

 

 

 

5,167

 

Total current assets

 

46,423

 

 

 

44,355

 

Property and equipment:

 

 

 

 

 

 

 

Oil and natural gas properties (successful efforts method)

 

 

 

 

 

 

 

Proved

 

170,237

 

 

 

163,006

 

Unproved

 

14,911

 

 

 

15,695

 

Equipment and other property

 

13,091

 

 

 

14,408

 

 

 

198,239

 

 

 

193,109

 

Less accumulated depreciation, depletion and amortization

 

(108,646

)

 

 

(105,850

)

Property and equipment, net

 

89,593

 

 

 

87,259

 

Other long-term assets:

 

 

 

 

 

 

 

Other assets

 

3,107

 

 

 

986

 

Note receivable - related party

 

4,150

 

 

 

 

Total other assets

 

7,257

 

 

 

986

 

Total assets

$

143,273

 

 

$

132,600

 

LIABILITIES, SERIES A PREFERRED SHARES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

6,067

 

 

$

3,896

 

Accounts payable - related party

 

3,552

 

 

 

2,922

 

Accrued liabilities

 

13,956

 

 

 

13,073

 

Derivative liability

 

414

 

 

 

 

Loans payable

 

18,912

 

 

 

22,000

 

Total current liabilities

 

42,901

 

 

 

41,891

 

Long-term liabilities:

 

 

 

 

 

 

 

Asset retirement obligations

 

4,836

 

 

 

4,667

 

Accrued liabilities

 

9,994

 

 

 

7,259

 

Deferred income taxes

 

22,720

 

 

 

20,314

 

Loans payable

 

7,143

 

 

 

 

Total long-term liabilities

 

44,693

 

 

 

32,240

 

Total liabilities

 

87,594

 

 

 

74,131

 

Commitments and contingencies

 

 

 

 

 

 

 

Series A preferred shares, $0.01 par value, 426,000 shares authorized; 426,000 shares issued and outstanding with a liquidation preference of $50 per share as of September 30, 2019 and December 31, 2018

 

21,300

 

 

 

21,300

 

Series A preferred shares-related party, $0.01 par value, 495,000 shares authorized; 495,000 shares issued and outstanding with a liquidation preference of $50 per share as of September 30, 2019 and December 31, 2018

 

24,750

 

 

 

24,750

 

Shareholders' equity:

 

 

 

 

 

 

 

Common shares, $0.10 par value, 200,000,000 shares authorized; 57,708,698 shares and 52,413,588 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

5,771

 

 

 

5,241

 

Treasury stock

 

(970

)

 

 

(970

)

Additional paid-in-capital

 

580,843

 

 

 

577,488

 

Accumulated other comprehensive loss

 

(145,855

)

 

 

(142,021

)

Accumulated deficit

 

(430,160

)

 

 

(427,319

)

Total shareholders' equity

 

9,629

 

 

 

12,419

 

Total liabilities, Series A preferred shares and shareholders' equity

$

143,273

 

 

$

132,600

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

4


TRANSATLANTIC PETROLEUM LTD.

Consolidated Statements of Operations and Comprehensive (Loss) Income

(Unaudited)

(U.S. Dollars and shares in thousands, except per share amounts)

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

$

14,543

 

 

$

20,098

 

 

$

50,537

 

 

$

54,859

 

Other

 

110

 

 

 

42

 

 

 

372

 

 

 

405

 

Total revenues

 

14,653

 

 

 

20,140

 

 

 

50,909

 

 

 

55,264

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production

 

3,162

 

 

 

2,307

 

 

 

8,376

 

 

 

7,980

 

Transportation and processing

 

1,262

 

 

 

1,054

 

 

 

3,802

 

 

 

3,385

 

Exploration, abandonment and impairment

 

488

 

 

 

162

 

 

 

6,267

 

 

 

393

 

Seismic and other exploration

 

48

 

 

 

122

 

 

 

233

 

 

 

340

 

General and administrative

 

2,503

 

 

 

2,539

 

 

 

8,247

 

 

 

9,662

 

Depreciation, depletion and amortization

 

3,021

 

 

 

2,938

 

 

 

10,179

 

 

 

10,673

 

Accretion of asset retirement obligations

 

56

 

 

 

35

 

 

 

157

 

 

 

124

 

Total costs and expenses

 

10,540

 

 

 

9,157

 

 

 

37,261

 

 

 

32,557

 

Operating income

 

4,113

 

 

 

10,983

 

 

 

13,648

 

 

 

22,707

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other expense

 

(2,780

)

 

 

(2,776

)

 

 

(8,011

)

 

 

(7,649

)

Interest and other income

 

381

 

 

 

211

 

 

 

776

 

 

 

842

 

Gain (loss) on derivative contracts

 

403

 

 

 

(1,290

)

 

 

(30

)

 

 

(5,156

)

Foreign exchange loss

 

(797

)

 

 

(2,991

)

 

 

(2,185

)

 

 

(6,987

)

Total other expense

 

(2,793

)

 

 

(6,846

)

 

 

(9,450

)

 

 

(18,950

)

Income from operations before income taxes

 

1,320

 

 

 

4,137

 

 

 

4,198

 

 

 

3,757

 

Income tax expense

 

(250

)

 

 

(5,857

)

 

 

(7,039

)

 

 

(8,258

)

Net income (loss)

 

1,070

 

 

 

(1,720

)

 

 

(2,841

)

 

 

(4,501

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

808

 

 

 

(11,765

)

 

 

(3,834

)

 

 

(23,217

)

Comprehensive income (loss)

$

1,878

 

 

$

(13,485

)

 

$

(6,675

)

 

$

(27,718

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common share

$

0.02

 

 

$

(0.03

)

 

$

(0.05

)

 

$

(0.09

)

Weighted average common shares outstanding

 

57,680

 

 

 

50,597

 

 

 

54,249

 

 

 

50,465

 

Diluted net income (loss) per common share

$

0.02

 

 

$

(0.03

)

 

$

(0.05

)

 

$

(0.09

)

Weighted average common and common equivalent shares outstanding

 

57,680

 

 

 

50,597

 

 

 

54,249

 

 

 

50,465

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 


5


TRANSATLANTIC PETROLEUM LTD.

Consolidated Statement of Equity for the Three and Nine Months Ended September 30, 2019 and 2018

(Unaudited)

(U.S. Dollars and shares in thousands)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common

 

 

Treasury

 

 

 

 

 

 

Common

 

 

Treasury

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

Three months ended September 30, 2019

Shares

 

 

Shares

 

 

Warrants

 

 

Shares

 

 

Stock

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at June 30, 2019

 

52,723

 

 

 

333

 

 

 

-

 

 

$

5,273

 

 

$

(970

)

 

$

577,538

 

 

$

(146,663

)

 

$

(431,230

)

 

$

3,948

 

Issuance of common shares

 

4,986

 

 

 

 

 

 

 

 

 

 

 

498

 

 

 

 

 

 

 

3,186

 

 

 

 

 

 

 

 

 

 

 

3,684

 

Issuance of restricted stock units

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

119

 

 

 

-

 

 

 

-

 

 

 

119

 

Tax effect of restricted stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

808

 

 

 

-

 

 

 

808

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,070

 

 

 

1,070

 

Balance at September 30, 2019

 

57,709

 

 

 

333

 

 

 

-

 

 

$

5,771

 

 

$

(970

)

 

$

580,843

 

 

$

(145,855

)

 

$

(430,160

)

 

$

9,629

 

Nine months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

52,413

 

 

 

333

 

 

 

-

 

 

$

5,241

 

 

$

(970

)

 

$

577,488

 

 

$

(142,021

)

 

$

(427,319

)

 

$

12,419

 

Issuance of common shares

 

4,986

 

 

 

 

 

 

 

 

 

 

 

498

 

 

 

 

 

 

 

3,186

 

 

 

 

 

 

 

 

 

 

 

3,684

 

Issuance of restricted stock units

 

310

 

 

 

-

 

 

 

-

 

 

 

32

 

 

 

-

 

 

 

(32

)

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

298

 

 

 

-

 

 

 

-

 

 

 

298

 

Tax effect of restricted stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(97

)

 

 

-

 

 

 

-

 

 

 

(97

)

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

(3,834

)

 

 

-

 

 

 

(3,834

)

Net loss

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,841

)

 

 

(2,841

)

Balance at September 30, 2019

 

57,709

 

 

 

333

 

 

 

-

 

 

$

5,771

 

 

$

(970

)

 

$

580,843

 

 

$

(145,855

)

 

$

(430,160

)

 

$

9,629

 

Three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

50,591

 

 

 

333

 

 

 

-

 

 

$

5,059

 

 

$

(970

)

 

$

575,591

 

 

$

(136,218

)

 

$

(424,884

)

 

$

18,578

 

Issuance of restricted stock units

 

14

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

122

 

 

 

-

 

 

 

-

 

 

 

122

 

Tax effect of restricted stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,765

)

 

 

-

 

 

 

(11,765

)

Net loss

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,720

)

 

 

(1,720

)

Balance at September 30, 2018

 

50,605

 

 

 

333

 

 

 

-

 

 

$

5,060

 

 

$

(970

)

 

$

575,712

 

 

$

(147,983

)

 

$

(426,604

)

 

$

5,215

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

50,319

 

 

 

333

 

 

 

700

 

 

$

5,032

 

 

$

(970

)

 

$

575,411

 

 

$

(124,766

)

 

$

(422,103

)

 

$

32,604

 

Expiration of warrants

 

-

 

 

 

-

 

 

 

(700

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of restricted stock units

 

286

 

 

 

-

 

 

 

-

 

 

 

28

 

 

 

-

 

 

 

(28

)

 

 

-

 

 

 

-

 

 

 

-

 

Share-based compensation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

340

 

 

 

-

 

 

 

-

 

 

 

340

 

Tax effect of restricted stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11

)

 

 

-

 

 

 

-

 

 

 

(11

)

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(23,217

)

 

 

-

 

 

 

(23,217

)

Net loss

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,501

)

 

 

(4,501

)

Balance at September 30, 2018

 

50,605

 

 

 

333

 

 

 

-

 

 

$

5,060

 

 

$

(970

)

 

$

575,712

 

 

$

(147,983

)

 

$

(426,604

)

 

$

5,215

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 


6


TRANSATLANTIC PETROLEUM LTD.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands of U.S. Dollars)

 

 

For the Nine Months Ended

 

 

September 30,

 

 

2019

 

 

2018

 

Operating activities:

 

 

 

 

 

 

 

Net loss

$

(2,841

)

 

$

(4,501

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Share-based compensation

 

298

 

 

 

340

 

Foreign currency loss

 

1,776

 

 

 

20,748

 

Interest on Series A Preferred Shares paid in common shares

 

3,684

 

 

 

 

Loss on derivative contracts

 

30

 

 

 

5,156

 

Cash settlement on derivative contracts

 

 

 

 

(3,710

)

Amortization on loan financing costs

 

31

 

 

 

31

 

Deferred income tax expense

 

4,396

 

 

 

5,577

 

Exploration, abandonment and impairment

 

6,267

 

 

 

393

 

Depreciation, depletion and amortization

 

10,179

 

 

 

10,673

 

Accretion of asset retirement obligations

 

157

 

 

 

124

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

172

 

 

 

(14,920

)

Prepaid expenses and other assets

 

(6,567

)

 

 

(6,831

)

Accounts payable and accrued liabilities