Total current assets 191,377 148,813
Non-Current Assets
Exploration and evaluation assets
(Note 6) 62,921 118,350
Property, plant and equipment (Note
7) 688,724 560,493
Investment in and advances to Apico
LLC (Note 8) 63,144 60,266
Deposits and other assets 6,271 6,271
Total non-current assets 821,060 745,380
Total Assets 1,012,437 894,193
Liabilities
Current Liabilities
Accounts payable and accrued liabilities
(Note 9) 247,216 217,757
Current portion of long-term debt
(Note 11) 34 34
Current portion of derivative liabilities
(Note 11) 973 1,372
Total current liabilities 248,223 219,163
Non-Current Liabilities
Long-term debt (Note
11) 95,594 95,066
Non-current portion of derivative liabilities
(Note 11) 683 502
Derivative liability - Warrants
(Note 10) 3,596 3,784
Deferred tax liabilities 128,662 98,423
Decommissioning liabilities 48,302 46,726
Total non-current liabilities 276,837 244,501
Shareholders' Equity
(Note 14)
Common shares 215,141 213,260
Contributed surplus 20,269 18,940
Warrants
Retained earnings 245,902 193,877
Total Shareholders' Equity 481,312 426,077
Non-controlling interest 6,065 4,452
Total equity 487,377 430,529
Total liabilities and
equity 1,012,437 894,193
Commitments and contingencies (Note
17)
CASH FLOW STATEMENT
Three Months Ended March 31, 2013 2012
Operating activities
Net income 52,996 48,493
Adjustments:
Share of earnings from Apico
LLC (5,218) (4,007)
Unrealized (gain) loss on derivative
instruments (217) 4,007
Depletion and depreciation 23,305 20,044
Finance expenses 1,215 1,006
Amortisation of debt financing
fees 528 281
Share-based compensation 2,484 2,991
Deferred income taxes 30,239 11,703
Unrealized foreign exchange (gain)
loss (1,020) 92
Gains on disposal of property, plant (19) -
and equipment
Income taxes paid (6,984) -
Interest received 27 2
Interest paid (1,118) (721)
Dividends received from Apico 2,340 -
LLC
Change in non-cash working capital:
Accounts receivable (88,862) (15,537)
Inventory 6,910 (5,476)
Prepaids and other current assets (929) 748
Accounts payable and accrued liabilities (6,846) (19,357)
Current income taxes payable 44,974 36,608
Cash flow provided by operating
activities 53,805 80,877
Financing Activities
Issuance of common shares, net of issuance
costs 1,288 992
Cash settlement of restricted stock (156) -
units
Borrowings under long-term debt 15,000 -
Repayment of long-term debt (15,000) (30,000)
Loan arrangement fees - (746)
Distributions to non-controlling (1,293) -
interest
Contributions from non-controlling 1,989 -
interest
Cash flow provided by (used in) financing
activities 1,828 (29,754)
Investing Activities
(Increase) decrease in restricted
cash (32) 22,036
Expenditure on property, plant and
equipment (95,972) (45,229)
Acquisition of increased ownership interest
in Apico LLC - (9,250)
Proceeds from disposal of 533 -
property, plant and equipment
Cash flow used in investing
activities (95,471) (32,443)
Effect of exchange rate changes
on cash (510) (775)
(Decrease) increase in cash (40,348) 17,905
Cash - Beginning of period 63,897 22,995
Cash - End of period 23,549 40,900
The accompanying notes are an integral part of these condensed
interim consolidated financial statements.
Randy Bartley, President and Chief Executive Officer of the
Company and a member of the Society of Petroleum Engineering and
Jerry Moon, Vice President, Technical & Business Development, a
member of the American Association of Petroleum Geologists, a
Licensed Professional Geoscientist and a Certified Petroleum
Geologist in the state of Texas, have reviewed the contents of this
announcement.
Additional information, including the Company's complete
competent person's report may be found on the Company's website at
www.CoastalEnergy.comor may be found in documents filed on SEDAR at
www.sedar.com.
This statement contains 'forward-looking statements' as defined
by the applicable securities legislation. Statements relating to
current and future drilling results, existence and recoverability
of potential hydrocarbon reserves, production amounts or revenues,
forward capital expenditures, operation costs, oil and gas price
forecasts and similar matters are based on current data and
information and should be viewed as forward-looking statements.
Such statements are not guarantees of future results and are
subject to risks and uncertainties beyond Coastal Energy's control.
Actual results may differ substantially from the forward-looking
statements.
Enquiries:
Coastal Energy Company
Email: investor@CoastalEnergy.com +1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037
2000
Jeffrey Auld
FirstEnergy Capital LLP(Broker)
Hugh Sanderson / Travis Inlow +44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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