Letter to Stockholders
Balance Sheet
Production & Sales
Income Statements
Cash Flows
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1995 FIRST QUARTER REPORT 


 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

Three Months
Ended March 31,

1995 1994
Revenues:
     Oil and gas sales $ 4,876 $ 4,817
     Fees from limited partnerships and joint ventures 113 109
     Supervision fees 905 943
     Interest income 8 19
     Other, net 357 251
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6,259 6,139
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Costs and Expenses:
     Oil and gas production 1,629 1,142
     General and administrative, net 1,307 1,196
     Depreciation, depletion and amortization 2,168 1,689
     Interest expense 478 359
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5,582 4,386
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Income Before Income Taxes 677 1,753
Provision for Income Taxes 152 542
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Income Before Cumulative Effect of Change in Accounting Principle 525 1,211
Cumulative Effect of Change in Accounting Principle -- (16,773)
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Net Income 525 (15,562)
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Per Share Amounts--
     Primary:
     Income Before Cumulative Effect of Change in Accounting Principle $0.08 $0.18
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     Cumulative Effect of Change in Accounting Principle $ -- $(2.54)
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     Net Income $0.08 $(2.36)
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     Fully diluted:
     Income Before Cumulative Effect of Change in Accounting Principle $0.08 $0.17
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Cumulative Effect of Change in Accounting Principle $ -- $(2.54)
------------- -------------
     Net Income $0.08 $(2.36)
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Weighted Average Shares Outstanding 6,689,350 6,601,733
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