Letter to Stockholders
Balance Sheet
Production & Sales
Income Statements
Cash Flows
Investor Information
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Spreadsheets
         

1995 SECOND QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

Three Months Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
Revenues:
     Oil and gas sales $ 4,866 $ 4,662 $ 9,742 $ 9,479
     Fees from limited partnerships and joint ventures 135 234 248 342
     Supervision fees 960 952 1,864 1,895
     Interest income 11 2 19 21
     Other, net 592 257 950 508
------------- ------------- ------------- -------------
6,564 6,107 12,823 12,245
------------- ------------- ------------- -------------
Costs and Expenses:
     Oil and gas production 1,707 1,218 3,337 2,360
     General and administrative, net 1,445 1,221 2,752 2,416
     Depreciation, depletion and amortization 1,834 1,803 4,002 3,492
     Interest expense 613 402 1,090 761
------------- ------------- ------------- -------------
5,599 4,644 11,181 9,029
------------- ------------- ------------- -------------
Income Before Income Taxes 965 1,463 1,642 3,216
Provision for Income Taxes 234 387 386 929
------------- ------------- ------------- -------------
Income Before Cumulative Effect of Change in Accounting Principle 731 1,076 1,256 2,287
Cumulative Effect of Change in Accounting Principle -- -- -- (16,773)
------------- ------------- ------------- -------------
Net Income $ 731 $ 1,076 $ 1,256 $(14,486)
------------- ------------- ------------- -------------
Per Share Amounts--
     Primary:
     Income Before Cumulative Effect of Change in Accounting Principle $0.11 $0.16 $0.19 $0.35
------------- ------------- ------------- -------------
     Net Income $0.11 $0.16 $0.19 $(2.19)
------------- ------------- ------------- -------------
     Fully diluted:
     Income Before Cumulative Effect of Change in Accounting Principle $0.11 $0.15 $0.19 $0.32
------------- ------------- ------------- -------------
     Net Income $0.11 $0.15 $0.19 $(2.19)
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 6,723,635 6,625,105 6,706,492 6,613,419

 

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