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1995 THIRD QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

Three Months Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
Revenues:
     Oil and gas sales $ 5,466 $ 5,535 $ 15,208 $ 15,014
     Fees from limited partnerships and joint ventures 91 204 339 546
     Supervision fees 974 947 2,838 2,842
     Interest income 113 8 132 29
     Other, net 405 268 1,355 777
------------- ------------- ------------- -------------
7,049 6,962 19,872 19,208
------------- ------------- ------------- -------------
Costs and Expenses:
     Oil and gas production 1,764 1,578 5,101 3,938
     General and administrative, net 1,218 1,352 3,970 3,769
     Depreciation, depletion and amortization 2,136 2,144 6,139 5,635
     Interest expense 193 449 1,283 1,210
------------- ------------- ------------- -------------
5,311 5,523 16,493 14,552
------------- ------------- ------------- -------------
Income Before Income Taxes 1,738 1,439 3,379 4,656
Provision for Income Taxes 473 309 859 1,238
------------- ------------- ------------- -------------
Income Before Cumulative Effect of Change in Accounting Principle 1,265 1,130 2,520 3,418
Cumulative Effect of Change in Accounting Principle -- -- -- (16,773)
------------- ------------- ------------- -------------
Net Income $ 1,265 $ 1,130 $ 2,520 $(13,355)
------------- ------------- ------------- -------------
Per Share Amounts--
Primary:
     Income Before Cumulative Effect of Change in Accounting Principle $0.12 $0.17 $0.32 $0.52
------------- ------------- ------------- -------------
     Net Income $0.12 $0.17 $0.32 $(2.01)
------------- ------------- ------------- -------------
Fully diluted:
     Income Before Cumulative Effect of Change in Accounting Principle $0.11 $0.16 $0.32 $0.48
------------- ------------- ------------- -------------
     Net Income $0.11 $0.16 $0.32 $(2.01)
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 10,571,125 6,667,752 7,994,703 6,631,530

 

 

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