1996 FIRST QUARTER REPORT 


 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share) 

Three Months
Ended March 31,

1996 1995
Revenues:
    Oil and gas sales $  9,692 $  4,876
    Fees from limited partnerships and joint ventures 70 113
    Supervision fees 1,031 905
    Interest income 9 8
    Other, net 387 357
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11,189 6,259
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Costs and Expenses:
    Oil and gas production 1,848 1,629
    General and administrative, net 1,438 1,307
    Depreciation, depletion, and amortization 3,270 2,168
    Interest expense, net 72 478
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6,628 5,582
------------- -------------
Income Before Income Taxes 4,561 677
Provision for Income Taxes 1,479 152
------------- -------------
Net Income 3,082 525
------------- -------------
Per Share Amounts--
    Primary $    0.25 $    0.08
------------- -------------
    Fully diluted $    0.22 $    0.08
------------- -------------
Weighted Average Shares Outstanding 12,540,381 6,689,350
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