1996 THIRD QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Revenues:
    Oil and gas sales $ 13,227 $ 5,466 $ 33,733 $ 15,208
    Fees from limited partnerships and joint ventures 455 91 616 339
    Supervision fees 1,150 974 3,277 2,838
    Interest income 9 113 35 132
    Other, net 591 405 1,518 1,355
------------- ------------- ------------- -------------
15,432 7,049 39,179 19,872
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 2,090 1,764 5,749 5,101
    General and administrative, net of reimbursement 1,749 1,218 4,601 3,970
    Depreciation, depletion, and amortization 4,414 2,136 11,314 6,139
    Interest expense, net -- 193 294 1,283
------------- ------------- ------------- -------------
8,253 5,311 21,958 16,493
------------- ------------- ------------- -------------
Income Before Income Taxes 7,179 1,738 17,221 3,379
Provision for Income Taxes 2,537 473 5,818 859
------------- ------------- ------------- -------------
Net Income $ 4,642 $ 1,265 $11,403 $2,520
------------- ------------- ------------- -------------
Per Share Amounts--

 

    Primary $0.33 $0.12 $0.87 $0.32
------------- ------------- ------------- -------------

 

    Fully diluted $0.31 $0.11 $0.87 $0.32
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 14,246,832 10,571,125 13,139,558 7,994,703
------------- ------------- ------------- -------------

 

 

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