1997 SECOND QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

       Three Months        Six Months
       Ended June 30,        Ended June 30,
1997 1996 1997 1996
Revenues:
    Oil and gas sales $ 14,072 $ 10,815 $ 32,441 $ 20,507
    Fees from limited partnerships and joint ventures 165 90 264 160
    Supervision fees 1,273 1,095 2,521 2,127
    Interest income 751 18 1,750 26
    Other, net 665 540 1,195 927
------------- ------------- ------------- -------------
16,926 12,558 38,171 23,747
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 2,669 1,811 5,432 3,658
    General and administrative, net 1,494 1,414 3,069 2,852
    Depreciation, depletion, and amortization 5,711 3,630 11,108 6,900
    Interest expense, net 1,044 222 2,393 294
------------- ------------- ------------- -------------
10,918 7,077 22,002 13,704
------------- ------------- ------------- -------------
Income Before Income Taxes 6,008 5,481 16,169 10,043
Provision for Income Taxes 1,894 1,803 5,286 3,282
------------- ------------- ------------- -------------
Net Income 4,114 3,678 10,883 6,761
------------- ------------- ------------- -------------
Per Share Amounts--
    Primary $0.28 $0.29 $0.72 $0.54
------------- ------------- ------------- -------------
    Fully diluted $0.27 $0.25 $0.68 $0.47
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 14,911 12,631 15,048 12,586
------------- ------------- ------------- -------------

 

 

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