1998 FIRST QUARTER REPORT 

 
Consolidated Statements of Cash Flows

(Unaudited)
(In Thousands)

Three Months
Ended March 31,
1998 1997
Cash Flows from Operating Activities:
    Net income $      3,230 $      6,769
    Non-cash revenue and expense items 7,999 8,562
    Net change in operating assets and liabilities 1,791 4,208
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        Net Cash Provided by Operating Activities 13,020 19,539
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Cash Flows from Investing Activities:
    Additions to property and equipment (27,980) (28,409)
   Proceeds from the sale of property and equipment 1,146 530
    Net cash received (distributed) as operator of oil and gas properties 2,821 1,288
    Net cash received (distributed) as operator of partnerships and joint ventures 3,835 738
    Limited partnership formation and marketing costs (453) (462)
    Other (16) 151
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        Net Cash Used in Investing Activities (20,647) (26,164)
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Cash Flows from Financing Activities:
    Net proceeds from bank borrowings 7,209 ---
    Net proceeds from issuance of common stock 860 759
    Purchase of treasury stock (574) (3,760)
------------- -------------
        Net Cash Provided by (Used in) Financing Activities 7,495 (3,001)
------------- -------------
Net Decrease in Cash and Cash Equivalents $    (132) $    (9,626)
Cash and Cash Equivalents at Beginning of Period 2,047 77,795
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Cash and Cash Equivalents at End of Period $      1,915 $      68,169
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