1998 SECOND QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

       Three Months        Six Months
       Ended June 30,        Ended June 30,
1998 1997 1998 1997
Revenues:
    Oil and gas sales $ 15,681 $ 14,072 $ 31,483 $ 32,441
    Fees from limited partnerships and joint ventures 125 165 205 264
    Interest income 45 751 63 1,750
    Other, net 490 665 1,065 1,195
------------- ------------- ------------- -------------
16,341 15,653 32,816 35,650
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 2,355 2,033 4,875 4,172
    General and administrative, net 880 857 1,880 1,808
    Depreciation, depletion, and amortization 7,251 5,711 13,985 11,108
    Interest expense, net 1,585 1,044 2,970 2,393
------------- ------------- ------------- -------------
12,071 9,645 23,710 19,481
------------- ------------- ------------- -------------
Income Before Income Taxes 4,270 6,008 9,106 16,169
Provision for Income Taxes 1,374 1,894 2,980 5,286
------------- ------------- ------------- -------------
Net Income $2,896 $4,114 $6,126 $10,883
------------- ------------- ------------- -------------
Per Share Amounts--
    Basic $0.18 $0.25 $0.37 $0.66
------------- ------------- ------------- -------------
    Diluted $0.18 $0.24 $0.37 $0.61
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 16,525 16,402 16,513 16,552
------------- ------------- ------------- -------------

 

 

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