1998 SECOND QUARTER REPORT 

 
Consolidated Statements of Cash Flows

(Unaudited)
(In Thousands) 

Six Months
Ended June 30,
1998 1997
Cash Flows from Operating Activities:
    Net income $      6,126 $    10,883
    Non-cash revenue and expense items 16,300 15,729
    Net change in operating assets and liabilities 3,065 3,673
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        Net Cash Provided by Operating Activities 25,491 30,285
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Cash Flows from Investing Activities:
    Additions to property and equipment (66,968) (64,043)
    Proceeds from the sale of property and equipment 1,199 1,648
    Net cash received (distributed) as operator of oil and gas properties (6,749) (1,741)
    Net cash received (distributed) as operator of partnerships and joint ventures 576 2,364
    Limited partnership formation and marketing costs (478) (345)
    Other (49) 248
------------- -------------
        Net Cash Used in Investing Activities (72,469) (61,869)
------------- -------------
Cash Flows from Financing Activities:
    Net proceeds from bank borrowings 56,085 ---
    Net proceeds from issuance of common stock 1,179 1,429
    Purchase of treasury stock (827) (8,417)
------------- -------------
        Net Cash Provided by (Used in) Financing Activities 56,437 (6,988)
------------- -------------
Net Increase (Decrease) in Cash and Cash Equivalents $    9,459 $    (38,572)
Cash and Cash Equivalents at Beginning of Period 2,047 77,795
------------- -------------
Cash and Cash Equivalents at End of Period $      11,506 $      39,223
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