1999 SECOND QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

       Three Months        Six Months
       Ended June 30,        Ended June 30,
1999 1998 1999 1998
Revenues:
    Oil and gas sales $ 23,573 $ 15,681 $ 44,668 $ 31,483
    Fees from limited partnerships and joint ventures 57 125 100 205
    Interest income 10 45 23 63
    Other, net 289 490 626 1,065
------------- ------------- ------------- -------------
23,929 16,341 45,417 32,816
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 4,131 2,355 8,551 4,875
    General and administrative, net 1,185 880 2,294 1,880
    Depreciation, depletion, and amortization 10,478 7,251 21,227 13,985
    Interest expense, net 3,349 1,585 6,653 2,970
------------- ------------- ------------- -------------
19,143 12,071 38,725 23,710
------------- ------------- ------------- -------------
Income Before Income Taxes 4,786 4,270 6,692 9,106
Provision for Income Taxes 1,634 1,374 2,258 2,980
------------- ------------- ------------- -------------
Net Income $3,152 $2,896 $4,434 $6,126
------------- ------------- ------------- -------------
Per Share Amounts--
    Basic $0.20 $0.18 $0.27 $0.37
------------- ------------- ------------- -------------
    Diluted $0.20 $0.18 $0.27 $0.37
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 16,152 16,525 16,154 16,513
------------- ------------- ------------- -------------

 

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