2000 THIRD QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)
(In Thousands Except Income Per Share)

       Three Months        Nine Months
       Ended September 30,        Ended September 30,
2000 1999 2000 1999
Revenues:
    Oil and gas sales $ 48,717 $ 30,737 $ 131,403 $ 75,406
    Fees from limited partnerships and joint ventures 138 93 258 192
    Interest income 445 244 1,084 267
    Other, net 225 205 655 831
------------- ------------- ------------- -------------
49,525 31,279 133,400 76,696
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 7,569 5,138 20,601 13,689
    General and administrative, net 1,649 1,054 4,257 3,348
    Depreciation, depletion, and amortization 11,589 10,403 34,611 31,630
    Interest expense, net 3,970 3,749 12,046 10,403
------------- ------------- ------------- -------------
24,777 20,344 71,515 59,070
------------- ------------- ------------- -------------
Income Before Income Taxes 24,748 10,935 61,885 17,626
Provision for Income Taxes 8,916 3,827 22,250 6,085
------------- ------------- ------------- -------------
Net Income $15,832 $7,108 $39,635 $11,541
------------- ------------- ------------- -------------
Per Share Amounts--
    Basic $0.74 $0.37 $1.88 $0.67
------------- ------------- ------------- -------------
    Diluted $0.66 $0.36 $1.71 $0.67
------------- ------------- ------------- -------------
Weighted Average Shares Outstanding 21,348 19,070 21,068 17,126
------------- ------------- ------------- -------------

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