2001 FIRST QUARTER REPORT 

 
Consolidated Statements of Income
(Unaudited)

(in Thousands Except Income per Share)

 
Three Months Ended March 31,
2001 2000
Revenues:
    Oil and gas sales $  62,696 $  37,184
    Fees from limited partnerships and joint ventures 63 43
    Interest income 12 268
    Price-risk management and other, net (379) 253
------------- -------------
62,392 37,748
------------- -------------
Costs and Expenses:
    Oil and gas production 8,958 6,144
    General and administrative, net 1,884 1,148
    Depreciation, depletion, and amortization 13,387 11,471
    Interest expense, net 2,650 4,066
------------- -------------
26,879 22,829
------------- -------------
Income Before Income Taxes and Cumulative Effect
        of Change in Accounting Principle 		35,513 14,919
Provision for Income Taxes 12,793 5,329
------------- -------------
Income Before Cumulative Effect of Change 
        in Accounting Principle		      22,720      9,590
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 393 ---
------------- -------------
Net Income $     22,327 $     9,590
========= ========
Per Share Amounts-
    Basic:  Income Before Cumulative Effect of Change
                 in Accounting Principle 		$         0.92 $       0.46
                 Cumulative Effect of Change
                 in Accounting Principle 		              0.01 ---
------------- ------------
                 Net Income $          0.91 $       0.46
======== ========
    Diluted:  Income Before Cumulative Effect of Change
                 in Accounting Principle 		$          0.89 $        0.43
                 Cumulative Effect of Change
                 in Accounting Principle 		              0.01 ---
------------- ------------
                 Net Income $           0.88 $        0.43
======== ========
Weighted Average Shares Outstanding 24,666 20,849
======== ========

 

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