2001 SECOND QUARTER REPORT 

 
Consolidated Statements of Income

(Unaudited)

(in Thousands Except Income per Share)

 
Three Months
Ended June 30,		 Six Months
Ended June 30,
-------------------------------- ---------------------------------
2001 2000 2001 2000
Revenues:
    Oil and gas sales $  51,113 $  45,503 $  113,808 $  82,687
    Fees from limited partnerships and joint ventures 130 76 193 119
    Interest income 12 371 24 639
    Price-risk management and other, net 1,048 177 670 430
------------- ------------- ------------- -------------
52,303 46,127 114,695 83,875
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 8,979 6,888 17,937 13,032
    General and administrative, net 2,008 1,460 3,892 2,608
    Depreciation, depletion, and amortization 14,719 11,551 28,106 23,022
    Interest expense, net 3,188 4,010 5,838 8,076
------------- ------------- ------------- -------------
28,894 23,909 55,773 46,738
------------- ------------- ------------- -------------
Income Before Income Taxes and Cumulative Effect
        of Change in Accounting Principle 		23,409 22,218 58,922 37,137
Provision for Income Taxes 8,436 8,005 21,229 13,334
------------- ------------- ------------- -------------
Income Before Cumulative Effect of Change 
        in Accounting Principle		 14,973      14,213      37,693      23,803
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 --- --- 393 ---
------------- ------------- ------------- -------------
Net Income $     14,973 $     14,213 $     37,300 $     23,803
========= ======== ========= ========
Per Share Amounts-
    Basic:  Income Before Cumulative Effect of Change
                 in Accounting Principle 		$         0.61 $       0.68 $         1.53 $       1.14
               Cumulative Effect of Change
                 in Accounting Principle 		              --- ---               0.02 ---
------------- ------------ ------------- ------------
                 Net Income $          0.61 $       0.68 $         1.51 $       1.14
======== ======== ======== ========
    Diluted:  Income Before Cumulative Effect of Change
                   in Accounting Principle 		$          0.59 $        0.61 $          1.48 $        1.04
                 Cumulative Effect of Change
                   in Accounting Principle 		              --- ---               0.02 ---
------------- ------------ ------------- ------------
                 Net Income $           0.59 $        0.61 $           1.46 $        1.04
======== ======== ======== ========
Weighted Average Shares Outstanding 24,723 21,008 24,694 20,928

 

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