2002 FIRST QUARTER REPORT 

 
Consolidated Statements of Income
(Unaudited)

(in Thousands Except Income per Share)

 
Three Months Ended March 31,
2002 2001
Revenues:
    Oil and gas sales $  26,613 $  62,696
    Fees from limited partnerships and joint ventures 5 63
    Interest income 6 12
    Gain on asset disposition 7,332 ---
    Price-risk management and other, net 398 (379)
------------- -------------
34,354 62,392
------------- -------------
Costs and Expenses:
    Oil and gas production 9,565 8,958
    General and administrative, net 2,274 1,884
    Depreciation, depletion, and amortization 13,961 13,387
    Interest expense, net 3,880 2,650
------------- -------------
29,680 26,879
------------- -------------
Income Before Income Taxes and Cumulative Effect
        of Change in Accounting Principle 		4,674 35,513
Provision for Income Taxes 1,654 12,793
------------- -------------
Income Before Cumulative Effect of Change 
        in Accounting Principle		      3,020      22,720
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 --- 393
------------- -------------
Net Income $     3,020 $     22,327
========= ========
Per Share Amounts-
    Basic:  Income Before Cumulative Effect of Change
                 in Accounting Principle 		$         0.12 $         0.92
                 Cumulative Effect of Change
                 in Accounting Principle 		              ---               (0.01)
------------- -------------
                 Net Income $          0.12 $          0.91
======== ========
    Diluted:  Income Before Cumulative Effect of Change
                 in Accounting Principle 		$         0.12 $          0.89
                 Cumulative Effect of Change
                 in Accounting Principle 		              ---               (0.01)
------------- -------------
                 Net Income $          0.12 $           0.88
======== ========
Weighted Average Shares Outstanding 24,882 24,666
======== ========

 

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