2002 SECOND QUARTER REPORT 

 
Consolidated Statements of Income
(Unaudited)

(in Thousands Except Income per Share)

 
Three Months
Ended June 30,		 Six Months
Ended June 30,
-------------------------------- ---------------------------------
2002 2001 2002 2001
Revenues:
    Oil and gas sales $  38,331 $  51,113 $  64,944 $  113,808
    Fees from limited partnerships and joint ventures 49 130 54 193
    Interest income 27 12 32 24
    Gain on asset disposition --- --- 7,333 ---
    Price-risk management and other, net 163 1,048 561 670
------------- ------------- ------------- -------------
38,570 52,303 72,924 114,695
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 10,032 8,979 19,598 17,937
    General and administrative, net 2,598 2,008 4,871 3,892
    Depreciation, depletion, and amortization 14,341 14,719 28,302 28,106
    Interest expense, net 6,080 3,188 9,960 5,838
------------- ------------- ------------- -------------
33,051 28,894 62,731 55,773
------------- ------------- ------------- -------------
Income Before Income Taxes and Cumulative Effect
        of Change in Accounting Principle		 5,519 23,409 10,193 58,922
Provision for Income Taxes 1,935 8,436 3,589 21,229
------------- ------------- ------------- -------------
Income Before Cumulative Effect of Change 
        in Accounting Principle		 3,584 14,973      6,604      37,693
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 --- --- --- 393
------------- ------------- ------------- -------------
Net Income $     3,584 $     14,973 $     6,604 $     37,300
========= ========= ========= =========
Per Share Amounts-
    Basic:  Income Before Cumulative Effect of Change
                 in Accounting Principle		 $         0.13 $         0.61 $         0.26 $         1.53
               Cumulative Effect of Change
                 in Accounting Principle		               ---               ---              ---               (0.02)
------------- ------------- ------------- -------------
                 Net Income $          0.13 $          0.61 $          0.26 $         1.51
======== ======== ======== ========
    Diluted:  Income Before Cumulative Effect of Change
                   in Accounting Principle		 $          0.13 $          0.59 $           0.25 $          1.48
                 Cumulative Effect of Change
                   in Accounting Principle		               ---               ---               ---               (0.02)
------------- ------------- ------------- -------------
                 Net Income $           0.13 $           0.59 $            0.25 $           1.46
======== ======== ======== ========
Weighted Average Shares Outstanding 26,566 24,723 25,724 24,694

 

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