2002 THIRD QUARTER REPORT 

 
Consolidated Statements of Income
(Unaudited)

(in Thousands Except Income per Share)

 
Three Months
Ended September 30,		 Nine Months
Ended September 30,
-------------------------------- ---------------------------------
2002 2001 2002 2001
Revenues:
    Oil and gas sales $  36,592 $  39,346 $  101,536 $  153,155
    Fees from limited partnerships and joint ventures 6 19 60 212
    Interest income 159 16 191 40
    Gain on asset disposition --- --- 7,333 ---
    Price-risk management and other, net (186) 1,863 375 2,533
------------- ------------- ------------- -------------
36,571 41,244 109,495 155,940
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 11,005 9,285 30,602 27,223
    General and administrative, net 2,497 2,100 7,369 5,991
    Depreciation, depletion, and amortization 13,488 14,858 41,790 42,964
    Interest expense, net 6,648 3,394 16,608 9,232
------------- ------------- ------------- -------------
33,638 29,637 96,369 85,410
------------- ------------- ------------- -------------
Income Before Income Taxes and Cumulative Effect
        of Change in Accounting Principle		 2,933 11,607 13,126 70,530
Provision for Income Taxes 986 4,187 4,575 25,417
------------- ------------- ------------- -------------
Income Before Cumulative Effect of Change 
        in Accounting Principle		 1,947 7,420 8,551 45,113
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 --- --- --- 393
------------- ------------- ------------- -------------
Net Income $     1,947 $     7,420 $     8,551 $     44,720
========= ======== ========= ========
Per Share Amounts-
    Basic:  Income Before Cumulative Effect of Change
                 in Accounting Principle		 $         0.07 $         0.30 $         0.33 $         1.83
               Cumulative Effect of Change
                 in Accounting Principle		               ---               ---              ---               (0.02)
------------- ------------- ------------- -------------
                 Net Income $          0.07 $          0.30 $         0.33 $         1.81
======== ======== ======== ========
    Diluted:  Income Before Cumulative Effect of Change
                   in Accounting Principle		 $          0.07 $          0.29 $          0.32 $          1.77
                 Cumulative Effect of Change
                   in Accounting Principle		               ---               ---               ---               (0.02)
------------- ------------- ------------- -------------
                 Net Income $           0.07 $           0.29 $           0.32 $           1.75
======== ======== ======== ========
Weighted Average Shares Outstanding 26,889 24,760 26,112 24,716

 

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