2003 THIRD QUARTER REPORT 

 
Consolidated Statements of Income
(Unaudited)

(in Thousands Except Income per Share)

 
Three Months
Ended September 30,		 Nine Months
Ended September 30,
-------------------------------- ---------------------------------
2003 2002 2003 2002
Revenues:
    Oil and gas sales $  52,087 $  36,592 $  157,847 $  101,536
    Fees from limited partnerships and joint ventures 6 6 20 60
    Interest income 26 159 137 191
    Gain on asset disposition --- --- --- 7,333
    Price-risk management and other, net (567) (186) (2,234) 375
------------- ------------- ------------- -------------
51,552 36,571 155,770 109,495
------------- ------------- ------------- -------------
Costs and Expenses:
    Oil and gas production 13,731 11,005 39,392 30,602
    General and administrative, net 3,670 2,497 10,565 7,369
    Depreciation, depletion, and amortization 16,042 13,487 46,631 41,790
    Accretion of asset retirement obligation 207 --- 624 ---
    Interest expense, net 6,749 6,648 20,107 16,608
------------- ------------- ------------- -------------
40,399 33,637 117,319 96,369
------------- ------------- ------------- -------------
Income Before Income Taxes and Change in Accounting Principle 11,153 2,933 38,451 13,126
Provision for Income Taxes 4,090 986 13,682 4,575
------------- ------------- ------------- -------------
Income Before Change in Accounting Principle 7,063 1,947 24,769 8,551
Cumulative Effect of Change in Accounting Principle
        (net of taxes)		 --- --- 4,377 ---
------------- ------------- ------------- -------------
Net Income $     7,063 $     1,947 $     20,392 $     8,551
========= ======== ========= ========
Per Share Amounts-
    Basic:  Income Before Change
                 in Accounting Principle		 $         0.26 $         0.07 $         0.91 $         0.33
               Change in Accounting Principle               ---               ---             (0.16)              ---
------------- ------------- ------------- -------------
                 Net Income $          0.26 $          0.07 $         0.75 $         0.33
======== ======== ======== ========
    Diluted:  Income Before Change
                   in Accounting Principle		 $          0.26 $          0.07 $          0.90 $          0.32
                 Change in Accounting Principle               ---               ---                (0.16)               ---
------------- ------------- ------------- -------------
                 Net Income $           0.26 $           0.07 $           0.74 $           0.32
======== ======== ======== ========
Weighted Average Shares Outstanding 27,424 26,889 27,326 26,112

 

This page was last updated on Tuesday, December 09, 2003, at 09:44:31 AM.

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