FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1996

Item 6. Selected Financial Data
1996 1995 1994 (1) 1993 1992 1991 1990 1989 1988 1897 1986
Revenues
   Oil and Gas Sales $52,770,672 $22,527,892 $19,802,188 $15,535,671 $12,420,222 $8,361,771 $7,328,190 $3,984,835 $2,838,433 $2,097,815 $954,269
   Supervision Fees $4,470,206 $3,838,815 $3,751,061 $3,718,829 $3,443,777 $3,362,800 $2,149,079 $1,651,839 $1,118,794 $1,065,820 $1,108,410
   Fees & Earned Interests (2) $937,238 $590,441 $701,528 $4,071,970 $2,716,277 $2,231,729 $9,882,953 $8,802,816 $8,073,530 $7,956,895 $2,393,371
   Interest Income $433,352 $212,329 $47,980 $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459 $40,174
   Other, net $2,156,764 $1,761,568 $1,072,535 $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059 $471,486
Total Revenues $60,768,232 $28,931,045 $25,375,292 $24,132,653 $19,209,594 $14,690,496 $20,389,989 $14,932,037 $12,684,797 $11,698,048 $4,967,710
Operating Income $28,785,783 $6,894,537 $4,837,829 $6,628,608 $4,687,519 $3,748,741 $10,811,044 $8,716,673 $7,040,165 $6,632,631 $1,948,431
Net Income (Loss) $19,025,450 $4,912,512 ($13,047,027) $4,896,253 $4,084,760 $2,512,815 $7,170,642 $5,709,098 $4,678,317 $4,024,003 $1,108,314
Net Cash Provided by Operating Activities $37,102,578 $14,376,463 $10,394,514 $7,238,340 $6,349,080 $5,911,588 $4,813,435 $2,751,381 $393,564 $1,705,616 $1,189,179
Per Share Data
   Weighted Shares Outstanding (3) 13,637,182 9,122,857 6,644,248 6,588,076 6,135,044 5,363,299 5,278,578 4,663,322 4,452,163 4,383,969 4,326,300
   Net Income (Loss) per Share--Primary (3) $1.40 $0.54 ($1.96) $0.74 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26
   Net Income (Loss) per Share--Fully Diluted (3) $1.37 $0.54 ($1.96) $0.70 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26
   Shares Outstanding at Year End 15,176,417 12,509,700 6,685,137 6,001,075 5,968,579 4,955,134 4,848,315 4,764,862 4,068,968 4,025,108 3,949,500
   Book Value per Share $9.41 $7.46 $6.30 $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70 $1.68
   Market Price (3)
      High $31.75 $12.63 $11.38 $12.73 $8.64 $10.00 $11.71 $12.27 $9.55 $16.94 $4.89
      Low $10.88 $7.75 $8.52 $7.85 $5.12 $4.77 $7.62 $6.36 $6.14 $3.75 $1.14
      Year-End Close $29.88 $12.00 $9.75 $8.64 $8.30 $5.45 $9.43 $10.45 $6.25 $6.82 $3.75
Pro forma amounts assuming 1994 change in
accounting principle is applied retroactively:(2)
   Net Income $19,025,450 $4,912,512 $3,725,671 $4,322,478 $3,729,851 $2,950,245 $3,107,451 $2,185,276 $898,962 $561,509 $290,582
   Net Income per Share--Primary $1.40 $0.54 $0.56 $0.66 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07
   Net Income per Share--Fully Diluted $1.37 $0.54 $0.56 $0.63 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07
Assets
   Current Assets $101,619,478 $43,380,454 $39,208,418 $65,307,120 $30,830,173 $47,859,278 $72,537,521 $54,818,404 $9,304,370 $8,396,944 $6,924,548
   Oil and Gas Properties, Net of Accumulated
      Depreciation, Depletion, and Amortization $200,010,375 $125,217,872 $88,415,612 $89,656,577 $64,301,509 $47,655,917 $41,952,212 $27,935,170 $19,973,454 $13,092,526 $6,913,487
Total Assets $310,375,264 $175,252,707 $135,672,743 $160,892,917 $100,243,469 $101,421,573 $118,227,480 $85,007,293 $31,463,220 $23,745,504 $15,731,279
Liabilities
   Current Liabilities $32,915,616 $40,133,269 $52,345,859 $55,565,437 $27,876,687 $50,851,447 $71,514,938 $49,354,128 $9,756,431 $8,342,755 $6,535,890
   Long-Term Debt, Net of Current Portion $115,000,000 $28,750,000 $28,750,000 $28,750,000 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $167,613,654 $81,906,742 $93,545,612 $106,427,203 $50,962,183 $62,761,217 $82,559,406 $57,198,476 $15,694,272 $12,874,849 $9,114,611
Stockholders’ Equity $142,761,610 $93,345,965 $42,127,131 $54,465,714 $49,281,286 $38,660,356 $35,668,074 $27,808,817 $15,768,948 $10,870,655 $6,616,668
Number of Employees 191 176 209 188 178 171 164 131 116 94 55


(1) Additional 1994 Data: Income Before Cumulative Effect of Change in Accounting Principle--$3,725,671; Cumulative Effect of Change in Accounting Principle--$(16,772,698); Per Share Amounts-Primary--Income Before Cumulative Effect of Change in Accounting Principle--$0.56, Cumulative Effect of Change in Accounting Principle--$(2.52); Per Share Amounts-Fully Diluted--Income Before Cumulative Effect of Change in Accounting Principle--$0.56, Cumulative Effect of Change in Accounting Principle--$(2.52).

(2) As of January 1, 1994, the Company changed its revenue recognition policy for earned interests. See Note 2 to the Company’s financial statements. Accordingly, 1996, 1995, and 1994 "Earned Interests and Fees" does not include earned interests revenues.

(3) Amounts have been retroactively restated in all periods presented to give recognition to an equivalent change in capital structure as a result of a 10% stock dividend in September 1994. See Note 1 to the Company’s financial statements.

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