December 31,
ASSETS	2005		2004
Current Assets:
Cash and cash equivalents	$       53,004,562		$        4,920,118
Accounts receivable-
Oil and gas sales	45,518,260		38,021,693
Joint interest owners	1,082,187		960,395
Other Receivables	3,795,080		61,259
Other current assets	11,655,046		10,422,531
	-----------------------		-----------------------
Total Current Assets	115,055,135		54,385,996
	-----------------------		-----------------------
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties	1,731,866,298		1,479,681,903
Unproved properties	87,553,220		80,121,509
	-----------------------		-----------------------
	1,819,419,518		1,559,803,412
Furniture, fixtures, and other equipment	15,313,277		12,820,622
	-----------------------		-----------------------
	1,834,732,795		1,572,624,034
Less – Accumulated depreciation, depletion, and amortization	(755,699,056)		(649,185,874)
	-----------------------		-----------------------
	1,079,033,739		923,438,160
Other Assets:	-----------------------		-----------------------
Deferred income taxes	---		1,666,058
Debt issuance costs	8,026,780		9,148,977
Restricted assets	2,296,968		1,933,956
	-----------------------		-----------------------
	10,323,748		12,748,991
	-----------------------		-----------------------
	$  1,204,412,622		$   990,573,147
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$       51,973,004		$    29,406,877
Accrued capital costs	30,073,728		22,489,467
Accrued interest	8,508,196		9,209,192
Undistributed oil and gas revenues	7,866,086		7,512,755
	-----------------------		-----------------------
Total Current Liabilities	98,421,014		68,618,291
	-----------------------		-----------------------
Long-Term Debt	350,000,000		357,500,000
Deferred Income Taxes	129,306,891		73,106,580
Asset Retirement Obligation	19,095,368		17,176,136
Lease Incentive Obligation	271,182		---
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding	---		---
Common stock, $.01 par value, 85,000,000 shares authorized, 29,458,974 and
28,570,632 shares issued, and 29,009,530 and 28,089,764 shares
outstanding, respectively	294,590		285,706
Additional paid-in capital	365,085,695		343,536,298
Treasury stock held, at cost, 449,444 and 480,868 shares, respectively	(6,445,586)		(6,896,245)
Unearned compensation	(5,849,820)		(1,728,585)
Retained earnings	254,302,757		138,524,301
Accumulated other comprehensive income (loss), net of income tax	(69,469)		450,665
	-----------------------		-----------------------
	607,318,167		474,172,140
	-----------------------		-----------------------
	$   1,204,412,622		$   990,573,147
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