December 31, 2006					December 31, 2005
ASSETS
Current Assets:
Cash and cash equivalents	$	1,058,051				$	53,004,562
Accounts receivable-
Oil and gas sales		63,935,441					45,518,260
Joint interest owners		1,843,824					1,082,187
Other Receivables		1,231,384					3,795,080
Deferred Tax Asset		2,383,176					---
Other current assets		22,121,165					11,655,046
		-----------------------					-----------------------
Total Current Assets		92,573,041					115,055,135
		-----------------------					-----------------------
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties		2,264,831,638					1,731,866,298
Unproved properties		112,136,836					87,553,220
		-----------------------					-----------------------
		2,376,968,474					1,819,419,518
Furniture, fixtures, and other equipment		28,040,405					15,313,277
		-----------------------					-----------------------
		2,405,008,879					1,834,732,795
Less – Accumulated depreciation, depletion, and amortization		(921,696,714)					(755,699,056)
		-----------------------					-----------------------
		1,483,312,165					1,079,033,739
Other Assets:		-----------------------					-----------------------
Debt issuance costs		7,382,265					8,026,780
Restricted assets		2,414,287					2,296,968
		-----------------------					-----------------------
		9,796,552					10,323,748
		-----------------------					-----------------------
	$	1,585,681,758			$		1,204,412,622
		============					============
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$	74,425,082			$		51,973,004
Accrued capital costs		55,282,001					30,073,728
Accrued interest		8,764,278					8,508,196
Undistributed oil and gas revenues		7,503,927					7,866,086
		-----------------------					-----------------------
Total Current Liabilities		145,975,288					98,421,014
		-----------------------					-----------------------
Long-Term Debt		381,400,000					350,000,000
Deferred Income Taxes		224,966,598					129,306,891
Asset Retirement Obligation		33,694,603					19,095,368
Lease Incentive Obligation		1,728,297					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, 30,170,004
and 29,458,974 shares issued, and 29,742,918 and 29,009,530 shares
outstanding, respectively		301,700					294,590
Additional paid-in capital		387,555,797					365,085,695
Treasury stock held, at cost, 427,086 and 449,444 shares, respectively		(6,124,944)					(6,445,586)
Unearned compensation		---					(5,849,820)
Retained earnings		415,868,097					254,302,757
Accumulated other comprehensive income (loss), net of income tax		316,322					(69,469)
		-----------------------					-----------------------
		797,916,972					607,318,167
		-----------------------					-----------------------
	$	1,585,681,758			$		1,204,412,622
		============					============