Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 |
Sep. 30, 2010 |
Sep. 30, 2011 |
Sep. 30, 2010 |
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Operating revenues: | ||||
Oil sales | $ 26,537 | $ 15,123 | $ 74,428 | $ 47,687 |
Gas sales | 7,013 | 5,362 | 21,404 | 17,752 |
Total operating revenues | 33,550 | 20,485 | 95,832 | 65,439 |
Operating expenses: | ||||
Lease operating expenses | 5,980 | 4,327 | 16,324 | 13,006 |
Depreciation, depletion and amortization | 13,013 | 7,392 | 35,741 | 21,247 |
General and administrative | 3,464 | 3,371 | 11,487 | 12,086 |
Accretion expense | 569 | 601 | 1,767 | 1,803 |
Acquisition expense | 139 | 139 | ||
Total operating expenses | 23,026 | 15,830 | 65,319 | 48,281 |
Income from operations | 10,524 | 4,655 | 30,513 | 17,158 |
Other (income) expenses: | ||||
Interest expense | 2,722 | 3,133 | 8,912 | 9,925 |
(Gain) loss on early extinguishment of debt | (1,942) | 339 | ||
Gain on acquired assets (See Note 10) | (3,688) | |||
Gain on sale of acquired assets | (217) | (217) | ||
Loss on impairment of acquired assets | 171 | 171 | ||
Other (income) expense | (347) | 63 | (599) | (409) |
Total other (income) expenses | 2,329 | 3,196 | 2,637 | 9,855 |
Income before income taxes | 8,195 | 1,459 | 27,876 | 7,303 |
Income tax benefit | (3,972) | |||
Income before equity in earnings of Medusa Spar LLC | 8,195 | 1,459 | 31,848 | 7,303 |
Equity in earnings of Medusa Spar LLC | 211 | 143 | 597 | 352 |
Net income available to common shares | $ 8,406 | $ 1,602 | $ 32,445 | $ 7,655 |
Net income per common share: | ||||
Basic | $ 0.21 | $ 0.06 | $ 0.87 | $ 0.27 |
Diluted | $ 0.21 | $ 0.05 | $ 0.85 | $ 0.26 |
Shares used in computing net income per common share: | ||||
Basic | 39,322 | 28,815 | 37,431 | 28,769 |
Diluted | 39,976 | 29,491 | 38,120 | 29,431 |
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- Definition Gain on acquired assets (See Note 10)
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- Definition Gas sales
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- Definition Income before equity in earnings of Medusa Spar LLC
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- Definition Oil sales
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- Definition Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Lease expense related to property used in oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition Revenue from the sale of oil and gas during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
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- Details
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- Definition The net result for the period of deducting operating expenses from operating revenues.
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- Definition The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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