Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

 v2.3.0.11
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Operating revenues:        
Oil sales $ 29,087 $ 15,901 $ 47,891 $ 32,564
Gas sales 7,747 5,668 14,392 12,390
Total operating revenues 36,834 21,569 62,283 44,954
Operating expenses:        
Lease operating expenses 5,299 4,031 10,344 8,679
Depreciation, depletion and amortization 12,952 7,042 22,728 13,855
General and administrative 3,799 4,411 8,023 8,715
Accretion expense 583 622 1,198 1,202
Total operating expenses 22,633 16,106 42,293 32,451
Income from operations 14,201 5,463 19,990 12,503
Other (income) expenses:        
Interest expense 2,698 3,198 6,190 6,792
(Gain) loss on early extinguishment of debt 0 339 (1,942) 339
Gain on acquired assets (3,688) 0 (3,688) 0
Other (income) expense (425) (111) (253) (472)
Total other (income) expenses (1,415) 3,426 307 6,659
Income before income taxes 15,616 2,037 19,683 5,844
Income tax benefit (3,972) 0 (3,972) 0
Income before equity in earnings of Medusa Spar LLC 19,588 2,037 23,655 5,844
Equity in earnings of Medusa Spar LLC 289 93 386 209
Net income available to common shares $ 19,877 $ 2,130 $ 24,041 $ 6,053
Net income per common share:        
Basic $ 0.51 $ 0.07 $ 0.66 $ 0.21
Diluted $ 0.50 $ 0.07 $ 0.65 $ 0.21
Shares used in computing net income per common share:        
Basic 39,225 28,762 36,485 28,750
Diluted 39,844 29,583 37,191 29,406