Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended 15 Months Ended
Sep. 30, 2012
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Operating revenues:        
Crude oil revenues $ 24,061 $ 71,883 $ 74,428 $ 26,537
Natural gas revenues 3,341 10,174 21,404 7,013
Total oil and natural gas revenues 27,402 82,057 95,832 33,550
Operating expenses:        
Lease operating expenses 5,859 20,465 16,324 5,980
Depreciation, depletion and amortization 11,965 35,998 35,741 13,013
General and administrative 6,441 15,846 11,487 3,464
Accretion expense 574 1,709 1,767 569
Total operating expenses 24,839 74,018 65,319 23,026
Income from operations 2,563 8,039 30,513 10,524
Other (income) expenses:        
Interest expense 2,135 7,096 8,912 2,722
Gain on early extinguishment of debt 0 (1,366) (1,942) 0
Gain on acquired assets 0 0 (5,025) (46)
Unrealized loss (gain) on mark-to-market derivative instruments, net 1,598 (1,977) 0 0
Other (income) expense 237 (224) (599) (347)
Total other (income) expenses 3,970 3,529 1,346 2,329
Income (loss) before income taxes (1,407) 4,510 29,167 8,195
Income tax expense (benefit) (246) 1,508 (2,681) 0
Income (loss) before equity in earnings of Medusa Spar LLC (1,161) 3,002 31,848 8,195
Equity in earnings of Medusa Spar LLC 56 180 597 211
Net income (loss) available to common shares $ (1,105) $ 3,182 $ 32,445 $ 8,406
Net income (loss) per common share:        
Basic $ (0.03) $ 0.08 $ 0.87 $ 0.21
Diluted $ (0.03) $ 0.08 $ 0.85 $ 0.21
Shares used in computing net income (loss) per common share:        
Basic 39,575 39,441 37,431 39,322
Diluted 39,575 40,243 38,120 39,976