Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating revenues:      
Crude oil sales $ 96,584 $ 100,962 $ 65,243
Natural gas sales 14,149 26,682 24,639
Total operating revenues 110,733 127,644 89,882
Operating expenses:      
Lease operating expenses 26,554 20,347 17,712
Depreciation, depletion and amortization 49,701 48,701 31,805
General and administrative 20,358 16,636 16,507
Accretion expense 2,253 2,338 2,446
Acquisition expense 0 0 233
Impairment of other property and equipment (See Note 3) (1,177) 0 0
Total operating expenses 100,043 88,022 68,703
Income from operations 10,690 39,622 21,179
Other (income) expenses:      
Interest expense 9,108 11,717 13,312
(Gain) loss on early extinguishment of debt (1,366) (1,942) 339
Gain on acquired assets (See Note 3) 0 5,041 0
Gain on derivative contracts (1,717) 0 0
Other income, net (79) (1,426) (257)
Total other expenses, net (5,946) (3,308) (13,394)
Income before income taxes 4,744 36,314 7,785
Income tax expense (benefit) 2,223 (69,283) (174)
Income before equity in earnings of Medusa Spar LLC 2,521 105,597 7,959
Equity in earnings of Medusa Spar LLC 226 799 427
Net income available to common shares $ 2,747 $ 106,396 $ 8,386
Net income per common share:      
Basic $ 0.07 $ 2.81 $ 0.29
Diluted $ 0.07 $ 2.76 $ 0.28
Shares used in computing net income per common share:      
Basic 39,522 37,908 28,817
Diluted 40,337 38,582 29,476