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
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
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