Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Operating revenues:    
Crude oil revenues $ 19,540 $ 25,749
Natural gas revenues 3,001 3,545
Total oil and natural gas revenues 22,541 29,294
Operating expenses:    
Lease operating expenses 5,758 8,237
Production taxes 539 547
Depreciation, depletion and amortization 11,042 12,189
General and administrative 3,739 5,031
Accretion expense 565 574
Total operating expenses 21,643 26,578
Income from operations 898 2,716
Other (income) expenses:    
Interest expense 1,515 2,577
Loss (gain) on derivative contracts 418 (70)
Other (income) expense (45) (305)
Total other (income) expenses (1,888) (2,202)
Income (loss) before income taxes (990) 514
Income tax expense (benefit) (169) 144
Income (loss) before equity in earnings of Medusa Spar LLC (821) 370
Equity in earnings of Medusa Spar LLC 21 118
Net income (loss) available to common shares $ (800) $ 488
Net income (loss) per common share:    
Basic $ (0.02) $ 0.01
Diluted $ (0.02) $ 0.01
Shares used in computing net income (loss) per common share:    
Basic 39,793 39,351
Diluted 39,793 40,254