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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Operating revenues:        
Crude oil revenues $ 19,061 $ 22,073 $ 38,601 $ 47,822
Natural gas revenues 3,699 3,287 6,700 6,833
Total oil and natural gas revenues 22,760 25,360 45,301 54,655
Operating expenses:        
Lease operating expenses 5,384 5,246 11,142 13,484
Production taxes 687 575 1,226 1,122
Depreciation, depletion and amortization 10,654 11,844 21,696 24,033
General and administrative 4,545 4,374 8,284 9,405
Accretion expense 533 562 1,098 1,135
Total operating expenses 21,803 22,601 43,446 49,179
Income from operations 957 2,759 1,855 5,476
Other (income) expenses:        
Interest expense 1,537 2,384 3,052 4,961
Gain on early extinguishment of debt 0 (1,366) 0 (1,366)
Gain on derivative contracts (1,981) (3,505) (1,563) (3,575)
Other income, net (44) (157) (89) (461)
Total other (income) expenses, net (488) (2,644) 1,400 (441)
Income before income taxes 1,445 5,403 455 5,917
Income tax expense 663 1,610 494 1,754
Income (loss) before equity in earnings of Medusa Spar LLC 782 3,793 (39) 4,163
Equity in (loss) earnings of Medusa Spar LLC (24) 6 (3) 124
Net income (loss) 758 3,799 (42) 4,287
Preferred stock dividends (680) 0 (680) 0
Net income (loss) available to common shareholders $ 78 $ 3,799 $ (722) $ 4,287
Net income (loss) per common share:        
Basic $ 0.00 $ 0.10 $ (0.02) $ 0.11
Diluted $ 0.00 $ 0.09 $ (0.02) $ 0.11
Shares used in computing net income (loss) per common share:        
Basic 40,089 39,399 39,941 39,375
Diluted 40,323 40,155 39,941 40,204