Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Operating revenues:        
Crude oil revenues $ 27,014 $ 24,061 $ 65,615 $ 71,883
Natural gas revenues 3,783 3,341 10,483 10,174
Total oil and natural gas revenues 30,797 27,402 76,098 82,057
Operating expenses:        
Lease operating expenses 5,270 5,203 16,412 18,687
Production taxes 991 656 2,217 1,778
Depreciation, depletion and amortization 11,907 11,965 33,603 35,998
General and administrative 5,826 6,441 14,110 15,846
Accretion expense 458 574 1,556 1,709
Total operating expenses 24,452 24,839 67,898 74,018
Income from operations 6,345 2,563 8,200 8,039
Other (income) expenses:        
Interest expense 1,417 2,135 4,469 7,096
Gain on early extinguishment of debt 0 0 0 (1,366)
Loss (gain) on derivative contracts 3,686 1,598 2,123 (1,977)
Other (income) expense, net (279) 237 (368) (224)
Total other (income) expenses, net 4,824 3,970 6,224 3,529
Income (loss) before income taxes 1,521 (1,407) 1,976 4,510
Income tax expense (benefit) 456 (246) 950 1,508
Income (loss) before equity in earnings of Medusa Spar LLC 1,065 (1,161) 1,026 3,002
Equity in earnings of Medusa Spar LLC 17 56 14 180
Net income (loss) 1,082 (1,105) 1,040 3,182
Preferred stock dividends (1,974) 0 (2,654) 0
Net income (loss) available to common shareholders $ (892) $ (1,105) $ (1,614) $ 3,182
Net income (loss) per common share:        
Basic $ (0.02) $ (0.03) $ (0.04) $ 0.08
Diluted $ (0.02) $ (0.03) $ (0.04) $ 0.08
Shares used in computing net income (loss) per common share:        
Basic 40,321 39,575 40,064 39,441
Diluted 40,321 39,575 40,064 40,243