Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating revenues:      
Oil sales $ 100,962 $ 65,243 $ 73,842
Natural Gas sales 26,682 24,639 27,417
BOEMRE royalty recoupment (See Note 16) 0 0 40,886
Total operating revenues 127,644 89,882 142,145
Operating expenses:      
Lease operating expenses 20,347 17,712 18,447
Depreciation, depletion and amortization 48,701 31,805 33,443
General and administrative 16,636 16,507 13,355
Accretion expense 2,338 2,446 3,149
Acquisition expense 0 233 298
Total operating expenses 88,022 68,703 68,692
Income from operations 39,622 21,179 73,453
Other (income) expenses:      
Interest expense 11,717 13,312 19,089
Callon Entrada non-recourse credit facility interest expense (See Note 3) 0 0 7,072
(Gain) loss on early extinguishment of debt (1,942) 339 0
Gain on acquired assets (See Note 3) (5,041) 0 0
9.75% Senior Notes restructuring expenses 0 0 1,024
Interest on BOEMRE royalty recoupment 0 (91) (7,681)
Other (income) expense (1,426) (166) 190
Total other expenses, net 3,308 13,394 19,694
Income before income taxes 36,314 7,785 53,759
Income tax (benefit) expense (67,036) (174) 7,623
Income before equity in earnings of Medusa Spar LLC 103,350 7,959 46,136
Equity in earnings of Medusa Spar LLC 799 427 660
Net income available to common shares $ 104,149 $ 8,386 $ 46,796
Net income per common share:      
Basic $ 2.75 $ 0.29 $ 2.12
Diluted $ 2.70 $ 0.28 $ 2.11
Shares used in computing net income per common share:      
Basic 37,908 28,817 22,072
Diluted 38,582 29,476 22,200