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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Operating revenues:        
Total operating revenues $ 40,502 $ 22,760 $ 73,787 $ 45,301
Operating expenses:        
Lease operating expenses 4,363 5,259 8,593 10,836
Production taxes 2,265 812 4,182 1,532
Depreciation, depletion and amortization 11,982 10,654 22,520 21,696
General and administrative 9,639 4,545 20,446 8,284
Accretion expense 173 533 401 1,098
Gain on sale of other property and equipment     (1,080)  
Total operating expenses 28,422 21,803 55,062 43,446
Income from operations 12,080 957 18,725 1,855
Other (income) expenses:        
Interest expense 1,825 1,537 2,802 3,052
Gain on early extinguishment of debt (3,205)   (3,205)  
Loss (gain) on derivative contracts 4,685 (1,981) 7,198 (1,563)
Other (income) expense (93) (44) (142) (89)
Total other expenses 3,212 (488) 6,653 1,400
Income before income taxes 8,868 1,445 12,072 455
Income tax expense 4,128 663 5,469 494
Income (loss) before equity in earnings of Medusa Spar LLC 4,740 782 6,603 (39)
Loss from Medusa Spar LLC   (24)   (3)
Net income (loss) 4,740 758 6,603 (42)
Preferred stock dividends (1,973) (680) (3,947) (680)
Income (loss) available to common shareholders 2,767 78 2,656 (722)
income (loss) per common share:        
Basic $ 0.07 $ 0.00 $ 0.07 $ (0.02)
Diluted $ 0.07 $ 0.00 $ 0.06 $ (0.02)
Shares used in computing income per common share:        
Basic 40,606 40,089 40,467 39,941
Diluted 41,605 40,323 41,652 39,941
Crude Oil [Member]
       
Operating revenues:        
Total operating revenues 37,710 19,061 68,619 38,601
Natural Gas [Member]
       
Operating revenues:        
Total operating revenues $ 2,792 $ 3,699 $ 5,168 $ 6,700