Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating revenues:    
Oil $ 25,749 $ 18,804
Natural gas 3,545 6,645
Total oil, natural gas and NGL revenues 29,294 25,449
Operating expenses:    
Lease operating expenses 8,784 5,045
Depreciation, depletion and amortization 12,189 9,776
General and administrative 5,031 4,224
Accretion expense 574 615
Total operating expenses 26,578 19,660
Income from operations 2,716 5,789
Other (income) expenses:    
Interest expense 2,577 3,492
Gain on early extinguishment of debt, net 0 (1,942)
Unrealized gain on mark-to-market derivative instruments, net (See Note 5) (70) 0
Other (income) expense (305) 172
Total other expenses 2,202 1,722
Income before income taxes 514 4,067
Income tax expense 144 0
Income before equity in earnings of Medusa Spar LLC 370 4,067
Equity in earnings of Medusa Spar LLC 118 97
Net income available to common shares $ 488 $ 4,164
Net income per common share:    
Basic $ 0.01 $ 0.12
Diluted $ 0.01 $ 0.12
Shares used in computing net income per common share:    
Basic 39,351 33,744
Diluted 40,254 34,539