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 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Operating revenues:        
Crude oil revenues $ 22,073 $ 29,087 $ 47,822 $ 47,891
Natural gas revenues 3,287 7,747 6,833 14,392
Total oil and natural gas revenues 25,360 36,834 54,655 62,283
Operating expenses:        
Lease operating expenses 5,821 5,299 14,606 10,344
Depreciation, depletion and amortization 11,844 12,952 24,033 22,728
General and administrative 4,374 3,799 9,405 8,023
Accretion expense 562 583 1,135 1,198
Total operating expenses 22,601 22,633 49,179 42,293
Income from operations 2,759 14,201 5,476 19,990
Other (income) expenses:        
Interest expense 2,384 2,698 4,961 6,190
Gain on early extinguishment of debt (1,366) 0 (1,366) (1,942)
Gain on acquired assets 0 (4,979) 0 (4,979)
Unrealized gain on mark-to-market derivative instruments, net (3,505) 0 (3,575) 0
Other income (157) (425) (461) (253)
Total other (income) expenses (2,644) (2,706) (441) (984)
Income before income taxes 5,403 16,907 5,917 20,974
Income tax expense (benefit) 1,610 (2,681) 1,754 (2,681)
Income before equity in earnings of Medusa Spar LLC 3,793 19,588 4,163 23,655
Equity in earnings of Medusa Spar LLC 6 289 124 386
Net income available to common shares $ 3,799 $ 19,877 $ 4,287 $ 24,041
Net income per common share:        
Basic $ 0.10 $ 0.51 $ 0.11 $ 0.66
Diluted $ 0.09 $ 0.50 $ 0.11 $ 0.65
Shares used in computing net income per common share:        
Basic 39,399 39,225 39,375 36,485
Diluted 40,155 39,844 40,204 37,191