Three
Months Ended December 31,
|
|
Year
Ended December 31,
|
|||||||||||
(Unaudited
- in thousands of dollars)
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
|||||
Revenues
|
36,957
|
15,873
|
125,044
|
98,325
|
|||||||||
Operating
costs and expenses
|
19,529
|
6,985
|
56,371
|
23,995
|
|||||||||
Operating
Income (Loss)
|
17,428
|
8,888
|
68,673
|
74,330
|
|||||||||
Other
Income (Expense)
|
809
|
682
|
2,940
|
1,925
|
|||||||||
Income
tax expense
|
(14,813
|
) |
(3,419
|
) |
(48,081
|
) |
(30,496
|
) | |||||
Loss
from discontinued operations
|
--
|
(1
|
) |
(51
|
) |
(242
|
) | ||||||
Minority
Interest in earnings of subsidiaries
|
(1,438
|
) |
(860
|
) |
(4,429
|
) |
(5,174
|
) | |||||
Net
Income
|
1,985
|
5,290
|
19,052
|
40,343
|
|||||||||
Diluted
Income per Common Share
|
$
|
0.03
|
$
|
0.09
|
$
|
0.32
|
$
|
0.67
|
|
Oil
(MBbls)
|
Gas
(MMcf)
|
|||||
BALANCE
AT DECEMBER 31, 2005
|
7,827
|
21
|
|||||
Production
|
(1,552
|
)
|
(11
|
)
|
|||
Revisions
of previous estimates
|
(1,585
|
)
|
7
|
||||
Extensions
and discoveries
|
1,306
|
--
|
|||||
BALANCE
AT DECEMBER 31, 2006
|
5,996
|
17
|
|||||
Production
|
(1,756
|
)
|
(20
|
)
|
|||
Revisions
of previous estimates
|
1,979
|
64
|
|||||
BALANCE
AT DECEMBER 31, 2007
|
6,214
|
61
|
Three
Months Ended December 31,
|
|
Year
Ended December 31,
|
|||||||||||
(Unaudited)
|
2007
|
|
2006
|
|
2007
|
|
2006
|
||||||
Net
oil and gas sales (MBOE)
|
424
|
277
|
1,759
|
1,554
|
|||||||||
Average
price ($/bbl)
|
$
|
87.03
|
$
|
57.36
|
$
|
71.16
|
$
|
63.26
|
|||||
Production
costs ($/bbl)
|
$
|
9.49
|
$
|
10.39
|
$
|
8.57
|
$
|
7.86
|
|||||
Depletion
costs ($/bbl)
|
$
|
10.41
|
$
|
5.99
|
$
|
10.21
|
$
|
4.32
|
|||||
General
and administrative costs ($/bbl)
|
$
|
4.45
|
$
|
4.56
|
$
|
4.55
|
$
|
1.54
|
|||||
Debt/Proved
reserves ($/BOE)
|
-
|
-
|
$
|
0.80
|
$
|
0.83
|
|||||||
Capital
Expenditures ($thousands)
|
-
|
-
|
14,520
|
33,224
|
|||||||||
Debt/Capitalization
($/$)
|
-
|
-
|
$
|
0.04
|
$
|
0.04
|
|||||||
Cash
and cash equivalents ($thousands)
|
-
|
-
|
76,450
|
60,979
|
|||||||||
Working
capital ($thousands)
|
-
|
-
|
85,779
|
57,495
|
|||||||||
Total
long term debt ($thousands)
|
-
|
-
|
5,000
|
5,000
|
|
Three
months ended
|
Year
ended
|
|||||||||||
Item
|
|
Dec.
31, 2007
|
|
Dec.
31, 2006
|
Dec.
31, 2007
|
Dec.
31, 2006
|
|||||||
Basic
weighted average common stock
issued and outstanding
|
59,178,082
|
58,820,395
|
59,133,888
|
58,135,850
|
|||||||||
Dilutive
options
|
808,976
|
1,855,462
|
957,034
|
2,340,023
|
|||||||||
Total
diluted shares
|
59,987,058
|
60,675,857
|
60,090,922
|
60,475,874
|