|Basic earnings per common share||$||(0.86)||$||1.14|
|Diluted earnings per common share||$||(0.86)||$||.91|
|Shares used in calculation of:|
Revenues and net income during the three-month period ended March 31, 2011, as compared to the same period in 2010 reflect the change in oil and gas sales, presented below, offset by depreciation and depletion of oil and gas properties. The dramatic drop in revenue and income was due to unrealized derivative losses.
|Three Months Ended March 31|
|Barrels of Oil Produced||156,000||160,000||(4,000)|
|Mcf of Gas Produced||1,166,000||1,538,000||(372,000)|
|Average Price per Barrel||$||85.92||$||75.06||$||10.86|
|Average Price per Mcf||$||6.90||$||6.69||$||0.21|
This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.