v2.3.0.11

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
REVENUES:
Oil, NGL and gas sales	$ 29,123	$ 13,155	$ 49,306	$ 26,375
EXPENSES:
Lease operating	3,609	2,203	6,256	4,043
Severance and production taxes	1,701	610	2,804	1,304
Exploration	280	187	4,908	1,677
General and administrative	4,593	2,181	8,093	4,690
Depletion, depreciation and amortization	7,987	5,010	14,039	10,845
Total expenses	18,170	10,191	36,100	22,559
OPERATING INCOME	10,953	2,964	13,206	3,816
OTHER:
Interest expense, net	(863)	(550)	(1,375)	(1,016)
Realized gain on commodity derivatives	66	1,768	262	1,998
Unrealized gain (loss) on commodity derivatives	2,231	(1,901)	2,082	3,194
Gain on sale of oil and gas properties	3		491
INCOME BEFORE INCOME TAX PROVISION	12,390	2,281	14,666	7,992
INCOME TAX PROVISION	4,400	730	5,213	2,878
NET INCOME	$ 7,990	$ 1,551	$ 9,453	$ 5,114
EARNINGS PER SHARE:
Basic	$ 0.28	$ 0.07	$ 0.33	$ 0.24
Diluted	$ 0.28	$ 0.07	$ 0.33	$ 0.24
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	28,458,270	21,059,413	28,376,414	21,027,982
Diluted	28,687,457	21,184,331	28,615,647	21,154,647

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Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G and G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells.

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