Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial Information (Unaudited) [Abstract]

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

NOTE 19 — SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table presents selected unaudited quarterly financial information for 2012 (in thousands, except per share data).

	December 31			September 30			June 30			March 31
2012
Oil and natural gas revenues	$	52,748		$	38,008		$	36,078		$	29,164
Realized gain on derivatives		2,813			3,371			4,713			3,063
Unrealized (loss) gain on derivatives		(3,653	)		(12,993	)		15,114			(3,270	)
Expenses		72,377			38,087			66,263			21,857
Other expense		(907	)		(89	)		(31	)		(235	)
(Loss) income before income taxes		(21,376	)		(9,790	)		(10,389	)		6,865
Income tax (benefit) provision		(188	)		(593	)		(3,713	)		3,064
Net (loss) income	$	(21,188	)	$	(9,197	)	$	(6,676	)	$	3,801
Earnings (loss) per common share
Basic
Class A	$	(0.38	)	$	(0.17	)	$	(0.12	)	$	0.08
Class B	$	0.00		$	0.00		$	0.00		$	0.15
Diluted
Class A	$	(0.38	)	$	(0.17	)	$	(0.12	)	$	0.08
Class B	$	0.00		$	0.00		$	0.00		$	0.15

The following table presents selected unaudited quarterly financial information for 2011 (in thousands, except per share data).

	December 31			September 30			June 30			March 31
2011
Oil and natural gas revenues	$	14,991		$	17,447		$	20,864		$	13,698
Realized gain on derivatives		2,869			1,435			952			1,850
Unrealized gain (loss) on derivatives		3,604			2,870			332			(1,668	)
Expenses		15,784			15,469			14,953			48,347
Other expense		(309	)		(89	)		(89	)		(35	)
Income (loss) before income taxes		5,371			6,194			7,106			(34,502	)
Income tax provision (benefit)		1,430			–			(46	)		(6,906	)
Net income (loss)	$	3,941		$	6,194		$	7,152		$	(27,596	)
Earnings (loss) per common share
Basic
Class A	$	0.09		$	0.14		$	0.17		$	(0.65	)
Class B	$	0.16		$	0.21		$	0.23		$	(0.58	)
Diluted
Class A	$	0.09		$	0.14		$	0.17		$	(0.65	)
Class B	$	0.16		$	0.21		$	0.23		$	(0.58	)