<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED MARCH 31, 1999 COMMISSION FILE NUMBER 0-5426
THE WISER OIL COMPANY
A DELAWARE CORPORATION
I.R.S. EMPLOYER IDENTIFICATION NO. 55-0522128
8115 PRESTON ROAD, SUITE 400
DALLAS, TEXAS 75225
TELEPHONE (214) 265-0080
Former name, former address and former fiscal year, if changed since last
report. NONE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.
x
----- ____
Yes No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
Class Outstanding at March 31, 1999
------------- -----------------------------
$3 par value 8,951,965
================================================================================
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The consolidated condensed financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. The financial
statements reflect all adjustments which are, in the opinion of management,
necessary to fairly present such information. Although the Company believes
that the disclosures are adequate to make the information presented not
misleading, certain information and footnote disclosures, including
significant accounting policies, normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been condensed or omitted pursuant to such rules and regulations. It is
suggested that these condensed financial statements be read in conjunction
with the financial statements and the notes thereto included in the
Company's latest annual report on Form 10-K.
2
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1999 1998
---------- ----------
(000's) except share data
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents.................................... $ 2,614 $ 2,779
Accounts receivable.......................................... 9,149 9,102
Inventories.................................................. 612 669
Income taxes receivable...................................... 1,270 1,270
Prepaid expenses............................................. 1,218 1,035
-----------------------
Total current assets...................................... 14,863 14,855
-----------------------
Property, Plant and Equipment, at cost:
Oil and gas properties (successful efforts method)........... 370,568 367,974
Other properties............................................. 5,443 5,523
-----------------------
376,011 373,497
Accumulated depreciation, depletion and amortization......... (165,861) (160,202)
-----------------------
Net property, plant and equipment............................ 210,150 213,295
Other Assets.................................................. 3,532 3,660
-----------------------
$ 228,545 $ 231,810
============ ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable............................................. $ 9,471 $ 10,473
Current portion of long-term debt............................ 21,000 21,000
Accrued liabilities.......................................... 5,541 2,730
-----------------------
Total current liabilities.................................. 36,012 34,203
-----------------------
Long Term Debt................................................ 124,472 124,452
Deferred Benefit Cost......................................... 369 378
Deferred Income Taxes......................................... -- 686
Stockholders' Equity:
Common stock - $3 par value; 20,000,000 shares authorized;
shares issued - 9,128,169; shares outstanding - 8,951,965... 27,385 27,385
Paid-in capital.............................................. 3,223 3,223
Retained earnings............................................ 38,732 43,090
Foreign currency translation................................. 1,081 1,122
Treasury stock; 176,204 shares, at cost...................... (2,729) (2,729)
-----------------------
Total stockholders' equity................................. 67,692 72,091
-----------------------
$ 228,545 $ 231,810
=======================
</TABLE>
The notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1998 are an integral part of
these financial statements.
3
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS
ENDED MARCH 31,
------------------
1999 1998
----------- -----------
(000's except per share data)
<S> <C> <C>
Revenues:
Oil and gas sales......................... $ 11,605 $ 17,074
Dividends and interest.................... 26 145
Other..................................... 240 196
--------------------------
11,871 17,415
--------------------------
Costs and Expenses:
Production and operating.................. 5,322 6,162
Purchased natural gas..................... 336 388
Depreciation, depletion and amortization.. 5,438 6,841
Exploration............................... 894 3,353
General and administrative................ 1,519 2,426
Interest expense.......................... 3,406 3,146
--------------------------
16,915 22,316
--------------------------
Earnings (Loss) Before Income Taxes......... (5,044) (4,901)
Income Tax Expense (Benefit)................ (686) (1,345)
--------------------------
NET INCOME (LOSS)........................... (4,358) (3,556)
Retained Earnings, beginning of period...... 43,090 68,630
Dividends Paid.............................. -- (268)
--------------------------
Retained Earnings, end of period............ $ 38,732 $ 64,806
==========================
Weighted Average Outstanding Shares......... 8,952 8,952
==========================
Earnings (Loss) Per Share:
Basic..................................... $ (0.49) $ (0.40)
==========================
Diluted................................... $ (0.49) $ (0.40)
==========================
Cash Dividends Per Share.................... $ -- $ 0.03
==========================
</TABLE>
The notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1998 are an integral part of
these financial statements.
4
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 1999
<TABLE>
<CAPTION>
Foreign
Common Paid-in Retained Currency Treasury
Total Stock Capital Earnings Translation Stock
--------- --------- ------- --------- ------------ ---------
(000's)
<S> <C> <C> <C> <C> <C> <C>
December 31, 1998............. $ 72,091 $ 27,385 $ 3,223 $ 43,090 $ 1,122 $ (2,729)
Net income (loss) (4,358) -- -- (4,358) -- --
Other comprehensive income
(loss), net of tax....... (41) -- -- -- (41) --
--------
Comprehensive income (loss)... (4,399)
Dividends paid................ -- -- -- -- -- --
-------- -------- ------- -------- ----------- --------
MARCH 31, 1999................ $ 67,692 $ 27,385 $ 3,223 $ 38,732 $ 1,081 $ (2,729)
======== ======== ======= ======== =========== ========
</TABLE>
The notes to financial statements included in the Company's Annual Report on
Form 10-K for the year ended December 31, 1998 are an integral part of these
financial statements.
5
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS
ENDED MARCH 31,
----------------------
1999 1998
---------- ----------
(000's)
<S> <C> <C>
Cash Flows From Operating Activities:
Net Income (Loss)............................................. $ (4,358) $ (3,556)
Adjustments to reconcile net income to operating cash flows:
Depreciation, depletion and amortization.................... 5,438 6,841
Deferred income taxes....................................... (686) (448)
Property sales losses (gains)............................... 12 (22)
Foreign currency translation................................ (41) (105)
Exploration expense......................................... 894 3,353
Amortization of other assets................................ 121 146
Other Changes:
Accounts receivable....................................... (47) 1,082
Inventories............................................... 57 22
Income taxes receivable................................... -- (947)
Prepaid expenses.......................................... (183) (696)
Other assets.............................................. 27 -
Accounts payable.......................................... (1,002) (954)
Accrued liabilities....................................... 2,811 (1,384)
Deferred benefits cost.................................... (9) 111
---------- ----------
Operating Cash Flows................................... 3,034 3,443
---------- ----------
Cash Flows From Investing Activities:
Capital and exploration expenditures.......................... (3,517) (17,184)
Proceeds from sales of property, plant and equipment.......... 318 1,281
---------- ----------
Investing Cash Flows................................... (3,199) (15,903)
---------- ----------
Cash Flows From Financing Activities:
Long term debt issued......................................... -- 4,486
Dividends paid................................................ -- (268)
---------- ----------
Investing Cash Flows................................... -- 4,218
---------- ----------
Net Increase (Decrease) In Cash.................................. (165) (8,242)
Cash and Cash Equivalents, beginning of period................... 2,779 13,255
---------- ----------
Cash and Cash Equivalents, end of period......................... $ 2,614 $ 5,013
========== ==========
</TABLE>
The notes to financial statements included in the Company's Annual Report on
Form 10-K for the year ended December 31, 1998 are an integral part of these
financial statements.
6
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS
NOTE 1. LIQUIDITY
On April 21, 1999, the Company completed the sale of certain producing and
non-producing mineral interests ("Mineral Properties") to Prince Minerals, Ltd.
for $10 million. The $10 million of sales proceeds were used to reduce the
outstanding principal balance under the Credit Agreement to $11 million. The
producing portion of the oil and gas properties comprising the Mineral
Properties represent approximately 2% of the Company's total proved oil and gas
reserves at December 31, 1998. The Company will recognize a gain of
approximately $1.1 million from the sale of the Mineral Properties in the second
quarter of 1999.
On May 11, 1999 the Company entered into a $25 million Senior Secured Reducing
Revolver ("BankOne Revolver") with Bank One, Texas, NA and also on May 11, 1999
the Company borrowed $11 million under the BankOne Revolver to repay in full the
outstanding principal balance of $11 million under the Credit Agreement.
On May 12, 1999, the Company completed the sale of its oil and gas properties
in Kentucky, Tennessee and West Virginia ("Appalachia Properties") for $28
million to Columbia Natural Resources. Approximately $10.5 million of the sale
proceeds were used by the Company to reduce the outstanding principal balance
under the BankOne Revolver from $11 million to $0.5 million. The remainder of
the Appalachia Properties sales proceeds will be used by the Company to fund
capital expenditures and for general corporate purposes. The oil and gas
properties comprising the Appalachia Properties represent approximately 15% of
the Company's total proved oil and gas reserves at December 31, 1998. The
Company will recognize a gain of approximately $2.7 million from the sale of the
Appalachia Properties in the second quarter of 1999.
In addition, the Company has agreed to sell a number of smaller, non-strategic
oil and gas properties in Texas and New Mexico for an aggregate sales price of
$4.3 million. This sale is expected to close by May 18, 1999. The sales proceeds
will be used to fund capital expenditures and for general corporate purposes.
7
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2. SUMMARY OF GUARANTIES OF 9 1/2% SENIOR SUBORDINATED NOTES
In May 1997, the Company issued $125 million aggregate principal amount of
its 9 1/2% Senior Subordinated Notes due 2007 pursuant to an offering exempt
from registration under the Securities Act of 1933. The notes are unsecured
obligations of the Company, subordinated in right of payment to all existing and
any future senior indebtedness of the Company. The notes rank pari passu with
any future senior subordinated indebtedness and senior to any future junior
subordinated indebtedness of the Company. The notes are fully and
unconditionally guaranteed, jointly and severally, on an unsecured, senior
subordinated basis by certain wholly owned subsidiaries of the Company (the
"Subsidiary Guarantors"). At the time of the initial issuance of the notes,
Wiser Oil Delaware, Inc., The Wiser Marketing Company, Wiser Delaware LLC,
T.W.O.C., Inc. and The Wiser Oil Company of Canada were the Subsidiary
Guarantors (the "Initial Subsidiary Guarantors"). Except for five wholly owned
subsidiaries that are inconsequential to the Company on a consolidated basis,
the Initial Subsidiary Guarantors comprise all of the Company's direct and
indirect subsidiaries.
Sections 13 and 15(d) of the Securities Exchange Act of 1934 require
presentation of the following unaudited summarized financial information of the
Subsidiary Guarantors. The Company has not presented separate financial
statements and other disclosures concerning each Subsidiary Guarantor because
such information is not material to investors. There are no significant
contractual restrictions on distributions from each of the Subsidiary Guarantors
to the Company.
8
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
THE WISER OIL COMPANY
SUBSIDIARY GUARANTORS
--------------------------------------------
THE WISER
WISER T.W.O.C. MARKETING COMBINED
Canada(1) INC. COMPANY TOTAL
----------- --------- --------- ---------
<S> <C> <C> <C> <C>
(000's)
REVENUES
- --------
For the quarter ended March 31, 1999.. $ 3,158 $ - $523 $ 3,681
For the quarter ended March 31, 1998.. 3,780 1 559 4,340
INCOME (LOSS) BEFORE INCOME TAXES
- ---------------------------------
For the quarter ended March 31, 1999.. $ (510) $ - $ 68 $ (442)
For the quarter ended March 31, 1998.. (709) (3) 66 (646)
NET INCOME (LOSS)
- -----------------
For the quarter ended March 31, 1999.. $ (510) $ - $ 68 $ (442)
For the quarter ended March 31, 1998.. (518) (2) 48 (472)
CURRENT ASSETS
- --------------
March 31, 1999........................ $ 4,041 $ 3 $157 $ 4,201
December 31, 1998..................... 3,782 3 213 3,998
TOTAL ASSETS
- ------------
March 31, 1999........................ $51,255 $ 3 $569 $51,827
December 31, 1998..................... 50,797 3 526 51,326
CURRENT LIABILITIES
- -------------------
March 31, 1999........................ $ 6,419 $ - $336 $ 6,755
December 31, 1998..................... 4,806 - 361 5,167
NONCURRENT LIABILITIES
- ----------------------
March 31, 1999........................ $17,898 $ - $ - $17,898
December 31, 1998..................... 17,846 - - 17,846
STOCKHOLDER'S EQUITY
- --------------------
March 31, 1999........................ $26,938 $ 3 $233 $27,174
December 31, 1998..................... 28,145 3 165 28,313
</TABLE>
(1) Includes the accounts of Wiser Oil Delaware, Inc., Wiser Delaware LLC and
The Wiser Oil Company of Canada.
See other notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1998.
9
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
COMPARISON OF QUARTERS ENDED MARCH 31, 1999 AND MARCH 31, 1998
Revenues for the first quarter of 1999 decreased $5.5 million or 32% from
the first quarter of 1998, due primarily to lower oil and gas prices and lower
oil production. Oil sales for the first quarter of 1999 were $4.2 million lower
than the first quarter of 1998 as the average price received for oil sales in
the first quarter of 1999 was $10.94 per barrel, down $3.14 per barrel or 22%
from the first quarter of 1998. Net oil production for the first quarter of
1999 was 499,000 barrels, down 27% from 683,000 barrels in the first quarter of
1998. The decline in oil production is attributable primarily to the Maljamar
field which produced 160,000 barrels of oil in the first quarter of 1999
compared to 258,000 barrels in the first quarter of 1998. Development of the
Maljamar field was substantially completed in 1998 and the decline in oil
production is consistent with the Company's expectations. Gas sales for the
first quarter of 1999 were $1.2 million lower than the first quarter of 1998.
Gas production for the first quarter of 1999 was 3,304 MMCF, down 124 MMCF or 4%
from the first quarter of 1998. The average price received for gas sales during
the first quarter of 1999 was $1.68 per mcf, a decrease of $0.28 per mcf or 14%
from the first quarter of 1998. During the first quarter of 1999, oil and gas
sales were increased $0.1 million from the Company's hedging activities. There
were no hedging activities in the first quarter of 1998.
Production and operating expense for the first quarter of 1999 decreased
$0.8 million or 14% from the first quarter of 1998 primarily as a result of
lower production taxes associated with lower oil and gas prices received in the
first quarter of 1999. On a BOE basis (excluding 148 MMCF and 165 MMCF of gas
purchased for resale during the first quarter of 1999 and 1998, respectively),
production and operating expense during the first quarter of 1999 increased to
$4.85 per BOE or 3% from $4.73 per BOE during the first quarter of 1998.
Depreciation, depletion and amortization, ("DD&A") for the first quarter of
1999, decreased $1.4 million or 21% from the first quarter of 1998 due primarily
to lower BOE production. Exploration expense for the first quarter of 1999 was
$0.9 million, down $2.5 million from the first quarter of 1998 due to
substantial reductions in exploration activity during the first quarter of 1999.
General and administrative expense in the first quarter of 1999 was $1.5
million, down $0.9 million lower than the first quarter of 1998 due to
substantial reductions in office staff that were made in December 1998.
Interest expense during the first quarter of 1999 was $0.3 million or 8% higher
than the first quarter of 1998 due to borrowings under the Credit Agreement. The
effective income tax rate for the first quarter of 1999 was 14% compared to 27%
in the first quarter of 1998. The net loss before income taxes of $5.0 million
in the first quarter of 1999 will generate income tax benefits only if the net
loss can be carried forward and applied against future taxable income. Since
full realization of the future income tax benefits associated with the net loss
can not be reasonably assured at this time, income tax benefits were recognized
only to the extent of the Company's existing deferred income tax liability of
$0.7 million in the first quarter of 1999.
10
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
COMPARISON OF QUARTERS ENDED MARCH 31, 1999 AND MARCH 31, 1998 (CONTINUED)
The Company realized a net loss of $4.4 million and net loss per share of
$0.49 in the first quarter of 1999 compared to a net loss of $3.6 million and
net loss per share of $0.40 during the first quarter of 1998.
Operating cash flows during the first quarter of 1999 were $3.0 million,
down $0.4 million from the first quarter of 1998 primarily as a result of
decreased oil and gas sales combined with an increase in accrued liabilities.
Capital and exploration expenditures during the first quarter of 1999 were $3.5
million, down $13.7 million from $17.2 million during the first quarter of 1998.
The Company has reduced its capital and exploration budget for 1999 to a range
of $4 million to $5 million. On a cash basis, the Company paid $0.3 million in
interest expense in the first quarter of 1999 and no income taxes were paid in
the first quarter of 1999.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In February, March and April of 1999, the Company entered into forward sale
agreements to hedge a portion of the Company's oil and gas production as
follows:
<TABLE>
<CAPTION>
Period Daily Volume - Product Price (Floor / Ceiling)
------ ---------------------- -----------------------
<S> <C> <C>
March 1, 1999 to July 31, 1999 23,832 MMBTU - Natural Gas $1.72 per MMBTU
May 1, 1999 to August 31, 1999 800 Bbls - Crude Oil $13.40 per Bbl
May 1, 1999 to August 31, 1999 455 Bbls - Crude Oil $14.50 / 16.60 per Bbl
May 1, 1999 to September 30, 1999 500 Bbls - Crude Oil $13.00 / 17.35 per Bbl
</TABLE>
The 455 Bbls per day crude oil hedge is a "collar" hedge whereby the
Company will receive the actual market price if the actual market price is
between the floor price of $14.50 per Bbl and the ceiling price of $16.60
per Bbl. If the actual market price is below or above the floor or ceiling
prices, the price received by the Company will be limited to the floor
price or ceiling price, respectively.
The 500 Bbls per day crude oil hedge is also a "collar" hedge whereby the
Company will receive the actual market price if the actual market price is
between $15.00 per Bbl and the ceiling price of $17.35 per Bbl. If the
actual market price is between the floor price of $13.00 per Bbl and $15.00
per Bbl, the Company will receive $15.00 per Bbl. If the actual market
price is less than the floor price of $13.00 per Bbl, the Company will
receive the actual market price plus $2.00 per Bbl. If the actual market
price is above the ceiling price of $17.35 per Bbl, the price received by
the Company will be limited to $17.35 per Bbl.
During the first quarter of 1999, oil and gas sales were increased $0.1
million from the Company's hedging activities. As a result of property sales
completed in May 1999, the Company intends to settle the hedge relating to
approximately 10,200 MMBTU per day of natural gas for the forward months of June
and July 1999 prior to May 31, 1999. The cost to settle this hedge is estimated
to range from $200,000 to $300,000.
11
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
PART II - OTHER INFORMATION
YEAR 2000 ISSUE
The Company has assessed and continues to assess the impact of the "year
2000" ("Y2K") issue on its reporting systems and operations. The Y2K issue
exists because many computer systems and applications currently use two-digit
date fields to designate a year. As the century date occurs, two-digit date
systems will recognize the year 2000 as 1900 or not at all. This inability to
recognize or properly treat the year 2000 may cause systems to process critical
financial and operational information incorrectly.
In 1998 and the first quarter of 1999, the Company's U.S. and Canadian
computerized accounting systems were upgraded to versions which are Y2K
compliant. These upgrades were completed at a nominal cost to the Company. In
addition, the Company's personal computer systems were analyzed for Y2K
compliance during 1998 and certain components were upgraded at a nominal cost to
the Company. Virtually all of the Company's personal computer systems are
currently Y2K compliant. Wiser is currently reviewing computer-controlled oil
field equipment for Y2K compliance and expects the suppliers of such equipment
to provide upgrades or modifications, if necessary, before the end of 1999 at a
nominal cost to the Company. Wiser is also in the process of surveying its
primary business partners to seek assurances that they will be Y2K compliant
during 1999. Despite these efforts to seek assurances, the Company cannot
provide assurance that all significant business partners will achieve Y2K
compliance in a timely manner. If there is a high risk that a business partner
will not be Y2K compliant in a timely manner, a contingency plan will be
developed or an alternate business partner will be used to minimize the Y2K
risk. The Company plans to perform Y2K testing of both office and field
equipment in the third quarter of 1999.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
--------
The information required by this Item 6 (a) is set forth in the Index
to Exhibits accompanying this quarterly report and is incorporated
herein by reference.
(b) Reports on Form 8-K
-------------------
None.
12
<PAGE>
THE WISER OIL COMPANY
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE WISER OIL COMPANY
---------------------------------
(Registrant)
Date: May 17, 1999 /s/ Andrew J. Shoup, Jr.
---------------------------------
Andrew J. Shoup, Jr.
President and
Chief Executive Officer
Date: May 17, 1999 /s/ Lawrence J. Finn
---------------------------------
Lawrence J. Finn
Vice President, Finance and
Chief Financial Officer
13
<PAGE>
THE WISER OIL COMPANY
THE WISER OIL COMPANY
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -------
27 Financial Data Schedule
+ Filed herewith.
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 2,614
<SECURITIES> 0
<RECEIVABLES> 10,419
<ALLOWANCES> 0
<INVENTORY> 612
<CURRENT-ASSETS> 14,863
<PP&E> 376,011
<DEPRECIATION> 165,861
<TOTAL-ASSETS> 228,545
<CURRENT-LIABILITIES> 36,012
<BONDS> 124,472
0
0
<COMMON> 27,385
<OTHER-SE> 40,307
<TOTAL-LIABILITY-AND-EQUITY> 228,545
<SALES> 11,605
<TOTAL-REVENUES> 11,871
<CGS> 5,658
<TOTAL-COSTS> 16,915
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,406
<INCOME-PRETAX> (5,044)
<INCOME-TAX> (686)
<INCOME-CONTINUING> (4,358)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,358)
<EPS-PRIMARY> (.49)
<EPS-DILUTED> (.49)
</TABLE>
