1st

Quarter

2nd

Quarter

3rd

Quarter

4th

Quarter

Year Ended December 31, 2015

Revenues

$

127,907

$

149,066

$

126,228

$

104,064

Operating  loss ⁽¹⁾

(337,508

)

(278,806

)

(468,573

)

(60,816

)

Net loss ⁽¹⁾

(255,095

)

(260,449

)

(477,568

)

(51,606

)

Basic and diluted loss per common share ^{(1) (2)}

(3.36

)

(3.43

)

(6.29

)

(0.68

)

Year Ended December 31, 2014

Revenues

$

254,516

$

262,994

$

234,521

$

196,677

Operating income (loss)

37,225

34,403

20,983

(30,543

)

Net income (loss)

11,189

9,837

684

(33,371

)

Basic and diluted earnings (loss) per common share ⁽²⁾

0.15

0.13

0.01

(0.44

)

(1)

During 2015, we recorded in first, second, third and fourth quarter ceiling test write-downs of oil and natural gas properties of $260.4 million, $252.8 million, $441.6 million and $32.4 million, respectively.  See Note 1 for additional information.

(2)

The sum of the individual quarterly earnings (loss) per share may not agree with the year loss per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.