Business Segments

6 Months Ended

Jun. 30, 2011

Business Segments [Abstract]

Business Segments

Note 4:  Business Segments

We operate within two segments of the oil and gas industry: the exploration and production segment and the oilfield services segment.  Direct revenues and costs, including exploration costs, depreciation, depletion and amortization costs (“DD&A”), general and administrative costs (“G&A”), and other income directly associated with their respective segments are detailed within the following discussion.  Identifiable net property and equipment are reported by business segment for management reporting and reportable business segment disclosure purposes.  Current assets, other assets, current liabilities, and long-term debt are not allocated to business segments for management reporting or business segment disclosure purposes.

Reportable business segment information for the three months ended June 30, 2011, the six months ended June 30, 2011, and as of June 30, 2011, is as follows (in thousands):

	Reportable Segments
	Exploration & Production		Oilfield Services	Non-Segmented	Total
	U.S.	Poland
Three months ended June 30, 2011:
Revenues	$  1,320	$  6,469	$  1,393	$        --	$   9,182
Net income (loss)(1)	426	1,577	(36)	580	2,547
Six months ended June 30, 2011:
Revenues	$ 2,480	$12,432	$  1,417	$        --	$ 16,329
Net income (loss)(1)	880	4,079	(371)	4,493	9,081
As of June 30, 2011:
Identifiable net property and equipment	$  2,130	$43,535	$ 3,072	$      24	$ 48,761

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(1) Nonsegmented reconciling items for the second quarter include $2,161 of G&A costs, $356 of noncash stock compensation expense, $380 of other expense, $17 of corporate DD&A costs and $3,494 of foreign exchange gains.  Nonsegmented reconciling items for the first six months include $4,123 of G&A costs, $711 of noncash stock compensation expense, $928 of other expense, $33 of corporate DD&A costs, and $10,288 of foreign exchange gains.

Reportable business segment information for the three months ended June 30, 2010, the six months ended June 30, 2010, and as of June 30, 2010, is as follows (in thousands):

	Reportable Segments
	Exploration & Production		Oilfield Services	Non-Segmented	Total
	U.S.	Poland
Three months ended June 30, 2010:
Revenues	$    995	$  4,520	$    578	$             --	$   6,093
Net income (loss)(1)	400	2,281	(35)	(24,729)	(22,083)
Six months ended June 30, 2010:
Revenues	$ 2,079	$  9,464	$    722	$            --	$ 12,265
Net income (loss)(1)	883	6,175	(225)	(27,987)	(21,154)
As of June 30, 2010:
Identifiable net property and equipment	$    906	$24,544	$ 2,357	$          77	$ 27,884

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(1) Nonsegmented reconciling items for the second quarter include $2,253 of G&A costs, $351 of noncash stock compensation expense, $144 of other expense, $20 of corporate DD&A costs, and $21,961 of foreign exchange losses.  Nonsegmented reconciling items for the first six months include $3,980 of G&A costs, $703 of noncash stock compensation expense, $296 of other expense, $41 of corporate DD&A costs, and $22,967 of foreign exchange losses.