----

| x   | Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
|---------------|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 74-1753147                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| 4400 Post Oak Pkwy Ste 2700 , Houston, Texas  77027 |
|---------------------------------------------------------------|
| (Address of principal executive office & Zip Code)        |

----

|                                                                                                                                                                        |   | Three Months Ended |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                        |   | March 31,          |    |
|                                                                                                                                                                        |   | 2010               |    |   | 2009 |   |
| REVENUES:                                                                                                                                                                   |   |               |    |   |   |   |
| Marketing                                                                                                                                                                   |   | $                  | 518,090 |   |   | $ | 327,112 |   |
| Transportation                                                                                                                                                              |   |               | 13,111  |   |   |   | 10,943 |   |
| Oil and gas                                                                                                                                                                 |   |               | 2,584   |   |   |   | 2,086 |   |
|                                                                                                                                                                        |   |               | 533,785 |   |   |   | 340,141 |   |
| COSTS AND EXPENSES:                                                                                                                                                         |   |               |    |   |   |   |   |   |
| Marketing                            |   |               | 513,762 |   |   |   | 320,958 |   |
| Transportation                                                                                                                                                              |   |               | 11,136  |   |   |   | 10,207 |   |
| Oil and gas                                                                                                                                                                 |   |               | 1,204   |   |   |   | 1,435 |   |
| General and administrative                                                                                                                                                  |   |               | 2,264   |   |   |   | 2,310 |   |
| Depreciation, depletion and amortization                                                                                                                                    |   |               | 2,844   |   |   |   | 2,431 |   |
|                                                                                                                                                                        |   |               | 531,210 |   |   |   | 337,341 |   |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Operating earnings                                                                                                                                                          |   |               | 2,575   |   |   |   | 2,800 |   |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Other income (expense):                                                                                                                                                     |   |               |    |   |   |   |   |   |
| Interest income                                                                                                                                                             |   |               | 11      |   |   |   | 32 |   |
| Interest expense                                                                                                                                                            |   |               | (31     | ) |   |   | (6 | ) |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Earnings before income tax                                                                                                                                                  |   |               | 2,555   |   |   |   | 2,826 |   |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Income tax (provision) benefit                                                                                                                                              |   |               | (761    | ) |   |   | (956 | ) |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| Net earnings                                                                                                                                                                |   | $                  | 1,794   |   |   | $ | 1,870 |   |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| EARNINGS PER SHARE:                                                                                                                                                         |   |               |    |   |   |   |   |   |
| Basic and diluted net earnings per common share                                                                                                                             |   | $                  | .43     |   |   | $ | .44 |   |
|                                                                                                                                                                        |   |               |    |   |   |   |   |   |
| DIVIDENDS PER COMMON SHARE                                                                                                                                                  |   | $                  | -       |   |   | $ | - |   |

----

|                                                              |   | March 31, |    |   | December 31, |   |
|-------------------------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                                              |   | 2010      |    |   | 2009         |   |
| ASSETS                                                            |   |      |    |   |         |   |
| Current assets:                                                   |   |      |    |   |         |   |
| Cash and cash equivalents                                         |   | $         | 23,380  |   |         | $      | 16,806 |   |
| Accounts receivable, net of allowance for doubtful                |   |      |    |   |         |   |   |   |
| accounts of $1,310 and $1,681, respectively                       |   |      | 170,234 |   |         |   | 155,941 |   |
| Inventories                                                       |   |      | 16,498  |   |         |   | 15,260 |   |
| Fair value contracts                                              |   |      | 2,865   |   |         |   | 1,581 |   |
| Income tax receivable                                             |   |      | 1,547   |   |         |   | 2,171 |   |
| Prepayments                                                       |   |      | 6,124   |   |         |   | 10,804 |   |
|                                                              |   |      |    |   |         |   |   |   |
| Total current assets                                              |   |      | 220,648 |   |         |   | 202,563 |   |
|                                                              |   |      |    |   |         |   |   |   |
| Property and Equipment                                            |   |      | 136,476 |   |         |   | 132,660 |   |
| Less – Accumulated depreciation, depletion and amortization |   |      | (93,033 | )      |         |   | (90,355 | ) |
|                                                              |   |      | 43,443  |   |         |   | 42,305 |   |
| Other Assets                                                      |   |      |    |   |         |   |   |   |
| Deferred income tax asset                                         |   |      | 1,496   |   |         |   | 1,290 |   |
| Cash deposits and other                                           |   |      | 3,322   |   |         |   | 3,243 |   |
|                                                              |   | $         | 268,909 |   |         | $      | 249,401 |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                        |   |      |    |   |         |   |   |   |
|                                                              |   |      |    |   |         |   |   |   |
| Current Liabilities:                                              |   |      |    |   |         |   |   |   |
| Accounts payable                                                  |   | $         | 173,853 |   |         | $      | 158,176 |   |
| Accounts payable – related party                            |   |      | 85      |   |         |   | 75 |   |
| Fair value contracts                                              |   |      | 2,601   |   |         |   | 1,331 |   |
| Accrued and other liabilities                                     |   |      | 4,496   |   |         |   | 3,872 |   |
| Current deferred income taxes                                     |   |      | 871     |   |         |   | 737 |   |
| Total current liabilities                                         |   |      | 181,906 |   |         |   | 164,191 |   |
|                                                              |   |      |    |   |         |   |   |   |
| Other Liabilities:                                                |   |      |    |   |         |   |   |   |
| Asset retirement obligations                                      |   |      | 1,320   |   |         |   | 1,315 |   |
| Other liabilities                                                 |   |      | 88      |   |         |   | 94 |   |
|                                                              |   |      | 183,314 |   |         |   | 165,600 |   |
|                                                              |   |      |    |   |         |   |   |   |
| Commitments and Contingencies (Note 5)                            |   |      |    |   |         |   |   |   |
|                                                              |   |      |    |   |         |   |   |   |
| Shareholders’ Equity:                                       |   |      |    |   |         |   |   |   |
| Preferred stock - $1.00 par value, 960,000 shares                 |   |      |    |   |         |   |   |   |
| authorized, none outstanding                                      |   |      | -       |   |         |   | - |   |
| Common stock - $.10 par value, 7,500,000 shares                   |   |      |    |   |         |   |   |   |
| authorized, 4,217,596 shares outstanding                          |   |      | 422     |   |         |   | 422 |   |
| Contributed capital                                               |   |      | 11,693  |   |         |   | 11,693 |   |
| Retained earnings                                                 |   |      | 73,480  |   |         |   | 71,686 |   |
| Total shareholders’ equity                                  |   |      | 85,595  |   |         |   | 83,801 |   |
|                                                              |   | $         | 268,909 |   |         | $      | 249,401 |   |

----

|                                              |   | Three Months Ended |    |
|---------------------------------------------------|--------|--------------------|---------|
|                                              |   | March 31,          |    |
|                                              |   | 2010               |    |   | 2009 |   |
| CASH PROVIDED BY OPERATIONS:                      |   |               |    |   |   |   |
| Net earnings                                      |   | $                  | 1,794   |   |   | $ | 1,870 |   |
| Adjustments to reconcile net earnings to net cash |   |               |    |   |   |   |   |   |
| from operating activities -                       |   |               |    |   |   |   |   |   |
| Depreciation, depletion and amortization          |   |               | 2,844   |   |   |   | 2,431 |   |
| Property sale (gains) losses                      |   |               | (73     | ) |   |   | (55 | ) |
| Dry hole costs incurred                           |   |               | 21      |   |   |   | 224 |   |
| Impairment of oil and gas properties              |   |               | 407     |   |   |   | 124 |   |
| Provision for doubtful accounts                   |   |               | 7       |   |   |   | 46 |   |
| Deferred income taxes                             |   |               | (71     | ) |   |   | 787 |   |
| Net change in fair value contracts                |   |               | (14     | ) |   |   | (142 | ) |
| Other, net                                        |   |               | (13     | ) |   |   | 479 |   |
| Decrease (increase) in accounts receivable        |   |               | (14,300 | ) |   |   | 8,107 |   |
| Decrease (increase) in inventories                |   |               | (1,238  | ) |   |   | 3,099 |   |
| Decrease (increase) in income tax receivable      |   |               | 624     |   |   |   | 71 |   |
| Decrease (increase) in prepayments                |   |               | 4,680   |   |   |   | (5,585 | ) |
| Increase (decrease) in accounts payable           |   |               | 15,682  |   |   |   | (1,836 | ) |
| Increase (decrease) in accrued liabilities        |   |               | 22      |   |   |   | (636 | ) |
|                                              |   |               |    |   |   |   |   |   |
| Net cash provided by operating activities         |   |               | 10,372  |   |   |   | 8,984 |   |
|                                              |   |               |    |   |   |   |   |   |
| INVESTING ACTIVITIES:                             |   |               |    |   |   |   |   |   |
| Property and equipment additions                  |   |               | (3,807  | ) |   |   | (4,907 | ) |
| Insurance and state collateral (deposits) refunds |   |               | (68     | ) |   |   | (38 | ) |
| Proceeds from property sales                      |   |               | 77      |   |   |   | 64 |   |
|                                              |   |               |    |   |   |   |   |   |
| Net cash (used in) investing activities           |   |               | (3,798  | ) |   |   | (4,881 | ) |
|                                              |   |               |    |   |   |   |   |   |
| Increase in cash and cash equivalents             |   |               | 6,574   |   |   |   | 4,103 |   |
|                                              |   |               |    |   |   |   |   |   |
| Cash and cash equivalents at beginning of period  |   |               | 16,806  |   |   |   | 18,208 |   |
|                                              |   |               |    |   |   |   |   |   |
| Cash and cash equivalents at end of period        |   | $                  | 23,380  |   |   | $ | 22,311 |   |
|                                              |   |               |    |   |   |   |   |   |

----

----

|               |   | March 31, |   |   | December 31, |   |
|--------------------|--------|-----------|--------|--------|--------------|--------|
|               |   | 2010      |   |   | 2009         |   |
|               |   |      |   |   |         |   |
| Crude oil          |   | $         | 15,011 |   |         | $      | 14,053 |   |
| Petroleum products |   |      | 1,487  |   |         |   | 1,207 |   |
|               |   |      |   |   |         |   |   |   |
|               |   | $         | 16,498 |   |         | $      | 15,260 |   |

|                                             |   | March 31, |   |   | December 31, |   |
|--------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                             |   | 2010      |   |   | 2009         |   |
|                                             |   |      |   |   |         |   |
| Cash collateral deposits for commodity purchases |   | $         | 3,322  |   |         | $      | 7,670 |   |
| Insurance premiums                               |   |      | 1,519  |   |         |   | 2,478 |   |
| Natural gas pipeline imbalances                  |   |      | 789    |   |         |   | 89 |   |
| Rents, license and other                         |   |      | 494    |   |         |   | 567 |   |
|                                             |   |      |   |   |         |   |   |   |
|                                             |   | $         | 6,124  |   |         | $      | 10,804 |   |

----

|                          |   | March 31, |   |   | December 31, |   |
|-------------------------------|--------|-----------|--------|--------|--------------|--------|
|                          |   | 2010      |   |   | 2009         |   |
| Insurance collateral deposits |   | $         | 2,648  |   |         | $      | 2,648 |   |
| State collateral deposits     |   |      | 203    |   |         |   | 271 |   |
| Materials and supplies        |   |      | 471    |   |         |   | 324 |   |
|                          |   | $         | 3,322  |   |         | $      | 3,243 |   |

----

----

|                                       |   | Balance Sheet Location and Amount |   |
|--------------------------------------------|--------|-----------------------------------|--------|
|                                       |   | Current                           |   |   | Other |   |   | Current |   |   | Other |   |
|                                       |   | Assets                            |   |   | Assets |   |   | Liabilities |   |   | Liabilities |   |
| Asset Derivatives                          |   |                              |   |   |   |   |   |   |   |   |   |   |
| - Fair Value Forward Hydrocarbon Commodity |   |                              |   |   |   |   |   |   |   |   |   |   |
| Contracts at Gross Valuation               |   | $                                 | 3,577  |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability Derivatives                      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Fair Value Forward Hydrocarbon Commodity |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contracts at Gross Valuation               |   |                              | -      |   |   |   | - |   |   |   | 3,313 |   |   |   | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less Counterparty Offsets                  |   |                              | (712   | ) |   |   | - |   |   |   | (712 | ) |   |   | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| As Reported Fair Value Contracts           |   | $                                 | 2,865  |   |   | $ | - |   |   | $ | 2,601 |   |   | $ | - |   |

|                                       |   | Balance Sheet Location and Amount |   |
|--------------------------------------------|--------|-----------------------------------|--------|
|                                       |   | Current                           |   |   | Other |   |   | Current |   |   | Other |   |
|                                       |   | Assets                            |   |   | Assets |   |   | Liabilities |   |   | Liabilities |   |
| Asset Derivatives                          |   |                              |   |   |   |   |   |   |   |   |   |   |
| - Fair Value Forward Hydrocarbon Commodity |   |                              |   |   |   |   |   |   |   |   |   |   |
| Contracts at Gross Valuation               |   | $                                 | 2,035  |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability Derivatives                      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Fair Value Forward Hydrocarbon Commodity |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contracts at Gross Valuation               |   |                              | -      |   |   |   | - |   |   |   | 1,785 |   |   |   | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less Counterparty Offsets                  |   |                              | (454   | ) |   |   | - |   |   |   | (454 | ) |   |   | - |   |
|                                       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| As Reported Fair Value Contracts           |   | $                                 | 1,581  |   |   | $ | - |   |   | $ | 1,331 |   |   | $ | - |   |

----

|                       | Earnings (Loss)                         |
|----------------------------|-----------------------------------------|
|                       | Three Months Ended                      |
|                       | March 31,                               |
| Location                   | 2010                                    | 2009 |
|                       |                                    |   |
| Revenues – marketing | $      14 | $    142 |

|   | Level 1 – quoted prices in active markets for identical assets or liabilities that may be accessed at the measurement date.  Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  The Company utilizes the New York Mercantile Exchange “NYMEX” for its Level 1 valuations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 2 – (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical assets or liabilities but in markets that are not actively traded or in which little information is released to the public, (c) observable inputs other than quoted prices and (d) inputs derived from observable market data.  Source data for Level 2 inputs include information provided by the New York Mercantile Exchange “NYMEX”, Intercontinental Exchange “ICE”, published price data and indexes, third party price survey data and broker provided forward price statistics. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 – Unobservable market data inputs for assets or liabilities. |
|--------|----------------------------------------------------------------------------|

----

|                                    |   | Market Data Inputs |   |   |       |   |
|-----------------------------------------|--------|--------------------|--------|--------|------------|--------|
|                                    |   | Level 1            |   |   | Level 2    |   |   | Level 3 |   |   |   |   |
|                                    |   | Quoted Prices      |   |   | Observable |   |   | Unobservable |   |   | Total |   |
| Derivatives – Forward Hydrocarbon |   |               |   |   |       |   |   |   |   |   |   |   |
| Commodity Contracts                     |   |               |   |   |       |   |   |   |   |   |   |   |
| - Current assets                        |   | $                  | 163    |   |       | $      | 2,702 |   |   | $ | - |   |   | $ | 2,865 |   |
| - Current liabilities                   |   |               | -      |   |       |   | (2,601 | ) |   |   | - |   |   |   | (2,601 | ) |
| Net Value                               |   | $                  | 163    |   |       | $      | 101 |   |   | $ | - |   |   | $ | 264 |   |

|                                                        |   | Market Data Inputs |   |   |       |   |
|-------------------------------------------------------------|--------|--------------------|--------|--------|------------|--------|
|                                                        |   | Level 1            |   |   | Level 2    |   |   | Level 3 |   |   |   |   |
|                                                        |   | Quoted Prices      |   |   | Observable |   |   | Unobservable |   |   | Total |   |
| Derivatives – Forward Hydrocarbon Commodity Contracts |   |               |   |   |       |   |   |   |   |   |   |   |
| - Current assets                                            |   | $                  | 224    |   |       | $      | 1,357 |   |   | $ | - |   |   | $ | 1,581 |   |
| - Current liabilities                                       |   |               | -      |   |       |   | (1,331 | ) |   |   | - |   |   |   | (1,331 | ) |
| Net Value                                                   |   | $                  | 224    |   |       | $      | 26 |   |   | $ | - |   |   | $ | 250 |   |

----

|                        |   |     |    |   | Segment   |   |   | Depreciation  |   |   | Property and |   |
|-----------------------------|--------|----------|---------|--------|-----------|--------|--------|---------------|--------|--------|--------------|--------|
|                        |   |     |    |   | Operating |   |   | Depletion and |   |   | Equipment    |   |
|                        |   | Revenues |    |   | Earnings  |   |   | Amortization  |   |   | Additions    |   |
| Period Ended March 31, 2010 |   |     |    |   |      |   |   |          |   |   |         |   |
| Marketing                   |   |     |    |   |      |   |   |          |   |   |         |   |
| - Crude Oil                 |   | $        | 487,579 |   |      | $      | 3,043  |          |   | $      | 498          |   |   | $ | 1,427 |   |
| - Natural gas               |   |     | 2,686   |   |      |   | 605    |          |   |   | 41           |   |   |   | - |   |
| - Refined products          |   |     | 27,825  |   |      |   | 14     |          |   |   | 127          |   |   |   | 76 |   |
| Marketing Total             |   |     | 518,090 |   |      |   | 3,662  |          |   |   | 666          |   |   |   | 1,503 |   |
| Transportation              |   |     | 13,111  |   |      |   | 861    |          |   |   | 1,114        |   |   |   | 16 |   |
| Oil and gas                 |   |     | 2,584   |   |      |   | 316    |          |   |   | 1,064        |   |   |   | 2,288 |   |
|                        |   | $        | 533,785 |   |      | $      | 4,839  |          |   | $      | 2,844        |   |   | $ | 3,807 |   |
| Period Ended March 31, 2009 |   |     |    |   |      |   |   |          |   |   |         |   |   |   |   |   |
| Marketing                   |   |     |    |   |      |   |   |          |   |   |         |   |   |   |   |   |
| - Crude Oil                 |   | $        | 300,453 |   |      | $      | 3,831  |          |   | $      | 529          |   |   | $ | 658 |   |
| - Natural gas               |   |     | 3,907   |   |      |   | 1,352  |          |   |   | 41           |   |   |   | - |   |
| - Refined products          |   |     | 22,752  |   |      |   | 265    |          |   |   | 136          |   |   |   | 129 |   |
| Marketing Total             |   |     | 327,112 |   |      |   | 5,448  |          |   |   | 706          |   |   |   | 787 |   |
| Transportation              |   |     | 10,943  |   |      |   | (178   | )             |   |   | 914          |   |   |   | 1,144 |   |
| Oil and gas                 |   |     | 2,086   |   |      |   | (160   | )             |   |   | 811          |   |   |   | 2,976 |   |
|                        |   | $        | 340,141 |   |      | $      | 5,110  |          |   | $      | 2,431        |   |   | $ | 4,907 |   |

|                                  |   | Three Months Ended March 31, |   |
|---------------------------------------|--------|------------------------------|--------|
|                                  |   | 2010                         |   |   | 2009 |   |
| Segment operating earnings (loss)     |   | $                            | 4,839  |   |   | $ | 5,110 |   |
| - General and administrative expenses |   |                         | (2,264 | ) |   |   | (2,310 | ) |
| Operating earnings                    |   |                         | 2,575  |   |   |   | 2,800 |   |
| - Interest income                     |   |                         | 11     |   |   |   | 32 |   |
| - Interest expense                    |   |                         | (31    | ) |   |   | (6 | ) |
| Earnings before income taxes          |   | $                            | 2,555  |   |   | $ | 2,826 |   |

|               |   | March 31, |    |   | December 31, |   |
|--------------------|--------|-----------|---------|--------|--------------|--------|
|               |   | 2010      |    |   | 2009         |   |
| Marketing          |   |      |    |   |         |   |
| - Crude oil        |   | $         | 157,818 |   |         | $      | 130,840 |   |
| - Natural gas      |   |      | 26,492  |   |         |   | 40,715 |   |
| - Refined products |   |      | 11,083  |   |         |   | 10,133 |   |
| Marketing Total    |   |      | 195,393 |   |         |   | 181,688 |   |
| Transportation     |   |      | 16,059  |   |         |   | 16,078 |   |
| Oil and gas        |   |      | 27,309  |   |         |   | 26,050 |   |
| Other              |   |      | 30,148  |   |         |   | 25,585 |   |
|               |   | $         | 268,909 |   |         | $      | 249,401 |   |

----

|   | - | Marketing |
|--------|---|-----------|

|                        |   |     |    |   | Segment   |   |   | Depreciation  |   |
|-----------------------------|--------|----------|---------|--------|-----------|--------|--------|---------------|--------|
|                        |   |     |    |   | Operating |   |   | Depletion and |   |
|                        |   | Revenues |    |   | Earnings  |   |   | Amortization  |   |
| Period ended March 31, 2010 |   |     |    |   |      |   |   |          |   |
|                        |   |     |    |   |      |   |   |          |   |
| - Crude Oil                 |   | $        | 487,579 |   |      | $      | 3,043  |          |   | $ | 498 |   |
| - Natural gas               |   |     | 2,686   |   |      |   | 605    |          |   |   | 41 |   |
| - Refined Products          |   |     | 27,825  |   |      |   | 14     |          |   |   | 127 |   |
|  Total                 |   | $        | 518,090 |   |      | $      | 3,662  |          |   | $ | 666 |   |
|                        |   |     |    |   |      |   |   |          |   |   |   |   |
| Period ended March 31, 2009 |   |     |    |   |      |   |   |          |   |   |   |   |
|                        |   |     |    |   |      |   |   |          |   |   |   |   |
| - Crude oil                 |   | $        | 300,453 |   |      | $      | 3,831  |          |   | $ | 529 |   |
| - Natural gas               |   |     | 3,907   |   |      |   | 1,352  |          |   |   | 41 |   |
| - Refined products          |   |     | 22,752  |   |      |   | 265    |          |   |   | 136 |   |
|  Total                 |   | $        | 327,112 |   |      | $      | 5,448  |          |   | $ | 706 |   |

|                                             |   | Three Months Ended |    |
|--------------------------------------------------|--------|--------------------|---------|
|                                             |   | March 31,          |    |
|                                             |   | 2010               |    |   | 2009 |   |
|                                             |   |               |    |   |   |   |
| Field Level Purchase Volumes – Per day (1) |   |               |    |   |   |   |
| Crude oil – barrels                        |   |               | 69,763  |   |   |   | 68,537 |   |
| Natural gas – mmbtu’s                |   |               | 242,044 |   |   |   | 391,492 |   |
|                                             |   |               |    |   |   |   |   |   |
| Average Purchase Price                           |   |               |    |   |   |   |   |   |
| Crude Oil – per barrel                     |   | $                  | 76.38   |   |   | $ | 38.24 |   |
| Natural Gas – per mmbtu                    |   | $                  | 5.02    |   |   | $ | 4.36 |   |

----

|                           |   | Three Months Ended |   |   |     |   |
|--------------------------------|--------|--------------------|--------|--------|----------|--------|
|                           |   | March 31,          |   |   | Increase |   |
|                           |   | 2010               |   |   | 2009     |   |   | (Decrease) |   |
|                           |   |               |   |   |     |   |   |   |   |
| Revenues                       |   | $                  | 13,111 |   |     | $      | 10,943 |   |   |   | 19.8 | % |
|                           |   |               |   |   |     |   |   |   |   |   |   |   |
| Operating earnings (loss) |   | $                  | 861    |   |     | $      | (178 | ) |   |   | 583.7 | % |
|                           |   |               |   |   |     |   |   |   |   |   |   |   |
| Depreciation                   |   | $                  | 1,114  |   |     | $      | 914 |   |   |   | 21.9. | % |

|                       |   | Three Months Ended |   |   |   |   |
|----------------------------|--------|--------------------|--------|--------|--------|--------|
|                       |   | March 31,          |   |   |   |   |
|                       |   | 2010               |   |   | 2009   |   |   | Increase |   |
| Revenues                   |   | $                  | 2,584  |   |   | $      | 2,086 |   |   |   | 23.9 | % |
|                       |   |               |   |   |   |   |   |   |   |   |   |   |
| Operating earnings (loss)  |   | $                  | 316    |   |   | $      | (160 | ) |   |   | 297.5 | % |
|                       |   |               |   |   |   |   |   |   |   |   |   |   |
| Depreciation and depletion |   | $                  | 1,064  |   |   | $      | 811 |   |   |   | 31.1 | % |

----

|                     |   | Three Months Ended |    |
|--------------------------|--------|--------------------|---------|
|                     |   | March 31,          |    |
|                     |   | 2010               |    |   | 2009 |   |
| Crude Oil                |   |               |    |   |   |   |
| Volume – barrels   |   |               | 13,220  |   |   |   | 14,262 |   |
| Average price per barrel |   | $                  | 76.76   |   |   | $ | 39.62 |   |
|                     |   |               |    |   |   |   |   |   |
| Natural gas              |   |               |    |   |   |   |   |   |
| Volume – mcf       |   |               | 292,139 |   |   |   | 329,751 |   |
| Average price per mcf    |   | $                  | 5.37    |   |   | $ | 4.61 |   |

|                   |   | Three Months Ended |   |
|------------------------|--------|--------------------|--------|
|                   |   | March 31,          |   |
|                   |   | 2010               |   |   | 2009 |   |
| Dry hole expense       |   | $                  | 21     |   |   | $ | 224 |   |
| Prospect impairments   |   |               | 401    |   |   |   | 124 |   |
| Seismic and geological |   |               | 18     |   |   |   | 185 |   |
|                   |   |               |   |   |   |   |   |   |
| Total                  |   | $                  | 440    |   |   | $ | 533 |   |

----

----

----

|   | Item 1A. - There are no material changes in the Company’s risk factors from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 2. | -  None |
|---------|-------------------|

| Item 3. | -  None |
|---------|-------------------|

| Item 4. | -  Removed and Reserved |
|---------|-----------------------------------|

| Item 5. | -  None |
|---------|-------------------|

| 31.1   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|--------|----------------------------------------------------------------------------------------------------|
|   |                                                                                               |
| 31.2   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|   |                                                                                               |
| 32.1   | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |                                                                                               |
| 32.2   | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |                                                                                               |

----

|                          | ADAMS RESOURCES & ENERGY, INC       |
|-------------------------------|-----------------------------------------|
|                          | (Registrant)                            |
|                          |                                    |
|                          |                                    |
|                          |                                    |
| Date:  May 13, 2010 | By  /s/K. S. Adams, Jr.       |
|                          | K. S. Adams, Jr.                        |
|                          | Chief Executive Officer                 |
|                          |                                    |
|                          |                                    |
|                          | By /s/Frank T. Webster                  |
|                          | Frank T. Webster                        |
|                          | President & Chief Operating Officer |
|                          |                                    |
|                          |                                    |
|                          | By /s/Richard B. Abshire                |
|                          | Richard B. Abshire                      |
|                          | Chief Financial Officer                 |

----

| Exhibit |                                                                                             |
|---------|--------------------------------------------------------------------------------------------------|
| Number  | Description                                                                                      |
|    |                                                                                             |
| 31.1    | Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|    |                                                                                             |
| 31.2    | Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|    |                                                                                             |
| 32.1    | Certificate of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|    |                                                                                             |
| 32.2    | Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |

----