----

| 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 & ZipCode)         |

----

|                                                                                                                                                                        |   | Three      Months Ended |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                        |   | March      31,          |    |
|                                                                                                                                                                        |   | 2009                    |    |   | 2008 |   |
| REVENUES:                                                                                                                                                                   |   |                    |    |   |   |   |
| Marketing                                                                                                                                                                   |   | $                       | 327,112 |   |   | $ | 945,637 |   |
| Transportation                                                                                                                                                              |   |                    | 10,943  |   |   |   | 16,404 |   |
| Oil      and gas                                                                                                                                                            |   |                    | 2,086   |   |   |   | 3,947 |   |
|                                                                                                                                                                        |   |                    | 340,141 |   |   |   | 965,988 |   |
| COSTS      AND EXPENSES:                                                                                                                                                    |   |                    |    |   |   |   |   |   |
| Marketing                            |   |                    | 320,958 |   |   |   | 940,919 |   |
| Transportation                                                                                                                                                              |   |                    | 10,207  |   |   |   | 14,687 |   |
| Oil      and gas                                                                                                                                                            |   |                    | 1,435   |   |   |   | 1,426 |   |
| General      and administrative                                                                                                                                             |   |                    | 2,310   |   |   |   | 2,917 |   |
| Depreciation,      depletion and amortization                                                                                                                               |   |                    | 2,431   |   |   |   | 3,038 |   |
|                                                                                                                                                                        |   |                    | 337,341 |   |   |   | 962,987 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| Operating      earnings                                                                                                                                                     |   |                    | 2,800   |   |   |   | 3,001 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| Other      income (expense):                                                                                                                                                |   |                    |    |   |   |   |   |   |
| Interest      income                                                                                                                                                        |   |                    | 32      |   |   |   | 355 |   |
| Interest      expense                                                                                                                                                       |   |                    | (6      | ) |   |   | (4 | ) |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| Earnings      before income tax                                                                                                                                             |   |                    | 2,826   |   |   |   | 3,352 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| Income      tax provision                                                                                                                                                   |   |                    | 956     |   |   |   | 1,141 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| Net      earnings                                                                                                                                                           |   | $                       | 1,870   |   |   | $ | 2,211 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| EARNINGS      PER SHARE:                                                                                                                                                    |   |                    |    |   |   |   |   |   |
| Basic      and diluted net earnings per common share                                                                                                                        |   | $                       | .44     |   |   | $ | .52 |   |
|                                                                                                                                                                        |   |                    |    |   |   |   |   |   |
| DIVIDENDS      PER COMMON SHARE                                                                                                                                             |   | $                       | -       |   |   | $ | - |   |

----

|                                                    |   | March      31, |    |   | December      31, |   |
|---------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                    |   | 2009           |    |   | 2008              |   |
| ASSETS                                                  |   |           |    |   |              |   |
|                                                    |   |           |    |   |              |   |
| Current      assets:                                    |   |           |    |   |              |   |
| Cash      and cash equivalents                          |   | $              | 22,311  |   |              | $      | 18,208 |   |
| Accounts      receivable, net of allowance for doubtful |   |           |    |   |              |   |   |   |
| Accounts      of $1,297 and $1,251, respectively        |   |           | 111,248 |   |              |   | 119,401 |   |
| Inventories                                             |   |           | 11,108  |   |              |   | 14,207 |   |
| Fair      value contracts                               |   |           | 7,085   |   |              |   | 8,697 |   |
| Income      tax receivable                              |   |           | 3,558   |   |              |   | 3,629 |   |
| Prepayments                                             |   |           | 10,809  |   |              |   | 5,224 |   |
|                                                    |   |           |    |   |              |   |   |   |
| Total      current assets                               |   |           | 166,119 |   |              |   | 169,366 |   |
|                                                    |   |           |    |   |              |   |   |   |
| Property      and equipment                             |   |           | 122,823 |   |              |   | 118,863 |   |
| Less      – accumulated depreciation,             |   |           |    |   |              |   |   |   |
| Depletion      and amortization                         |   |           | (85,149 | )      |              |   | (83,277 | ) |
|                                                    |   |           | 37,674  |   |              |   | 35,586 |   |
| Other      assets:                                      |   |           |    |   |              |   |   |   |
| Fair      value contracts                               |   |           | 75      |   |              |   | - |   |
| Deferred      income tax asset                          |   |           | 1,611   |   |              |   | 2,035 |   |
| Cash      deposits and other                            |   |           | 3,508   |   |              |   | 3,939 |   |
|                                                    |   | $              | 208,987 |   |              | $      | 210,926 |   |
|                                                    |   |           |    |   |              |   |   |   |
| LIABILITIES      AND SHAREHOLDERS’ EQUITY         |   |           |    |   |              |   |   |   |
|                                                    |   |           |    |   |              |   |   |   |
| Current      liabilities:                               |   |           |    |   |              |   |   |   |
| Accounts      payable                                   |   | $              | 113,358 |   |              | $      | 115,183 |   |
| Accounts      payable – related party             |   |           | 47      |   |              |   | 89 |   |
| Fair      value contracts                               |   |           | 6,450   |   |              |   | 8,196 |   |
| Accrued      and other liabilities                      |   |           | 3,294   |   |              |   | 3,930 |   |
| Current      deferred income taxes                      |   |           | 772     |   |              |   | 409 |   |
| Total      current liabilities                          |   |           | 123,921 |   |              |   | 127,807 |   |
|                                                    |   |           |    |   |              |   |   |   |
| Other      liabilities:                                 |   |           |    |   |              |   |   |   |
| Fair      value contracts                               |   |           | 67      |   |              |   | - |   |
| Asset      retirement obligations                       |   |           | 1,275   |   |              |   | 1,260 |   |
| Other      long-term                                    |   |           | 93      |   |              |   | 98 |   |
|                                                    |   |           | 125,356 |   |              |   | 129,165 |   |
| 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                                  |   |           | 71,516  |   |              |   | 69,646 |   |
| Total      shareholders’ equity                   |   |           | 83,631  |   |              |   | 81,761 |   |
|                                                    |   | $              | 208,987 |   |              | $      | 210,926 |   |

----

|                                                   |   | Three      Months Ended |   |
|--------------------------------------------------------|--------|-------------------------|--------|
|                                                   |   | March      31,          |   |
|                                                   |   | 2009                    |   |   | 2008 |   |
| CASH      PROVIDED BY OPERATIONS:                      |   |                    |   |   |   |   |
| Net      earnings                                      |   | $                       | 1,870  |   |   | $ | 2,211 |   |
| Adjustments      to reconcile net earnings to net cash |   |                    |   |   |   |   |   |   |
| from      operating activities -                       |   |                    |   |   |   |   |   |   |
| Depreciation,      depletion and amortization          |   |                    | 2,431  |   |   |   | 3,038 |   |
| Gains      on property sales                           |   |                    | (55    | ) |   |   | (22 | ) |
| Dry      hole costs incurred                           |   |                    | 224    |   |   |   | 90 |   |
| Impairment      of oil and gas properties              |   |                    | 124    |   |   |   | 197 |   |
| Provision      for doubtful accounts                   |   |                    | 46     |   |   |   | 24 |   |
| Other,      net                                        |   |                    | 479    |   |   |   | 10 |   |
| Decrease      (increase) in accounts receivable        |   |                    | 8,107  |   |   |   | (41,472 | ) |
| Decrease      (increase) in inventories                |   |                    | 3,099  |   |   |   | (6,731 | ) |
| Net      change in fair value contracts                |   |                    | (142   | ) |   |   | 283 |   |
| Decrease      (increase) in income tax receivable      |   |                    | 71     |   |   |   | 401 |   |
| Decrease      (increase) in prepayments                |   |                    | (5,585 | ) |   |   | (2,217 | ) |
| Increase      (decrease) in accounts payable           |   |                    | (1,836 | ) |   |   | 53,351 |   |
| Increase      (decrease) in accrued liabilities        |   |                    | (636   | ) |   |   | 371 |   |
| Deferred      income taxes                             |   |                    | 787    |   |   |   | (358 | ) |
|                                                   |   |                    |   |   |   |   |   |   |
| Net      cash provided by operating activities         |   |                    | 8,984  |   |   |   | 9,176 |   |
|                                                   |   |                    |   |   |   |   |   |   |
| INVESTING      ACTIVITIES:                             |   |                    |   |   |   |   |   |   |
| Property      and equipment additions                  |   |                    | (4,907 | ) |   |   | (6,885 | ) |
| Insurance      and excise tax refunds (deposits)       |   |                    | (38    | ) |   |   | (53 | ) |
| Proceeds      from property sales                      |   |                    | 64     |   |   |   | 22 |   |
| Redemption      of short-term investments              |   |                    | -      |   |   |   | 10,000 |   |
| Investment      in short-term investments              |   |                    | -      |   |   |   | (10,000 | ) |
|                                                   |   |                    |   |   |   |   |   |   |
| Net      cash used in investing activities             |   |                    | (4,881 | ) |   |   | (6,916 | ) |
|                                                   |   |                    |   |   |   |   |   |   |
| Increase      in cash and cash equivalents             |   |                    | 4,103  |   |   |   | 2,260 |   |
|                                                   |   |                    |   |   |   |   |   |   |
| Cash      at beginning of period                       |   |                    | 18,208 |   |   |   | 23,697 |   |
|                                                   |   |                    |   |   |   |   |   |   |
| Cash      at end of period                             |   | $                       | 22,311 |   |   | $ | 25,957 |   |
|                                                   |   |                    |   |   |   |   |   |   |

----

|                    |   | March      31, |   |   | December      31, |   |
|-------------------------|--------|----------------|--------|--------|-------------------|--------|
|                    |   | 2009           |   |   | 2008              |   |
|                    |   |           |   |   |              |   |
| Crude      oil          |   | $              | 8,788  |   |              | $      | 11,710 |   |
| Petroleum      products |   |           | 2,320  |   |              |   | 2,497 |   |
|                    |   |           |   |   |              |   |   |   |
|                    |   | $              | 11,108 |   |              | $      | 14,207 |   |

----

----

|                               |   | March      31, |   |   | December      31, |   |
|------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                               |   | 2009           |   |   | 2008              |   |
|                               |   |           |   |   |              |   |
| Insurance      collateral deposits |   | $              | 2,810  |   |              | $      | 2,794 |   |
| State      collateral deposits     |   |           | 301    |   |              |   | 279 |   |
| Accounts      and notes receivable |   |           | 102    |   |              |   | 503 |   |
| Materials      and supplies        |   |           | 295    |   |              |   | 363 |   |
|                               |   | $              | 3,508  |   |              | $      | 3,939 |   |

----

----

|                                       | Balance      Sheet                    |   |            |   |
|--------------------------------------------|---------------------------------------|--------|-----------------|--------|
|                                       | Location                              |   | Fair      Value |   |
| Asset      Derivatives                     |                                  |   |            |   |
|                                       |                                  |   |            |   |
| Derivatives      not designated as hedging |                                  |   |            |   |
| instruments      under SFAS No. 133        |                                  |   |            |   |
|                                       |                                  |   |            |   |
| -      Fair value commodity contracts      |    Current      assets      |   | $               | 7,537  |   |
| -      Fair value commodity contracts      |    Other      assets        |   |            | 75     |   |
|                                       |                                  |   |            |   |   |
| Total      asset derivatives               |                                  |   |            | 7,612  |   |
| Less      counterparty offsets             |                                  |   |            | (452   | ) |
|                                       |                                  |   |            |   |   |
| Total      asset fair value contracts      |                                  |   |            | 7,160  |   |
|                                       |                                  |   |            |   |   |
| Liability      Derivatives                 |                                  |   |            |   |   |
|                                       |                                  |   |            |   |   |
| Derivatives      not designated as hedging |                                  |   |            |   |   |
| instruments      under SFAS                |                                  |   |            |   |   |
|                                       |                                  |   |            |   |   |
| -      Fair value commodity contracts      |    Current      liabilities |   |            | (6,902 | ) |
| -      Fair value commodity contracts      |    Other      liabilities   |   |            | (67    | ) |
|                                       |                                  |   |            |   |   |
| Total      liability derivatives           |                                  |   |            | (6,969 | ) |
| Less      Counterparty offsets             |                                  |   |            | 452    |   |
|                                       |                                  |   |            |   |   |
| Total      liability fair value contracts  |                                  |   |            | (6,517 | ) |
|                                       |                                  |   |            |   |   |
| Net      fair value contracts              |                                  |   | $               | 643    |   |

|                                       | Statement      of Operations |   |
|--------------------------------------------|------------------------------|--------|
|                                       | Location                     | Gain   |
| Derivatives      not designated as hedging |                         |   |
| Instruments      under SFAS No. 133        |                         |   |
|                                       |                         |   |
| -      Fair value commodity contracts      | Revenues -      marketing    | $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 1valuations. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 marketdata. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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                  |   |                    |   |   |         |   |   |   |   |   |   |   |
| -      Current assets        |   | $                       | 768    |   |         | $      | 6,317 |   |   | $ | - |   |   | $ | 7,085 |   |
| -      Long-term assets      |   |                    | -      |   |         |   | 75 |   |   |   | - |   |   |   | 75 |   |
| -      Current liabilities   |   |                    | (46    | )      |         |   | (6,404 | ) |   |   | - |   |   |   | (6,450 | ) |
| -      Long-term liabilities |   |                    | -      |   |         |   | (67 | ) |   |   | - |   |   |   | (67 | ) |
| Net      Value               |   | $                       | 722    |   |         | $      | (79 | ) |   | $ | - |   |   | $ | 643 |   |

----

----

|                            |   |     |    |   | Segment         |   |   | Depreciation       |   |   | Property      and |   |
|---------------------------------|--------|----------|---------|--------|-----------------|--------|--------|--------------------|--------|--------|-------------------|--------|
|                            |   |     |    |   | Operating       |   |   | Depletion      and |   |   | Equipment         |   |
|                            |   | Revenues |    |   | Earnings (Loss) |   |   | Amortization       |   |   | Additions         |   |
| For      the three months 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 |   |
| March      31, 2008             |   |     |    |   |            |   |   |               |   |   |              |   |   |   |   |   |
| Marketing                       |   |     |    |   |            |   |   |               |   |   |              |   |   |   |   |   |
| -      Crude oil                |   | $        | 895,412 |   |            | $      | 4,285  |               |   | $      | 329               |   |   | $ | 4,369 |   |
| -      Natural gas              |   |     | 2,860   |   |            |   | 532    |               |   |   | 40                |   |   |   | - |   |
| -      Refined products         |   |     | 47,365  |   |            |   | (615   | )                  |   |   | 147               |   |   |   | 61 |   |
| Marketing      Total            |   |     | 945,637 |   |            |   | 4,202  |               |   |   | 516               |   |   |   | 4,430 |   |
| Transportation                  |   |     | 16,404  |   |            |   | 760    |               |   |   | 957               |   |   |   | 350 |   |
| Oil      and gas                |   |     | 3,947   |   |            |   | 956    |               |   |   | 1,565             |   |   |   | 2,105 |   |
|                            |   | $        | 965,988 |   |            | $      | 5,918  |               |   | $      | 3,038             |   |   | $ | 6,885 |   |

|                              |   | Three      months ended |   |
|-----------------------------------|--------|-------------------------|--------|
|                              |   | March      31,          |   |
|                              |   | 2009                    |   |   | 2008 |   |
| Segment      operating earnings   |   | $                       | 5,110  |   |   | $ | 5,918 |   |
| -      General and administrative |   |                    | (2,310 | ) |   |   | (2,917 | ) |
| Operating      earnings           |   |                    | 2,800  |   |   |   | 3,001 |   |
| -      Interest income            |   |                    | 32     |   |   |   | 355 |   |
| -      Interest expense           |   |                    | (6     | ) |   |   | (4 | ) |
| Earnings      before income tax   |   | $                       | 2,826  |   |   | $ | 3,352 |   |

----

|                    |   | March      31, |    |   | December      31, |   |
|-------------------------|--------|----------------|---------|--------|-------------------|--------|
|                    |   | 2009           |    |   | 2008              |   |
| Marketing               |   |           |    |   |              |   |
| -      Crude oil        |   | $              | 90,026  |   |              | $      | 85,774 |   |
| -      Natural gas      |   |           | 37,674  |   |              |   | 46,599 |   |
| -      Refined products |   |           | 11,257  |   |              |   | 13,037 |   |
| Marketing      Total    |   |           | 138,957 |   |              |   | 145,410 |   |
| Transportation          |   |           | 14,815  |   |              |   | 14,915 |   |
| Oil      and gas        |   |           | 23,053  |   |              |   | 21,904 |   |
| Other                   |   |           | 32,162  |   |              |   | 28,697 |   |
|                    |   | $              | 208,987 |   |              | $      | 210,926 |   |

----

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

|                             |   |     |    |   | Segment   |   |   | Depreciation       |   |
|----------------------------------|--------|----------|---------|--------|-----------|--------|--------|--------------------|--------|
|                             |   |     |    |   | Operating |   |   | Depletion      and |   |
|                             |   | Revenues |    |   | Earnings  |   |   | Amortization       |   |
| 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 |   |
|                             |   |     |    |   |      |   |   |               |   |   |   |   |
| Period      ended March 31, 2008 |   |     |    |   |      |   |   |               |   |   |   |   |
|                             |   |     |    |   |      |   |   |               |   |   |   |   |
| -      Crude oil                 |   | $        | 895,412 |   |      | $      | 4,285  |               |   | $ | 329 |   |
| -      Natural gas               |   |     | 2,860   |   |      |   | 532    |               |   |   | 40 |   |
| -      Refined products          |   |     | 47,365  |   |      |   | (615   | )                  |   |   | 147 |   |
|  Total                      |   | $        | 945,637 |   |      | $      | 4,202  |               |   | $ | 516 |   |

----

|                                                  |   | Three      Months Ended |    |
|-------------------------------------------------------|--------|-------------------------|---------|
|                                                  |   | March      31,          |    |
|                                                  |   | 2009                    |    |   | 2008 |   |
|                                                  |   |                    |    |   |   |   |
| Field      Level Purchase Volumes – Per day (1) |   |                    |    |   |   |   |
| Crude      oil – barrels                        |   |                    | 68,537  |   |   |   | 63,965 |   |
| Natural      gas – mmbtu’s                |   |                    | 391,492 |   |   |   | 459,513 |   |
|                                                  |   |                    |    |   |   |   |   |   |
| Average      Purchase Price                           |   |                    |    |   |   |   |   |   |
| Crude      Oil – per barrel                     |   | $                       | 38.24   |   |   | $ | 98.85 |   |
| Natural      Gas – per mmbtu                    |   | $                       | 4.36    |   |   | $ | 8.27 |   |

|                                |   | Three      Months Ended |   |   |     |   |
|-------------------------------------|--------|-------------------------|--------|--------|----------|--------|
|                                |   | March      31,          |   |   | Increase |   |
|                                |   | 2009                    |   |   | 2008     |   |   | (Decrease) |   |
|                                |   |                    |   |   |     |   |   |   |   |
| Revenues                            |   | $                       | 10,943 |   |     | $      | 16,404 |   |   |   | (33 | )% |
|                                |   |                    |   |   |     |   |   |   |   |   |   |   |
| Operating      earnings (loss) |   | $                       | (178   | )      |     | $      | 760 |   |   |   | (123 | )% |
|                                |   |                    |   |   |     |   |   |   |   |   |   |   |
| Depreciation                        |   | $                       | 914    |   |     | $      | 957 |   |   |   | (4 | )% |

----

|                            |   | Three      Months Ended |   |   |   |   |
|---------------------------------|--------|-------------------------|--------|--------|--------|--------|
|                            |   | March      31,          |   |   |   |   |
|                            |   | 2009                    |   |   | 2008   |   |   | Increase |   |
| Revenues                        |   | $                       | 2,086  |   |   | $      | 3,947 |   |   |   | (47 | )% |
|                            |   |                    |   |   |   |   |   |   |   |   |   |   |
| Operating      earnings (loss)  |   | $                       | (160   | )      |   | $      | 956 |   |   |   | (117 | )% |
|                            |   |                    |   |   |   |   |   |   |   |   |   |   |
| Depreciation      and depletion |   | $                       | 811    |   |   | $      | 1,565 |   |   |   | (48 | )% |

|                          |   | Three      Months Ended |    |
|-------------------------------|--------|-------------------------|---------|
|                          |   | March      31,          |    |
|                          |   | 2009                    |    |   | 2008 |   |
| Crude      Oil                |   |                    |    |   |   |   |
| Volume      – barrels   |   |                    | 14,262  |   |   |   | 11,967 |   |
| Average      price per barrel |   | $                       | 39.62   |   |   | $ | 100.63 |   |
|                          |   |                    |    |   |   |   |   |   |
| Natural      gas              |   |                    |    |   |   |   |   |   |
| Volume      – mcf       |   |                    | 329,751 |   |   |   | 287,162 |   |
| Average      price per mcf    |   | $                       | 4.61    |   |   | $ | 9.55 |   |

|                        |   | Three      Months Ended |   |
|-----------------------------|--------|-------------------------|--------|
|                        |   | March      31,          |   |
|                        |   | 2009                    |   |   | 2008 |   |
| Dry      hole expense       |   | $                       | 224    |   |   | $ | 90 |   |
| Prospect      impairments   |   |                    | 124    |   |   |   | 197 |   |
| Seismic      and geological |   |                    | 185    |   |   |   | 173 |   |
|                        |   |                    |   |   |   |   |   |   |
| Total                       |   | $                       | 533    |   |   | $ | 460 |   |

----

----

----

----

|   | 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, 2008. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Item      2. - 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      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, 2009 | 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 |

----