South Texas posted a net loss for the second quarter 2009 of $ 4.9 million , or $ 0.28 per weighted average , basic and diluted share , compared with a net loss of $ 6.8 million , or $ 0.42 per weighted average share , for the same period in 2008 . Included in the second quarter 2008 costs and expenses was a loss from derivatives of $ 4.3 million . South Texas did not incur a loss from derivatives in the 2009 period as it does not have any derivative instruments in place for its production . For the three months ended June 30 , 2009 , 17,244,423 weighted average shares of common stock were outstanding .