For the quarter , the Company recorded net income of $ 1,708,378 , or $ .20 per share as compared to a net loss of $ 874,629 , or $ .10 per share , for the 2009 first quarter . Total revenues for the 2010 quarter increased 9.8 % to $ 12,424,503 , as compared to $ 11,319,702 for the 2009 quarter . Capital expenditures for drilling and equipping wells and leasehold acquisitions decreased 86 % from the 2009 first quarter to $ 2,658,662 . Net cash provided by operating activities was $ 4,820,926 for the 2010 first quarter .