|
December 31, |
December 31, |
|
1993 |
1992 |
|
---------------------- |
---------------------- |
|
|
|
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 636,349 |
$ 1,316,974 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
13,938,932 |
14,554,150 |
| Associated limited
partnerships and joint ventures |
28,507,948 |
11,701,651 |
| Joint interest
owners |
2,923,797 |
1,715,398 |
| Producing oil and gas properties held
for transfer |
15,436,853 |
--- |
| Limited partnership formation and
marketing costs |
2,227,100 |
1,542,000 |
| Other current assets |
1,636,141 |
--- |
|
---------------------- |
---------------------- |
| Total
Current Assets |
65,307,120 |
30,830,173 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost
accounting |
|
|
| Proved properties
being amortized |
106,251,713 |
75,018,823 |
| Unproved properties
not being amortized |
7,932,557 |
6,742,743 |
|
---------------------- |
---------------------- |
|
114,184,270 |
81,761,566 |
| Furniture, fixtures and other
equipment |
2,969,389 |
2,742,452 |
|
---------------------- |
---------------------- |
|
117,153,659 |
84,504,018 |
| Less -- Accumulated depreciation,
depletion and amortization |
(25,847,271) |
(18,576,225) |
|
---------------------- |
---------------------- |
|
91,306,388 |
65,927,793 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Limited partnership formation and
marketing costs, |
|
|
| net of current
portion |
2,904,274 |
3,485,503 |
| Deferred charges |
1,375,135 |
--- |
|
---------------------- |
---------------------- |
|
4,279,409 |
3,485,503 |
|
---------------------- |
---------------------- |
|
$ 160,892,917 |
$ 100,243,469 |
|
============ |
============ |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Short-term bank borrowings |
$ 2,650,000 |
$ --- |
| Accounts payable and accrued
liabilities |
7,518,577 |
8,090,229 |
| Payable to associated limited
partnerships |
769,373 |
1,268,545 |
| Payable related to producing oil and
gas property acquisitions |
27,118,706 |
--- |
| Undistributed oil and gas revenues |
17,508,781 |
18,517,913 |
|
---------------------- |
---------------------- |
| Total
Current Liabilities |
55,565,437 |
27,876,687 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
28,750,000 |
--- |
| Deferred Revenues |
9,819,530 |
12,123,610 |
| Deferred Income Taxes |
12,292,236 |
10,961,886 |
|
|
|
| Commitments and Contingencies |
|
|
|
|
|
| Stockholders' Equity: |
|
|
| Preferred stock, $.01 par value,
5,000,000 shares authorized, |
|
|
| none outstanding |
-- |
-- |
| Common stock, $.01 par value,
35,000,000 shares authorized, |
|
|
| 6,001,075 and
5,968,579 shares issued and |
|
|
| outstanding,
respectively |
60,011 |
59,686 |
| Additional paid-in capital |
17,515,417 |
17,227,567 |
| Retained earnings |
36,890,286 |
31,994,033 |
|
---------------------- |
---------------------- |
|
54,465,714 |
49,281,286 |
|
---------------------- |
---------------------- |
|
$ 160,892,917 |
$ 100,243,469 |
|
============ |
============ |
|
|
|
|
|
|
