|
|
|
|
|
1993 |
1992 |
1991 |
|
----------------- |
---------------- |
---------------- |
| Cash Flows from Operating Activities: |
|
|
|
| Net income |
$ 4,896,253 |
$ 4,084,760 |
$ 2,512,815 |
| Adjustments to reconcile net income
to net cash provided |
|
|
|
| by operating
activities-- |
|
|
|
| Depreciation,
depletion and amortization |
7,300,967 |
4,906,029 |
3,843,539 |
| Deferred income
taxes |
1,199,057 |
468,097 |
929,667 |
| Earned interests
from limited partnerships and |
|
|
|
| joint
ventures |
(3,308,623) |
(1,692,331) |
(1,560,098) |
| Deferred revenue
amortization related to |
|
|
|
| production
payment |
(2,304,080) |
(1,666,390) |
--- |
| Impairment of
investment in drilling tool subsidiary |
-- |
627,835 |
--- |
| Cumulative effect
of change in accounting principle |
-- |
(915,000) |
--- |
| Other |
49,865 |
530,492 |
539,938 |
| Change in assets and liabilities-- |
|
|
|
| Increase
in accounts receivable |
(412,960) |
(398,676) |
(172,264) |
| Increase
in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
110,324 |
204,602 |
6,732 |
| Increase
(decrease) in income taxes payable |
(292,463) |
199,662 |
(188,741) |
|
----------------- |
----------------- |
----------------- |
| Net
Cash Provided by Operating Activities |
7,238,340 |
6,349,080 |
5,911,588 |
|
----------------- |
----------------- |
----------------- |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Additions to property and equipment |
(24,229,103) |
(34,401,410) |
(7,985,249) |
| Proceeds from the sale of property
and equipment |
157,972 |
14,303,800 |
--- |
| Proceeds from volumetric production
payment |
-- |
13,790,000 |
--- |
| Net cash received (distributed) as
operator |
|
|
|
| of oil and gas
properties |
(2,556,483) |
2,836,149 |
(3,948,878) |
| Property acquisition costs (incurred
on behalf of) |
|
|
|
| reimbursed by
partnerships and joint ventures |
(10,252,142) |
14,726,897 |
(3,153,333) |
| Limited partnership formation and
marketing costs, net of reimbursement |
(103,871) |
(1,089,614) |
(2,224,065) |
| Prepaid drilling costs |
(1,100,076) |
-- |
-- |
| Other |
(98,437) |
(35,117) |
(58,963) |
|
----------------- |
----------------- |
----------------- |
| Net
Cash Provided by (Used in) Investing Activities |
(38,182,140) |
10,130,705 |
(17,370,488) |
|
----------------- |
----------------- |
----------------- |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from long-term debt |
28,750,000 |
-- |
-- |
| Net proceeds from (payments of)
short-term bank borrowings |
2,650,000 |
(23,380,000) |
10,395,479 |
| Net proceeds from issuances of common
stock |
288,175 |
6,536,170 |
479,467 |
| Payments of debt issuance costs |
(1,425,000) |
-- |
-- |
|
----------------- |
----------------- |
----------------- |
| Net
Cash Provided by (Used in) Financing Activities |
30,263,175 |
(16,843,830) |
10,874,946 |
|
----------------- |
----------------- |
---------------- |
| Net Decrease in Cash and Cash Equivalents |
(680,625) |
(364,045) |
(583,954) |
|
|
|
|
| Cash and Cash Equivalents at Beginning of Year |
1,316,974 |
1,681,019 |
2,264,973 |
|
----------------- |
----------------- |
----------------- |
| Cash and Cash Equivalents at End of Year |
$ 636,349 |
$ 1,316,974 |
$ 1,681,019 |
|
========= |
========= |
========= |
|
|
|
|
| Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
| Cash paid during year for interest, net of amounts
capitalized |
$ 605,063 |
$ 93,869 |
$ 6,781 |
| Cash paid during year for income taxes |
$ 756,761 |
$ 850,000 |
$ 495,000 |
|
|
|
|
|
|
|
|
