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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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1993 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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5. Commitments and Contingencies
Total rental and lease expenses charged to earnings before reimbursements were $1,155,564 in 1993, $1,005,276 in 1992, and $884,397 in 1991. The Company’s remaining minimum annual obligations under non-cancellable operating lease commitments are $1,214,982 for 1994, $351,744 for 1995, and $22,058 for 1996.
The Company is the managing general partner of 85 limited partnerships and is contingently liable for the liabilities of these partnerships.
In the ordinary course of business, the Company has been party to various legal actions, which arise primarily from its activities as operator of oil and gas wells. In management’s opinion, the outcome of such actions will not have a material adverse effect on the financial position or results of operations of the Company.
The Company extends credit to various companies in the oil and gas industry which results in a concentration of credit risk. This concentration of credit risk may be affected by changes in economic or other conditions and may accordingly impact the Company’s overall credit risk. However, management believes that the risk is mitigated by the size, reputation, and nature of the companies to which they extend credit. In addition, the Company generally does not require collateral or other security to support customer receivables.
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