|
December 31, |
December 31, |
|
1994 |
1993 |
|
---------------------- |
---------------------- |
|
|
|
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 985,498 |
$ 636,349 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
12,394,636 |
13,938,932 |
| Associated limited partnerships
and joint ventures |
17,899,150 |
28,507,948 |
| Joint interest owners |
4,335,283 |
2,923,797 |
| Producing oil and gas properties held for transfer |
3,525,841 |
15,436,853 |
| Limited partnership formation and marketing costs |
-- |
2,227,100 |
| Other current assets |
68,010 |
1,636,141 |
|
---------------------- |
---------------------- |
| Total Current
Assets |
39,208,418 |
65,307,120 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost accounting |
|
|
| Proved properties being amortized |
93,368,795 |
106,251,713 |
| Unproved properties not being
amortized |
14,805,479 |
7,932,557 |
|
---------------------- |
---------------------- |
|
108,174,274 |
114,184,270 |
| Furniture, fixtures and other equipment |
3,476,695 |
2,969,389 |
|
---------------------- |
---------------------- |
|
111,650,969 |
117,153,659 |
| Less -- Accumulated depreciation, depletion and
amortization |
(21,364,949) |
(25,847,271) |
|
---------------------- |
---------------------- |
|
90,286,020 |
91,306,388 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Receivables from associated limited partnerships, |
|
|
| net of current portion |
1,916,477 |
-- |
| Limited partnership formation and marketing costs, |
|
|
| net of current portion |
2,991,873 |
2,904,274 |
| Deferred charges |
1,269,955 |
1,375,135 |
|
---------------------- |
---------------------- |
|
6,178,305 |
4,279,409 |
|
---------------------- |
---------------------- |
|
$ 135,672,743 |
$ 160,892,917 |
|
=========== |
=========== |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Short-term bank borrowings |
$ 27,229,000 |
$ 2,650,000 |
| Accounts payable and accrued liabilities |
9,516,005 |
7,518,577 |
| Payable to associated limited partnerships |
637,991 |
769,373 |
| Payable related to producing oil and gas property
acquisitions |
-- |
27,118,706 |
| Undistributed oil and gas revenues |
14,962,863 |
17,508,781 |
|
---------------------- |
---------------------- |
| Total Current
Liabilities |
52,345,859 |
55,565,437 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
28,750,000 |
28,750,000 |
| Deferred Revenues |
7,827,562 |
9,819,530 |
| Deferred Income Taxes |
4,622,191 |
12,292,236 |
|
|
|
| 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, |
|
|
| 6,685,137 and 6,001,075 shares
issued and |
|
|
| outstanding, respectively |
66,851 |
60,011 |
| Additional paid-in capital |
24,885,903 |
17,515,417 |
| Retained earnings |
17,174,377 |
36,890,286 |
|
---------------------- |
---------------------- |
|
42,127,131 |
54,465,714 |
|
---------------------- |
---------------------- |
|
$ 135,672,743 |
$ 160,892,917 |
|
=========== |
=========== |
|
|
|
