|
|
|
|
|
1994 |
1993 |
1992 |
|
------------------- |
---------------- |
---------------- |
| Cash Flows from Operating Activities: |
|
|
|
| Net income (loss) |
$ (13,047,027) |
$ 4,896,253 |
$ 4,084,760 |
| Adjustments to reconcile net income
to net cash provided |
|
|
|
| by operating
activities-- |
|
|
|
| Depreciation,
depletion and amortization |
7,904,801 |
7,300,967 |
4,906,029 |
| Deferred income
taxes |
963,324 |
1,199,057 |
468,097 |
| Earned interests
from limited partnerships and |
|
|
| joint
ventures |
-- |
(3,308,623) |
(1,692,331) |
| Deferred revenue
amortization related to |
|
|
| production
payment |
(1,993,863) |
(2,304,080) |
(1,666,390) |
| Impairment of
investment in drilling tool subsidiary |
-- |
-- |
627,835 |
| Cumulative effect
of change in accounting principle |
16,772,698 |
-- |
(915,000) |
| Other |
105,180 |
49,865 |
530,492 |
| Change in assets
and liabilities-- |
|
|
|
| (Increase)
in accounts receivable |
(762,789) |
(412,960) |
(398,676) |
| Increase
in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
142,883 |
110,324 |
204,602 |
| Increase
(decrease) in income taxes payable |
309,307 |
(292,463) |
199,662 |
|
----------------- |
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
10,394,514 |
7,238,340 |
6,349,080 |
|
---------------- |
------------- |
------------- |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Additions to property and equipment |
(34,531,180) |
(24,229,103) |
(34,401,410) |
| Proceeds from the sale of property
and equipment |
861,073 |
157,972 |
14,303,800 |
| Proceeds from volumetric production
payment |
-- |
-- |
13,790,000 |
| Net cash received (distributed) as
operator |
|
|
|
| of oil and gas
properties |
(229,351) |
(2,556,483) |
2,836,149 |
| Property acquisition costs (incurred
on behalf of) |
|
|
|
| reimbursed by
partnerships and joint ventures |
(1,408,031) |
(10,252,142) |
14,726,897 |
| Limited partnership formation and
marketing costs |
-- |
(103,871) |
(1,089,614) |
| Prepaid drilling costs |
-- |
(1,100,076) |
-- |
| Other |
(25,320) |
(98,437) |
(35,117) |
|
------------------ |
------------------- |
------------- |
| Net
Cash Provided by (Used in) Investing Activities |
(35,332,809) |
(38,182,140) |
10,130,705 |
|
------------------ |
------------------ |
------------- |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from long-term debt |
-- |
28,750,000 |
-- |
| Net proceeds from (payments of)
short-term bank borrowings |
24,579,000 |
2,650,000 |
(23,380,000) |
| Net proceeds from issuances of common
stock |
708,444 |
288,175 |
6,536,170 |
| Payments of debt issuance costs |
-- |
(1,425,000) |
-- |
|
----------------- |
----------------- |
----------------- |
| Net
Cash Provided by (Used in) Financing Activities |
25,287,444 |
30,263,175 |
(16,843,830) |
|
----------------- |
------------------ |
----------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ 349,149 |
$ (680,625) |
$ (364,045) |
|
|
|
|
| Cash and Cash Equivalents at Beginning of Year |
636,349 |
1,316,974 |
1,681,019 |
|
---------------- |
----------------- |
----------------- |
| Cash and Cash Equivalents at End of Year |
$ 985,498 |
$ 636,349 |
$ 1,316,974 |
|
========= |
========= |
========= |
|
|
|
|
| Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
| Cash paid during year for interest, net of amounts
capitalized |
$ 1,691,400 |
$ 605,063 |
$ 93,869 |
| Cash paid during year for income taxes |
$ 97,200 |
$ 756,761 |
$ 850,000 |
|
|
|
|
|
|
|
|
