|
December 31, |
December 31, |
|
1995 |
1994 |
|
---------------------- |
---------------------- |
|
|
|
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 7,574,512 |
$ 985,498 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
14,765,336 |
12,394,636 |
| Associated limited partnerships
and joint ventures |
16,108,298 |
17,899,150 |
| Joint interest owners |
4,044,817 |
4,335,283 |
| Producing oil and gas properties held for transfer |
-- |
3,525,841 |
| Other current assets |
887,491 |
68,010 |
|
---------------------- |
---------------------- |
| Total Current
Assets |
43,380,454 |
39,208,418 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost accounting |
|
|
| Proved properties being amortized |
132,673,707 |
93,368,795 |
| Unproved properties not being
amortized |
20,652,151 |
14,805,479 |
|
---------------------- |
---------------------- |
|
153,325,858 |
108,174,274 |
| Furniture, fixtures and other equipment |
4,367,719 |
3,476,695 |
|
---------------------- |
---------------------- |
|
157,693,577 |
111,650,969 |
| Less-Accumulated depreciation, depletion, |
|
|
| and amortization |
(30,169,303) |
(21,364,949) |
|
---------------------- |
---------------------- |
|
127,524,274 |
90,286,020 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Receivables from associated limited partnerships, |
|
|
| net of current portion |
2,332,355 |
1,916,477 |
| Limited partnership formation and marketing costs |
858,559 |
2,991,873 |
| Deferred charges |
1,157,065 |
1,269,955 |
|
---------------------- |
---------------------- |
|
4,347,979 |
6,178,305 |
|
---------------------- |
---------------------- |
|
$ 175,252,707 |
$ 135,672,743 |
|
=========== |
=========== |
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Short-term bank borrowings |
$ -- |
$ 27,229,000 |
| Accounts payable and accrued liabilities |
23,075,982 |
9,516,005 |
| Payable to associated limited partnerships |
16,983 |
637,991 |
| Undistributed oil and gas revenues |
17,040,304 |
14,962,863 |
|
---------------------- |
---------------------- |
| Total Current
Liabilities |
40,133,269 |
52,345,859 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
28,750,000 |
28,750,000 |
| Deferred Revenues |
6,063,467 |
7,827,562 |
| Deferred Income Taxes |
6,960,006 |
4,622,191 |
|
|
|
| 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, |
|
|
| 12,509,700 and 6,685,137 shares
issued and |
|
|
| outstanding, respectively |
125,097 |
66,851 |
| Additional paid-in capital |
71,133,979 |
24,885,903 |
| Retained earnings |
22,086,889 |
17,174,377 |
|
---------------------- |
---------------------- |
|
93,345,965 |
42,127,131 |
|
---------------------- |
---------------------- |
|
$ 175,252,707 |
$ 135,672,743 |
|
=========== |
=========== |
|
|
|
