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1995 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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1995 ANNUAL REPORT |
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Notes to Consolidated Financial Statements
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6. Commitments and Contingencies
Total rental and lease expenses charged to earnings before reimbursements were $998,714 in 1995, $1,159,673 in 1994, and $1,155,564 in 1993. The Company's remaining minimum annual obligations under non-cancelable operating lease commitments are $1,016,616 for 1996, $1,083,830 for 1997, $1,159,185 for 1998, $1,207,707 for 1999, and $1,201,448 for 2000.
As of December 31, 1995, the Company is the managing general partner of 101 limited partnerships. Because the Company serves as the general partner of these entities, under state partnership law it is contingently liable for the liabilities of these partnerships, which liabilities are not material for any of the periods presented in relation to the partnerships' respective assets. These partnership liabilities generally consist of third party borrowings from time to time to fund capital expenditures for development of oil and gas properties, and will be repaid from oil and gas sales proceeds of the partnerships in future periods.
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 any such currently pending actions will not have a material adverse effect on the financial position or results of operations of the Company.
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