|
December 31, |
|
|
|
1996 |
1995 |
|
---------------------- |
---------------------- |
|
|
|
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 77,794,974 |
$ 7,574,512 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
13,637,390 |
14,765,336 |
| Associated limited
partnerships and joint ventures |
6,396,149 |
16,108,298 |
| Joint interest
owners |
3,079,619 |
4,044,817 |
| Other current assets |
711,346 |
887,491 |
|
---------------------- |
---------------------- |
| Total
Current Assets |
101,619,478 |
43,380,454 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost
accounting |
|
|
| Proved properties
being amortized |
216,310,033 |
132,673,707 |
| Unproved properties
not being amortized |
27,620,462 |
20,652,151 |
|
---------------------- |
---------------------- |
|
243,930,495 |
153,325,858 |
| Furniture, fixtures and other
equipment |
5,729,228 |
4,367,719 |
|
---------------------- |
---------------------- |
|
249,659,723 |
157,693,577 |
| Less--Accumulated depreciation,
depletion, |
|
|
| and amortization |
(46,685,736) |
(30,169,303) |
|
---------------------- |
---------------------- |
|
202,973,987 |
127,524,274 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Receivables from associated limited
partnerships, |
|
|
| net of current
portion |
759,711 |
2,332,355 |
| Limited partnership formation and
marketing costs |
510,607 |
858,559 |
| Deferred charges |
4,511,481 |
1,157,065 |
|
---------------------- |
---------------------- |
|
5,781,799 |
4,347,979 |
|
---------------------- |
---------------------- |
|
$ 310,375,264 |
$ 175,252,707 |
|
============= |
============= |
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Accounts payable and accrued
liabilities |
$ 20,416,589 |
$ 23,075,982 |
| Payable to associated limited
partnerships |
1,444,648 |
16,983 |
| Undistributed oil and gas revenues |
11,054,379 |
17,040,304 |
|
---------------------- |
---------------------- |
| Total
Current Liabilities |
32,915,616 |
40,133,269 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
115,000,000 |
28,750,000 |
| Deferred Revenues |
4,404,081 |
6,063,467 |
| Deferred Income Taxes |
15,293,957 |
6,960,006 |
|
|
|
| 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, |
|
|
| 15,176,417 and
12,509,700 shares issued and |
|
|
| outstanding,
respectively |
151,764 |
125,097 |
| Additional paid-in capital |
102,018,861 |
71,133,979 |
| Unearned ESOP compensation |
(521,354) |
-- |
| Retained earnings |
41,112,339 |
22,086,889 |
|
---------------------- |
---------------------- |
|
142,761,610 |
93,345,965 |
|
---------------------- |
---------------------- |
|
$ 310,375,264 |
$ 175,252,707 |
|
============= |
============= |
|
|
|
