|
Year ended December 31, |
|
|
|
1996 |
1995 |
1994 |
|
--------------- |
--------------- |
--------------- |
| Revenues: |
|
|
|
| Oil and gas sales |
$ 52,770,672 |
$ 22,527,892 |
$ 19,802,188 |
| Fees from limited partnerships and
joint ventures |
937,238 |
590,441 |
701,528 |
| Supervision fees |
4,470,206 |
3,838,815 |
3,751,061 |
| Interest income |
433,352 |
212,329 |
47,980 |
| Other, net |
2,156,764 |
1,761,568 |
1,072,535 |
|
--------------- |
--------------- |
-------------- |
|
60,768,232 |
28,931,045 |
25,375,292 |
|
--------------- |
--------------- |
--------------- |
| Costs and Expenses: |
|
|
|
| General and administrative, net of
reimbursement |
6,385,067 |
5,256,184 |
5,197,899 |
| Depreciation, depletion, and
amortization |
16,526,379 |
8,838,657 |
7,904,801 |
| Oil and gas production |
8,377,044 |
6,826,306 |
5,639,630 |
| Interest expense, net |
693,959 |
1,115,361 |
1,795,133 |
|
--------------- |
--------------- |
--------------- |
|
31,982,449 |
22,036,508 |
20,537,463 |
|
--------------- |
--------------- |
--------------- |
| Income Before Income Taxes |
28,785,783 |
6,894,537 |
4,837,829 |
|
|
|
|
| Provision for Income Taxes |
9,760,333 |
1,982,025 |
1,112,158 |
|
--------------- |
--------------- |
--------------- |
| Income Before Cumulative Effect of Change |
|
|
|
| in Accounting Principle |
19,025,450 |
4,912,512 |
3,725,671 |
|
|
|
|
| Cumulative Effect of Change in Accounting Principle |
-- |
-- |
(16,772,698) |
|
--------------- |
--------------- |
--------------- |
| Net Income (Loss) |
$ 19,025,450 |
$ 4,912,512 |
$ (13,047,027) |
|
============ |
============ |
============ |
| Per share amounts -- |
|
|
|
| Primary: |
|
|
|
| Income Before Cumulative Effect of
Change |
|
|
|
| in Accounting
Principle |
$ 1.40 |
$ 0.54 |
$ 0.56 |
|
============ |
============ |
============ |
|
|
|
|
| Cumulative Effect of Change in
Accounting Principle |
$ -- |
$ -- |
$ (2.52) |
|
============ |
============ |
============ |
|
|
|
|
| Net Income (Loss) |
$ 1.40 |
$ 0.54 |
$ (1.96) |
|
============ |
============ |
============ |
| Fully diluted: |
|
|
|
| Income Before Cumulative Effect of
Change |
|
|
|
| in Accounting
Principle |
$ 1.37 |
$ 0.54 |
$ 0.56 |
|
============ |
============ |
============ |
|
|
|
|
| Cumulative Effect of Change in
Accounting Principle |
$ -- |
$ -- |
$ (2.52) |
|
============ |
============ |
============ |
|
|
|
|
| Net Income (Loss) |
$ 1.37 |
$ 0.54 |
$ (1.96) |
|
============ |
============ |
============ |
|
|
|
|
| Weighted Average Shares Outstanding |
13,637,182 |
9,122,857 |
6,644,248 |
|
============ |
============ |
============ |
|
|
|
|
| Pro forma amounts assuming change in accounting for |
|
|
|
| earned interests is applied
retroactively (see Note 2) -- |
|
|
|
| Net Income |
|
|
$ 3,725,671 |
| Per share amounts -- |
|
|
|
| Primary |
|
|
$ 0.56 |
| Fully Diluted |
|
|
$ 0.56 |
