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1996 ANNUAL REPORT |
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Notes to Consolidated Financial Statements |
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1996 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 $957,797 in 1996, $998,714 in 1995, and $1,159,673 in 1994. The Company’s remaining minimum annual obligations under non-cancelable operating lease commitments are $1,068,825 for 1997, $1,136,523 for 1998, $1,175,546 for 1999, $1,181,455 for 2000, and $1,181,455 for 2001.
As of December 31, 1996, the Company is the managing general partner of 94 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.
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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