|
December 31, |
|
|
|
1997 |
1996 |
|
---------------------- |
---------------------- |
|
|
|
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 2,047,332 |
$ 77,794,974 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
11,143,033 |
13,637,390 |
| Associated limited
partnerships and joint ventures |
8,498,702 |
6,396,149 |
| Joint interest
owners |
7,357,660 |
3,079,619 |
| Other current assets |
935,059 |
711,346 |
|
---------------------- |
---------------------- |
| Total
Current Assets |
29,981,786 |
101,619,478 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost
accounting |
|
|
| Proved properties
being amortized |
326,836,431 |
216,310,033 |
| Unproved properties
not being amortized |
41,839,809 |
27,620,462 |
|
---------------------- |
---------------------- |
|
368,676,240 |
243,930,495 |
| Furniture, fixtures and other
equipment |
6,242,927 |
5,729,228 |
|
---------------------- |
---------------------- |
|
374,919,167 |
249,659,723 |
| Less--Accumulated depreciation,
depletion, |
|
|
| and amortization |
(70,700,240) |
(46,685,736) |
|
---------------------- |
---------------------- |
|
304,218,927 |
202,973,987 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Receivables from associated limited
partnerships, |
|
|
| net of current
portion |
433,444 |
759,711 |
| Limited partnership formation and
marketing costs |
297,219 |
510,607 |
| Deferred charges |
4,184,014 |
4,511,481 |
|
---------------------- |
---------------------- |
|
4,914,677 |
5,781,799 |
|
---------------------- |
---------------------- |
|
$ 339,115,390 |
$ 310,375,264 |
|
============= |
============= |
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Accounts payable and accrued
liabilities |
$ 16,518,240 |
$ 20,416,589 |
| Payable to associated limited
partnerships |
3,245,445 |
1,444,648 |
| Undistributed oil and gas revenues |
8,753,979 |
11,054,379 |
|
---------------------- |
---------------------- |
| Total
Current Liabilities |
28,517,664 |
32,915,616 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
115,000,000 |
115,000,000 |
| Bank Borrowings |
7,915,000 |
--- |
| Deferred Revenues |
2,927,656 |
4,404,081 |
| Deferred Income Taxes |
25,354,150 |
15,293,957 |
|
|
|
| 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, |
|
|
| 16,846,956 and
15,176,417 shares issued, and 16,459,156 and |
|
|
| 15,176,417 shares
outstanding, respectively |
168,470 |
151,764 |
| Additional paid-in capital |
147,542,977 |
102,018,861 |
| Treasury stock held, at cost, 387,800
shares |
(8,519,665) |
--- |
| Unearned ESOP compensation |
(150,055) |
(521,354) |
| Retained earnings |
20,359,193 |
41,112,339 |
|
---------------------- |
---------------------- |
|
159,400,920 |
142,761,610 |
|
---------------------- |
---------------------- |
|
$ 339,115,390 |
$ 310,375,264 |
|
============= |
============= |
|
|
|
