|
Year ended December 31, |
|
|
|
1997 |
1996 |
1995 |
|
-------------- |
-------------- |
-------------- |
| Cash Flows from Operating Activities: |
|
|
|
| Net income |
$ 22,310,189 |
$ 19,025,450 |
$ 4,912,512 |
| Adjustments to reconcile net income
to net cash provided |
|
|
|
| by operating
activities -- |
|
|
|
| Depreciation,
depletion, and amortization |
24,247,142 |
16,526,379 |
8,838,657 |
| Deferred income
taxes |
10,060,193 |
8,449,283 |
2,326,162 |
| Deferred revenue
amortization related to |
|
|
|
| production
payment |
(1,449,808) |
(1,670,172) |
(1,787,974) |
| Other |
786,917 |
140,047 |
112,890 |
| Change in assets
and liabilities-- |
|
|
|
| Increase
in accounts receivable |
(204,475) |
(5,008,592) |
(488,599) |
| Increase
(decrease) in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
(564,323) |
(444,966) |
1,074,532 |
| Increase
(decrease) in income taxes payable |
70,130 |
85,149 |
(611,717) |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Operating Activities |
55,255,965 |
37,102,578 |
14,376,463 |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Additions to property and equipment |
(131,967,444) |
(91,487,176) |
(40,032,944) |
| Proceeds from the sale of property
and equipment |
3,369,982 |
2,247,799 |
230,242 |
| Net cash received (distributed) as
operator |
|
|
|
| of oil and gas
properties |
(1,829,008) |
(2,074,104) |
7,662,419 |
| Net cash received (distributed) as
operator |
|
|
|
| of partnerships and
joint ventures |
(2,102,553) |
11,284,793 |
5,316,693 |
| Other |
(259,255) |
840 |
(41,181) |
|
-------------- |
-------------- |
-------------- |
|
Net Cash Used in Investing Activities |
(132,788,278) |
(80,027,848) |
(26,864,771) |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from long-term debt |
-- |
115,000,000 |
-- |
| Net proceeds from (payments of) bank
borrowings |
7,915,000 |
-- |
(27,229,000) |
| Net proceeds from issuances of common
stock |
2,389,336 |
3,264,482 |
46,306,322 |
| Purchase of treasury stock |
(8,519,665) |
-- |
-- |
| Loan to ESOP for purchase of shares |
-- |
(568,750) |
-- |
| Payments of debt issuance costs |
-- |
(4,550,000) |
-- |
|
-------------- |
-------------- |
-------------- |
| Net Cash Provided
by Financing Activities |
1,784,671 |
113,145,732 |
19,077,322 |
|
-------------- |
-------------- |
-------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ (75,747,642) |
$ 70,220,462 |
$ 6,589,014 |
|
|
|
|
| Cash and Cash Equivalents at Beginning of Year |
77,794,974 |
7,574,512 |
985,498 |
|
-------------- |
-------------- |
-------------- |
| Cash and Cash Equivalents at End of Year |
$ 2,047,332 |
$ 77,794.974 |
$ 7,574,512 |
|
========== |
========== |
========== |
|
|
|
|
| Supplemental Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
| Cash paid during year for interest, net of amounts
capitalized |
$ 4,638,308 |
$ 831,516 |
$ 68,097 |
| Cash paid during year for income taxes |
$ 381,514 |
$ 676,920 |
$ 277,580 |
|
|
|
|
