7. Related-Party Transactions
The Company is the operator of a substantial number of properties owned
by its affiliated limited partnerships and joint ventures and accordingly charges these
entities and third party joint interest owners operating fees. The Company is also
reimbursed for direct, administrative, and overhead costs incurred in conducting the
business of the limited partnerships, which totaled approximately $6,300,000, $6,100,000,
and $4,800,000 in 1997, 1996, and 1995, respectively. The Company was also reimbursed by
the limited partnerships and joint ventures for costs incurred in the screening,
evaluation, and acquisition of producing oil and gas properties on their behalf. Such
costs totaled approximately $490,000, $250,000, and $600,000 in 1997, 1996, and 1995,
respectively. In the case where the limited partners voted to sell their remaining
properties and liquidate the limited partnerships, the Company was also reimbursed for
direct, administrative, and overhead costs incurred in the disposition of such properties,
which costs totaled approximately $675,000, $805,000, and $80,000 in 1997, 1996, and 1995,
respectively.
This page was last updated on Saturday, February 08, 2003
, at 07:28:46 PM
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