|
December 31, |
|
|
|
1998 |
1997 |
|
---------------------- |
---------------------- |
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 1,630,649 |
$ 2,047,332 |
| Accounts receivable -- |
|
|
| Oil and gas sales |
12,764,568 |
11,143,033 |
| Associated limited
partnerships and joint ventures |
10,058,239 |
8,498,702 |
| Joint interest
owners |
9,767,940 |
7,357,660 |
| Other current assets |
1,025,035 |
935,059 |
|
---------------------- |
---------------------- |
| Total
Current Assets |
35,246,431 |
29,981,786 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas, using full-cost
accounting |
|
|
| Proved properties
being amortized |
497,296,068 |
326,836,431 |
| Unproved properties
not being amortized |
56,041,886 |
41,839,809 |
|
---------------------- |
---------------------- |
|
553,337,954 |
368,676,240 |
| Furniture, fixtures and other
equipment |
7,098,305 |
6,242,927 |
|
---------------------- |
---------------------- |
|
560,436,259 |
374,919,167 |
| Less--Accumulated depreciation,
depletion, |
|
|
| and amortization |
(200,713,621) |
(70,700,240) |
|
---------------------- |
---------------------- |
|
359,722,638 |
304,218,927 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Receivables from associated limited
partnerships, |
|
|
| net of current
portion |
3,170,067 |
433,444 |
| Limited partnership formation and
marketing costs |
917,189 |
297,219 |
| Deferred income taxes |
254,984 |
--- |
| Deferred charges |
4,333,958 |
4,184,014 |
|
---------------------- |
---------------------- |
|
8,676,198 |
4,914,677 |
|
---------------------- |
---------------------- |
|
$ 403,645,267 |
$ 339,115,390 |
|
============= |
============= |
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Accounts payable and accrued
liabilities |
$ 18,639,649 |
$ 16,518,240 |
| Payable to associated limited
partnerships |
380,692 |
3,245,445 |
| Undistributed oil and gas revenues |
12,394,713 |
8,753,979 |
|
---------------------- |
---------------------- |
| Total
Current Liabilities |
31,415,054 |
28,517,664 |
|
---------------------- |
---------------------- |
|
|
|
| Convertible Notes |
115,000,000 |
115,000,000 |
| Bank Borrowings |
146,200,000 |
7,915,000 |
| Deferred Revenues |
1,667,574 |
2,927,656 |
| Deferred Income Taxes |
--- |
25,354,150 |
|
|
|
| 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, |
|
|
| 16,972,517 and
16,846,956 shares issued, and 16,291,242 and |
|
|
| 16,459,156 shares
outstanding, respectively |
169,725 |
168,470 |
| Additional paid-in capital |
148,901,270 |
147,542,977 |
| Treasury stock held, at cost, 681,275
and 387,800 shares, respectively |
(11,841,884) |
(8,519,665) |
| Unearned ESOP compensation |
--- |
(150,055) |
| Retained earnings (deficit) |
(27,866,472) |
20,359,193 |
|
---------------------- |
---------------------- |
|
109,362,639 |
159,400,920 |
|
---------------------- |
---------------------- |
|
$ 403,645,267 |
$ 339,115,390 |
|
============= |
============= |
|
|
|
