|
Year ended December 31, |
|
|
|
1998 |
1997 |
1996 |
|
-------------- |
-------------- |
-------------- |
| Cash Flows from Operating Activities: |
|
|
|
| Net income (loss) |
$ (48,225,204) |
$ 22,310,189 |
$ 19,025,450 |
| Adjustments to reconcile net income
to net cash provided |
|
|
|
| by operating
activities -- |
|
|
|
| Depreciation,
depletion, and amortization |
39,343,187 |
24,247,142 |
16,526,379 |
| Write-down of oil and
gas properties |
90,772,628 |
--- |
--- |
| Deferred income
taxes |
(25,609,134) |
10,060,193 |
8,449,283 |
| Deferred revenue
amortization related to |
|
|
|
| production
payment |
(1,248,800) |
(1,449,808) |
(1,670,172) |
| Other |
478,470 |
786,917 |
140,047 |
| Change in assets
and liabilities-- |
|
|
|
| Increase
in accounts receivable |
(2,129,360) |
(204,475) |
(5,008,592) |
| Increase
(decrease) in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
689,347 |
(564,323) |
(444,966) |
| Increase
in income taxes payable |
177,883 |
70,130 |
85,149 |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Operating Activities |
54,249,017 |
55,255,965 |
37,102,578 |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Additions to property and equipment |
(183,815,927) |
(131,967,444) |
(91,487,176) |
| Proceeds from the sale of property
and equipment |
1,533,112 |
3,369,982 |
2,247,799 |
| Net cash distributed as operator of
oil and gas |
|
|
|
| properties |
(5,933,171) |
(1,829,008) |
(2,074,104) |
| Net cash received (distributed) as
operator |
|
|
|
| of partnerships and
joint ventures |
(1,559,537) |
(2,102,553) |
11,284,793 |
| Limited partnership formation and
marketing costs |
(619,970) |
--- |
--- |
| Other |
(113,716) |
(259,255) |
840 |
|
-------------- |
-------------- |
-------------- |
|
Net Cash Used in Investing Activities |
(190,509,209) |
(132,788,278) |
(80,027,848) |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from convertible notes |
-- |
-- |
115,000,000 |
| Net proceeds from bank borrowings |
138,285,000 |
7,915,000 |
-- |
| Net proceeds from issuances of common
stock |
1,421,399 |
2,389,336 |
3,264,482 |
| Purchase of treasury stock |
(3,322,219) |
(8,519,665) |
-- |
| Loan to ESOP for purchase of shares |
-- |
-- |
(568,750) |
| Payments of debt issuance costs |
(540,671) |
-- |
(4,550,000) |
|
-------------- |
-------------- |
-------------- |
| Net Cash Provided
by Financing Activities |
135,843,509 |
1,784,671 |
113,145,732 |
|
-------------- |
-------------- |
-------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ (416,683) |
$ (75,747,642) |
$ 70,220,462 |
|
|
|
|
| Cash and Cash Equivalents at Beginning of Year |
2,047,332 |
77,794,974 |
7,574,512 |
|
-------------- |
-------------- |
-------------- |
| Cash and Cash Equivalents at End of Year |
$ 1,630,649 |
$ 2,047,332 |
$ 77,794.974 |
|
========== |
========== |
========== |
|
|
|
|
| Supplemental Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
| Cash paid during year for interest, net of amounts
capitalized |
$ 8,343,445 |
$ 4,638,308 |
$ 831,516 |
| Cash paid during year for income taxes |
$ 36,286 |
$ 381,514 |
$ 676,920 |
|
|
|
|
