|
|
Year ended December 31, |
|
|
|
2000 |
1999 |
1998 |
|
-------------- |
-------------- |
-------------- |
| Cash Flows from Operating Activities: |
|
|
|
| Net income (loss) |
$
59,184,008 |
$
19,286,574 |
$ (48,225,204) |
| Adjustments to reconcile net income
(loss) to net cash provided |
|
|
|
| by operating
activities -- |
|
|
|
| Depreciation,
depletion, and amortization |
47,771,393 |
42,348,901 |
39,343,187 |
|
Write-down of oil and
gas properties |
--- |
--- |
90,772,628 |
| Deferred income
taxes |
33,413,626 |
10,435,115 |
(25,609,134) |
| Deferred revenue
amortization related to |
|
|
|
| production
payment |
(587,629) |
(1,056,284) |
(1,248,800) |
| Other |
1,075,848 |
628,614 |
478,470 |
| Change in assets
and liabilities-- |
|
|
|
| Increase
in accounts receivable |
(14,308,274) |
(2,889,530) |
(2,129,360) |
| Increase
in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
1,601,042 |
4,850,036 |
689,347 |
| Increase
in income taxes payable |
47,213 |
--- |
177,883 |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Operating Activities |
128,197,227 |
73,603,426 |
54,249,017 |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Additions to property and equipment |
(173,277,356) |
(78,112,550) |
(183,815,927) |
| Proceeds from the sale of property
and equipment |
3,844,375 |
4,531,935 |
1,533,112 |
| Net cash received (distributed)
as operator of
oil and gas |
|
|
|
| properties |
19,769,213 |
5,995,842 |
(5,933,171) |
| Net cash received (distributed) as
operator of partnerships |
|
|
|
| and
joint ventures |
2,674,593 |
(433,114) |
(1,559,537) |
| Limited partnership formation and
marketing costs |
--- |
--- |
(619,970) |
| Other |
(1,329) |
(131,135) |
(113,716) |
|
-------------- |
-------------- |
-------------- |
|
Net Cash Used in Investing Activities |
(146,990,504) |
(68,149,022) |
(190,509,209) |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from
(payments of) long-term debt |
(15,203,000) |
124,045,000 |
-- |
| Net proceeds from
(payments of) bank borrowings |
10,600,000 |
(146,200,000) |
138,285,000 |
| Net proceeds from issuances of common
stock |
2,697,561 |
42,719,776 |
1,421,399 |
| Purchase of treasury stock |
--- |
(1,462,740) |
(3,322,219) |
| Payments of debt issuance costs |
--- |
(3,501,441) |
(540,671) |
|
-------------- |
-------------- |
-------------- |
| Net Cash Provided
by (Used in) Financing Activities |
(1,905,439) |
15,600,595 |
135,843,509 |
|
-------------- |
-------------- |
-------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$
(20,698,716) |
$21,054,999 |
$ (416,683) |
|
|
|
|
| Cash and Cash Equivalents at Beginning of Year |
22,685,648 |
1,630,649 |
2,047,332 |
|
-------------- |
-------------- |
-------------- |
| Cash and Cash Equivalents at End of Year |
$
1,986,932 |
$
22,685,648 |
$ 1,630,649 |
|
========== |
========== |
========== |
|
|
|
|
| Supplemental Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
| Cash paid during year for interest, net of amounts
capitalized |
$15,528,280 |
$
8,618,020 |
$ 8,343,445 |
| Cash paid during year for income taxes |
$
-- |
$
-- |
$
36,286 |
|
|
|
|
| Non-Cash
Financing Activity: |
|
|
|
| Conversion of convertible
notes to common stock |
$
99,797,000 |
$
--- |
$
--- |
|
|
|
|
|
