|
Year
ended December 31, |
|
|
|
2001 |
2000 |
1999 |
|
-------------- |
-------------- |
-------------- |
| Cash
Flows from Operating Activities: |
|
|
|
| Net
income (loss) |
$
(22,347,765) |
$
59,184,008 |
$
19,286,574 |
| Adjustments
to reconcile net income (loss) to net |
|
|
|
|
cash provided by
operating activities -- |
|
|
|
| Depreciation,
depletion, and amortization |
59,502,040 |
47,771,393 |
42,348,901 |
|
Write-down of oil and gas properties |
98,862,247 |
--- |
--- |
| Deferred
income taxes |
(12,555,618) |
33,413,626 |
10,435,115 |
| Deferred
revenue amortization related to |
|
|
|
| production
payment |
--- |
(587,629) |
(1,056,284) |
| Other |
509,973 |
1,075,848 |
628,614 |
| Change
in assets and liabilities-- |
|
|
|
| (Increase)
decrease in accounts receivable |
16,207,377 |
(14,308,274) |
(2,889,530) |
| Increase
in accounts payable and accrued |
|
|
|
| liabilities,
excluding income taxes payable |
12,984 |
1,601,042 |
4,850,036 |
| Increase
(decrease) in income taxes payable |
(306,983) |
47,213 |
--- |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Operating Activities |
139,884,255 |
128,197,227 |
73,603,426 |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash
Flows from Investing Activities: |
|
|
|
| Additions
to property and equipment |
(275,126,333) |
(173,277,356) |
(78,112,550) |
| Proceeds
from the sale of property and equipment |
9,274,440 |
3,844,375 |
4,531,935 |
| Net
cash received as operator of oil and gas |
|
|
|
| properties |
5,927,539 |
19,769,213 |
5,995,842 |
| Net
cash received (distributed) as operator of |
|
|
|
| partnerships
and
joint ventures |
(3,574,601) |
2,674,593 |
(433,114) |
| Other |
(534,898) |
(1,329) |
(131,135) |
|
-------------- |
-------------- |
-------------- |
|
Net Cash Used in Investing Activities |
(264,033,853) |
(146,990,504) |
(68,149,022) |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| 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 |
123,400,000 |
10,600,000 |
(146,200,000) |
| Net
proceeds from issuances of common stock |
1,633,508 |
2,697,561 |
42,719,776 |
| Purchase
of treasury stock |
--- |
--- |
(1,462,740) |
| Payments
of debt issuance costs |
(721,756) |
--- |
(3,501,441) |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by (Used in) Financing Activities |
124,311,752 |
(1,905,439) |
15,600,595 |
|
-------------- |
-------------- |
-------------- |
| Net
Increase (Decrease) in Cash and Cash Equivalents |
$
162,154 |
$
(20,698,716) |
$21,054,999 |
|
|
|
|
| Cash
and Cash Equivalents at Beginning of Year |
1,986,932 |
22,685,648 |
1,630,649 |
|
-------------- |
-------------- |
-------------- |
| Cash
and Cash Equivalents at End of Year |
$
2,149,086 |
$
1,986,932 |
$
22,685,648 |
|
========== |
========== |
========== |
|
|
|
|
| Supplemental
Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
| Cash
paid during year for interest, net of amounts capitalized |
$12,207,205 |
$15,528,280 |
$
8,618,020 |
| Cash
paid during year for income taxes |
$
441,926 |
$
-- |
$
-- |
|
|
|
|
| Non-Cash
Financing Activity: |
|
|
|
| Conversion
of convertible notes to common stock |
$
--- |
$
99,797,000 |
$
--- |
|
|
|
|
|
