|
Year
ended December 31, |
|
|
|
2002 |
2001 |
2000 |
|
--------------- |
--------------- |
--------------- |
| Revenues: |
|
|
|
| Oil and
gas sales |
$
141,195,713 |
$
181,184,635 |
$
189,138,947 |
| Fees
from limited partnerships and joint ventures |
67,173 |
427,583 |
331,497 |
| Interest
income |
263,738 |
49,281 |
1,339,386 |
| Gain on
asset disposition |
7,332,668 |
--- |
--- |
| Price-risk
management and other, net |
1,110,519 |
2,145,991 |
815,116 |
|
--------------- |
--------------- |
--------------- |
|
149,969,811 |
183,807,490 |
191,624,946 |
|
--------------- |
--------------- |
--------------- |
| Costs and Expenses: |
|
|
|
| General
and administrative, net |
10,564,849 |
8,186,654 |
5,585,487 |
| Depreciation,
depletion, and amortization |
56,224,392 |
59,502,040 |
47,771,393 |
| Oil and
gas production |
41,497,312 |
36,719,609 |
29,220,315 |
| Interest
expense, net |
23,274,969 |
12,627,022 |
15,968,405 |
| Other
expenses |
--- |
2,102,251 |
--- |
| Write-down of
oil and gas properties |
--- |
98,862,247 |
--- |
|
--------------- |
--------------- |
--------------- |
|
131,561,522 |
217,999,823 |
98,545,600 |
|
--------------- |
--------------- |
--------------- |
| Income (Loss) Before
Income Taxes, Extraordinary Item and Change in Accounting Principle |
18,408,289 |
(34,192,333) |
93,079,346 |
|
|
|
|
| Provision (Benefit) for
Income Taxes |
6,485,062 |
(12,237,436) |
33,265,480 |
|
--------------- |
--------------- |
--------------- |
| Income (Loss) Before
Extraordinary Item and Change in Accounting Principle |
$ 11,923,227 |
$
(21,954,897) |
$ 59,813,866 |
| Extraordinary Loss on
Early Extinguishment of Debt (net of taxes) |
--- |
--- |
629,858 |
| Cumulative Effect of
Change in Accounting Principle (net of taxes) |
--- |
392,868 |
--- |
|
--------------- |
--------------- |
--------------- |
| Net Income (Loss) |
$ 11,923,227 |
$
(22,347,765) |
$ 59,184,008 |
|
============ |
============ |
============ |
| Per Share Amounts -- |
|
|
|
| Basic:
Income (Loss) Before Extraordinary Item and Change in Accounting
Principle |
$0.45 |
$(0.89) |
$2.82 |
|
Extraordinary Loss |
--- |
--- |
(0.03) |
|
Change in Accounting Principle |
--- |
(0.01) |
--- |
|
--------------- |
--------------- |
--------------- |
|
Net Income (Loss) |
$0.45 |
$(0.90) |
$2.79 |
|
============ |
============ |
============ |
| Diluted:
Income (Loss) Before Extraordinary Item
and Change in Accounting Principle |
$ 0.45 |
$ (0.89) |
$ 2.53 |
|
Extraordinary Loss |
--- |
--- |
(0.02) |
|
Change in Accounting Principle |
--- |
(0.01) |
--- |
|
--------------- |
--------------- |
--------------- |
|
Net Income (Loss) |
$0.45 |
$(0.90) |
$2.51 |
|
============ |
============ |
============ |
| Weighted Average Shares
Outstanding |
26,382,906 |
24,732,099 |
21,244,684 |
|
============ |
============ |
============ |
|