|
|
December
31, |
|
|
|
2003 |
2002 |
|
---------------------- |
---------------------- |
| ASSETS |
|
|
|
|
|
| Current Assets: |
|
|
| Cash and cash
equivalents |
$
1,066,280 |
$
3,816,107 |
| Accounts
receivable -- |
|
|
| Oil
and gas sales |
26,942,920 |
17,360,716 |
| Affiliated
limited partnerships |
356,118 |
191,964 |
| Joint
interest owners |
1,350,707 |
3,364,846 |
| Other current
assets |
4,957,647 |
5,034,566 |
|
---------------------- |
---------------------- |
| Total
Current Assets |
34,673,672 |
29,768,199 |
|
---------------------- |
---------------------- |
| Property and Equipment: |
|
|
| Oil and gas,
using full-cost accounting |
|
|
| Proved
properties |
1,305,763,355 |
1,150,633,802 |
| Unproved
properties |
67,557,969 |
69,603,481 |
|
---------------------- |
---------------------- |
|
1,373,321,324 |
1,220,237,283 |
| Furniture,
fixtures and other equipment |
10,602,786 |
9,595,944 |
|
---------------------- |
---------------------- |
|
1,383,924,110 |
1,229,833,227 |
| Less--Accumulated
depreciation, depletion, |
|
|
|
and amortization |
(567,464,334) |
(504,323,773) |
|
---------------------- |
---------------------- |
|
816,459,776 |
725,509,454 |
|
---------------------- |
---------------------- |
| Other Assets: |
|
|
| Deferred
income taxes |
1,905,909 |
2,680,585 |
| Debt
issuance costs |
8,015,575 |
9,047,621 |
|
---------------------- |
---------------------- |
|
9,921,484 |
11,728,206 |
|
---------------------- |
---------------------- |
|
$861,054,932 |
$767,005,859 |
|
=========== |
=========== |
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
| Current Liabilities: |
|
|
| Accounts
payable and accrued liabilities |
$
63,100,669 |
$
43,028,708 |
| Payable to
affiliated limited partnerships |
516,006 |
91,126 |
| Undistributed
oil and gas revenues |
6,156,055 |
3,764,350 |
|
---------------------- |
---------------------- |
| Total
Current Liabilities |
69,772,730 |
46,884,184 |
|
---------------------- |
---------------------- |
|
|
|
| Long-Term Debt |
340,254,783 |
324,271,973 |
| Deferred Income Taxes |
43,498,682 |
30,776,518 |
| Asset
Retirement Obligation |
10,137,473 |
--- |
|
|
|
| Commitments and Contingencies |
|
|
|
|
|
| Stockholders' Equity: |
|
|
| Preferred
stock, $.01 par value, 5,000,000 shares authorized, |
|
|
| none
outstanding |
--- |
--- |
| Common stock,
$.01 par value, 85,000,000 shares authorized, |
|
|
| 28,011,109
and 27,811,632 shares issued, and 27,484,091 and |
|
|
| 27,201,509
shares outstanding, respectively |
280,111 |
278,116 |
| Additional
paid-in capital |
334,865,204 |
333,543,471 |
| Treasury stock
held, at cost, 527,018 and 610,123 shares, respectively |
(7,558,093) |
(8,749,922) |
| Retained
earnings |
70,073,384 |
40,179,572 |
| Accumulated
other comprehensive loss, net of income tax |
(269,342) |
(178,053) |
|
---------------------- |
---------------------- |
|
397,391,264 |
365,073,184 |
|
---------------------- |
---------------------- |
|
$
861,054,932 |
$
767,005,859 |
|
=========== |
=========== |
|
|
|
|
