|
Year
ended December 31, |
|
|
|
2003 |
2002 |
2001 |
|
--------------- |
--------------- |
--------------- |
| Revenues: |
|
|
|
| Oil and
gas sales |
$211,032,639 |
$
141,195,713 |
$
181,184,635 |
| Fees
from affiliated limited partnerships |
28,068 |
67,173 |
427,583 |
| Interest
income |
184,383 |
263,738 |
49,281 |
| Gain on
asset disposition |
--- |
7,332,668 |
--- |
| Price-risk
management and other, net |
(2,344,107) |
1,110,519 |
2,145,991 |
|
--------------- |
--------------- |
--------------- |
|
208,900,983 |
149,969,811 |
183,807,490 |
|
--------------- |
--------------- |
--------------- |
| Costs and Expenses: |
|
|
|
| General
and administrative, net |
14,097,066 |
10,564,849 |
8,186,654 |
| Depreciation,
depletion, and amortization |
63,072,057 |
56,224,392 |
59,502,040 |
| Accretion
of asset retirement obligation |
857,356 |
--- |
--- |
| Oil and
gas production |
52,866,802 |
41,497,312 |
36,719,609 |
| Interest
expense, net |
27,268,524 |
23,274,969 |
12,627,022 |
| Other
expenses |
--- |
--- |
2,102,251 |
| Write-down of
oil and gas properties |
--- |
--- |
98,862,247 |
|
--------------- |
--------------- |
--------------- |
|
158,161,805 |
131,561,522 |
217,999,823 |
|
--------------- |
--------------- |
--------------- |
| Income (Loss) Before
Income Taxes and Change in Accounting Principle |
50,739,178 |
18,408,289 |
(34,192,333) |
|
|
|
|
| Provision (Benefit) for
Income Taxes |
16,468,514 |
6,485,062 |
(12,237,436) |
|
--------------- |
--------------- |
--------------- |
| Income (Loss) Before Change in Accounting Principle |
$ 34,270,664 |
$ 11,923,227 |
$
(21,954,897) |
| Cumulative Effect of
Change in Accounting Principle (net of taxes) |
4,376,852 |
--- |
392,868 |
|
--------------- |
--------------- |
--------------- |
| Net Income (Loss) |
$ 29,893,812 |
$ 11,923,227 |
$
(22,347,765) |
|
============ |
============ |
============ |
| Per Share Amounts -- |
|
|
|
| Basic:
Income (Loss) Before Change in Accounting
Principle |
$1.25 |
$0.45 |
$(0.89) |
|
Change in Accounting Principle |
(0.16) |
--- |
(0.01) |
|
--------------- |
--------------- |
--------------- |
|
Net Income (Loss) |
$1.09 |
$0.45 |
$(0.90) |
|
============ |
============ |
============ |
| Diluted:
Income (Loss) Before Change in Accounting
Principle |
$ 1.24 |
$ 0.45 |
$ (0.89) |
|
Change in Accounting Principle |
(0.16) |
--- |
(0.01) |
|
--------------- |
--------------- |
--------------- |
|
Net Income (Loss) |
$1.08 |
$0.45 |
$(0.90) |
|
============ |
============ |
============ |
| Weighted Average Shares
Outstanding |
27,357,579 |
26,382,906 |
24,732,099 |
|
============ |
============ |
============ |
|