|
Year
ended December 31, |
|
|
|
2003 |
2002 |
2001 |
|
-------------- |
-------------- |
-------------- |
| Cash
Flows from Operating Activities: |
|
|
|
| Net
income (loss) |
$
29,893,812 |
$
11,923,227 |
$
(22,347,765) |
| Adjustments
to reconcile net income (loss) to net |
|
|
|
|
cash provided by
operating activities -- |
|
|
|
| Cumulative
effect of change in accounting principle |
4,376,852 |
--- |
--- |
| Depreciation,
depletion, and amortization |
63,072,057 |
56,224,392 |
59,502,040 |
|
Write-down of oil and gas properties |
--- |
--- |
--- |
|
Accretion of asset retirement obligation |
857,356 |
--- |
98,862,247 |
| Deferred
income taxes |
16,332,492 |
6,482,724 |
(12,555,618) |
| Gain
on asset disposition |
--- |
(7,332,668) |
--- |
| Other |
908,927 |
270,770 |
509,973 |
| Change
in assets and liabilities-- |
|
|
|
| (Increase)
decrease in accounts receivable, |
|
|
|
| excluding income taxes receivable |
(7,163,304) |
283,419 |
16,207,377 |
| Increase
in accounts payable and accrued |
|
|
|
| liabilities |
2,542,803 |
3,174,450 |
12,984 |
| (Increase)
decrease in income taxes receivable and payable |
6,284 |
600,000 |
(306,983) |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Operating Activities |
110,827,279 |
71,626,314 |
139,884,255 |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash
Flows from Investing Activities: |
|
|
|
| Additions
to property and equipment |
(144,503,180) |
(155,233,923) |
(275,126,333) |
| Proceeds
from the sale of property and equipment |
10,186,970 |
13,256,674 |
9,274,440 |
| Net
cash received as operator of oil and gas |
|
|
|
| properties |
3,073,718 |
4,152,645 |
5,927,539 |
| Net
cash received (distributed) as operator of partnerships |
260,726 |
(23,241,501) |
(3,574,601) |
| Other |
(71,193) |
(39,953) |
(534,898) |
|
-------------- |
-------------- |
-------------- |
|
Net Cash Used in Investing Activities |
(131,052,959) |
(161,106,058) |
(264,033,853) |
|
-------------- |
-------------- |
-------------- |
|
|
|
|
| Cash
Flows from Financing Activities: |
|
|
|
| Proceeds
from long-term debt |
--- |
200,000,000 |
--- |
| Net
proceeds from (payments of) bank borrowings |
15,900,000 |
(134,000,000) |
123,400,000 |
| Net
proceeds from issuances of common stock |
1,575,853 |
31,409,200 |
1,633,508 |
| Payments
of debt issuance costs |
--- |
(6,262,435) |
(721,756) |
|
-------------- |
-------------- |
-------------- |
| Net
Cash Provided by Financing Activities |
17,475,853 |
91,146,765 |
124,311,752 |
|
-------------- |
-------------- |
-------------- |
| Net
Increase (Decrease) in Cash and Cash Equivalents |
$
(2,749,827) |
$
1,667,021 |
$
162,154 |
|
|
|
|
| Cash
and Cash Equivalents at Beginning of Year |
3,816,107 |
2,149,086 |
1,986,932 |
|
-------------- |
-------------- |
-------------- |
| Cash
and Cash Equivalents at End of Year |
$
1,066,280 |
$
3,816,107 |
$
2,149,086 |
|
========== |
========== |
========== |
|
|
|
|
| Supplemental
Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
| Cash
paid during year for interest, net of amounts capitalized |
$25,763,169 |
$19,189,822 |
$12,207,205 |
| Cash
paid during year for income taxes |
$
129,738 |
$
2,500 |
$
441,926 |
|
|
|
|
| Non-Cash
Financing Activity: |
|
|
|
| Issuance of
common stock in acquisitions |
$
--- |
$
8,116,200 |
$
--- |
|
|
|
|
|
