|
|
Year Ended December 31, |
|
|
2004 |
|
2003 |
|
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
68,450,917 |
|
$ |
29,893,812 |
|
$ |
11,923,227 |
|
Adjustments to reconcile net income to net cash provided |
|
|
|
|
|
|
|
|
|
by operating activities- |
|
|
|
|
|
|
|
|
|
Cumulative effect of change in accounting principle |
|
--- |
|
|
4,376,852 |
|
|
--- |
|
Depreciation, depletion, and amortization |
|
81,580,828 |
|
|
63,072,057 |
|
|
56,224,392 |
|
Accretion of asset retirement obligation |
|
673,654 |
|
|
857,356 |
|
|
--- |
|
Deferred income taxes |
|
32,513,325 |
|
|
16,332,492 |
|
|
6,482,724 |
|
Debt retirement cost – cash and non-cash |
|
9,536,268 |
|
|
--- |
|
|
--- |
|
Gain on asset disposition |
|
--- |
|
|
--- |
|
|
(7,332,668) |
|
Other |
|
(435,439) |
|
|
908,927 |
|
|
270,770 |
|
Change in assets and liabilities- |
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts
receivable |
|
(11,040,543) |
|
|
(7,163,304) |
|
|
883,419 |
|
Increase in accounts payable and
accrued liabilities |
|
843,341 |
|
|
2,432,111 |
|
|
206,163 |
|
Increase in accrued interest |
|
460,536 |
|
|
116,976 |
|
|
2,968,287 |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Provided by
Operating Activities |
|
182,582,887 |
|
|
110,827,279 |
|
|
71,626,314 |
|
|
|
-------------------------
|
|
|
-------------------------
|
|
|
-------------------------
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Additions to property and equipment |
|
(171,095,101) |
|
|
(144,503,180) |
|
|
(103,773,337) |
|
Proceeds from the sale of property and equipment |
|
5,058,147 |
|
|
10,186,970 |
|
|
13,256,674 |
|
Acquisition of TAWN fields |
--- |
|
|
--- |
|
|
(51,460,586) |
|
Acquisition of Bay de Chene and Cote Blanche Island fields |
(27,196,336) |
|
|
--- |
|
|
--- |
|
Net cash received as operator of oil and gas properties |
3,921,673 |
|
|
3,073,718 |
|
|
4,152,645 |
|
Net cash received (distributed) as operator of
partnerships |
|
884,093 |
|
|
260,726 |
|
|
(23,241,501) |
|
Other |
|
(658,630) |
|
|
(71,193) |
|
|
(39,953) |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Used in
Investing Activities |
|
(189,086,154) |
|
|
(131,052,959) |
|
|
(161,106,058) |
|
|
|
-------------------------
|
|
|
-------------------------
|
|
|
-------------------------
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt |
|
150,000,000 |
|
|
--- |
|
|
200,000,000 |
|
Payments of long-term debt |
|
(125,000,000) |
|
|
--- |
|
|
--- |
|
Net proceeds from (payments of) bank borrowings |
|
(8,400,000) |
|
|
15,900,000 |
|
|
(134,000,000) |
|
Net proceeds from issuances of common stock |
|
4,825,251 |
|
|
1,575,853 |
|
|
31,409,200 |
|
Payments of debt retirement costs |
|
(6,734,611) |
|
|
--- |
|
|
--- |
|
Payments of debt issuance costs |
|
(4,333,535) |
|
|
--- |
|
|
(6,262,435) |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Provided by
Financing Activities |
|
10,357,105 |
|
|
17,475,853 |
|
|
91,146,765 |
|
|
|
-------------------------
|
|
|
-------------------------
|
|
|
-------------------------
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
$ |
3,853,838 |
|
$ |
(2,749,827) |
|
$ |
1,667,021 |
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning of Year |
|
1,066,280 |
|
|
3,816,107 |
|
|
2,149,086 |
|
|
|
-------------------------
|
|
|
-------------------------
|
|
|
-------------------------
|
|
Cash and Cash Equivalents at End of Year |
$ |
4,920,118 |
|
$ |
1,066,280 |
|
$ |
3,816,107 |
|
|
|
=============
|
|
|
=============
|
|
|
=============
|
|
Supplemental Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
|
|
Cash paid during year for interest, net of amounts capitalized |
$ |
26,064,158 |
|
$ |
25,763,169 |
|
$ |
19,189,822 |
|
Cash paid during year for income taxes |
$ |
476,000 |
|
$ |
129,738 |
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Financing Activity: |
|
|
|
|
|
|
|
|
|
Issuance of common stock in acquisitions |
$ |
--- |
|
$ |
--- |
|
$ |
8,116,200 |
|
