|
Supplemental Information (Unaudited)
Capitalized Costs.
The following table presents our aggregate capitalized costs
relating to oil and gas producing activities and the related depreciation,
depletion, and amortization:
|
Total |
Domestic |
New Zealand |
|
---------------------- |
---------------------- |
---------------------- |
| December 31, 2004: |
|
|
|
| Proved oil and gas
properties |
$1,479,681,903 |
$
1,271,354,490 |
$208,327,413 |
| Unproved oil and gas
properties |
80,121,509 |
46,751,416 |
33,370,093 |
|
---------------------- |
---------------------- |
---------------------- |
|
1,559,803,412 |
1,318,105,906 |
241,697,506 |
| Accumulated depreciation,
depletion, and amortization |
(641,917,990) |
(590,906,014) |
(51,011,976) |
|
---------------------- |
---------------------- |
---------------------- |
| Net capitalized costs |
$
917,885,422 |
$
727,199,892 |
$
190,685,530 |
|
============ |
============ |
============ |
|
|
|
|
| December 31, 2003: |
|
|
|
| Proved oil and gas
properties |
$1,305,110,582 |
$
1,135,615,117 |
$169,495,465 |
| Unproved oil and gas
properties |
67,557,969 |
31,802,621 |
35,755,348 |
|
---------------------- |
---------------------- |
---------------------- |
|
1,372,668,551 |
1,167,417,738 |
205,250,813 |
| Accumulated depreciation,
depletion, and amortization |
(560,961,013) |
(529,272,658) |
(31,688,355) |
|
---------------------- |
---------------------- |
---------------------- |
| Net capitalized costs |
$
811,707,538 |
$
638,145,080 |
$
173,562,458 |
|
============ |
============ |
============ |
Of the $46.7 million of domestic Unproved property costs (primarily seismic
and lease acquisition costs) at December 31, 2004, excluded from the
amortizable base, $30.3 million was incurred in 2004, $2.9 million was
incurred in 2003, $2.5 million was incurred in 2002, and $11.1 million was
incurred in prior years. When we are in an active drilling mode, we evaluate
the majority of these unproved costs within a two to four year time frame.
Of the $33.4 million of New Zealand Unproved property costs at December 31,
2004, excluded from the amortizable base, $3.7 million was incurred in 2004,
$8.3 million was incurred in 2003, $17.0 million was incurred or acquired in
2002, and $4.4 million was incurred in prior years. We expect to continue
drilling in New Zealand to delineate our prospects there within a two to four
year time frame.
Capitalized asset retirement obligations have been included in the Proved
properties as of December 31, 2004 and 2003, as we adopted SFAS No. 143
"Accounting for Asset Retirement Obligations" effective January 1,
2003.
Costs Incurred. The
following table sets forth costs incurred related to our oil and gas
operations:
|
Year Ended December 31,
2004 |
|
|
|
Total |
Domestic |
New Zealand |
|
----------------- |
----------------- |
------------------- |
| Acquisition of proved
and unproved properties |
$ 31,771,094 |
$ 31,771,094 |
$
--- |
| Lease
acquisitions and prospect costs1 |
34,545,393 |
27,713,059 |
6,832,334 |
| Exploration |
17,430,265 |
16,714,982 |
715,283 |
| Development |
105,947,485 |
78,163,289 |
27,784,196 |
|
----------------- |
----------------- |
------------------- |
| Total acquisition, exploration, and development2 |
$189,694,237 |
$154,362,424 |
$35,331,813 |
|
----------------- |
----------------- |
------------------- |
| Processing plants |
$ 1,283,515 |
$ 147,317 |
$ 1,136,198 |
| Field compression facilities |
1,028,091 |
1,028,091 |
-- |
|
----------------- |
----------------- |
------------------- |
|
Total plants and facilities |
$2,311,606 |
$1,175,408 |
$1,136,198 |
|
----------------- |
----------------- |
------------------- |
| Total
costs incurred3 |
$192,005,843 |
$155,537,832 |
$36,468,011 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended December 31,
2003 |
|
|
|
Total |
Domestic |
New Zealand |
|
----------------- |
----------------- |
------------------- |
| Acquisition of proved
and unproved properties |
$ 1,942,868 |
$ 1,635,316 |
$ 307,552 |
| Lease
acquisitions and prospect costs1 |
18,869,099 |
12,440,144 |
6,428,955 |
| Exploration |
14,467,455 |
11,789,700 |
2,677,755 |
| Development |
116,451,112 |
100,549,351 |
15,901,761 |
|
----------------- |
----------------- |
------------------- |
| Total acquisition, exploration, and development2 |
$151,730,534 |
$126,414,511 |
$25,316,023 |
|
----------------- |
----------------- |
------------------- |
| Processing plants |
$ 6,192,199 |
$ 907,771 |
$ 5,284,428 |
| Field compression facilities |
3,521,522 |
3,521,522 |
-- |
|
----------------- |
----------------- |
------------------- |
|
Total plants and facilities |
$9,713,721 |
$4,429,293 |
$5,284,428 |
|
----------------- |
----------------- |
------------------- |
| Total
costs incurred3 |
$161,444,255 |
$130,843,804 |
$30,600,451 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended December 31,
2002 |
|
|
|
Total |
Domestic |
New Zealand |
|
----------------- |
----------------- |
------------------- |
| Acquisition of proved
and unproved properties |
$
64,229,283 |
$
5,415,932 |
$ 58,813,351 |
| Lease
acquisitions and prospect costs1 |
16,009,939 |
10,789,876 |
5,220,063 |
| Exploration |
18,395,335 |
7,571,215 |
10,824,120 |
| Development |
47,407,087 |
40,366,378 |
7,040,709 |
|
----------------- |
----------------- |
------------------- |
|
Total acquisition, exploration, and development2 |
$146,041,644 |
$64,143,401 |
$81,898,243 |
|
----------------- |
----------------- |
------------------- |
| Processing plants |
$7,845,520 |
$1,313,299 |
$6,532,221 |
| Field compression facilities |
2,251,247 |
2,251,247 |
--- |
|
----------------- |
----------------- |
------------------- |
|
Total plants and facilities |
$10,096,767 |
$3,564,546 |
$6,532,221 |
|
----------------- |
----------------- |
------------------- |
| Total
costs incurred |
$156,138,411 |
$67,707,947 |
$88,430,464 |
|
============ |
============ |
============ |
(1)These
are actual amounts as incurred by year, including both proved and unproved
lease costs. The annual lease acquisition amounts added to proved oil and gas
properties in 2004, 2003, and 2002 were $17,811,217, $20,702,276, and
$23,454,234, respectively.
(2)Includes capitalized general and administrative costs
directly associated with the acquisition, exploration, and development efforts
of approximately $13.1 million, $11.5 million, and $10.7 million in 2004,
2003, and 2002, respectively. In addition, total includes $6.5 million, $6.8
million, and $7.0 million in 2004, 2003, and 2002, respectively, of
capitalized interest on unproved properties.
(3)Asset retirement obligations incurred have been included in exploration,
development and acquisition costs as applicable for the years ended December
31, 2004 and 2003, as we adopted SFAS No. 143 "Accounting for Asset
Retirement Obligations" effective January 1, 2003.
Results of Operations.
|
Year Ended December 31,
2004 |
|
|
|
Total |
Domestic |
New Zealand |
|
--------------------- |
--------------------- |
--------------------- |
|
|
|
|
| Oil and gas sales |
$311,285,172 |
$258,663,936 |
$52,621,236 |
| Lease operating cost |
(41,214,256) |
(30,191,889) |
(11,022,367) |
| Severance and other taxes |
(30,401,293) |
(26,713,592) |
(3,687,701) |
| Depreciation and depletion |
(80,504,043) |
(61,478,364) |
(19,025,679) |
| Accretion of asset
retirement obligation |
(673,654) |
(505,174) |
(168,480) |
|
--------------------- |
--------------------- |
--------------------- |
|
158,491,926 |
139,774,917 |
18,717,009 |
| Provision for income taxes |
53,093,022 |
51,576,944 |
1,516,078 |
|
--------------------- |
--------------------- |
--------------------- |
| Results of producing activities |
$
105,398,904 |
$ 88,197,973 |
$17,200,931 |
|
============ |
============ |
============ |
| Amortization per physical unit of production |
|
|
|
| (equivalent Mcf of gas) |
$1.38 |
$1.46 |
$1.17 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended December 31,
2003 |
|
|
|
Total |
Domestic |
New Zealand |
|
--------------------- |
--------------------- |
--------------------- |
|
|
|
|
| Oil and gas sales |
$211,032,639 |
$164,167,390 |
$46,865,249 |
| Lease operating cost |
(33,833,198) |
(24,022,412) |
(9,810,786) |
| Severance and other taxes |
(19,033,604) |
(15,290,669) |
(3,742,935) |
| Depreciation and depletion |
(62,037,680) |
(43,818,709) |
(18,218,971) |
| Accretion of asset
retirement obligation |
(857,356) |
(623,948) |
(233,408) |
|
--------------------- |
--------------------- |
--------------------- |
|
95,270,801 |
80,411,652 |
14,859,149 |
| Provision for income taxes |
32,321,635 |
29,696,023 |
2,625,612 |
|
--------------------- |
--------------------- |
--------------------- |
| Results of producing activities |
$ 62,949,166 |
$ 50,715,629 |
$12,233,537 |
|
============ |
============ |
============ |
| Amortization per physical unit of production |
|
|
|
| (equivalent Mcf of gas) |
$1.17 |
$1.30 |
$0.94 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended December 31,
2002 |
|
|
|
Total |
Domestic |
New Zealand |
|
--------------------- |
--------------------- |
--------------------- |
|
|
|
|
| Oil and gas sales |
$141,195,713 |
$112,065,003 |
$29,130,710 |
| Lease operating cost |
(28,918,858) |
(23,308,444) |
(5,610,414) |
| Severance and other taxes |
(12,578,454) |
(9,780,514) |
(2,797,940) |
| Depreciation and depletion |
(55,254,467) |
(42,807,364) |
(12,447,103) |
|
--------------------- |
--------------------- |
--------------------- |
|
44,443,934
|
36,168,681 |
8,275,253
|
| Provision for income taxes |
15,860,064
|
13,129,231
|
2,730,833
|
|
--------------------- |
--------------------- |
--------------------- |
| Results of producing activities |
$ 28,583,870 |
$ 23,039,450 |
$ 5,544,420 |
|
============ |
============ |
============ |
| Amortization per physical unit of production |
|
|
|
| (equivalent Mcf of gas) |
$1.11 |
$1.25 |
$0.80 |
|
============ |
============ |
============ |
|
|
|
|
These results of operations do not include the losses from our hedging
activities of $1.3 million, $2.8 million, and $0.2 million for 2004, 2003, and
2002, respectively. Our lease operating costs per Mcfe produced were $0.71 in
2004, $0.64 in 2003, and $0.58 in 2002.
The accretion of asset retirement obligation has been included in the 2004
and 2003 periods, as we adopted SFAS No. 143 "Accounting for Asset
Retirement Obligations" effective January 1, 2003.
We used our effective tax rate in each country to compute the provision for
income taxes in each year presented.
Supplemental Reserve Information. The
following information presents estimates of our proved oil and gas reserves.
Reserves were determined by us and audited by H. J. Gruy and Associates, Inc.
("Gruy"), independent petroleum consultants. Gruy has audited 100%
of our proved reserves. Gruy’s audit was conducted according to standards
approved by the Board of Directors of the Society of Petroleum Engineers, Inc.
and included examination, on a test basis, of the evidence supporting our
reserves. Gruy’s audit was based upon review of production histories and
other geological, economic, and engineering data provided by Swift. Where Gruy
had material disagreements with Swift reserve estimates, we revised our
estimates to be in agreement. Gruy’s report dated January 27, 2005, is set
forth as an exhibit to the Form 10-K Report for the year ended December 31,
2004, and includes definitions and assumptions that served as the basis for
the audit of proved reserves and future net cash flows. Such definitions and
assumptions should be referred to in connection with the following
information:
| Estimates of Proved Reserves |
|
|
|
|
|
|
Total |
Domestic |
New Zealand |
|
|
|
|
|
|
Oil, NGL, and |
|
Oil, NGL, and |
|
Oil, NGL, and |
|
Natural Gas |
Condensate |
Natural Gas |
Condensate |
Natural Gas |
Condensate |
|
(Mcf) |
(Bbls) |
(Mcf) |
(Bbls) |
(Mcf) |
(Bbls) |
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
| Proved reserves as of December 31,
2001 |
324,912,125 |
53,482,636 |
288,489,500 |
42,564,733 |
36,422,625 |
10,917,903 |
| Revisions of previous estimates1 |
(29,972,714) |
5,298,439 |
(29,470,419) |
8,675,082 |
(502,295) |
(3,376,643) |
| Purchases of minerals in place |
51,940,044 |
3,711,948 |
226,245 |
24,207 |
51,713,799 |
3,687,741 |
| Sales of minerals in place |
(3,839,124) |
(464,490) |
(3,839,124) |
(464,490) |
--- |
--- |
| Extensions, discoveries, and other
additions |
10,822,919 |
12,180,558 |
197,919 |
11,304,782 |
10,625,000 |
875,776 |
| Production |
(27,131,578) |
(3,770,128) |
(15,780,059) |
(3,074,674) |
(11,351,519) |
(695,454) |
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
| Proved reserves as of December 31,
2002 |
326,731,672 |
70,438,963 |
239,824,062 |
59,029,640 |
86,907,610 |
11,409,323 |
| Revisions of previous estimates1 |
(6,445,114) |
4,975,920 |
(1,418,312) |
3,497,022 |
(5,026,802) |
1,478,898 |
| Purchases of minerals in place |
273,623 |
35,472 |
273,623 |
35,472 |
-- |
-- |
| Sales of minerals in place |
(3,984,209) |
(228,505) |
(3,984,209) |
(228,505) |
-- |
-- |
| Extensions, discoveries, and other
additions |
47,231,609 |
9,730,665 |
21,370,151 |
8,018,766 |
25,861,458 |
1,711,899 |
| Production |
(28,002,719) |
(4,192,612) |
(13,744,040) |
(3,336,702) |
(14,258,679) |
(855,910) |
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
| Proved reserves as of December 31,
2003 |
335,804,862 |
80,759,903 |
242,321,275 |
67,015,693 |
93,483,587 |
13,744,210 |
| Revisions of previous estimates1 |
(3,306,705) |
(1,117,715) |
(1,619,531) |
695,274 |
(1,687,174) |
(1,812,989) |
| Purchases of minerals in place |
9,808,953 |
5,602,508 |
9,808,953 |
5,602,508 |
-- |
-- |
| Sales of minerals in place |
(2,524,760) |
(44,803) |
(2,524,760) |
(44,803) |
-- |
-- |
| Extensions, discoveries, and other
additions |
2,205,670 |
830,111 |
2,205,670 |
830,111 |
-- |
-- |
| Production |
(23,741,726) |
(5,762,796) |
(12,299,772) |
(4,959,740) |
(11,441,954) |
(803,056) |
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
| Proved reserves as of December 31,
2004 |
318,246,294 |
80,267,208 |
237,891,835 |
69,139,043 |
80,354,459 |
11,128,165 |
|
========= |
======== |
========= |
======== |
======== |
======== |
| Proved developed reserves:2 |
|
|
|
|
|
|
| December 31,
2001 |
181,651,578 |
23,759,574 |
167,401,736 |
20,393,142 |
14,249,842 |
3,366,432 |
| December 31,
2002 |
233,514,572 |
35,928,395 |
149,731,562 |
26,530,112 |
83,783,010 |
9,398,283 |
| December 31,
2003 |
210,119,927 |
45,525,366 |
138,173,341 |
38,767,983 |
71,946,586 |
6,757,383 |
| December
31, 2004 |
193,310,761 |
42,037,852 |
140,549,052 |
36,628,873 |
52,761,709 |
5,408,979 |
|
|
|
|
|
|
|
|
(1)Revisions of previous estimates are related to upward or downward
variations based on current engineering information for production rates,
volumetrics, and reservoir pressure. Additionally, changes in quantity
estimates are affected by the increase or decrease in crude oil, NGL, and
natural gas prices at each year-end. Proved reserves, as of December 31, 2004,
were based upon prices in effect at year-end. Our hedges at year-end 2004
consisted of oil and natural gas price floors with strike prices mostly lower
than the period end price and thus would not materially affect prices used in
these calculations. The weighted average of 2004 year-end prices for total,
domestic, and New Zealand were $5.16, $5.87, and $3.07 per Mcf of natural gas,
$41.07, $42.21, and $33.60 per barrel of oil, and $25.48, $26.49 and $20.48
per barrel of NGL, respectively. This compares to $4.56, $5.53, and $2.04 per
Mcf of natural gas, $30.16, $30.88, and $26.78 per barrel of oil, and $20.61,
$21.81 and $14.10 per barrel of NGL as of December 31, 2003, for total,
domestic, and New Zealand, respectively. The weighted average of 2002 year-end
prices for total, domestic, and New Zealand were $3.49, $4.23, and $1.48 per
Mcf of natural gas, $29.27, $29.36, and $28.80 per barrel of oil, and $16.54,
$17.30, and $12.24 per barrel of NGL, respectively.
(2)At December 31, 2004, 56% of our reserves
were proved developed, compared to 59% at December 31, 2003, 60% at December
31, 2002, and 50% at December 31, 2001.
Standardized Measure of Discounted Future Net Cash Flows.
The standardized measure of discounted future net cash flows relating
to proved oil and gas reserves is as follows:
|
Year Ended
December 31, 2004 |
|
|
|
Total |
Domestic |
New Zealand |
|
------------------------ |
------------------------ |
------------------------ |
|
|
|
|
| Future gross revenues |
$4,711,060,300 |
$4,122,705,861 |
$588,354,439 |
| Future production costs |
(1,029,449,670) |
(819,035,166) |
(210,414,504) |
| Future development costs |
(480,093,684) |
(434,305,537) |
(45,788,147) |
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows before income taxes |
3,201,516,946 |
2,869,365,158 |
332,151,788 |
| Future income taxes |
(896,135,438) |
(866,598,544) |
(29,536,894) |
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows after income taxes |
2,305,381,508 |
2,002,766,614 |
302,614,894 |
| Discount at 10% per annum |
(840,436,013) |
(746,227,690) |
(94,208,323) |
|
------------------------ |
------------------------ |
------------------------ |
| Standardized measure of discounted future
net cash flows |
|
|
|
| relating to proved oil
and gas reserves |
$
1,464,945,495 |
$ 1,256,538,924 |
$
208,406,571 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended
December 31, 2003 |
|
|
|
Total |
Domestic |
New Zealand |
|
------------------------ |
------------------------ |
------------------------ |
|
|
|
|
| Future gross revenues |
$3,805,349,886 |
$3,279,884,680 |
$ 525,465,206 |
| Future production costs |
(831,430,479) |
(678,983,441) |
(152,447,038) |
| Future development costs |
(331,816,723) |
(301,874,087) |
(29,942,636) |
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows before income taxes |
2,642,102,684 |
2,299,027,152 |
343,075,532 |
| Future income taxes |
(729,624,048) |
(657,354,849) |
(72,269,199) |
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows after income taxes |
1,912,478,636 |
1,641,672,303 |
270,806,333 |
| Discount at 10% per annum |
(777,622,101) |
(678,769,827) |
(98,852,274) |
|
------------------------ |
------------------------ |
------------------------ |
| Standardized measure of discounted future
net cash flows |
|
|
|
| relating to proved oil
and gas reserves |
$
1,134,856,535 |
$ 962,902,476 |
$
171,954,059 |
|
============ |
============ |
============ |
|
|
|
|
|
Year Ended
December 31, 2002 |
|
|
|
Total |
Domestic |
New Zealand |
|
------------------------ |
------------------------ |
------------------------ |
|
|
|
|
| Future gross revenues |
$
2,990,669,570 |
$
2,578,435,576 |
$
412,233,994 |
| Future production costs |
(720,599,745)
|
(612,094,088)
|
(108,505,657)
|
| Future development costs |
(224,792,520)
|
(208,492,520)
|
(16,300,000)
|
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows before income taxes |
2,045,277,305
|
1,757,848,968
|
287,428,337
|
| Future income taxes |
(599,195,484)
|
(512,966,321)
|
(86,229,163)
|
|
------------------------ |
------------------------ |
------------------------ |
| Future net cash flows after income taxes |
1,446,081,821
|
1,244,882,647
|
201,199,174
|
| Discount at 10% per annum |
(609,212,030)
|
(540,375,347)
|
(68,836,683)
|
|
------------------------ |
------------------------ |
------------------------ |
| Standardized measure of discounted future
net cash flows |
|
|
|
| relating to proved oil
and gas reserves |
$
836,869,791 |
$ 704,507,300 |
$
132,362,491 |
|
============ |
============ |
============ |
The standardized measure of discounted future net cash flows from
production of proved reserves was developed as follows:
1. Estimates are made of quantities of proved reserves and the future
periods during which they are expected to be produced based on year-end
economic conditions.
2. The estimated future gross revenues of proved reserves are priced on the
basis of year-end prices, except in those instances where fixed and
determinable gas price escalations are covered by contracts limited to the
price we reasonably expect to receive.
3. The future gross revenue streams are reduced by estimated future costs
to develop and to produce the proved reserves, as well as asset retirement
obligation costs, net of salvage value, based on year-end cost estimates and
the estimated effect of future income taxes.
4. Future income taxes are computed by applying the statutory tax rate to
future net cash flows reduced by the tax basis of the properties, the
estimated permanent differences applicable to future oil and gas producing
activities, and tax carry forwards.
The estimates of cash flows and reserves quantities shown above are based
on year-end oil and gas prices for each period. Our hedges at year-end 2004
consisted mainly of crude oil and natural gas price floors with strike prices
lower than the period end price and thus did not materially affect prices used
in these calculations. Subsequent changes to such year-end oil and gas prices
could have a significant impact on discounted future net cash flows. Under
Securities and Exchange Commission rules, companies that follow the full-cost
accounting method are required to make quarterly Ceiling Test calculations
using hedge adjusted prices in effect as of the period end date presented (see
Note 1 to the consolidated financial statements). Application of these rules
during periods of relatively low oil and gas prices, even if of short-term
seasonal duration, may result in non-cash write-downs.
The standardized measure of discounted future net cash flows is not
intended to present the fair market value of our oil and gas property
reserves. An estimate of fair value would also take into account, among other
things, the recovery of reserves in excess of proved reserves, anticipated
future changes in prices and costs, an allowance for return on investment, and
the risks inherent in reserves estimates.
The following are the principal sources of change in the standardized
measure of discounted future net cash flows:
|
Year Ended December 31,
|
|
|
|
2004
|
2003
|
2002
|
|
------------------------
|
------------------------ |
------------------------ |
|
|
|
|
| Beginning balance |
$1,134,856,535 |
$836,869,791 |
$454,557,905 |
|
------------------------ |
------------------------ |
------------------------ |
| Revisions to reserves proved in prior years-- |
|
|
|
| Net changes in prices,
and production costs |
398,333,372 |
218,104,882 |
418,531,747 |
| Net changes in
future development costs |
(117,672,270) |
(108,603,152) |
(44,641,133) |
| Net changes due to revisions in
quantity estimates |
(12,754,357) |
48,194,999 |
2,582,633 |
| Accretion of discount |
152,715,946 |
116,136,717 |
60,298,619 |
| Other |
49,111,385 |
(57,822,716) |
(88,675,455) |
|
------------------------ |
------------------------ |
------------------------ |
| Total revisions |
469,734,076 |
216,010,730 |
348,096,411 |
|
|
|
|
| New field discoveries and extensions, net of future |
|
|
|
| production and development costs |
30,609,517 |
243,183,114 |
190,461,371 |
| Purchases of minerals in place |
118,575,886 |
1,019,290 |
76,538,437 |
| Sales of minerals in place |
(7,339,601) |
(13,660,012) |
(5,769,642) |
| Sales of oil and gas produced, net of production costs |
(239,669,623) |
(158,165,836) |
(99,698,403) |
| Previously estimated development costs incurred |
98,924,021 |
77,404,994 |
48,752,814 |
| Net change in income taxes |
(140,745,316) |
(67,805,536) |
(176,069,102) |
|
------------------------ |
------------------------ |
------------------------ |
| Net change in standardized measure of discounted |
|
|
|
| future net cash flows |
330,088,960 |
297,986,744 |
382,311,886 |
|
------------------------ |
------------------------ |
------------------------ |
| Ending balance |
$1,464,945,495 |
$1,134,856,535 |
$836,869,791 |
|
============ |
============ |
============ |
|
|
|
|
Quarterly Data (Unaudited). The following table
presents summarized quarterly financial information for the years ended
December 31, 2003 and 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
Income |
|
|
|
|
|
|
Basic EPS |
|
Diluted EPS |
|
|
|
|
|
|
Taxes |
|
Income Before |
|
|
|
|
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