|
Year Ended December 31, |
|
2005 |
|
2004 |
|
2003 |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
| Cash Flows from
Operating Activities: |
|
|
|
|
|
| Net income |
$ 115,778,456 |
|
$ 68,450,917 |
|
$ 29,893,812 |
|
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 |
107,477,787 |
|
81,580,828 |
|
63,072,057 |
|
Accretion of asset
retirement obligation |
761,042 |
|
673,654 |
|
857,356 |
|
Deferred income taxes |
61,911,095 |
|
32,513,325 |
|
16,332,492 |
|
Debt retirement cost
– cash and non-cash |
--- |
|
9,536,268 |
|
--- |
|
Other |
1,812,613 |
|
(435,439) |
|
908,927 |
|
Change in assets and
liabilities- |
|
|
|
|
|
|
Increase in accounts
receivable |
(6,778,383) |
|
(11,040,543) |
|
(7,163,304) |
|
Increase in accounts
payable and accrued liabilities |
5,071,870 |
|
843,341 |
|
2,432,111 |
|
Increase (decrease)
in accrued interest |
(700,996) |
|
460,536 |
|
116,976 |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
|
Net Cash Provided by
Operating Activities |
285,333,484 |
|
182,582,887 |
|
110,827,279 |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
| Cash Flows from
Investing Activities: |
|
|
|
|
|
| Additions to property
and equipment |
(235,547,815) |
|
(171,095,101) |
|
(144,503,180) |
|
Proceeds from the
sale of property and equipment |
7,296,833 |
|
5,058,147 |
|
10,186,970 |
|
Acquisition of South Bearhead Creek fields |
(28,927,091) |
|
--- |
|
--- |
|
Acquisition of Bay de Chene and Cote Blanche Island fields |
--- |
|
(27,196,336) |
|
--- |
| Net cash
received as operator of oil and gas properties |
17,797,022 |
|
3,921,673 |
|
3,073,718 |
| Net cash received
(distributed) as operator of partnerships |
(948,292) |
|
884,093 |
|
260,726 |
| Other |
255,189 |
|
(658,630) |
|
(71,193) |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
|
Net Cash Used in
Investing Activities |
(240,074,154) |
|
(189,086,154) |
|
(131,052,959) |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
| Cash Flows from
Financing Activities: |
|
|
|
|
|
| Proceeds from
long-term debt |
--- |
|
150,000,000 |
|
--- |
| Payments of long-term
debt |
--- |
|
(125,000,000) |
|
--- |
| Net proceeds from
(payments of) bank borrowings |
(7,500,000) |
|
(8,400,000) |
|
15,900,000 |
|
Net proceeds from
issuances of common stock |
10,325,114 |
|
4,825,251 |
|
1,575,853 |
| Payments of debt
retirement costs |
--- |
|
(6,734,611) |
|
--- |
| Payments of debt
issuance costs |
--- |
|
(4,333,535) |
|
--- |
|
Net Cash Provided by
Financing Activities |
-------------------------- |
|
-------------------------- |
|
-------------------------- |
|
2,825,114 |
|
10,357,105 |
|
17,475,853 |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
| Net Increase
(Decrease) in Cash and Cash Equivalents |
$ 48,084,444 |
|
$ 3,853,838 |
|
$ (2,749,827) |
|
|
|
|
|
|
| Cash and Cash
Equivalents at Beginning of Year |
4,920,118 |
|
1,066,280 |
|
3,816,107 |
|
-------------------------- |
|
-------------------------- |
|
-------------------------- |
| Cash and Cash
Equivalents at End of Year |
$ 53,004,562 |
|
$ 4,920,118 |
|
$ 1,066,280 |
|
============= |
|
============= |
|
============= |
| Supplemental
Disclosures of Cash Flows Information: |
|
|
|
|
|
| Cash paid during year
for interest, net of amounts capitalized |
$ 24,482,934 |
|
$ 26,064,158 |
|
$ 25,763,169 |
| Cash paid during year
for income taxes |
$ 750,000 |
|
$ 476,000 |
|
$ 129,738 |
|
|
|
|
|
|
|
