|
|
December 31, 2006 |
|
December 31, 2005 |
|
ASSETS |
| Current Assets:
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,058,051 |
|
$ |
53,004,562 |
|
Accounts receivable- |
|
|
|
|
|
|
Oil and gas sales |
|
63,935,441 |
|
|
45,518,260 |
|
Joint interest owners |
|
1,843,824 |
|
|
1,082,187 |
|
Other Receivables |
|
1,231,384 |
|
|
3,795,080 |
|
Deferred Tax Asset |
|
2,383,176 |
|
|
--- |
|
Other current assets |
|
22,121,165 |
|
|
11,655,046 |
|
|
----------------------- |
|
|
----------------------- |
|
Total Current Assets |
|
92,573,041 |
|
|
115,055,135 |
|
|
----------------------- |
|
|
----------------------- |
| Property and
Equipment: |
|
|
|
|
|
|
Oil and gas, using full-cost accounting |
|
|
|
|
|
|
Proved properties |
|
2,264,831,638 |
|
|
1,731,866,298 |
|
Unproved properties |
|
112,136,836 |
|
|
87,553,220 |
|
|
----------------------- |
|
|
----------------------- |
|
|
2,376,968,474 |
|
|
1,819,419,518 |
|
Furniture, fixtures, and other equipment |
|
28,040,405 |
|
|
15,313,277 |
|
|
----------------------- |
|
|
----------------------- |
|
|
2,405,008,879 |
|
|
1,834,732,795 |
|
Less – Accumulated depreciation, depletion, and amortization |
|
(921,696,714) |
|
|
(755,699,056) |
|
|
----------------------- |
|
|
----------------------- |
|
|
1,483,312,165 |
|
|
1,079,033,739 |
| Other Assets: |
|
----------------------- |
|
|
----------------------- |
|
Debt issuance costs |
|
7,382,265 |
|
|
8,026,780 |
|
Restricted assets |
|
2,414,287 |
|
|
2,296,968 |
|
|
----------------------- |
|
|
----------------------- |
|
|
9,796,552 |
|
|
10,323,748 |
|
|
----------------------- |
|
|
----------------------- |
|
$ |
1,585,681,758 |
|
$ |
1,204,412,622 |
|
|
============ |
|
|
============ |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
| Current
Liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
74,425,082 |
|
$ |
51,973,004 |
|
Accrued capital costs |
|
55,282,001 |
|
|
30,073,728 |
|
Accrued interest |
|
8,764,278 |
|
|
8,508,196 |
|
Undistributed oil and gas revenues |
|
7,503,927 |
|
|
7,866,086 |
|
|
----------------------- |
|
|
----------------------- |
|
Total Current Liabilities |
|
145,975,288 |
|
|
98,421,014 |
|
|
----------------------- |
|
|
----------------------- |
| Long-Term Debt |
|
381,400,000 |
|
|
350,000,000 |
| Deferred Income
Taxes |
|
224,966,598 |
|
|
129,306,891 |
| Asset Retirement
Obligation |
|
33,694,603 |
|
|
19,095,368 |
| Lease Incentive
Obligation |
|
1,728,297 |
|
|
271,182 |
|
|
|
|
|
|
| Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’
Equity: |
|
|
|
|
|
|
Preferred stock, $.01 par value, 5,000,000 shares
authorized, none outstanding |
--- |
|
|
--- |
|
Common stock, $.01 par value, 85,000,000 shares authorized,
30,170,004 |
|
|
|
|
and 29,458,974 shares issued, and 29,742,918 and 29,009,530
shares |
|
|
|
|
outstanding, respectively |
301,700 |
|
|
294,590 |
|
Additional paid-in capital |
|
387,555,797 |
|
|
365,085,695 |
|
Treasury stock held, at cost, 427,086 and 449,444 shares,
respectively |
|
(6,124,944) |
|
|
(6,445,586) |
|
Unearned compensation |
|
--- |
|
|
(5,849,820) |
|
Retained earnings |
|
415,868,097 |
|
|
254,302,757 |
|
Accumulated other comprehensive income (loss), net of income
tax |
|
316,322 |
|
|
(69,469) |
|
|
----------------------- |
|
|
----------------------- |
|
|
797,916,972 |
|
|
607,318,167 |
|
|
----------------------- |
|
|
----------------------- |
|
$ |
1,585,681,758 |
|
$ |
1,204,412,622 |
|
|
============ |
|
|
============ |
|
