|
Year Ended December 31, |
|
2006 |
|
2005 |
|
2004 |
| Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
161,565,340 |
|
$ |
115,778,456 |
|
$ |
68,450,917 |
|
Adjustments to reconcile net income to net cash provided
|
|
|
|
|
|
|
|
|
|
by operating activities- |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
169,295,774 |
|
|
107,477,787 |
|
|
81,580,828 |
|
Accretion of asset retirement obligation |
|
1,034,322 |
|
|
761,042 |
|
|
673,654 |
|
Deferred income taxes |
|
90,027,972 |
|
|
61,911,095 |
|
|
32,513,325 |
|
Stock-based compensation expense |
|
6,905,260 |
|
|
1,450,600 |
|
|
57,709 |
|
Debt retirement cost – cash and non-cash |
|
--- |
|
|
--- |
|
|
9,536,268 |
|
Other |
|
3,225,561 |
|
|
362,013 |
|
|
(357,164) |
|
Change in assets and liabilities- |
|
|
|
|
|
|
|
|
|
Increase in accounts receivable |
|
(19,178,818) |
|
|
(6,778,383) |
|
|
(11,040,543) |
|
Increase in accounts payable and accrued liabilities |
|
10,905,914 |
|
|
5,071,870 |
|
|
843,341 |
|
Increase (decrease) in income taxes payable |
|
883,639 |
|
|
--- |
|
|
(135,984) |
|
Increase (decrease) in accrued interest |
|
256,082 |
|
|
(700,996) |
|
|
460,536 |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Provided by Operating Activities |
|
424,921,046 |
|
|
285,333,484 |
|
|
182,582,887 |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
| Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
|
Additions to property and equipment |
|
(363,222,113) |
|
|
(235,547,815) |
|
|
(171,095,101) |
|
Proceeds from the sale of property and equipment |
|
24,678,020 |
|
|
7,296,833 |
|
|
5,058,147 |
|
Acquisition of properties |
(194,269,399) |
|
|
(28,927,091) |
|
|
(27,196,336) |
|
Net cash received as operator of oil and gas properties |
9,385,700 |
|
|
17,797,022 |
|
|
3,921,673 |
|
Net cash received (distributed) as operator of partnerships |
|
409,816 |
|
|
(948,292) |
|
|
884,093 |
|
Other |
|
(528,415) |
|
|
255,189 |
|
|
(658,630) |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Used in Investing Activities |
|
(523,546,391) |
|
|
(240,074,154) |
|
|
(189,086,154) |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
| 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 |
|
31,400,000 |
|
|
(7,500,000) |
|
|
(8,400,000) |
|
Net proceeds from issuances of common stock |
|
12,508,621 |
|
|
10,325,114 |
|
|
4,825,251 |
|
Excess tax benefits from stock-based awards |
|
3,327,713 |
|
|
--- |
|
|
--- |
|
Payments of debt retirement costs |
|
--- |
|
|
--- |
|
|
(6,734,611) |
|
Payments of debt issuance costs |
|
(557,500) |
|
|
--- |
|
|
(4,333,535) |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
|
Net Cash Provided by Financing Activities |
|
46,678,834 |
|
|
2,825,114 |
|
|
10,357,105 |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
| Net Increase
(Decrease) in Cash and Cash Equivalents |
$ |
(51,946,511) |
|
$ |
48,084,444 |
|
$ |
3,853,838 |
|
|
|
|
|
|
|
|
|
| Cash and Cash
Equivalents at Beginning of Year |
|
53,004,562 |
|
|
4,920,118 |
|
|
1,066,280 |
|
|
------------------------- |
|
|
------------------------- |
|
|
------------------------- |
| Cash and Cash
Equivalents at End of Year |
$ |
1,058,051 |
|
$ |
53,004,562 |
|
$ |
4,920,118 |
|
|
============= |
|
|
============= |
|
|
============= |
| Supplemental
Disclosures of Cash Flows Information: |
|
|
|
|
|
|
|
|
| Cash paid during year
for interest, net of amounts capitalized |
$ |
22,690,797 |
|
$ |
24,482,934 |
|
$ |
26,064,158 |
| Cash paid during year
for income taxes |
$ |
9,779,500 |
|
$ |
750,000 |
|
$ |
476,000 |
|
|
|
|
|
|
|
|
|
|
