FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1995
Item 6. Selected Financial Data
1995 1994 (1) 1993 1992 1991 1990 1989 1988 1897 1986 1985 Revenues Oil and Gas Sales $22,527,892 $19,802,188 $15,535,671 $12,420,222 $8,361,771 $7,328,190 $3,984,835 $2,838,433 $2,097,815 $954,269 $908,928 Supervision Fees $3,838,815 $3,751,061 $3,718,829 $3,443,777 $3,362,800 $2,149,079 $1,651,839 $1,118,794 $1,065,820 $1,108,410 $963,917 Earned Interests & Fees (2) $590,441 $701,528 $4,071,970 $2,716,277 $2,231,729 $9,882,953 $8,802,816 $8,073,530 $7,956,895 $2,393,371 $1,173,841 Interest Income $212,329 $47,980 $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459 $40,174 $99,919 Other, net $1,761,568 $1,072,535 $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059 $471,486 $348,235 Total Revenues $28,931,045 $25,375,292 $24,132,653 $19,209,594 $14,690,496 $20,389,989 $14,932,037 $12,684,797 $11,698,048 $4,967,710 $3,494,840 Operating Income $6,894,537 $4,837,829 $6,628,608 $4,687,519 $3,748,741 $10,811,044 $8,716,673 $7,040,165 $6,632,631 $1,948,431 $1,410,998 Net Income (Loss) $4,912,512 ($13,047,027) $4,896,253 $4,084,760 $2,512,815 $7,170,642 $5,709,098 $4,678,317 $4,024,003 $1,108,314 $778,197 Per Share Data Weighted Shares Outstanding (3) 9,122,857 6,644,248 6,588,076 6,135,044 5,363,299 5,278,578 4,663,322 4,452,163 4,383,969 4,326,300 4,290,000 Net Income (Loss) per Share--Primary (3) $0.54 ($1.96) $0.74 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26 $0.18 Net Income (Loss) per Share--Fully Diluted (3) $0.54 ($1.96) $0.70 $0.67 $0.47 $1.36 $1.22 $1.05 $0.92 $0.26 $0.18 Shares Outstanding at Year End 12,509,700 6,685,137 6,001,075 5,968,579 4,955,134 4,848,315 4,764,862 4,068,968 4,025,108 3,949,500 3,900,000 Book Value per Share $7.46 $6.30 $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70 $1.68 $1.39 Market Price (3) High $12.63 $11.38 $12.73 $8.64 $10.00 $11.71 $12.27 $9.55 $16.94 $4.89 $1.94 Low $7.75 $8.52 $7.85 $5.12 $4.77 $7.62 $6.36 $6.14 $3.75 $1.14 $1.03 Year-End Close $12.00 $9.75 $8.64 $8.30 $5.45 $9.43 $10.45 $6.25 $6.82 $3.75 $1.59 Pro forma amounts assuming change in accounting principle is applied retroactively:(2) Net Income $4,912,512 $3,725,671 $4,322,478 $3,729,851 $2,950,245 $3,107,451 $2,185,276 $898,962 $561,509 $290,582 $310,314 Net Income per Share--Primary $0.54 $0.56 $0.66 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07 $0.07 Net Income per Share--Fully Diluted $0.54 $0.56 $0.63 $0.61 $0.55 $0.59 $0.47 $0.20 $0.13 $0.07 $0.07 Assets Current Assets $43,380,454 $39,208,418 $65,307,120 $30,830,173 $47,859,278 $72,537,521 $54,818,404 $9,304,370 $8,396,944 $6,924,548 $7,994,603 Oil and Gas Properties, Net of Accumulated Depreciation, Depletion, and Amortization $125,217,872 $88,415,612 $89,656,577 $64,301,509 $47,655,917 $41,952,212 $27,935,170 $19,973,454 $13,092,526 $6,913,487 $4,766,258 Total Assets $175,252,707 $135,672,743 $160,892,917 $100,243,469 $101,421,573 $118,227,480 $85,007,293 $31,463,220 $23,745,504 $15,731,279 $14,781,775 Liabilities Current Liabilities $40,133,269 $52,345,859 $55,565,437 $27,876,687 $50,851,447 $71,514,938 $49,354,128 $9,756,431 $8,342,755 $6,535,890 $7,579,679 Long-Term Debt, Net of Current Portion $28,750,000 $28,750,000 $28,750,000 $0 $0 $0 $0 $0 $0 $0 $23,030 Total Liabilities $81,906,742 $93,545,612 $106,427,203 $50,962,183 $62,761,217 $82,559,406 $57,198,476 $15,694,272 $12,874,849 $9,114,611 $9,379,600 Stockholders’ Equity $93,345,965 $42,127,131 $54,465,714 $49,281,286 $38,660,356 $35,668,074 $27,808,817 $15,768,948 $10,870,655 $6,616,668 $5,402,175 Number of Employees 176 209 188 178 171 164 131 116 94 55 50
(1) Additional 1994 Data: Income Before Cumulative Effect of Change in Accounting Principle-$3,725,671; Cumulative Effect of Change in Accounting Principle-$(16,772,698); Per Share Amounts-Primary-Income Before Cumulative Effect of Change in Accounting Principle-$0.56, Cumulative Effect of Change in Accounting Principle-$(2.52); Per Share Amounts-Fully Diluted-Income Before Cumulative Effect of Change in Accounting Principle-$0.56, Cumulative Effect of Change in Accounting Principle-$(2.52).
(2) As of January 1, 1994, the Company changed its revenue recognition policy for earned interests. See Note 2 to the Company's financial statements. Accordingly, 1995 and 1994 "Earned Interests and Fees" does not include earned interests revenues.
(3) Amounts have been retroactively restated in all periods presented to give recognition to an equivalent change in capital structure as a result of a 10% stock dividend in September 1994. See Note 1 to the Company's financial statements.
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