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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1997

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Provision for Income Taxes

 

The following is an analysis of the consolidated income tax provision:

Year ended December 31,
1997 1996 1995
------------ ------------ ------------
Current $      77,402 $      759,253 $ (344,137)
Deferred 10,742,015 9,001,080 2,326,162
------------ ------------ ------------
Total $ 10,819,417 $ 9,760,333 $ 1,982,025
========= ========= =========

 

There are differences between income taxes computed using the statutory rate (34% for 1997, 1996, and 1995) and the Company’s effective income tax rates (32.7%, 33.9%, and 28.7% for 1997, 1996, and 1995, respectively), primarily as the result of certain tax credits available to the Company. Reconciliations of income taxes computed using the statutory rate to the effective income tax rates are as follows:

1997 1996 1995
Income taxes computed at federal statutory rate $ 11,264,066 $ 9,787,166 $ 2,344,143
State tax provisions, net of federal benefits 48,058 75,936 84,202
Nonconventional fuel source credit (294,000) (306,000) (370,000)
Depletion deductions in excess of basis (51,000) (26,520) (34,000)
Other, net (147,707) 229,751 (42,320)
------------ ------------ ------------
Provision for income taxes $ 10,819,417 $ 9,760,333 $ 1,982,025
=========== =========== ===========

 

The tax effects of significant temporary differences representing the net deferred tax liability at December 31, 1997, 1996, and 1995, were as follows:

1997 1996
------------------- ---------------------
Deferred tax assets:
   Alternative minimum tax credits $ 1,831,299 $ 1,517,470
   Other 237,587 --
--------------- ---------------
      Total deferred tax assets $ 2,068,886 $ 1,517,470
Deferred tax liabilities:
   Oil and gas properties $ 26,785,212 $ 15,935,855
   Other 637,824 875,572
---------------- ----------------
      Total deferred tax liabilitiess $ 27,423,036 $ 16,811,427
---------------- ----------------
Net deferred tax liability $ 25,354,150 $ 15,293,957
=========== ===========

 

The Company did not record any valuation allowances against deferred tax assets at December 31, 1997, 1996, and 1995.

At December 31, 1997, the Company had alternative minimum tax credits of $1,831,299 that carry forward indefinitely available to reduce future regular tax liability to the extent they exceed the related tentative minimum tax otherwise due.

 
 
 

 

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