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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2000

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Provision for Income Taxes

 

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

Year Ended December 31,
2000 1999 1998
----------------- ------------------ -----------------
Current $      (29,000) $      (11,819) $      214,169
Deferred 33,294,480 10,461,396 (25,380,546)
----------------- ----------------- -----------------
Total $ 33,265,480 $ 10,449,577 $ (25,166,377)
========= ========= =========

 

There are differences between income taxes computed using the federal statutory rate (35% for 2000, 1999, and 1998) and our effective income tax rates (35.7%, 35.1%, and 34.3% for 2000, 1999, and 1998, respectively), primarily as the result of state income taxes and certain tax credits available to us. Reconciliations of income taxes computed using the statutory rate to the effective income tax rates are as follows:

2000 1999 1998
------------------- ------------------- ---------------------
Income taxes computed at federal statutory rate $32,577,772 $10,407,653 $(25,687,053)
State tax provisions, net of federal benefits 775,850 (7,801) 23,949
Nonconventional fuel source credit --- --- (287,000)
Depletion deductions in excess of basis --- --- (42,500)
Other, net (88,142) 49,725 826,227
------------------- ------------------- ---------------------
Provision (benefit) for income taxes $ 33,265,480 $ 10,449,577 $ (25,166,377)
========== ========== ===========

 

The tax effects of temporary differences representing the net deferred tax liability (asset) at December 31, 2000 and 1999, were as follows:

2000 1999
--------------- ---------------
Deferred tax assets:
   Alternative minimum tax credits $(1,979,399) $(1,979,399)
   Net operating loss carry forward (16,194,060) (11,560,000)
   Other --- (237,587)
--------------------- ---------------------
      Total deferred tax assets $(18,173,459) $(13,776,986)
Deferred tax liabilities:
   Oil and gas properties $ 59,097,793 $23,520,417
   Other 254,256 436,700
--------------------- ---------------------
      Total deferred tax liabilities $59,352,049 $23,957,117
--------------------- ---------------------
Net deferred tax liability  $41,178,590 $10,180,131
=========== ===========

 

As of December 31, 2000, we had $47.5 million of net operating loss carry forwards, which expire as follows: $26.2 million, $20.1 million, and $1.2 million in 2013, 2014, and 2015, respectively.

We did not record any valuation allowances against deferred tax assets at December 31, 2000 and 1999.

At December 31, 2000, we had alternative minimum tax credits of $1,979,399 that carry forward indefinitely and are available to reduce future regular tax liability to the extent they exceed the related tentative minimum tax otherwise due.

 
 
 

 

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