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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2001

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,
2001 2000 1999
------------ ------------ ------------
Current $      114,611 $      (29,000) $      (11,819)
Deferred (12,352,047) 33,294,480 10,461,396
------------------- ----------------- ----------------
Total $ (12,237,436) $ 33,265,480 $ 10,449,577
========= ========= =========

 

There are differences between income taxes computed using the federal statutory rate (35% for 2001, 2000, and 1999) and our effective income tax rates (35.8%, 35.7%, and 35.1% for 2001, 2000, and 1999, respectively), primarily as the result of state income taxes, foreign income taxes and certain tax credits available to the Company. Foreign net income for SENZ for 2001 was $1,234,919. New Zealand’s statutory rate and effective tax rate are 33%. Reconciliations of income taxes computed using the statutory rate to the effective income tax rates are as follows:

2001 2000 1999
------------ ------------ ------------
Income taxes computed at U.S. statutory rate $(11,967,317) $32,577,772 $10,407,653
State tax provisions, net of federal benefits (279,875) 775,850 (7,801)
Provision fro foreign income tax (24,698) --- ---
Other, net 34,454 (88,142) 49,725
------------ ------------ ------------
Provision (benefit) for income taxes $ (12,237,436) $ 33,265,480 $ 10,449,577
=========== =========== ===========

 

The tax effects of temporary differences representing the net deferred tax liability (asset) at December 31, 2001 and 2000, were as follows:

2001 2000
--------------- ---------------
Deferred tax assets:
   Alternative minimum tax credits $(1,979,399) $(1,979,399)
   Net operating loss carry forward (18,877,969) (16,194,060)
--------------- ---------------
      Total deferred tax assets $(20,857,368) $(18,173,459)
Deferred tax liabilities:
   Domestic oil and gas properties $ 47,539,564 $ 59,097,793
   Foreign oil and gas properties 407,524  ---
   Other 482,513 254,256
---------------- ----------------
      Total deferred tax liabilities $48,429,601 $59,352,049
---------------- ----------------
Net deferred tax liability  $27,572,233 $41,178,590
============ ============

 

As of December 31, 2001, we had $52.7 million of net operating loss carry forwards, which expire as follows: $29.0 million, $20.1 million, $3.0 million and $0.6 million in 2013, 2014, 2015 and 2016, respectively.

We did not record any valuation allowances against deferred tax assets at December 31, 2001 and 2000.

At December 31, 2001, 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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