For the Years ended December 31,
2000 1999 1998 1997 1996
-----------------------------------------------------------
(amounts in thousands, except per share data)
Oil and natural gas sales $ 88,550 $ 42,672 $ 50,291 $ 37,841 $ 20,063
Gain on sale of assets 1,938 --- --- --- ---
Lawsuit recoveries 2,575 --- --- --- ---
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Total revenues 93,063 42,672 50,291 37,841 20,063
Total costs and expenses before income
taxes and extraordinary item (1) 76,591 77,568 100,242 36,864 22,102
Income tax benefit (2) (22,683) --- (3,100) --- ---
Extraordinary item-loss on early
retirement of debt --- 131 --- 934 ---
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Net income (loss) (3) $ 39,155 $ (35,027) $ (46,851) $ 43 $ (2,039)
===========================================================
Net income (loss) per Common Share $ 1.61 $ (1.46) $ (1.96) $ --- $ (0.16)
Total assets $ 174,079 $ 135,438 $ 143,372 $ 179,629 $ 73,768
Long-term debt $ 121,693 $ 138,902 $ 115,749 $ 101,700 $ 49,500
Stockholders' equity (deficit) $ 12,408 $ (26,875) $ 7,902 $ 55,188 $ 17,498
(1) Results for the years ended December 31, 1999 and 1998 include impairments of oil and gas properties of $13.2 million
and $20.4 million, respectively.
(2) During 2000 the deferred tax valuation allowance was reversed, resulting in an income tax benefit of $29 million, see
"Management's Discussion and Analysis of Financial Condition and Results of Operations."
(3) No Common Share dividends have been paid in the five-year period ending December 31, 2000. Results for each year
presented may not necessarily be comparative due to numerous acquisitions, see "Business strategy - Strategic Acquisitions
and Mergers" for further discussion of acquisitions.
The following table presents certain production, price, and cost data with respect to our properties for the three years ended
December 31, 2000.
For the year ended December 31,
------------------------------------------------------
2000 1999 1998
Oil and Condensate:
Net production (Bbls)(a) 1,070,000 1,170,000 895,000
Revenue $ 32,396,000 $ 22,025,000 $ 10,916,000
Hedge gains (losses) $ (710,000) $ (1,784,000) $ 2,034,000
Average net Bbl per day 2,924 3,204 2,452
Average price per Bbl before hedges $ 30.28 $ 18.83 $ 12.20
Average price per Bbl including hedges $ 29.62 $ 17.31 $ 14.47
Natural Gas:
Net production (Mcf)(a) 13,547,000 11,114,000 18,041,000
Revenue $ 57,246,000 $ 25,267,000 $ 36,910,000
Hedge gains (losses) $ (382,000) $ (2,836,000) $ 431,000
Average net Mcf per day 37,000 30,400 49,400
Average price per Mcf before hedges $ 4.23 $ 2.27 $ 2.05
Average price per Mcf including hedges $ 4.20 $ 2.02 $ 2.07
Total oil and natural gas sales $ 88,550,000 $ 42,672,000 $ 50,291,000
Production costs $ 20,876,000 $ 17,740,000 $ 18,148,000
Total production (Mcfe)(b) 19,966,000 18,132,000 23,411,000
Production cost per Mcfe(b) $ 1.05 $ .98 $ .78
(a) Production information is net of all royalty interests. Beginning in 1999, the MMS began taking its royalties in-kind rather than being paid in cash.
(b) Oil production is converted to Mcfe at the rate of 6 Mcf per Bbl, which represents the estimated relative energy content of natural gas to oil.
ASSETS
December 31,
------------
2000 1999
---- ----
CURRENT ASSETS
Cash $ 2,878,000 $ 5,575,000
Accounts receivable, net of an allowance
of $554,000 and $830,000, respectively 17,680,000 9,675,000
Accounts receivable-related party 300,000 16,000
Prepaid and other 907,000 729,000
------------ ------------
Total current assets 21,765,000 15,995,000
------------ ------------
OIL AND GAS PROPERTIES, AS DETERMINED
BY THE SUCCESSFUL EFFORTS METHOD
OF ACCOUNTING
Oil and gas properties, proved 289,892,000 262,043,000
Less accumulated depreciation, depletion and amortization (193,135,000) (175,048,000)
Net unproved oil and gas properties 2,888,000 1,893,000
------------ ------------
Net oil and gas properties 99,645,000 88,888,000
PIPELINES AND EQUIPMENT
Pipelines and equipment 26,409,000 26,327,000
Less accumulated depreciation (8,256,000) (6,130,000)
------------ ------------
Net pipelines and equipment 18,153,000 20,197,000
------------ ------------
OTHER ASSETS
Restricted deposits 8,625,000 5,602,000
Deferred financing costs, net 3,128,000 4,456,000
Employee note receivable --- 300,000
Deferred income taxes 22,763,000 ---
------------ ------------
Total other assets 34,516,000 10,358,000
------------ ------------
TOTAL ASSETS $ 174,079,000 $ 135,438,000
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
December 31,
------------
2000 1999
---- ----
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 31,963,000 $ 20,408,000
Interest payable 2,917,000 3,003,000
Gas imbalance payable 2,860,000 ---
Restricted cash payable 629,000 ---
------------ ------------
Total current liabilities 38,369,000 23,411,000
------------ ------------
DEFERRED CREDITS 1,609,000 ---
LONG-TERM DEBT 121,693,000 138,902,000
COMMITMENTS AND CONTINGENCIES --- ---
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Shares, $.01 par value,
5,000,000 shares authorized; no
shares issued and outstanding --- ---
Common Shares, $.01 par value,
100,000,000 shares authorized;
24,323,521 and 23,986,521 shares
issued and outstanding, respectively 246,000 243,000
Additional paid-in capital 68,977,000 68,852,000
Accumulated deficit (56,815,000) (95,970,000)
------------ ------------
Total stockholders' equity (deficit) 12,408,000 (26,875,000)
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $174,079,000 $135,438,000
============ ============
See accompanying notes to consolidated financial statements. |
