XML 36 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Statements Of Cash Flows (USD $)
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Operating Activities    
Net income (loss) $ 10,233,761us-gaap_NetIncomeLoss $ 4,926,318us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 6,139,019us-gaap_DepreciationDepletionAndAmortization 5,308,019us-gaap_DepreciationDepletionAndAmortization
Impairment 2,191,997us-gaap_AssetImpairmentCharges [1] 202,991us-gaap_AssetImpairmentCharges [1]
Provision for deferred income taxes 1,184,000us-gaap_DeferredIncomeTaxExpenseBenefit 326,000us-gaap_DeferredIncomeTaxExpenseBenefit
Exploration costs 25,352us-gaap_ExplorationCosts 38,755us-gaap_ExplorationCosts
Gain from leasing fee mineral acreage (29,162)phx_GainFromLeasingOfFeeMineralAcreage (196,133)phx_GainFromLeasingOfFeeMineralAcreage
Income from partnerships (199,914)phx_IncomeFromPartnerships (224,346)phx_IncomeFromPartnerships
Distributions received from partnerships 256,017phx_DistributionsReceivedFromPartnerships 279,363phx_DistributionsReceivedFromPartnerships
Directors' deferred compensation expense 101,589phx_CommonSharesToBeIssuedToDirectorsForServicesValue 114,069phx_CommonSharesToBeIssuedToDirectorsForServicesValue
Restricted stock awards 165,111us-gaap_RestrictedStockExpense 127,976us-gaap_RestrictedStockExpense
Cash provided (used) by changes in assets and liabilities:    
Oil, NGL and natural gas sales receivables 2,672,119us-gaap_IncreaseDecreaseInAccountsReceivable (956,975)us-gaap_IncreaseDecreaseInAccountsReceivable
Fair value of derivative contracts (10,431,194)us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities 891,970us-gaap_IncreaseDecreaseInDerivativeAssetsAndLiabilities
Refundable production taxes 13,205phx_IncreaseDecreaseInRefundableProductionTaxes 53,824phx_IncreaseDecreaseInRefundableProductionTaxes
Other current assets 99,085us-gaap_IncreaseDecreaseInOtherOperatingAssets (35,813)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable 565,409us-gaap_IncreaseDecreaseInAccountsPayable 414,267us-gaap_IncreaseDecreaseInAccountsPayable
Income taxes payable 2,891,600us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 1,088,350us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Accrued liabilities (692,505)us-gaap_IncreaseDecreaseInAccruedLiabilities (472,288)us-gaap_IncreaseDecreaseInAccruedLiabilities
Total adjustments 4,951,728us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 6,960,029us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net cash provided by operating activities 15,185,489us-gaap_NetCashProvidedByUsedInOperatingActivities 11,886,347us-gaap_NetCashProvidedByUsedInOperatingActivities
Investing Activities    
Capital expenditures, including dry hole costs (14,901,631)us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment (9,892,262)us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment
Acquisition of working interest properties   (1,550,205)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Acquisition of minerals and overrides   (56,250)us-gaap_PaymentsToAcquireBusinessTwoNetOfCashAcquired
Proceeds from leasing fee mineral acreage 29,798phx_ProceedsFromLeasingOfFeeMineralAcreage 216,773phx_ProceedsFromLeasingOfFeeMineralAcreage
Investments in partnerships (173,103)phx_PaymentToAcquireInvestmentsInPartnerships (143,695)phx_PaymentToAcquireInvestmentsInPartnerships
Net cash used in investing activities (15,044,936)us-gaap_NetCashProvidedByUsedInInvestingActivities (11,425,639)us-gaap_NetCashProvidedByUsedInInvestingActivities
Financing Activities    
Borrowings under debt agreement 12,335,774us-gaap_ProceedsFromIssuanceOfLongTermDebt 2,280,280us-gaap_ProceedsFromIssuanceOfLongTermDebt
Payments of loan principal (11,620,667)us-gaap_RepaymentsOfLongTermDebt (4,542,536)us-gaap_RepaymentsOfLongTermDebt
Purchases of treasury stock (120,611)us-gaap_PaymentsForRepurchaseOfCommonStock (122,044)us-gaap_PaymentsForRepurchaseOfCommonStock
Payments of dividends (666,199)us-gaap_PaymentsOfDividendsCommonStock (664,618)us-gaap_PaymentsOfDividendsCommonStock
Excess tax benefit on stock-based compensation (59,000)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 16,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash provided by (used in) financing activities (130,703)us-gaap_NetCashProvidedByUsedInFinancingActivities (3,032,918)us-gaap_NetCashProvidedByUsedInFinancingActivities
Increase (decrease) in cash and cash equivalents 9,850us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (2,572,210)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 509,755us-gaap_CashAndCashEquivalentsAtCarryingValue 2,867,171us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 519,605us-gaap_CashAndCashEquivalentsAtCarryingValue 294,961us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Schedule of Noncash Investing and Financing Activities:    
Dividends declared and unpaid 666,824us-gaap_DividendsPayableCurrentAndNoncurrent 663,654us-gaap_DividendsPayableCurrentAndNoncurrent
Additions to asset retirement obligations 26,452us-gaap_IncreaseDecreaseInAssetRetirementObligations 53,653us-gaap_IncreaseDecreaseInAssetRetirementObligations
Gross additions to properties and equipment 13,469,206phx_PaymentsToAcquireOilAndGasPropertyAndEquipmentGross 9,843,214phx_PaymentsToAcquireOilAndGasPropertyAndEquipmentGross
Net (increase) decrease in accounts payable for properties and equipment additions 1,432,425phx_IncreaseDecreaseInAccountsPayableForPropertiesAndEquipmentAdditionsNet 1,655,503phx_IncreaseDecreaseInAccountsPayableForPropertiesAndEquipmentAdditionsNet
Capital expenditures and acquisitions, including dry hole costs $ 14,901,631us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $ 11,498,717us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
[1] At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.