XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Statements Of Cash Flows - USD ($)
9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities    
Net income (loss) $ (11,024,074) $ 10,209,022
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 18,963,017 17,680,069
Impairment [1] 11,849,064 3,532,760
Provision for deferred income taxes (10,344,000) 2,854,000
Exploration costs 30,106 48,368
Gain from leasing fee mineral acreage (7,187,377) (1,973,773)
Net (gain) loss on sales of assets (271,080)  
Income from partnerships (8,996) (373,555)
Distributions received from partnerships 33,201 535,400
Directors' deferred compensation expense 247,835 232,088
Restricted stock awards 644,783 740,043
Bad debt expense (recovery) 19,216  
Cash provided (used) by changes in assets and liabilities:    
Oil, NGL and natural gas sales receivables 3,472,291 6,771,690
Fair value of derivative contracts 5,901,280 (3,500,264)
Refundable production taxes 476,001 40,035
Other current assets 69,237 158,431
Accounts payable (698,593) 148,384
Income taxes receivable 345,897  
Income taxes payable 659,319 518,003
Accrued liabilities (118,403) (272,899)
Total adjustments 24,082,798 27,138,780
Net cash provided by operating activities 13,058,724 37,347,802
Investing Activities    
Capital expenditures, including dry hole costs (3,359,518) (23,613,349)
Acquisition of working interest properties   (308,180)
Proceeds from leasing fee mineral acreage 7,494,570 2,018,707
Investments in partnerships 50,126 (313,053)
Proceeds from sales of assets 627,547  
Net cash provided (used) by investing activities 4,812,725 (22,215,875)
Financing Activities    
Borrowings under debt agreement 8,560,234 23,013,234
Payments of loan principal (24,360,234) (35,513,234)
Purchases of treasury stock (117,165) (242,313)
Payments of dividends (2,007,658) (2,001,150)
Excess tax benefit on stock-based compensation (44,000) 27,000
Net cash provided (used) by financing activities (17,968,823) (14,716,463)
Increase (decrease) in cash and cash equivalents (97,374) 415,464
Cash and cash equivalents at beginning of period 603,915 509,755
Cash and cash equivalents at end of period 506,541 925,219
Supplemental Schedule of Noncash Investing and Financing Activities:    
Additions to asset retirement obligations 8,156 52,017
Gross additions to properties and equipment 3,529,104 22,686,530
Net (increase) decrease in accounts payable for properties and equipment additions (169,586) 1,234,999
Capital expenditures and acquisitions, including dry hole costs $ 3,359,518 $ 23,921,529
[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.