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Condensed Statements Of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income (loss) $ 11,407,356 $ 13,727,023
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 6,123,031 5,694,358
Impairment of producing properties 38,533 8,980
Provision for deferred income taxes 3,256,000 876,000
Gain from leasing fee mineral acreage (1,045,242) (387,419)
Proceeds from leasing fee mineral acreage 1,108,909 593,168
Net (gain) loss on sales of assets (4,671,253) (6,587,005)
Directors' deferred compensation expense 165,582 124,281
Total (gain) loss on derivative contracts (3,648,179) 19,669,246
Cash receipts (payments) on settled derivative contracts 2,468,724 (2,796,250)
Restricted stock award expense 1,695,637 1,955,829
Other 105,604 50,215
Cash provided (used) by changes in assets and liabilities:    
Natural gas, oil and NGL sales receivables 4,369,921 (5,132,207)
Other current assets 408,533 576,348
Accounts payable (107,796) 85,344
Income taxes receivable (712,475)  
Other non-current assets 150,515 (391,217)
Income taxes payable (576,427) (4,081)
Accrued liabilities 272,711 831,047
Total adjustments 9,402,328 15,166,637
Net cash provided by operating activities 20,809,684 28,893,660
Investing Activities    
Capital expenditures (321,396) (359,961)
Acquisition of minerals and overriding royalty interests (25,383,759) (31,881,409)
Net proceeds from sales of assets 9,556,666 8,631,352
Net cash provided (used) by investing activities (16,148,489) (23,610,018)
Financing Activities    
Borrowings under Credit Facility 16,000,000 17,300,000
Payments of loan principal (18,550,000) (9,000,000)
Net proceeds from equity issuance   5,039,045
Cash receipts from (payments on) off-market derivative contracts (560,162) (14,857,682)
Purchases of treasury stock (669) (1,855)
Payments of dividends (2,430,823) (1,925,691)
Net cash provided (used) by financing activities (5,541,654) (3,446,183)
Increase (decrease) in cash and cash equivalents (880,459) 1,837,459
Cash and cash equivalents at beginning of period 2,115,652 1,559,350
Cash and cash equivalents at end of period 1,235,193 3,396,809
Supplemental Disclosures of Cash Flow Information:    
Interest paid (net of capitalized interest) 1,652,872 888,720
Income taxes paid (net of refunds received) 1,522,904 2,568,081
Supplemental Schedule of Noncash Investing and Financing Activities:    
Dividends declared and unpaid 94,587  
Gross additions to properties and equipment 26,392,844 31,607,517
Net increase (decrease) in accounts receivable for properties and equipment additions (687,689) 633,853
Capital expenditures and acquisitions $ 25,705,155 $ 32,241,370