EX-99 4 phx-ex991_7.htm EX-99.1 phx-ex991_7.htm

EXHIBIT 99.1

ITEM 6

SELECTED FINANCIAL DATA (1)

The following table summarizes financial data of the Company for its last five fiscal years and should be read in conjunction with Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 – “Financial Statements and Supplementary Data,” including the Notes thereto, included elsewhere in this report.

 

 

 

As of and for the year ended September 30,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, NGL and natural gas sales

 

$

31,411,353

 

 

$

54,533,914

 

 

$

82,846,528

 

 

$

60,605,878

 

 

$

40,818,434

 

Lease bonuses and rentals

 

 

7,735,785

 

 

 

2,010,395

 

 

 

423,328

 

 

 

938,846

 

 

 

7,152,991

 

Gains (losses) on derivative contracts

 

 

(86,355

)

 

 

13,822,506

 

 

 

247,414

 

 

 

611,024

 

 

 

73,822

 

Income from partnerships

 

 

2,400

 

 

 

515,278

 

 

 

893,954

 

 

 

733,372

 

 

 

487,070

 

 

 

 

39,063,183

 

 

 

70,882,093

 

 

 

84,411,224

 

 

 

62,889,120

 

 

 

48,532,317

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expense

 

 

13,590,089

 

 

 

17,472,408

 

 

 

13,912,792

 

 

 

11,861,403

 

 

 

9,141,970

 

Production taxes

 

 

1,071,632

 

 

 

1,702,302

 

 

 

2,694,118

 

 

 

1,834,840

 

 

 

1,449,537

 

Exploration costs

 

 

31,589

 

 

 

48,404

 

 

 

86,017

 

 

 

9,795

 

 

 

979,718

 

Depreciation, depletion and amortization

 

 

24,487,565

 

 

 

23,821,139

 

 

 

21,896,902

 

 

 

21,945,768

 

 

 

19,061,239

 

Provision for impairment

 

 

12,001,271

 

 

 

5,009,191

 

 

 

1,096,076

 

 

 

530,670

 

 

 

826,508

 

Loss (gain) on asset sales & other

 

 

(2,624,642

)

 

 

(398,994

)

 

 

8,378

 

 

 

(942,959

)

 

 

(88,477

)

Interest expense

 

 

1,344,619

 

 

 

1,550,483

 

 

 

462,296

 

 

 

157,558

 

 

 

127,970

 

General and administrative

 

 

7,139,728

 

 

 

7,339,320

 

 

 

7,433,183

 

 

 

6,801,996

 

 

 

6,388,856

 

Bad debt expense (recovery)

 

 

19,216

 

 

 

180,499

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

57,061,067

 

 

 

56,724,752

 

 

 

47,589,762

 

 

 

42,199,071

 

 

 

37,887,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision (benefit) for

   income taxes

 

 

(17,997,884

)

 

 

14,157,341

 

 

 

36,821,462

 

 

 

20,690,049

 

 

 

10,644,996

 

Provision (benefit) for income taxes

 

 

(7,711,000

)

 

 

4,836,000

 

 

 

11,820,000

 

 

 

6,730,000

 

 

 

3,274,000

 

Net income (loss)

 

$

(10,286,884

)

 

$

9,321,341

 

 

$

25,001,462

 

 

$

13,960,049

 

 

$

7,370,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

(0.61

)

 

$

0.56

 

 

$

1.49

 

 

$

0.84

 

 

$

0.44

 

Dividends declared per share

 

$

0.16

 

 

$

0.16

 

 

$

0.16

 

 

$

0.14

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

16,840,856

 

 

 

16,768,904

 

 

 

16,727,183

 

 

 

16,713,808

 

 

 

16,721,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

22,639,151

 

 

$

47,624,914

 

 

$

53,099,746

 

 

$

38,425,477

 

 

$

32,637,003

 

Investing activities

 

$

565,617

 

 

$

(31,642,385

)

 

$

(122,428,139

)

 

$

(27,403,043

)

 

$

(45,638,510

)

Financing activities

 

$

(23,337,470

)

 

$

(15,888,369

)

 

$

66,970,977

 

 

$

(10,139,362

)

 

$

11,478,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 99.1

Total assets

 

$

197,824,326

 

 

$

238,825,273

 

 

$

246,640,604

 

 

$

147,838,430

 

 

$

135,064,830

 

Long-term debt

 

$

44,500,000

 

 

$

65,000,000

 

 

$

78,000,000

 

 

$

8,262,256

 

 

$

14,874,985

 

Shareholders' equity

 

$

115,191,819

 

 

$

127,004,675

 

 

$

119,188,653

 

 

$

95,655,486

 

 

$

83,852,146

 

 

 

 

(1)

The following selected consolidated financial data were derived from our audited consolidated financial statements and should be read in conjunction with, and are qualified by reference to Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations in Exhibit 99.2 and the audited consolidated financial statements and notes thereto in Exhibit 99.3 attached to this Form 8-K.  The financial information presented may not be indicative of our future performance.