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Condensed Statements Of Operations - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Revenues:        
Revenues $ 7,217,618 $ 9,221,319 $ 14,811,456 $ 21,432,038
Gains (losses) on derivative contracts 4,071,577 (1,793,852) 3,253,683 2,712,928
Gain on asset sales     3,272,888 9,096,938
Revenues 11,311,287 7,636,213 21,887,818 33,965,207
Costs and expenses:        
Lease operating expenses 1,542,199 1,505,507 2,723,870 3,020,061
Transportation, gathering and marketing 1,356,628 1,482,671 2,739,629 3,072,687
Production taxes 373,754 467,308 701,035 1,076,259
Depreciation, depletion and amortization 3,373,518 3,623,976 6,329,219 7,437,662
Provision for impairment 29,545,702 [1] 0 29,545,702 [1] 0
Interest expense 346,573 485,784 717,238 1,025,154
General and administrative 2,174,661 2,133,153 4,397,689 4,071,993
Loss on asset sales and other expense (income) 40,066 (852) 29,136 15,785
Total costs and expenses 38,753,101 9,697,547 47,183,518 19,719,601
Income (loss) before provision (benefit) for income taxes (27,441,814) (2,061,334) (25,295,700) 14,245,606
Provision (benefit) for income taxes (6,987,000) (130,000) (6,733,000) 3,441,000
Net income (loss) $ (20,454,814) $ (1,931,334) $ (18,562,700) $ 10,804,606
Basic and diluted earnings (loss) per common share $ (1.24) $ (0.11) $ (1.12) $ 0.64
Basic and diluted weighted average shares outstanding:        
Common shares 16,384,687 16,679,187 16,362,057 16,712,493
Unissued, directors' deferred compensation shares 139,390 183,206 186,443 217,704
Basic and diluted weighted average shares outstanding 16,524,077 16,862,393 16,548,500 16,930,197
Dividends declared per share of common stock and paid in period $ 0.04 $ 0.04 $ 0.08 $ 0.08
Oil, NGL and Natural Gas [Member]        
Revenues:        
Revenues $ 7,217,618 $ 9,221,319 $ 14,811,456 $ 21,432,038
Lease Bonuses and Rental Income [Member]        
Revenues:        
Revenues $ 22,092 $ 208,746 $ 549,791 $ 723,303
[1] At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment. This assessment utilized estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil, NGL and natural gas prices using a forward NYMEX curve adjusted for projected inflation, 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.