XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Statements Of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Sep. 30, 2019
Operating Activities          
Net income (loss)     $ (18,562,700) $ 10,804,606  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation, depletion and amortization $ 3,373,518 $ 3,623,976 6,329,219 7,437,662  
Impairment of producing properties 29,545,702 [1] 0 29,545,702 [1] 0  
Provision for deferred income taxes     (4,711,000) 3,942,000  
Gain from leasing fee mineral acreage     (544,979) (722,912)  
Proceeds from leasing fee mineral acreage     559,462 737,812  
Net (gain) loss on sales of assets     (3,265,449) (9,096,938)  
Directors' deferred compensation expense     140,130 132,280  
Fair value of derivative contracts     (1,722,771) (4,231,222)  
Restricted stock awards 343,101 286,852 491,616 446,321  
Other     7,225 9,326  
Cash provided (used) by changes in assets and liabilities:          
Oil, NGL and natural gas sales receivables     1,168,943 715,935  
Other current assets     (232,349) (172,645)  
Accounts payable     117,561 (77,977)  
Income taxes receivable     (2,072,428) (538,150)  
Other non-current assets     50,010 17,317  
Accrued liabilities     (1,189,850) (342,361)  
Total adjustments     24,671,042 (1,743,552)  
Net cash provided by operating activities     6,108,342 9,061,054  
Investing Activities          
Capital expenditures     (139,755) (4,159,683)  
Acquisition of minerals and overrides     (10,254,016) (1,809,775)  
Investments in partnerships       (199)  
Proceeds from sales of assets     3,376,049 9,096,938  
Net cash provided (used) by investing activities     (7,017,722) 3,127,281  
Financing Activities          
Borrowings under Credit Facility     5,561,725 8,686,270  
Payments of loan principal     (8,986,725) (15,586,270)  
Purchases of treasury stock     (7,635) (3,967,685)  
Payments of dividends     (1,319,899) (1,348,170)  
Net cash provided (used) by financing activities     (4,752,534) (12,215,855)  
Increase (decrease) in cash and cash equivalents     (5,661,914) (27,520)  
Cash and cash equivalents at beginning of period     6,160,691 532,502 $ 532,502
Cash and cash equivalents at end of period $ 498,777 $ 504,982 498,777 504,982 $ 6,160,691
Supplemental Schedule of Noncash Investing and Financing Activities:          
Additions to asset retirement obligations     4 27,562  
Gross additions to properties and equipment     10,229,121 5,654,060  
Net (increase) decrease in accounts payable for properties and equipment additions     164,650 315,398  
Capital expenditures and acquisitions     $ 10,393,771 $ 5,969,458  
[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.