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EX-32.2 - EX-32.2 - PANHANDLE OIL & GAS INCphx-ex322_6.htm
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EX-31.2 - EX-31.2 - PANHANDLE OIL & GAS INCphx-ex312_9.htm
EX-31.1 - EX-31.1 - PANHANDLE OIL & GAS INCphx-ex311_7.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the period ended  June 30, 2017

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                        

Commission File Number 001-31759

PANHANDLE OIL AND GAS INC.

(Exact name of registrant as specified in its charter)

 

OKLAHOMA

73-1055775

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Grand Centre Suite 300, 5400 N Grand Blvd., Oklahoma City, Oklahoma  73112

(Address of principal executive offices)

Registrant's telephone number including area code (405) 948-1560

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

    

Accelerated filer

    

Non-accelerated filer

    

Smaller reporting company

    

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Outstanding shares of Class A Common stock (voting) at August 7, 2017: 16,671,016


INDEX

 

 

Part I

 

Financial Information

Page

 

 

 

 

 

 

 

 

Item 1

 

Condensed Financial Statements

1

 

 

 

 

 

 

 

 

 

 

Condensed Balance Sheets – June 30, 2017, and September 30, 2016

1

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Operations – Three and nine months ended June 30, 2017 and 2016

2

 

 

 

 

 

 

 

 

 

 

Statements of Stockholders’ Equity – Nine months ended June 30, 2017 and 2016

3

 

 

 

 

 

 

 

 

 

 

Condensed Statements of Cash Flows – Nine months ended June 30, 2017 and 2016

4

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Financial Statements

5

 

 

 

 

 

 

 

 

Item 2

 

Management's discussion and analysis of financial condition and results of operations

13

 

 

 

 

 

 

 

 

Item 3

 

Quantitative and qualitative disclosures about market risk

19

 

 

 

 

 

 

 

 

Item 4

 

Controls and procedures

20

 

 

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

20

 

 

 

 

 

 

 

 

Item 6

 

Exhibits and reports on Form 8-K

20

 

 

 

 

 

 

 

 

Signatures

21

 


The following defined terms are used in this report:

“Bbl” barrel.

“Board” board of directors.

“BTU” British Thermal Units.

“Company” Panhandle Oil and Gas Inc.

“completion” the process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil and/or natural gas.

“DD&A” depreciation, depletion and amortization .

“dry hole” exploratory or development well that does not produce crude oil and/or natural gas in economic quantities.

“EBITDA” earnings before interest, taxes, depreciation and amortization (including impairment). This is a Non-GAAP measure.

“ESOP” the Panhandle Oil and Gas Inc. Employee Stock Ownership and 401(k) Plan, a tax qualified, defined contribution plan.

“exploratory well” a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of crude oil or natural gas in another reservoir.

“FASB” the Financial Accounting Standards Board.

“field” an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

“G&A” general and administrative costs.

“gross acres” the total acres in which an interest is owned.

“held by production” or “HBP” an oil and gas lease continued into effect into its secondary term for so long as a producing oil and/or gas well is located on any portion of the leased premises or lands pooled therewith.

“horizontal drilling” a drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled horizontally within a specified interval.

“IDC” intangible drilling costs.

“Independent Consulting Petroleum Engineer(s)” or “Independent Consulting Petroleum Engineering Firm” DeGolyer and MacNaughton of Dallas, Texas.

“LOE” lease operating expense.

“Mcf” thousand cubic feet.

“Mcfe” natural gas stated on an Mcf basis and crude oil and natural gas liquids converted to a thousand cubic feet of natural gas equivalent by using the ratio of one Bbl of crude oil or natural gas liquids to six Mcf of natural gas.

“Mmbtu” million BTU.

“minerals”, “mineral acres” or “mineral interests” fee mineral acreage owned in perpetuity by the Company.

“net acres” the sum of the fractional interests owned in gross acres.

“NGL” natural gas liquids.

“NYMEX” New York Mercantile Exchange.

“Panhandle” Panhandle Oil and Gas Inc.

“play” term applied to identified areas with potential oil and/or natural gas reserves.

“proved reserves” the quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain.

“royalty interest” well interests in which the Company does not pay a share of the costs to drill, complete and operate a well, but receives a much smaller proportionate share (as compared to a working interest) of production.

“SEC” the United States Securities and Exchange Commission.

“undeveloped acreage” lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and/or natural gas.

“working interest” well interests in which the Company pays a share of the costs to drill, complete and operate a well and receives a proportionate share of production.

“WTI” West Texas Intermediate.

Fiscal year references

All references to years in this report, unless otherwise noted, refer to the Company’s fiscal year end of September 30. For example, references to 2017 mean the fiscal year ended September 30, 2017.

Fiscal quarter references

All references to quarters in this report, unless otherwise noted, refer to the Company’s fiscal quarter based on a fiscal year end of September 30. For example, references to first quarter mean the quarter of October 1 through December 31.

References to oil and natural gas properties

References to oil and natural gas properties inherently include natural gas liquids associated with such properties.

 

 

 


 

 

PART 1. FINANCIAL INFORMATION

PANHANDLE OIL AND GAS INC.

CONDENSED BALANCE SHEETS

 

 

 

June 30, 2017

 

 

September 30, 2016

 

Assets

 

(unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

560,892

 

 

$

471,213

 

Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)

 

 

5,851,996

 

 

 

5,287,229

 

Refundable income taxes

 

 

571,986

 

 

 

83,874

 

Derivative contracts, net

 

 

1,439,686

 

 

 

-

 

Other

 

 

222,675

 

 

 

419,037

 

Total current assets

 

 

8,647,235

 

 

 

6,261,353

 

 

 

 

 

 

 

 

 

 

Properties and equipment at cost, based on successful efforts accounting:

 

 

 

 

 

 

 

 

Producing oil and natural gas properties

 

 

443,928,828

 

 

 

434,469,093

 

Non-producing oil and natural gas properties

 

 

7,462,082

 

 

 

7,574,649

 

Other

 

 

1,064,172

 

 

 

1,069,658

 

 

 

 

452,455,082

 

 

 

443,113,400

 

Less accumulated depreciation, depletion and amortization

 

 

(255,806,129

)

 

 

(251,707,749

)

Net properties and equipment

 

 

196,648,953

 

 

 

191,405,651

 

 

 

 

 

 

 

 

 

 

Investments

 

 

168,209

 

 

 

157,322

 

Derivative contracts, net

 

 

11,711

 

 

 

-

 

Total assets

 

$

205,476,108

 

 

$

197,824,326

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,791,830

 

 

$

2,351,623

 

Derivative contracts, net

 

 

-

 

 

 

403,612

 

Accrued liabilities and other

 

 

1,758,153

 

 

 

1,718,558

 

Total current liabilities

 

 

5,549,983

 

 

 

4,473,793

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

50,000,000

 

 

 

44,500,000

 

Deferred income taxes, net

 

 

30,825,007

 

 

 

30,676,007

 

Asset retirement obligations

 

 

3,114,867

 

 

 

2,958,048

 

Derivative contracts, net

 

 

-

 

 

 

24,659

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Class A voting common stock, $.0166 par value; 24,000,000 shares authorized,

   16,863,004 issued at June 30, 2017, and September 30, 2016

 

 

280,938

 

 

 

280,938

 

Capital in excess of par value

 

 

2,531,822

 

 

 

3,191,056

 

Deferred directors' compensation

 

 

3,367,432

 

 

 

3,403,213

 

Retained earnings

 

 

112,962,754

 

 

 

112,482,284

 

 

 

 

119,142,946

 

 

 

119,357,491

 

Less treasury stock, at cost; 191,988 shares at June 30, 2017, and 262,708 shares

   at September 30, 2016

 

 

(3,156,695

)

 

 

(4,165,672

)

Total stockholders' equity

 

 

115,986,251

 

 

 

115,191,819

 

Total liabilities and stockholders' equity

 

$

205,476,108

 

 

$

197,824,326

 

 

 

 

(See accompanying notes)

(1)


 

PANHANDLE OIL AND GAS INC.

CONDENSED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues:

 

(unaudited)

 

 

(unaudited)

 

Oil, NGL and natural gas sales

 

$

9,997,898

 

 

$

7,365,898

 

 

$

27,788,018

 

 

$

22,557,372

 

Lease bonuses and rentals

 

 

819,591

 

 

 

4,281,095

 

 

 

3,991,752

 

 

 

7,188,152

 

Gains (losses) on derivative contracts

 

 

1,619,697

 

 

 

(1,782,903

)

 

 

1,658,347

 

 

 

(842,726

)

 

 

 

12,437,186

 

 

 

9,864,090

 

 

 

33,438,117

 

 

 

28,902,798

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

3,391,079

 

 

 

3,520,196

 

 

 

9,545,990

 

 

 

10,274,085

 

Production taxes

 

 

390,387

 

 

 

196,733

 

 

 

1,129,785

 

 

 

747,714

 

Depreciation, depletion and amortization

 

 

4,714,350

 

 

 

5,959,482

 

 

 

13,654,268

 

 

 

18,963,017

 

Provision for impairment

 

 

-

 

 

 

-

 

 

 

10,788

 

 

 

11,849,064

 

Loss (gain) on asset sales and other

 

 

11,447

 

 

 

17,223

 

 

 

98,445

 

 

 

(187,692

)

Interest expense

 

 

306,161

 

 

 

331,117

 

 

 

884,928

 

 

 

1,034,027

 

General and administrative

 

 

1,796,004

 

 

 

1,570,134

 

 

 

5,358,114

 

 

 

5,133,657

 

 

 

 

10,609,428

 

 

 

11,594,885

 

 

 

30,682,318

 

 

 

47,813,872

 

Income (loss) before provision (benefit) for income taxes

 

 

1,827,758

 

 

 

(1,730,795

)

 

 

2,755,799

 

 

 

(18,911,074

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

 

567,000

 

 

 

(944,000

)

 

 

263,000

 

 

 

(7,887,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1,260,758

 

 

$

(786,795

)

 

$

2,492,799

 

 

$

(11,024,074

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per common share (Note 3)

 

$

0.07

 

 

$

(0.05

)

 

$

0.15

 

 

$

(0.65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

16,668,814

 

 

 

16,582,416

 

 

 

16,639,090

 

 

 

16,575,117

 

Unissued, directors' deferred compensation shares

 

 

254,891

 

 

 

263,649

 

 

 

277,294

 

 

 

259,382

 

 

 

 

16,923,705

 

 

 

16,846,065

 

 

 

16,916,384

 

 

 

16,834,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share of common stock and paid in period

 

$

0.04

 

 

$

0.04

 

 

$

0.12

 

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(See accompanying notes)

(2)


 

PANHANDLE OIL AND GAS INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

Nine Months Ended June 30, 2017

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2016

 

 

16,863,004

 

 

$

280,938

 

 

$

3,191,056

 

 

$

3,403,213

 

 

$

112,482,284

 

 

 

(262,708

)

 

$

(4,165,672

)

 

$

115,191,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,119

)

 

 

(407,677

)

 

 

(407,677

)

Issuance of treasury shares to ESOP

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

(16

)

 

 

(18

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

454,854

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

454,854

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,492,799

 

 

 

-

 

 

 

-

 

 

 

2,492,799

 

Dividends ($.12 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,012,329

)

 

 

-

 

 

 

-

 

 

 

(2,012,329

)

Distribution of restricted stock

   to officers and directors

 

 

-

 

 

 

-

 

 

 

(968,617

)

 

 

-

 

 

 

-

 

 

 

60,624

 

 

 

969,239

 

 

 

622

 

Distribution of deferred

   directors' compensation

 

 

-

 

 

 

-

 

 

 

(145,469

)

 

 

(301,963

)

 

 

-

 

 

 

27,216

 

 

 

447,431

 

 

 

(1

)

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

266,182

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

266,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2017

 

 

16,863,004

 

 

$

280,938

 

 

$

2,531,822

 

 

$

3,367,432

 

 

$

112,962,754

 

 

 

(191,988

)

 

$

(3,156,695

)

 

$

115,986,251

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2016

 

 

 

Class A voting

 

 

Capital in

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Excess of

 

 

Directors'

 

 

Retained

 

 

Treasury

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Par Value

 

 

Compensation

 

 

Earnings

 

 

Shares

 

 

Stock

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at September 30, 2015

 

 

16,863,004

 

 

$

280,938

 

 

$

2,993,119

 

 

$

3,084,289

 

 

$

125,446,473

 

 

 

(302,623

)

 

$

(4,800,144

)

 

$

127,004,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,477

)

 

 

(117,165

)

 

 

(117,165

)

Restricted stock awards

 

 

-

 

 

 

-

 

 

 

644,783

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

644,783

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,024,074

)

 

 

-

 

 

 

-

 

 

 

(11,024,074

)

Dividends ($.12 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,007,658

)

 

 

-

 

 

 

-

 

 

 

(2,007,658

)

Distribution of restricted stock

   to officers and directors

 

 

-

 

 

 

-

 

 

 

(551,256

)

 

 

-

 

 

 

-

 

 

 

32,005

 

 

 

507,599

 

 

 

(43,657

)

Distribution of deferred

   directors' compensation

 

 

-

 

 

 

-

 

 

 

(831

)

 

 

(10,541

)

 

 

-

 

 

 

717

 

 

 

11,372

 

 

 

-

 

Increase in deferred directors'

   compensation charged to

   expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

247,835

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

247,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2016

 

 

16,863,004

 

 

$

280,938

 

 

$

3,085,815

 

 

$

3,321,583

 

 

$

112,414,741

 

 

 

(277,378

)

 

$

(4,398,338

)

 

$

114,704,739

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(See accompanying notes)

(3)


 

PANHANDLE OIL AND GAS INC.

CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

Nine months ended June 30,

 

 

 

2017

 

 

2016

 

Operating Activities

 

(unaudited)

 

Net income (loss)

 

$

2,492,799

 

 

$

(11,024,074

)

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

13,654,268

 

 

 

18,963,017

 

Impairment

 

 

10,788

 

 

 

11,849,064

 

Provision for deferred income taxes

 

 

149,000

 

 

 

(10,344,000

)

Gain from leasing fee mineral acreage

 

 

(3,999,632

)

 

 

(7,187,377

)

Proceeds from leasing fee mineral acreage

 

 

4,026,283

 

 

 

7,494,570

 

Net (gain) loss on sales of assets

 

 

87,161

 

 

 

(271,080

)

Directors' deferred compensation expense

 

 

266,182

 

 

 

247,835

 

Restricted stock awards

 

 

454,854

 

 

 

644,783

 

Other

 

 

2,897

 

 

 

73,527

 

Cash provided (used) by changes in assets and liabilities:

 

 

 

 

 

 

 

 

Oil, NGL and natural gas sales receivables

 

 

(564,767

)

 

 

3,472,291

 

Fair value of derivative contracts

 

 

(1,879,668

)

 

 

5,901,280

 

Refundable production taxes

 

 

-

 

 

 

476,001

 

Other current assets

 

 

196,362

 

 

 

69,237

 

Accounts payable

 

 

(127,375

)

 

 

(698,593

)

Income taxes receivable

 

 

(488,112

)

 

 

345,897

 

Income taxes payable

 

 

-

 

 

 

659,319

 

Accrued liabilities

 

 

40,197

 

 

 

(118,403

)

Total adjustments

 

 

11,828,438

 

 

 

31,577,368

 

Net cash provided by operating activities

 

 

14,321,237

 

 

 

20,553,294

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

Capital expenditures, including dry hole costs

 

 

(18,011,721

)

 

 

(3,359,518

)

Investments in partnerships

 

 

(18,531

)

 

 

50,126

 

Proceeds from sales of assets

 

 

718,700

 

 

 

627,547

 

Net cash provided (used) by investing activities

 

 

(17,311,552

)

 

 

(2,681,845

)

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

Borrowings under debt agreement

 

 

16,702,602

 

 

 

8,560,234

 

Payments of loan principal

 

 

(11,202,602

)

 

 

(24,360,234

)

Purchases of treasury stock

 

 

(407,677

)

 

 

(117,165

)

Payments of dividends

 

 

(2,012,329

)

 

 

(2,007,658

)

Excess tax benefit on stock-based compensation

 

 

-

 

 

 

(44,000

)

Net cash provided (used) by financing activities

 

 

3,079,994

 

 

 

(17,968,823

)

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

 

89,679

 

 

 

(97,374

)

Cash and cash equivalents at beginning of period

 

 

471,213

 

 

 

603,915

 

Cash and cash equivalents at end of period

 

$

560,892

 

 

$

506,541

 

 

 

 

 

 

 

 

 

 

Supplemental Schedule of Noncash Investing and Financing Activities:

 

 

 

 

 

 

 

 

Additions to asset retirement obligations

 

$

60,276

 

 

$

8,156

 

 

 

 

 

 

 

 

 

 

Gross additions to properties and equipment

 

$

19,579,304