PHX MINERALS INC. REPORTS SECOND FISCAL QUARTER 2022 RESULTS, RECORD ROYALTY VOLUMES AND A QUARTERLY DIVIDEND INCREASE OF 33%
REPORTS
OKLAHOMA CITY, May 9, 2022 – PHX MINERALS INC., “PHX” or the “Company” (NYSE: PHX), today reported financial and operating results for the
SUMMARY OF RESULTS FOR THE PERIOD ENDED
- Royalty production volumes for the
second fiscal quarter of 2022increased 26% to a record1,548 Mmcfe, and total production volumes for thesecond fiscal quarter of 2022increased 16% to2,460 Mmcfe compared to the first fiscal quarter of 2022. - 82% of royalty production volumes and 78% of total production volumes in the second fiscal quarter of 2022 were attributable to natural gas.
- 108 gross (0.48 net) wells converted to PDP, including 35 gross (0.04 net) in the SCOOP and 31 gross (0.33 net) in the Haynesville, during the
second fiscal quarter of 2022. - 134 gross (0.60 net) wells in progress as of March 31, 2022.
- Net
loss in thesecond fiscal quarter of 2022 was($4.0) million , or($0.12) per share, compared to net income of $6.7 million, or $0.20 per share, in the first fiscal quarter of 2022. - Pretax net income excluding non-cash derivative gains (losses) (1) in the second fiscal quarter of 2022 was $7.8 million, or $0.23 per share, compared to $2.9 million, or $0.09 per share, in the first fiscal quarter of 2022.
- Adjusted EBITDA(1) of
$5.8 million for thesecond fiscal quarter of2022 ,increased from$3.6 million in thesecond fiscal quarter of 2021 and from$4.4 million in thefirst fiscal quarter of 2022. - Total debt as of March 31, 2022, equaled $24.0 million and debt to adjusted EBITDA (TTM) (1) ratio was
1.23 x atMarch 31, 2022 . - During the second quarter of fiscal year 2022, PHX closed on an acquisition of 825 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of East Texas and Louisiana for approximately $9.3 million in cash.
- Since March 31, 2022, PHX has closed on an additional acquisition of 185 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of Louisiana for approximately $1.5 million in cash. PHX has an additional 983 net royalty acres pending acquisition and under purchase and sale agreements, which the Company expects to close by the end of May 2022 for approximately $9.4 million in cash.
- PHX announced that the quarterly dividend increased to $0.02 per share, a 33% increase, payable on June 3, 2022, to stockholders of record on May 19, 2022.
- This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.
Chad L. Stephens, President and CEO, commented, “We are very pleased to report excellent financial results for our second quarter. First, I would like to recognize our employees for their dedication and hard work, for they are our greatest resource. None of our accomplishments would have been achieved without them.
“Royalty volumes increased by over 20% on a quarter over quarter basis for the second consecutive quarter to a record 1.55 Bcfe, and non-operated working interest volumes continue to decline as a percentage of total volumes to 37% and will continue to become less material going forward. Higher sales volumes along with the serendipitous commodity price environment provided a 32% increase quarter over sequential quarter in adjusted EBITDA.
“Our active mineral acquisition program has closed a year-to-date total of $25.6 million in transactions with another $9.4 million scheduled to close by the end of May – all in our core focus areas in the SCOOP of southern Oklahoma and the Haynesville. These recent acquisitions are in areas of active drilling and will drive our increasing royalty volumes and cash flow over the coming quarters. Additionally, the Board approved a 33% increase in our quarterly dividend payable in June 2022, which highlights our confidence in our financial strength and earnings power of our growing asset base. PHX remains committed to increasing our return of capital to stockholders via future dividends as we grow our asset base.”
OPERATING HIGHLIGHTS
|
Second Quarter Ended |
|
|
Second Quarter Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
||||
|
March 31, 2022 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||||
Mcfe Sold |
|
2,460,042 |
|
|
|
2,296,802 |
|
|
|
4,588,290 |
|
|
|
4,371,139 |
|
Average Sales Price per Mcfe |
$ |
6.01 |
|
|
$ |
3.63 |
|
|
$ |
6.21 |
|
|
$ |
3.38 |
|
Gas Mcf Sold |
|
1,908,030 |
|
|
|
1,735,820 |
|
|
|
3,482,295 |
|
|
|
3,211,276 |
|
Average Sales Price per Mcf |
$ |
4.47 |
|
|
$ |
2.52 |
|
|
$ |
4.95 |
|
|
$ |
2.44 |
|
Oil Barrels Sold |
|
51,631 |
|
|
|
56,269 |
|
|
|
99,705 |
|
|
|
114,945 |
|
Average Sales Price per Barrel |
$ |
91.26 |
|
|
$ |
55.89 |
|
|
$ |
83.12 |
|
|
$ |
47.73 |
|
NGL Barrels Sold |
|
40,371 |
|
|
|
37,228 |
|
|
|
84,627 |
|
|
|
78,365 |
|
Average Sales Price per Barrel |
$ |
38.05 |
|
|
$ |
22.24 |
|
|
$ |
34.94 |
|
|
$ |
18.54 |
|
Total Production for the last five quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
3/31/2022 |
|
|
1,908,030 |
|
|
|
51,631 |
|
|
|
40,371 |
|
|
|
2,460,042 |
|
12/31/2021 |
|
|
1,574,265 |
|
|
|
48,074 |
|
|
|
44,256 |
|
|
|
2,128,248 |
|
9/30/2021 |
|
|
1,609,101 |
|
|
|
54,043 |
|
|
|
46,369 |
|
|
|
2,211,570 |
|
6/30/2021 |
|
|
1,879,343 |
|
|
|
55,492 |
|
|
|
46,753 |
|
|
|
2,492,813 |
|
3/31/2021 |
|
|
1,735,820 |
|
|
|
56,269 |
|
|
|
37,228 |
|
|
|
2,296,802 |
|
Royalty Interest Production for the last five quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
3/31/2022 |
|
|
1,261,949 |
|
|
|
28,758 |
|
|
|
18,852 |
|
|
|
1,547,609 |
|
12/31/2021 |
|
|
949,523 |
|
|
|
25,996 |
|
|
|
19,953 |
|
|
|
1,225,220 |
|
9/30/2021 |
|
|
705,397 |
|
|
|
29,442 |
|
|
|
19,364 |
|
|
|
998,230 |
|
6/30/2021 |
|
|
908,471 |
|
|
|
31,095 |
|
|
|
18,255 |
|
|
|
1,204,571 |
|
3/31/2021 |
|
|
924,969 |
|
|
|
31,768 |
|
|
|
19,088 |
|
|
|
1,230,105 |
|
Working Interest Production for the last five quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
3/31/2022 |
|
|
646,081 |
|
|
|
22,873 |
|
|
|
21,519 |
|
|
|
912,433 |
|
12/31/2021 |
|
|
624,742 |
|
|
|
22,078 |
|
|
|
24,303 |
|
|
|
903,028 |
|
9/30/2021 |
|
|
903,704 |
|
|
|
24,601 |
|
|
|
27,005 |
|
|
|
1,213,340 |
|
6/30/2021 |
|
|
970,872 |
|
|
|
24,397 |
|
|
|
28,498 |
|
|
|
1,288,242 |
|
3/31/2021 |
|
|
810,851 |
|
|
|
24,501 |
|
|
|
18,140 |
|
|
|
1,066,697 |
|
FINANCIAL HIGHLIGHTS
|
|
Second Quarter Ended |
|
|
Second Quarter Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||||
Working Interest Sales |
|
$ |
5,904,871 |
|
|
$ |
3,851,478 |
|
|
$ |
11,871,518 |
|
|
$ |
7,759,002 |
|
Royalty Interest Sales |
|
$ |
8,878,994 |
|
|
$ |
4,494,347 |
|
|
$ |
16,599,511 |
|
|
$ |
7,011,802 |
|
Natural Gas, Oil and NGL Sales |
|
$ |
14,783,865 |
|
|
$ |
8,345,825 |
|
|
$ |
28,471,029 |
|
|
$ |
14,770,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Bonuses and Rental Income |
|
$ |
161,908 |
|
|
$ |
58,554 |
|
|
$ |
240,823 |
|
|
$ |
59,987 |
|
Total Revenue |
|
$ |
1,962,367 |
|
|
$ |
6,056,236 |
|
|
$ |
18,564,614 |
|
|
$ |
12,228,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOE per Working Interest Mcfe |
|
$ |
1.02 |
|
|
$ |
0.97 |
|
|
$ |
1.20 |
|
|
$ |
0.85 |
|
LOE per total Mcfe |
|
$ |
0.38 |
|
|
$ |
0.45 |
|
|
$ |
0.48 |
|
|
$ |
0.47 |
|
Transportation, Gathering and Marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per Mcfe |
|
$ |
0.61 |
|
|
$ |
0.57 |
|
|
$ |
0.59 |
|
|
$ |
0.59 |
|
Production Tax per Mcfe |
|
$ |
0.28 |
|
|
$ |
0.19 |
|
|
$ |
0.30 |
|
|
$ |
0.16 |
|
Cash G&A Expense per Mcfe (1) |
|
$ |
0.93 |
|
|
$ |
0.80 |
|
|
$ |
0.88 |
|
|
$ |
0.78 |
|
G&A Expense per Mcfe |
|
$ |
1.12 |
|
|
$ |
0.90 |
|
|
$ |
1.05 |
|
|
$ |
0.87 |
|
Interest Expense per Mcfe |
|
$ |
0.09 |
|
|
$ |
0.12 |
|
|
$ |
0.09 |
|
|
$ |
0.13 |
|
DD&A per Mcfe |
|
$ |
0.86 |
|
|
$ |
0.77 |
|
|
$ |
0.81 |
|
|
$ |
0.92 |
|
Total Expense per Mcfe |
|
$ |
3.34 |
|
|
$ |
3.00 |
|
|
$ |
3.32 |
|
|
$ |
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(4,020,455 |
) |
|
$ |
(499,723 |
) |
|
$ |
2,661,794 |
|
|
$ |
(1,096,443 |
) |
Adjusted EBITDA (2) |
|
$ |
5,819,415 |
|
|
$ |
3,582,486 |
|
|
$ |
10,235,479 |
|
|
$ |
6,494,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from Operations |
|
$ |
7,296,330 |
|
|
$ |
4,205,726 |
|
|
$ |
15,934,320 |
|
|
$ |
4,677,107 |
|
CapEx |
|
$ |
86,671 |
|
|
$ |
297,015 |
|
|
$ |
279,348 |
|
|
$ |
425,098 |
|
CapEx - Mineral Acquisitions |
|
$ |
9,274,447 |
|
|
$ |
64,758 |
|
|
$ |
20,918,274 |
|
|
$ |
7,934,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Base |
|
|
|
|
|
|
|
|
|
$ |
32,000,000 |
|
|
$ |
29,400,000 |
|
Debt |
|
|
|
|
|
|
|
|
|
$ |
24,000,000 |
|
|
$ |
23,500,000 |
|
Debt to Adjusted EBITDA (TTM) (2) |
|
|
|
|
|
|
|
|
|
|
1.23 |
|
|
|
2.35 |
|
- G&A excluding restricted stock and deferred director’s expense.
- This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.
The Company recorded a
Natural gas, oil and NGL revenue
The Company had a net
The
The Company recorded net
Natural gas, oil and NGL sales
Natural gas volumes increased during the fiscal six-month
The Company had a net
The
OPERATIONS UPDATE
During the
At
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
As of March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Wells in Progress on PHX Acreage |
|
|
61 |
|
|
|
14 |
|
|
|
6 |
|
|
|
6 |
|
|
|
- |
|
|
|
40 |
|
|
|
7 |
|
|
|
134 |
|
Net Wells in Progress on PHX Acreage |
|
|
0.17 |
|
|
|
0.07 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
- |
|
|
|
0.33 |
|
|
|
0.02 |
|
|
|
0.60 |
|
Gross Active Permits on PHX Acreage |
|
|
10 |
|
|
|
11 |
|
|
|
11 |
|
|
|
4 |
|
|
|
- |
|
|
|
12 |
|
|
|
4 |
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigs Present on PHX Acreage |
|
|
7 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
7 |
|
|
|
1 |
|
|
|
18 |
|
Rigs Within 2.5 Miles of PHX Acreage |
|
|
19 |
|
|
|
13 |
|
|
|
10 |
|
|
|
2 |
|
|
|
- |
|
|
|
29 |
|
|
|
13 |
|
|
|
86 |
|
Leasing Activity
During the
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
During Three Months Ended March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres Leased |
|
|
41 |
|
|
|
67 |
|
|
|
- |
|
|
|
125 |
|
|
|
9 |
|
|
|
- |
|
|
|
143 |
|
|
|
385 |
|
Average Bonus per Net Mineral Acre |
|
$ |
1,679 |
|
|
$ |
1,000 |
|
|
|
- |
|
|
$ |
185 |
|
|
$ |
100 |
|
|
|
- |
|
|
$ |
467 |
|
|
$ |
942 |
|
Average Royalty per Net Mineral Acre |
|
25% |
|
|
25% |
|
|
|
- |
|
|
19% |
|
|
$ |
17 |
|
|
|
- |
|
|
19% |
|
|
22% |
|
ACQUISITION AND DIVESTITURE UPDATE
During the
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
During Three Months Ended March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres Purchased |
|
|
184 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
421 |
|
|
|
- |
|
|
|
605 |
|
Net Royalty Acres Purchased |
|
|
224 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
601 |
|
|
|
- |
|
|
|
825 |
|
Price per Net Royalty Acre |
|
$ |
8,027 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
12,511 |
|
|
|
- |
|
|
$ |
11,294 |
|
Net Mineral Acres Sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,208 |
|
|
|
7,208 |
|
Net Royalty Acres Sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,708 |
|
|
|
7,708 |
|
Price per Net Royalty Acre |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
272 |
|
|
$ |
272 |
|
PHX will host a conference call to discuss the Company’s
FINANCIAL RESULTS
Statements of Operations
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues: |
|
|
|
|
|
||||||||||
Natural gas, oil and NGL sales |
$ |
14,783,865 |
|
|
$ |
8,345,825 |
|
|
$ |
28,471,029 |
|
|
$ |
14,770,804 |
|
Lease bonuses and rental income |
|
161,908 |
|
|
|
58,554 |
|
|
|
240,823 |
|
|
|
59,987 |
|
Gains (losses) on derivative contracts |
|
(12,983,406 |
) |
|
|
(2,348,143 |
) |
|
|
(10,147,238 |
) |
|
|
(2,602,179 |
) |
|
|
1,962,367 |
|
|
|
6,056,236 |
|
|
|
18,564,614 |
|
|
|
12,228,612 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
929,454 |
|
|
|
1,030,651 |
|
|
|
2,185,465 |
|
|
|
2,035,063 |
|
Transportation, gathering and marketing |
|
1,488,518 |
|
|
|
1,319,514 |
|
|
|
2,702,122 |
|
|
|
2,600,479 |
|
Production taxes |
|
697,393 |
|
|
|
443,154 |
|
|
|
1,376,340 |
|
|
|
719,180 |
|
Depreciation, depletion and amortization |
|
2,121,116 |
|
|
|
1,777,817 |
|
|
|
3,704,876 |
|
|
|
4,038,466 |
|
Provision for impairment |
|
- |
|
|
|
- |
|
|
|
5,585 |
|
|
|
- |
|
Interest expense |
|
230,212 |
|
|
|
267,865 |
|
|
|
406,931 |
|
|
|
569,763 |
|
General and administrative |
|
2,744,264 |
|
|
|
2,059,476 |
|
|
|
4,839,821 |
|
|
|
3,790,573 |
|
Losses (gains) on asset sales and other |
|
(2,261,135 |
) |
|
|
(125,518 |
) |
|
|
(113,320 |
) |
|
|
(142,469 |
) |
Total costs and expenses |
|
5,949,822 |
|
|
|
6,772,959 |
|
|
|
15,107,820 |
|
|
|
13,611,055 |
|
Income (loss) before provision (benefit) for income taxes |
|
(3,987,455 |
) |
|
|
(716,723 |
) |
|
|
3,456,794 |
|
|
|
(1,382,443 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
33,000 |
|
|
|
(217,000 |
) |
|
|
795,000 |
|
|
|
(286,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(4,020,455 |
) |
|
$ |
(499,723 |
) |
|
$ |
2,661,794 |
|
|
$ |
(1,096,443 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per common share |
$ |
(0.12 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.08 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
34,056,316 |
|
|
|
22,429,777 |
|
|
|
33,449,594 |
|
|
|
22,403,678 |
|
Unissued, directors' deferred compensation shares |
|
236,139 |
|
|
|
178,597 |
|
|
|
234,091 |
|
|
|
177,923 |
|
|
|
34,292,455 |
|
|
|
22,608,374 |
|
|
|
33,683,685 |
|
|
|
22,581,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock paid in period |
$ |
0.015 |
|
|
$ |
0.01 |
|
|
$ |
0.025 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock and to be paid in quarter ended June 30 |
$ |
- |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets
|
March 31, 2022 |
|
|
Sept. 30, 2021 |
|
||
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,703,675 |
|
|
$ |
2,438,511 |
|
Natural gas, oil, and NGL sales receivables (net of $0 |
|
9,451,366 |
|
|
|
6,428,982 |
|
allowance for uncollectable accounts) |
|
|
|
|
|
|
|
Refundable income taxes |
|
- |
|
|
|
2,413,942 |
|
Other |
|
1,188,312 |
|
|
|
942,082 |
|
Total current assets |
|
12,343,353 |
|
|
|
12,223,517 |
|
|
|
|
|
|
|
|
|
Properties and equipment at cost, based on |
|
|
|
|
|
|
|
successful efforts accounting: |
|
|
|
|
|
|
|
Producing natural gas and oil properties |
|
264,135,242 |
|
|
|
319,984,874 |
|
Non-producing natural gas and oil properties |
|
48,878,130 |
|
|
|
40,466,098 |
|
Other |
|
844,582 |
|
|
|
794,179 |
|
|
|
313,857,954 |
|
|
|
361,245,151 |
|
Less accumulated depreciation, depletion and amortization |
|
(196,960,903 |
) |
|
|
(257,643,661 |
) |
Net properties and equipment |
|
116,897,051 |
|
|
|
103,601,490 |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
564,034 |
|
|
|
607,414 |
|
Other, net |
|
537,199 |
|
|
|
578,593 |
|
Total assets |
$ |
130,341,637 |
|
|
$ |
117,011,014 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
602,415 |
|
|
$ |
772,717 |
|
Derivative contracts, net |
|
14,793,396 |
|
|
|
|