PHX MINERALS INC. REPORTS THIRD FISCAL QUARTER 2022 RESULTS AND ANNOUNCES DIVIDEND PAYMENT
FORT WORTH, Texas, Aug. 8, 2022 – PHX MINERALS INC., “PHX” or the “Company” (NYSE: PHX), today reported financial and operating results for the
SUMMARY OF RESULTS FOR THE QUARTER ENDED
- Net
income in thethird fiscal quarter of 2022 was$8.6 million , or$0.25 per share, compared to net loss of ($4.0) million, or ($0.12) per share, in thesecond fiscal quarter of 2022. - Adjusted EBITDA(1) of
$7.2 million for thethird fiscal quarter of2022 increased from$5.8 million in thesecond fiscal quarter of 2022. - Royalty production volumes for the
third fiscal quarter of 2022increased 3% to1,595 Mmcfe, and total production volumes for thethird fiscal quarter of 2022decreased 1% to2,430 Mmcfe, compared to thesecond fiscal quarter of 2022. - 80% of royalty production volumes and 78% of total production volumes in the
third fiscal quarter of 2022 were attributable to natural gas. - 96 gross (0.25 net) wells converted to PDP, including 39 gross (0.19 net) in the SCOOP and 12 gross (0.03 net) in the Haynesville, during the
third fiscal quarter of 2022, compared to 108 gross (0.48 net) in the second fiscal quarter of 2022. 155 gross (0.79 net) wells in progress as ofJune 30, 2022 , compared to 134 gross (0.60 net) as of March 31, 2022.- Total debt was
$28.3 million and the debt to adjusted EBITDA (TTM) (1) ratio was1.31 x atJune 30, 2022 . - During the
third fiscal quarter of 2022, PHX closed on acquisitions totaling 938 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of East Texas and Louisiana for approximately $9.1 million. - Since
June 30, 2022 , PHX has closed on additional acquisitions of 544 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of Louisiana for approximately $8.2 million. - PHX has entered into a PSA to divest the remainder of its non-operated working interest position in the Fayetteville Shale of Arkansas for approximately $6 million subject to customary closing adjustments.
- PHX announced a $0.02 per share quarterly dividend, payable on Sept. 9, 2022, to stockholders of record on Aug. 25, 2022.
- This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.
Chad L. Stephens, President and CEO, commented, “I am pleased to report another outstanding quarter of financial results including adjusted EBITDA of $7.2 million, a 22% increase over the prior sequential quarter. I would like to thank all of the PHX employees for their hard work that helped the company achieve these excellent third quarter 2022 results.
Consistent with our first and second quarter of 2022 results, we reported an increase in royalty volumes and a further decrease in working interest volumes. This is in line with our corporate strategy. We continue to allocate 100% of our capital to acquiring minerals in the core of the Haynesville in Louisiana and the SCOOP in Southern Oklahoma in high rock quality areas under well capitalized active operators, assuring us of near-term line of sight development. We are keenly focused on executing a successful acquisition strategy and expect our royalty volumes will continue to increase on an annual basis.
In our third fiscal quarter ended June 30, 2022, and including through Aug. 4th, we have closed on a total of $18.0 million in additional minerals located primarily in the Haynesville with line-of-sight development, which should continue to drive our growing royalty volumes. This brings our fiscal 2022 acquisition program to approximately $42 million. There continues to be a strong set of acquisition opportunities in front of us.
Lastly, I’d like to announce that during our third fiscal quarter we opened our new corporate headquarters in Fort Worth, Texas. This move places our senior management team at the epicenter of the mineral space. We will retain our offices in Oklahoma City where our accounting and technical staff are located and do not anticipate any disruption to the business. We are excited about having new offices in Fort Worth and believe it will better position us to execute the Company’s growth strategy of building shareholder value through the acquisition and ownership of high-quality mineral interest in our core areas.”
OPERATING HIGHLIGHTS
|
Third Quarter Ended |
|
|
Third Quarter Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
||||
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||
Gas Mcf Sold |
|
1,897,799 |
|
|
|
1,879,343 |
|
|
|
5,380,093 |
|
|
|
5,090,619 |
|
Average Sales Price per Mcfe before the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
6.82 |
|
|
$ |
3.33 |
|
|
$ |
5.61 |
|
|
$ |
2.77 |
|
Average Sales Price per Mcfe after the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
4.32 |
|
|
$ |
3.31 |
|
|
$ |
3.72 |
|
|
$ |
2.76 |
|
Oil Barrels Sold |
|
48,928 |
|
|
|
55,492 |
|
|
|
148,632 |
|
|
|
170,437 |
|
Average Sales Price per Mcfe before the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
105.23 |
|
|
$ |
63.77 |
|
|
$ |
90.40 |
|
|
$ |
52.95 |
|
Average Sales Price per Mcfe after the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
60.18 |
|
|
$ |
46.25 |
|
|
$ |
57.63 |
|
|
$ |
49.15 |
|
NGL Barrels Sold |
|
39,732 |
|
|
|
46,753 |
|
|
|
124,358 |
|
|
|
125,118 |
|
Average Sales Price per Barrel(1) |
$ |
36.76 |
|
|
$ |
23.58 |
|
|
$ |
35.52 |
|
|
$ |
20.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mcfe Sold |
|
2,429,760 |
|
|
|
2,492,813 |
|
|
|
7,018,036 |
|
|
|
6,863,949 |
|
Natural gas, oil and NGL sales before the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
19,561,568 |
|
|
$ |
10,899,820 |
|
|
$ |
48,032,597 |
|
|
$ |
25,670,624 |
|
Natural gas, oil and NGL sales after the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects of settled derivative contracts |
$ |
12,607,397 |
|
|
$ |
9,895,130 |
|
|
$ |
32,971,756 |
|
|
$ |
24,981,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) There were no NGL settled derivative contracts during the 2022 and 2021 periods. |
|
Total Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
6/30/2022 |
|
|
1,897,799 |
|
|
|
48,928 |
|
|
|
39,732 |
|
|
|
2,429,760 |
|
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 |
|
Royalty Interest Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
6/30/2022 |
|
|
1,283,737 |
|
|
|
32,562 |
|
|
|
19,369 |
|
|
|
1,595,323 |
|
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 |
|
Working Interest Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
6/30/2022 |
|
|
614,062 |
|
|
|
16,366 |
|
|
|
20,363 |
|
|
|
834,437 |
|
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 |
|
FINANCIAL HIGHLIGHTS
|
|
Third Quarter Ended |
|
|
Third Quarter Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
||||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||
Working Interest Sales |
|
$ |
7,088,153 |
|
|
$ |
5,486,978 |
|
|
$ |
18,959,671 |
|
|
$ |
13,245,980 |
|
Royalty Interest Sales |
|
$ |
12,473,415 |
|
|
$ |
5,412,842 |
|
|
$ |
29,072,926 |
|
|
$ |
12,424,644 |
|
Natural Gas, Oil and NGL Sales |
|
$ |
19,561,568 |
|
|
$ |
10,899,820 |
|
|
$ |
48,032,597 |
|
|
$ |
25,670,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) on Derivative Contracts |
|
$ |
(2,387,226 |
) |
|
$ |
(5,487,483 |
) |
|
$ |
(12,534,464 |
) |
|
$ |
(8,089,662 |
) |
Lease Bonuses and Rental Income |
|
$ |
209,329 |
|
|
$ |
259,152 |
|
|
$ |
450,152 |
|
|
$ |
319,139 |
|
Total Revenue |
|
$ |
17,383,671 |
|
|
$ |
5,671,489 |
|
|
$ |
35,948,285 |
|
|
$ |
17,900,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Operating Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per Working Interest Mcfe |
|
$ |
1.08 |
|
|
$ |
0.83 |
|
|
$ |
1.16 |
|
|
$ |
0.84 |
|
Transportation, Gathering and Marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per Mcfe |
|
$ |
0.59 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
|
$ |
0.60 |
|
Production Tax per Mcfe |
|
$ |
0.38 |
|
|
$ |
0.24 |
|
|
$ |
0.33 |
|
|
$ |
0.19 |
|
Cash G&A Expense per Mcfe (1) |
|
$ |
0.95 |
|
|
$ |
0.78 |
|
|
$ |
0.90 |
|
|
$ |
0.78 |
|
G&A Expense per Mcfe |
|
$ |
1.18 |
|
|
$ |
0.91 |
|
|
$ |
1.10 |
|
|
$ |
0.88 |
|
Interest Expense per Mcfe |
|
$ |
0.12 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
|
$ |
0.12 |
|
DD&A per Mcfe |
|
$ |
0.83 |
|
|
$ |
0.86 |
|
|
$ |
0.82 |
|
|
$ |
0.90 |
|
Total Expense per Mcfe |
|
$ |
3.47 |
|
|
$ |
3.15 |
|
|
$ |
3.38 |
|
|
$ |
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
8,589,010 |
|
|
$ |
(1,356,594 |
) |
|
$ |
11,250,804 |
|
|
$ |
(2,453,037 |
) |
Adjusted EBITDA (2) |
|
$ |
7,194,102 |
|
|
$ |
5,008,654 |
|
|
$ |
17,429,579 |
|
|
$ |
11,506,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from Operations |
|
$ |
8,404,654 |
|
|
$ |
5,563,226 |
|
|
$ |
24,338,974 |
|
|
$ |
10,240,333 |
|
CapEx |
|
$ |
72,176 |
|
|
$ |
271,661 |
|
|
$ |
351,524 |
|
|
$ |
696,759 |
|
CapEx - Mineral Acquisitions |
|
$ |
8,954,133 |
|
|
$ |
11,402,761 |
|
|
$ |
29,872,407 |
|
|
$ |
19,337,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Base |
|
|
|
|
|
|
|
|
|
$ |
50,000,000 |
|
|
$ |
28,500,000 |
|
Debt |
|
|
|
|
|
|
|
|
|
$ |
28,300,000 |
|
|
$ |
19,900,000 |
|
Debt to Adjusted EBITDA (TTM) (2) |
|
|
|
|
|
|
|
|
|
|
1.31 |
|
|
|
1.45 |
|
- 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
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 nine months ended June 30, 2022, as compared to the nine months ended June 30, 2021, primarily as a result of new wells associated with recent acquisitions in the Haynesville Shale and SCOOP plays coming online. These gas volumes were partially offset by naturally declining production in high-interest wells in the Arkoma Stack and divestitures in the Fayetteville. NGL production decreased slightly as a result of naturally declining production from liquids-rich gas wells in the STACK. The decrease in oil production was a result of naturally declining production in working interest wells and the Company’s strategy of no longer participating with working interests in new drilling in the Eagle Ford play and reduced drilling activity of royalty wells in the Bakken play, as well as naturally declining production in high-interest wells brought online in the STACK during fiscal year 2021. Oil production decreases were partially offset by new wells in the SCOOP.
The Company had a net
The
OPERATIONS UPDATE
During the
At
|
|
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
As of June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Wells in Progress on PHX Acreage |
|
|
46 |
|
|
|
20 |
|
|
|
|
|
11 |
|
|
|
9 |
|
|
|
- |
|
|
|
62 |
|
|
|
7 |
|
|
|
155 |
|
Net Wells in Progress on PHX Acreage |
|
|
0.17 |
|
|
|
0.09 |
|
|
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
0.43 |
|
|
|
0.04 |
|
|
|
0.79 |
|
Gross Active Permits on PHX Acreage |
|
|
20 |
|
|
|
17 |
|
|
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
16 |
|
|
|
10 |
|
|
|
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigs Present on PHX Acreage |
|
|
6 |
|
|
|
2 |
|
|
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
2 |
|
|
|
25 |
|
Rigs Within 2.5 Miles of PHX Acreage |
|
|
21 |
|
|
|
20 |
|
|
|
|
|
6 |
|
|
|
4 |
|
|
|
- |
|
|
|
36 |
|
|
|
9 |
|
|
|
96 |
|
Leasing Activity
During the
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
During Three Months Ended June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres Leased |
|
|
15 |
|
|
|
112 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
68 |
|
|
|
200 |
|
|
|
395 |
|
Average Bonus per Net Mineral Acre |
|
$ |
325 |
|
|
$ |
1,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
500 |
|
|
$ |
355 |
|
|
$ |
512 |
|
Average Royalty per Net Mineral Acre |
|
23% |
|
|
23% |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
23% |
|
|
21% |
|
|
22% |
|
ACQUISITION AND DIVESTITURE UPDATE
During the
|
|
|
|
|
|
|
|
|
|
Bakken/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
Arkoma |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
SCOOP |
|
|
STACK |
|
|
Forks |
|
|
Stack |
|
|
Fayetteville |
|
|
Haynesville |
|
|
Other |
|
|
Total |
|
||||||||
During Three Months Ended June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres Purchased |
|
|
208 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
448 |
|
|
|
- |
|
|
|
656 |
|
Net Royalty Acres Purchased |
|
|
216 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
722 |
|
|
|
- |
|
|
|
938 |
|
Price per Net Royalty Acre |
|
$ |
9,394 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
9,830 |
|
|
|
- |
|
|
$ |
9,730 |
|
Net Mineral Acres Sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,387 |
|
|
|
2,387 |
|
Net Royalty Acres Sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,387 |
|
|
|
2,387 |
|
Price per Net Royalty Acre |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
214 |
|
|
$ |
214 |
|
PHX will host a conference call to discuss the Company’s
FINANCIAL RESULTS
Statements of Operations
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues: |
|
|
|
|
|
||||||||||
Natural gas, oil and NGL sales |
$ |
19,561,568 |
|
|
$ |
10,899,820 |
|
|
$ |
48,032,597 |
|
|
$ |
25,670,624 |
|
Lease bonuses and rental income |
|
209,329 |
|
|
|
259,152 |
|
|
|
450,152 |
|
|
|
319,139 |
|
Gains (losses) on derivative contracts |
|
(2,387,226 |
) |
|
|
(5,487,483 |
) |
|
|
(12,534,464 |
) |
|
|
(8,089,662 |
) |
|
|
17,383,671 |
|
|
|
5,671,489 |
|
|
|
35,948,285 |
|
|
|
17,900,101 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
900,807 |
|
|
|
1,064,989 |
|
|
|
3,086,272 |
|
|
|
3,100,052 |
|
Transportation, gathering and marketing |
|
1,430,136 |
|
|
|
1,538,174 |
|
|
|
4,132,258 |
|
|
|
4,138,653 |
|
Production taxes |
|
925,197 |
|
|
|
596,858 |
|
|
|
2,301,537 |
|
|
|
1,316,038 |
|
Depreciation, depletion and amortization |
|
2,022,832 |
|
|
|
2,137,707 |
|
|
|
5,727,708 |
|
|
|
6,176,173 |
|
Provision for impairment |
|
6,277 |
|
|
|
45,855 |
|
|
|
11,862 |
|
|
|
45,855 |
|
Interest expense |
|
286,345 |
|
|
|
220,439 |
|
|
|
693,276 |
|
|
|
790,202 |
|
General and administrative |
|
2,877,614 |
|
|
|
2,275,104 |
|
|
|
7,717,435 |
|
|
|
6,065,677 |
|
Losses (gains) on asset sales and other |
|
(630,547 |
) |
|
|
(35,043 |
) |
|
|
(743,867 |
) |
|
|
(177,512 |
) |
Total costs and expenses |
|
7,818,661 |
|
|
|
7,844,083 |
|
|
|
22,926,481 |
|
|
|
21,455,138 |
|
Income (loss) before provision (benefit) for income taxes |
|
9,565,010 |
|
|
|
(2,172,594 |
) |
|
|
13,021,804 |
|
|
|
(3,555,037 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
976,000 |
|
|
|
(816,000 |
) |
|
|
1,771,000 |
|
|
|
(1,102,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
8,589,010 |
|
|
$ |
(1,356,594 |
) |
|
$ |
11,250,804 |
|
|
$ |
(2,453,037 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per common share |
$ |
0.25 |
|
|
$ |
(0.05 |
) |
|
$ |
0.33 |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
34,652,155 |
|
|
|
28,309,258 |
|
|
|
34,009,105 |
|
|
|
24,482,639 |
|
Diluted |
|
34,851,214 |
|
|
|
28,309,258 |
|
|
|
34,009,105 |
|
|
|
24,482,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock paid in period |
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.045 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets
|
June 30, 2022 |
|
|
Sept. 30, 2021 |
|
||
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
4,489,282 |
|
|
$ |
2,438,511 |
|
Natural gas, oil, and NGL sales receivables (net of $0 |
|
11,780,557 |
|
|
|
6,428,982 |
|
allowance for uncollectable accounts) |
|
|
|
|
|
|
|
Refundable income taxes |
|
860,416 |
|
|
|
2,413,942 |
|
Other |
|
1,276,942 |
|
|
|
942,082 |
|
Total current assets |
|
18,407,197 |
|
|
|
12,223,517 |
|
|
|
|
|
|
|
|
|
Properties and equipment at cost, based on |
|
|
|
|
|
|
|
successful efforts accounting: |
|
|
|
|
|
|
|
Producing natural gas and oil properties |
|
265,800,998 |
|
|
|
319,984,874 |
|
Non-producing natural gas and oil properties |
|
50,204,756 |
|
|
|
40,466,098 |
|
Other |
|
972,770 |
|
|
|
794,179 |
|
|
|
316,978,524 |
|
|
|
361,245,151 |
|
Less accumulated depreciation, depletion and amortization |
|
(193,551,159 |
) |
|
|
(257,643,661 |
) |
Net properties and equipment |
|
123,427,365 |
|
|
|
103,601,490 |