Delaware
|
84-0637348
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(State
or other jurisdiction of incorporation or organization)
|
(IRS
employer identification number)
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Large
Accelerated Filer £
|
Accelerated
Filer £
|
|
Non-Accelerated
Filer £
|
Smaller
Reporting Company T
|
|
(Do
not check if smaller reporting
company)
|
Part
I - Financial Information
|
||
Item
1. Financial Statements (restated)
|
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3-4
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5
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6
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7
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8
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31-33
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34
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34
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Part
II - Other Information
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35
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35
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35
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35
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35
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35
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36
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PART
I -
|
ITEM
1. Financial Statements
|
March 31,
2008 (Unaudited and Restated)
|
December 31
2007 (Audited and Restated)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 22,424,000 | $ | 25,373,000 | ||||
Restricted
cash and cash equivalents
|
3,678,000 | 3,633,000 | ||||||
Accounts
receivable (net)
|
21,755,000 | 21,311,000 | ||||||
Due
from related parties
|
131,000 | 32,000 | ||||||
Prepaid
expenses
|
956,000 | 1,391,000 | ||||||
Derivative
contracts
|
-- | 1,332,000 | ||||||
Inventory
at cost
|
3,682,000 | 3,705,000 | ||||||
Deferred
income tax
|
5,048,000 | 1,582,000 | ||||||
Total
current assets
|
57,674,000 | 58,359,000 | ||||||
Property
and equipment, at cost
|
||||||||
Oil
and gas properties (successful efforts method), net
|
227,902,000 | 237,852,000 | ||||||
Field
service equipment and other, net
|
9,327,000 | 8,209,000 | ||||||
Net
property and equipment
|
237,229,000 | 246,061,000 | ||||||
Other
assets
|
519,000 | 1,245,000 | ||||||
Total
assets
|
$ | 295,422,000 | $ | 305,665,000 |
March 31,
2008 (Unaudited and Restated)
|
December 31,
2007 (Audited and Restated)
|
|||||||
LIABILITIES
and STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
bank debt
|
$ | 26,350,000 | $ | 34,950,000 | ||||
Accounts
payable
|
24,828,000 | 26,780,000 | ||||||
Current
portion of asset retirement and other long term obligation
|
527,000 | 1,065,000 | ||||||
Derivative
liability short term
|
12,635,000 | 4,340,000 | ||||||
Accrued
liabilities
|
10,418,000 | 10,032,000 | ||||||
Due
to related parties
|
446,000 | 520,000 | ||||||
Total
current liabilities
|
75,204,000 | 77,687,000 | ||||||
Long-term
bank debt
|
119,300,000 | 120,050,000 | ||||||
Asset
retirement obligation
|
17,132,000 | 16,936,000 | ||||||
Derivative
liability long term
|
7,358,000 | 3,369,000 | ||||||
Deferred
income taxes
|
23,834,000 | 26,022,000 | ||||||
Total
liabilities
|
242,828,000 | 244,064,000 | ||||||
Minority
interest
|
13,962,000 | 12,929,000 | ||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, $.10 par value, authorized 5,000,000 shares, none
issued
|
-- | -- | ||||||
Common
stock, $.10 par value, authorized 10,000,000 shares; issued 7,694,970 in
2008 and 2007
|
769,000 | 769,000 | ||||||
Paid
in capital
|
11,024,000 | 11,024,000 | ||||||
Retained
earnings
|
75,616,000 | 72,885,000 | ||||||
Accumulated
other comprehensive income(loss), net
|
(12,795,000 | ) | (3,618,000 | ) | ||||
74,614,000 | 81,060,000 | |||||||
Treasury
stock, at cost, 4,630,251 common shares at 2008 and 4,558,544 common
shares at 2007
|
(35,982,000 | ) | (32,388,000 | ) | ||||
Total
stockholders' equity
|
38,632,000 | 48,672,000 | ||||||
Total
liabilities and stockholders, equity
|
$ | 295,422,000 | $ | 305,665,000 |
2008 Restated
|
2007 Restated
|
|||||||
Revenue:
|
||||||||
Oil
and gas sales
|
$ | 34,101,000 | $ | 22,266,000 | ||||
Field
service income
|
6,255,000 | 5,896,000 | ||||||
Administrative
overhead fees
|
2,199,000 | 2,330,000 | ||||||
Other
income
|
202,000 | 1,000 | ||||||
Total
revenue
|
42,757,000 | 30,493,000 | ||||||
Costs
and expenses:
|
||||||||
Lease
operating expense
|
9,706,000 | 7,539,000 | ||||||
Field
service expense
|
4,779,000 | 4,551,000 | ||||||
Depreciation,
depletion and amortization
|
16,920,000 | 7,694,000 | ||||||
General
and administrative expense
|
3,225,000 | 3,198,000 | ||||||
Exploration
costs
|
57,000 | 361,000 | ||||||
Total
costs and expenses
|
34,687,000 | 23,343,000 | ||||||
Add
gain/(loss) on sale and exchange of assets
|
(15,000 | ) | 263,000 | |||||
Income
from operations
|
8,055,000 | 7,413,000 | ||||||
Other
income and expenses:
|
||||||||
Less:
Interest expense
|
2,447,000 | 1,683,000 | ||||||
Add
interest income
|
157,000 | 227,000 | ||||||
Less:
Minority interest
|
1,646,000 | 775,000 | ||||||
Income
before provision for income taxes
|
4,119,000 | 5,182,000 | ||||||
Provision
for income taxes
|
1,388,000 | 1,865,000 | ||||||
Net
income
|
$ | 2,731,000 | $ | 3,317,000 | ||||
Basic
income per common share
|
$ | 0.88 | $ | 1.03 | ||||
Diluted
income per common share
|
$ | 0.71 | $ | 0.84 |
Balance
at December 31, 2007
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 72,885,000 | $ | (3,618,000 | ) | $ | (32,388,000 | ) | $ | 48,672,000 | |||||||||||||
Purchased
71,707 shares of common Stock
|
(3,594,000 | ) | (3,594,000 | ) | ||||||||||||||||||||||||
Net
income
|
2,731,000 | 2,731,000 | ||||||||||||||||||||||||||
Other
comprehensive Income (Loss), net of taxes
|
(9,177,000 | ) | (9,177,000 | ) | ||||||||||||||||||||||||
Balance
at March 31, 2008
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 75,616,000 | $ | (12,795,000 | ) | $ | (35,982,000 | ) | $ | 38,632,000 |
2008 Restated
|
2007 Restated
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 2,731,000 | $ | 3,317,000 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation,
depletion, amortization and accretion on discounted
liabilities
|
16,920,000 | 7,694,000 | ||||||
Dry
hole and abandonment expense
|
-- | 305,000 | ||||||
Gain
on sale of properties
|
15,000 | (263,000 | ) | |||||
Provision
for deferred taxes
|
(493,000 | ) | 1,694,000 | |||||
Minority
interest in earnings of partnerships
|
1,646,000 | 775,000 | ||||||
Changes
in assets and liabilities:
|
||||||||
(Increase)
decrease in accounts receivable
|
16,000 | 3,044,000 | ||||||
(Increase)
decrease in due from related parties
|
814,000 | 381,000 | ||||||
(Increase)
decrease in inventories
|
(8,000 | ) | (3,000 | ) | ||||
(Increase)
decrease in prepaid expenses and other assets
|
(14,000 | ) | 12,000 | |||||
Increase
(decrease) in accounts payable
|
601,000 | (5,480,000 | ) | |||||
Increase
(decrease) in accrued liabilities
|
2,882,000 | 1,754,000 | ||||||
Increase
(decrease) in due to related parties
|
(594,000 | ) | 82,000 | |||||
Net
cash provided by operating activities:
|
24,516,000 | 13,312,000 | ||||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures, including exploration expense
|
(13,853,000 | ) | (41,913,000 | ) | ||||
Proceeds
from sale of property and equipment
|
(15,000 | ) | 263,000 | |||||
Net
cash (used in) investing activities
|
(13,868,000 | ) | (41,650,000 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Purchase
of treasury stock
|
(3,594,000 | ) | (1,223,000 | ) | ||||
Proceeds
from long-term bank debt
|
29,075,000 | 40,160,000 | ||||||
Repayment
of long-term bank debt
|
(38,510,000 | ) | (20,220,000 | ) | ||||
Distribution
to minority interest
|
(568,000 | ) | (738,000 | ) | ||||
Net
cash provided by (used in) financing activities
|
(13,597,000 | ) | 17,979,000 | |||||
Net
increase (decrease) in cash and cash equivalents
|
(2,949,000 | ) | (10,359,000 | ) | ||||
Cash
and cash equivalents at the beginning of the period
|
25,373,000 | 29,056,000 | ||||||
Cash
and cash equivalents at the end of the period
|
$ | 22,424,000 | $ | 18,697,000 |
As
Reported March 2008
|
Cumulative
Effective of Prior Year
Adjustments
|
Current
Year Adjustments
|
Notes
|
As Restated March 2008
|
|||||||||||||||
ASSETS:
|
|||||||||||||||||||
Current
assets:
|
|||||||||||||||||||
Cash
and cash equivalents
|
$ | 17,136,000 | $ | 4,060,000 | $ | 1,228,000 |
b
|
$ | 22,424,000 | ||||||||||
Restricted
cash and cash equivalents
|
3,678,000 | -- | -- |
|
3,678,000 | ||||||||||||||
Accounts
receivable, net
|
21,579,000 | 963,000 | (787,000 | ) |
b
|
21,755,000 | |||||||||||||
Due
from related parties
|
25,000 | (180,000 | ) | 286,000 |
b
|
131,000 | |||||||||||||
Prepaid
expenses
|
956,000 | -- | -- | 956,000 | |||||||||||||||
Inventory
at cost
|
3,690,000 | (6,000 | ) | (2,000 | ) |
b
|
3,682,000 | ||||||||||||
Deferred
income tax
|
5,048,000 | -- | -- | 5,048,000 | |||||||||||||||
Total
current assets
|
52,112,000 | 4,837,000 | 725,000 | 57,674,000 | |||||||||||||||
Property
and equipment, at cost:
|
|||||||||||||||||||
Oil
and gas properties (successful efforts method), net
|
223,086,000 | 4,681,000 | 135,000 |
a,b
|
227,902,000 | ||||||||||||||
Field
service equipment
|
9,327,000 | -- | -- | 9,327,000 | |||||||||||||||
Total
net property and equipment
|
232,413,000 | 4,681,000 | 135,000 | 237,229,000 | |||||||||||||||
Other
assets
|
454,000 | 65,000 | -- |
b
|
519,000 | ||||||||||||||
Total
assets
|
$ | 284,979,000 | $ | 9,583,000 | $ | 860,000 | $ | 295,422,000 |
As
Reported March 2008
|
Cumulative
Effective of Prior Year Adjustment
|
Current
Year Adjustment
|
Notes
|
As
Restated March 2008
|
|||||||||||||||
LIABILITIES
and STOCKHOLDERS’ EQUITY:
|
|||||||||||||||||||
Current
liabilities:
|
|||||||||||||||||||
Current
bank debt
|
$ | 26,350,000 | $ | -- | $ | -- | $ | 26,350,000 | |||||||||||
Accounts
payable
|
25,698,000 | 54,000 | (924,000 | ) |
b
|
24,828,000 | |||||||||||||
Current
portion of asset retirement and other long-term
obligations
|
527,000 | -- | -- | 527,000 | |||||||||||||||
Derivative
liability short term
|
12,635,000 | -- | -- | 12,635,000 | |||||||||||||||
Accrued
liabilities
|
10,294,000 | 79,000 | 45,000 |
b
|
10,418,000 | ||||||||||||||
Due
to related parties
|
968,000 | (1,043,000 | ) | 521,000 |
b
|
446,000 | |||||||||||||
Total
current liabilities
|
76,472,000 | (910,000 | ) | (358,000 | ) | 75,205,000 | |||||||||||||
Long-term
bank debt
|
119,300,000 | -- | -- | 119,300,000 | |||||||||||||||
Asset
retirement obligations
|
15,721,000 | 1,398,000 | 13,000 |
b
|
17,132,000 | ||||||||||||||
Derivative
liability long term
|
7,358,000 | -- | -- | 7,358,000 | |||||||||||||||
Deferred
income taxes
|
24,680,000 | (908,000 | ) | 62,000 |
a
|
23,834,000 | |||||||||||||
Total
liabilities
|
243,531,000 | (420,000 | ) | (283,000 | ) | 242,829,000 | |||||||||||||
Minority
interest
|
1,313,000 | 11,616,000 | 1,033,000 |
b
|
13,962,000 | ||||||||||||||
Stockholders’
equity:
|
|||||||||||||||||||
Preferred
stock, $.10 par value, authorized 5,000,000 shares; none
issued
|
|||||||||||||||||||
Common
stock, $.10 par value, authorized 10,000,000 shares; issued 7,694,970 in
2008 and 2007
|
769,000 | -- | -- | 769,000 | |||||||||||||||
Paid
in capital
|
11,024,000 | -- | -- | 11,024,000 | |||||||||||||||
Retained
earnings
|
77,119,000 | (1,613,000 | ) | 110,000 |
a
|
75,616,000 | |||||||||||||
Accumulated
other comprehensive income (loss), net
|
(12,795,000 | ) | -- | -- | (12,795,000 | ) | |||||||||||||
76,117,000 | (1,613,000 | ) | 110,000 | 74,614,000 | |||||||||||||||
Treasury
stock, at cost 4,630,251 common shares in 2008 and 4,558,544 in
2007
|
(35,982,000 | ) | -- | -- | (35,982,000 | ) | |||||||||||||
Total
stockholders’ equity
|
40,135,000 | (1,613,000 | ) | 110,000 | 38,632,000 | ||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 284,979,000 | $ | 9,583,000 | $ | 860,000 | $ | 295,422,000 |
Common
Stock
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Paid In Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income/Loss
|
Treasury Stock
|
Total
|
||||||||||||||||||||||
Balance
at December 31, 2007
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 74,498,000 | $ | (3,618,000 | ) | $ | (32,388,000 | ) | $ | 50,285,000 | |||||||||||||
Purchased
71,707 shares of common Stock
|
(3,594,000 | ) | (3,594,000 | ) | ||||||||||||||||||||||||
Net
income
|
2,621,000 | 2,621,000 | ||||||||||||||||||||||||||
Other
comprehensive Income, net of taxes
|
(9,177,000 | ) | (9,177,000 | ) | ||||||||||||||||||||||||
Balance
at March 31, 2008
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 77,119,000 | $ | (12,795,000 | ) | $ | (35,982,000 | ) | $ | 40,135,000 |
Common
Stock
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Paid In Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income/Loss
|
Treasury Stock
|
Total
|
||||||||||||||||||||||
Balance
at December 31, 2007
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 72,885,000 | $ | (3,618,000 | ) | $ | (32,388,000 | ) | $ | 48,672,000 | |||||||||||||
Purchased
71,707 shares of common Stock
|
(3,594,000 | ) | (3,594,000 | ) | ||||||||||||||||||||||||
Net
income
|
2,731,000 | 2,731,000 | ||||||||||||||||||||||||||
Other
comprehensive Income, net of taxes
|
(9,177,000 | ) | (9,177,000 | ) | ||||||||||||||||||||||||
Balance
at March 31, 2008
|
7,694,970 | $ | 769,000 | $ | 11,024,000 | $ | 75,616,000 | $ | (12,795,000 | ) | $ | (35,982,000 | ) | $ | 38,632,000 |
As
Reported March 2008
|
Current
year adjustments
|
Notes
|
As
Restated March 2008
|
||||||||||||
Revenue:
|
|||||||||||||||
Oil
and gas sales
|
$ | 31,152,000 | $ | 2,949,000 |
b
|
$ | 34,101,000 | ||||||||
Field
service income
|
6,244,000 | 11,000 |
b
|
6,255,000 | |||||||||||
Administrative
overhead fees
|
2,199,000 | -- | 2,199,000 | ||||||||||||
Other
income
|
202,000 | -- | 202,000 | ||||||||||||
39,797,000 | 2,960,000 | 42,757,000 | |||||||||||||
Costs
and expenses:
|
|||||||||||||||
Lease
operating expense
|
8,593,000 | 1,113,000 |
b
|
9,706,000 | |||||||||||
Field
service expense
|
4,762,000 | 17,000 |
b
|
4,779,000 | |||||||||||
Depreciation,
depletion and amortization
|
16,966,000 | (46,000 | ) |
a,b
|
16,920,000 | ||||||||||
General
and administrative expense
|
3,128,000 | 97,000 |
b
|
3,225,000 | |||||||||||
Exploration
costs
|
57,000 | -- | 57,000 | ||||||||||||
33,506,000 | 1,181,000 | 34,687,000 | |||||||||||||
Add
gain on sale and exchange of assets
|
(15,000 | ) | -- | (15,000 | ) | ||||||||||
Income
from operations
|
6,276,000 | 1,779,000 | 8,055,000 | ||||||||||||
Other
income and expense:
|
|||||||||||||||
Less: Interest
expense
|
2,447,000 | -- | 2,447,000 | ||||||||||||
Add
interest income
|
119,000 | 38,000 |
b
|
157,000 | |||||||||||
Less: Minority
interest
|
-- | 1,646,000 |
b
|
1,646,000 | |||||||||||
Income
before provision for income taxes
|
3,948,000 | 171,000 | 4,119,000 | ||||||||||||
Provision
for income taxes
|
1,327,000 | 61,000 |
a
|
1,388,000 | |||||||||||
Net
income
|
$ | 2,621,000 | $ | 110,000 | $ | 2,731,000 | |||||||||
Basic
net income per common share
|
$ | 0.85 | $ | 0.03 | $ | 0.88 | |||||||||
Diluted
net income per common share
|
$ | 0.68 | $ | 0.03 | $ | 0.71 |
As
Reported March 2008
|
Current
Year Adjustments
|
Notes
|
As
Restated March 2008
|
||||||||||||
Cash
flows from operating activities:
|
|||||||||||||||
Net
income
|
$ | 2,621,000 | $ | 110,000 |
a
|
$ | 2,731,000 | ||||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||||||||||
Depreciation,
depletion, amortization and accretion on discounted
liabilities
|
16,966,000 | (46,000 | ) |
a,b
|
16,920,000 | ||||||||||
Gain
on sale of properties
|
15,000 | -- | 15,000 | ||||||||||||
Provision
for deferred income taxes
|
(554,000 | ) | 61,000 |
a
|
(493,000 | ) | |||||||||
Minority
interest in earnings of partnerships
|
-- | 1,646,000 |
b
|
1,646,000 | |||||||||||
Changes
in assets and liabilities:
|
|||||||||||||||
(Increase)
decrease in accounts receivable
|
(1,231,000 | ) | 1,247,000 |
b
|
16,000 | ||||||||||
(Increase)
decrease in due from related parties
|
187,000 | 627,000 |
b
|
814,000 | |||||||||||
(Increase)
decrease in inventories
|
-- | (8,000 | ) |
b
|
(8,000 | ) | |||||||||
(Increase)
decrease in prepaid expenses and other assets
|
(79,000 | ) | 65,000 |
b
|
(14,000 | ) | |||||||||
Increase
(decrease) in accounts payable
|
802,000 | (201,000 | ) |
b
|
601,000 | ||||||||||
Increase
(decrease) in accrued liabilities
|
3,006,000 | (124,000 | ) |
b
|
2,882,000 | ||||||||||
Increase
(decrease) in due to related parties
|
(594,000 | ) | -- | (594,000 | ) | ||||||||||
Net
cash provided by operating activities
|
21,139,000 | 3,377,000 | 24,516,000 | ||||||||||||
Cash
flows from investing activities
|
|||||||||||||||
Capital
expenditures, including exploration expense
|
(12,272,000 | ) | (1,581,000 | ) |
b
|
(13,853,000 | ) | ||||||||
Proceeds
from sale of properties and equipment
|
(15,000 | ) | -- | (15,000 | ) | ||||||||||
Net
cash used in investing activities
|
(12,287,000 | ) | (1,581,000 | ) | (13,868,000 | ) | |||||||||
Cash
flows from financing activities
|
|||||||||||||||
Purchase
of stock for treasury
|
(3,594,000 | ) | -- | (3,594,000 | ) | ||||||||||
Increase
in long-term bank debt and other long-term obligations
|
29,075,000 | -- | 29,075,000 | ||||||||||||
Repayment
of long-term bank debt and other long-term obligations
|
(38,510,000 | ) | -- | (38,510,000 | ) | ||||||||||
Distribution
to minority interest
|
-- | (568,000 | ) |
b
|
(568,000 | ) | |||||||||
Net
cash provided by (used in) financing activities
|
(13,029,000 | ) | (568,000 | ) | (13,597,000 | ) | |||||||||
Net
increase(decrease) in cash and cash equivalents
|
(4,177,000 | ) | 1,228,000 |
|
(2,949,000 | ) | |||||||||
Cash
and cash equivalents at the beginning of the period
|
21,313,000 | 4,060,000 |
b
|
|
25,373,000 | ||||||||||
Cash
and cash equivalents at the end of the period
|
$ | 17,136,000 | $ | 5,288,000 | $ | 22,424,000 |
As
Reported December
2007
|
Cumulative
effect of Adjustments
|
Current
Year Adjustments
|
Notes
|
As
Restated December
2007
|
|||||||||||||||
ASSETS:
|
|||||||||||||||||||
Current
assets:
|
|||||||||||||||||||
Cash
and cash equivalents
|
$ | 21,313,000 | $ | 4,403,000 | $ | (343,000 | ) |
b
|
$ | 25,373,000 | |||||||||
Restricted
cash and cash equivalents
|
3,633,000 | -- | -- | 3,633,000 | |||||||||||||||
Accounts
receivable, net
|
20,348,000 | 694,000 | 269,000 |
b
|
21,311,000 | ||||||||||||||
Due
from related parties
|
212,000 | (226,000 | ) | 46,000 |
b
|
32,000 | |||||||||||||
Prepaid
expenses
|
1,391,000 | -- | -- | 1,391,000 | |||||||||||||||
Derivative
contracts
|
1,332,000 | -- | -- | 1,332,000 | |||||||||||||||
Inventory
at cost
|
3,711,000 | (3,000 | ) | (3,000 | ) |
b
|
3,705,000 | ||||||||||||
Deferred
income tax
|
1,582,000 | -- | -- | 1,582,000 | |||||||||||||||
Total
current assets
|
53,522,000 | 4,868,000 | (31,000 | ) | 58,359,000 | ||||||||||||||
Property
and equipment, at cost:
|
|||||||||||||||||||
Oil
and gas properties (successful efforts method), net
|
233,171,000 | 3,581,000 | 1,100,000 |
a,b
|
237,852,000 | ||||||||||||||
Field
service equipment
|
8,209,000 | -- | -- | 8,209,000 | |||||||||||||||
Total
net property and equipment
|
241,380,000 | 3,581,000 | 1,100,000 | 246,061,000 | |||||||||||||||
Other
assets
|
1,180,000 | 67,000 | (2,000 | ) |
b
|
1,245,000 | |||||||||||||
Total
assets
|
$ | 296,082,000 | $ | 8,516,000 | $ | 1,067,000 | $ | 305,665,000 |
As
Reported December
2007
|
Cumulative
Effective of Prior Year Adjustment
|
Current
Year Adjustment
|
Notes
|
As
Restated December
2007
|
|||||||||||||||
LIABILITIES
and STOCKHOLDERS’ EQUITY:
|
|||||||||||||||||||
Current
liabilities:
|
|||||||||||||||||||
Current
bank debt
|
$ | 34,950,000 | $ | -- | $ | -- | $ | 34,950,000 | |||||||||||
Accounts
payable
|
26,726,000 | (31,000 | ) | 85,000 |
b
|
26,780,000 | |||||||||||||
Current
portion of asset retirement and other long-term
obligations
|
1,065,000 | 31,000 | (31,000 | ) |
b
|
1,065,000 | |||||||||||||
Derivative
liability short term
|
4,340,000 | -- | -- | 4,340,000 | |||||||||||||||
Accrued
liabilities
|
9,953,000 | 68,000 | 11,000 |
b
|
10,032,000 | ||||||||||||||
Due
to related parties
|
1,563,000 | (312,000 | ) | (731,000 | ) |
b
|
520,000 | ||||||||||||
Total
current liabilities
|
78,597,000 | (244,000 | ) | (666,000 | ) | 77,687,000 | |||||||||||||
Long-term
bank debt
|
120,050,000 | -- | -- | 120,050,000 | |||||||||||||||
Asset
retirement obligations
|
15,538,000 | 576,000 | 822,000 |
b
|
16,936,000 | ||||||||||||||
Derivative
liability long term
|
3,369,000 | -- | -- | 3,369,000 | |||||||||||||||
Deferred
income taxes
|
26,930,000 | (1,093,000 | ) | 185,000 |
a,b
|
26,022,000 | |||||||||||||
Total
liabilities
|
244,484,000 | (761,000 | ) | 341,000 | 244,064,000 | ||||||||||||||
Minority
interest
|
1,313,000 | 11,220,000 | 396,000 |
|
b
|
12,929,000 | |||||||||||||
Stockholders’
equity:
|
|||||||||||||||||||
Preferred
stock, $.10 par value, authorized 5,000,000 shares; none
issued
|
|||||||||||||||||||
Common
stock, $.10 par value, authorized 10,000,000 shares; issued 7,694,970 in
2007 and 2006
|
769,000 | -- | -- | 769,000 | |||||||||||||||
Paid
in capital
|
11,024,000 | -- | -- | 11,024,000 | |||||||||||||||
Retained
earnings
|
74,498,000 | (1,943,000 | ) | 330,000 |
a
|
72,885,000 | |||||||||||||
Accumulated
other comprehensive income (loss), net
|
(3,618,000 | ) | - | -- | (3,618,000 | ) | |||||||||||||
82,673,000 | (1,943,000 | ) | 330,000 | 81,060,000 | |||||||||||||||
Treasury
stock, at cost 4,558,544 common shares in 2007 and 4,478,145 in
2006
|
(32,388,000 | ) | - | -- | (32,388,000 | ) | |||||||||||||
Total
stockholders’ equity
|
50,285,000 | (1,943,000 | ) | 330,000 | 48,672,000 | ||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 296,082,000 | $ | 8,516,000 | $ | 1,067,000 | $ | 305,665,000 |
As
Reported March 2007
|
Current
year Adjustments
|
Notes
|
As
Restated March 2007
|
||||||||||||
Revenue:
|
|||||||||||||||
Oil
and gas sales
|
$ | 20,329,000 | $ | 1,937,000 |
b
|
$ | 22,266,000 | ||||||||
Field
service income
|
5,887,000 | 9,000 |
b
|
5,896,000 | |||||||||||
Administrative
overhead fees
|
2,330,000 | -- | 2,330,000 | ||||||||||||
Other
income
|
1,000 | -- | 1,000 | ||||||||||||
28,547,000 | 1,946,000 | 30,493,000 | |||||||||||||
Costs
and expenses:
|
|||||||||||||||
Lease
operating expense
|
6,553,000 | 986,000 |
b
|
7,539,000 | |||||||||||
Field
service expense
|
4,551,000 | -- | 4,551,000 | ||||||||||||
Depreciation,
depletion and amortization
|
7,690,000 | 4,000 |
a,b
|
7,694,000 | |||||||||||
General
and administrative expense
|
3,110,000 | 88,000 |
b
|
3,198,000 | |||||||||||
Exploration
costs
|
361,000 | -- | 361,000 | ||||||||||||
22,265,000 | 1,078,000 | 23,343,000 | |||||||||||||
Add
gain on sale and exchange of assets
|
263,000 | -- | 263,000 | ||||||||||||
Income
from operations
|
6,545,000 | 868,000 | 7,413,000 | ||||||||||||
Other
income and expense:
|
|||||||||||||||
Less:
Interest expense
|
1,683,000 | -- | 1,683,000 | ||||||||||||
Add
interest income
|
191,000 | 36,000 |
b
|
227,000 | |||||||||||
Less:
Minority interest
|
-- | 775,000 |
b
|
775,000 | |||||||||||
Income
before provision for income taxes
|
5,053,000 | 129,000 | 5,182,000 | ||||||||||||
Provision
for income taxes
|
1,819,000 | 46,000 |
a
|
1,865,000 | |||||||||||
Net
income
|
$ | 3,234,000 | $ | 83,000 |