SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
For Fiscal Year Ended December 31, 2001 Commission File Number 0-9669
CALCASIEU REAL ESTATE AND OIL CO., INC.
(Exact Name of registrant as specified in its charter)
Louisiana 72-0144530
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Lakeside Plaza 70601
Lake Charles, Louisiana (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (337) 494-4256
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class Name of each exchange
------------------- ---------------------
on which registered
-------------------
None Not Applicable
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, No Par Value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 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 [X] No_______
State the aggregate market value of the voting stock held by non-affiliates of
the registrant. Trading in the Company's common stock is limited and sporadic
and its common stock has no readily established market value.
Indicate the number of shares outstanding of each of the registrant's classes of
common stock as of the latest practicable date. Common Stock, No Par Value,
1,955,044 shares outstanding at January 31, 2002.
Documents Incorporated by Reference
Document Part of Form 10K
-------- ----------------
Definitive Proxy Statement Parts I and III
PART I
Item 1. BUSINESS
--------
The registrant, Calcasieu Real Estate and Oil Co., Inc., (the
"Company") was incorporated under Louisiana law in 1930 to hold real estate and
royalty interests located in Southwest Louisiana.
The principal office of the Company is One Lakeside Plaza, Lake
Charles, Louisiana. The business of the Company is conducted primarily at the
principal offices of its officers, who have other full-time employment.
The principal business of the Company has been the ownership and
preservation of the assets acquired at the Company's organization and
subsequently. The Company's primary activities have consisted of leasing its
properties and collecting rents and royalties derived therefrom. The mineral
interests of the Company are located in the Parishes of Calcasieu, Allen,
Acadia, Cameron, St. Landry, St. Mary, Vermilion and Jefferson Davis in
Louisiana. The Company owns approximately 13,500 acres of land in fee in the
Parishes of Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, LaFourche,
Sabine, St. Landry and Vermilion in Louisiana. Most of the Company's land and
mineral interests are located within 100 miles of the City of Lake Charles, in
southwestern and central Louisiana.
Of this total, 5,766 represents a 1/6th interest in 34,596 acres, which
is managed by Walker Louisiana Properties, a joint venture consisting of the
land owners. The Company also owns a 40% interest in 1,577 of these acres. Of
the total acreage, the Company owns no minerals on 3,816 acres.
Operations
- ----------
The Company's income is derived primarily from its oil and gas
properties. Agriculture and timber income are the next largest sources of
income. Additional oil and gas income in the future will come from discoveries
on the Company's land. The Company is not involved in exploration and
production. The Company has a small working interest in five wells, which
occurred as a back-in under the original mineral lease. The Company does not
anticipate taking a working interest in future production.
Industry Segments
- -----------------
In addition to an oil and gas segment, the Company has also created
"Agriculture Properties" and "Timber Properties." The Company also receives
mineral rentals and royalties from some of these properties. Note 6 to the
Financial Statements on page 25 sets forth information on the business segments.
1
Employees
- ---------
The Company currently employs a total of five persons in a part-time
capacity. The Company is subject to no union contracts nor does the Company have
any pension, profit sharing or deferred compensation plans.
Customers
- ---------
The Company had three customers, the sales to which equal or exceed 10%
of the Company's total oil and gas revenues, exclusive of revenues paid Walker
Louisiana Properties. In 2001, sales to Neumin Production accounted for 30% of
revenues, sales to Riceland Petroleum accounted for 27% of oil and gas revenues
and sales to Woodlawn Energy accounted for 15%.
Item 2. PROPERTIES
----------
Until early 1990, the Company owned 2,022 acres in fee, a 50% undivided
interest in 440 acres, and a 40% undivided interest in 1,748 acres of immovable
(real) property located in the parishes of Allen, Beauregard, Calcasieu,
Jefferson Davis, Sabine and St. Landry in Louisiana. The Company also owns a 20%
interest in the minerals under approximately 3,330 surface acres, and a 40%
interest in the minerals under approximately 160 surface acres, located in the
parishes of Acadia, Allen, Cameron, Jefferson Davis, St. Landry, St. Mary and
Vermilion in Louisiana. All of the foregoing property is located in southwestern
and central Louisiana, within approximately 100 miles of the City of Lake
Charles. Approximately half of the acreage in which only mineral interests are
held is in oil and gas production. In addition, the Company owns fractional
royalty interest in 36 properties covering 6,040 gross acres in eight parishes
in Louisiana.
In February of 1990 the Company acquired a 12.5% undivided fee interest
in 34,309 acres (4,289) net acres) located in the Louisiana parishes of Allen,
Beauregard, Calcasieu, Cameron, Jefferson Davis, Sabine and Vermilion, and in
1999 the Company acquired an additional 4.17% interest in the same acreage. A
portion of these lands are the same as the 1,748 acres in which the company
owned a 40% position described in the first paragraph above. This property
consists of 17,088 gross acres of agriculture land, 7,572 acres of commercial
timber, 4,196 acres in pasture, 4,253 acres of marsh land and 1,200 acres for
future subdivision as it is contiguous to the city limits of Lake Charles.
During 2001, the Company, along with the co-owners, exchanged 25 acres of future
subdivision land for 440 acres of commercial timber land. The company
participates in oil and gas production in Southeast Lunita Field, Lake Arthur
Field, Edgerly Field, Welsh Field and North Indian Village Field. The largest
oil and gas income in 2000 came from the company's 50% ownership in 443 acres
that are located in the North English Bayou Field, Calcasieu Parish, developed
and operated by Neumin Production Company. The Company has also participated for
its 1/6th interest in the granting of oil and gas leases which are yet to be
drilled on Walker Louisiana acreage.
2
In April of 1992, the Company purchased 952 acres of timberland in
Calcasieu and Beauregard Parishes for $475,000.
On October 29, 1997, Calcasieu Real Estate and Oil Co., Inc. purchased
3,496 acres of land in Cameron Parish, Louisiana, from Amoco Production Company
for $1,663,000.
During 2001, the Company purchased 320 acres of commercial timber land
for $228,910.
The table below shows, for the years ended December 31, 2001, December
31, 2000, and December 31, 1999, net gas produced in thousands of cubic feet
(MCF) and net oil (including condensate and natural gas liquids) produced in
barrels (Bbl), average sales prices and average production costs, relating to
oil and gas attributable to the royalty interests and working interest held by
the Company.
Year Ended Year Ended Year Ended
12/31/99 12/31/00 12/31/01
------------ ------------ ------------
Net gas produced (MCF) 364,883 338,352 130,662
Average gas sales price (Per MCF)(1) $ 2.28 $ 3.56 $ 5.75
Net Oil Produced (Bbl) 32,987 10,258 9,732
Average Oil Sales price (Per Bbl)(1) $ 16.58 $ 27.55 $ 25.26
Average sales price of oil and gas per MCF $ 3.63 $ 3.72 $ 5.68
equivalent (1)(2)
Average production cost of oil and gas per
MCF equivalent (2)
Royalty Interests .13 .16 .22
Working Interests 1.48 .81 1.58
(1) Before deduction of production and
severance taxes.
(2) Oil production is converted to MCF
equivalents at the rate of 6 MCF's per
barrel, representing the approximate
relative energy content of oil and
natural gas.
Item 3. LEGAL PROCEEDINGS
-----------------
The Company is a co-defendant in a lawsuit filed by owners of eighty
acres, which the defendants owned the minerals. The landowners are asserting
that the mineral interest prescribed. Company's counsel has advised that he
cannot offer an opinion on the outcome awaiting review of the facts. The
defendants intend to defend the suit vigorously. The Company has been notified
by the National Pollution Funds Center that it is jointly and severally liable
along with all co-owners and certain past owners for a clean-up bill in the
amount of $385,804. The defendants intend to defend the claim vigorously.
3
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
---------------------------------------------------
There were no matters submitted to security holders during the fourth
quarter.
PART II
-------
Item 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER
--------------------------------------------------------------------
MATTERS
-------
As of January 31, 2002, the common stock of Calcasieu Real Estate and
Oil Co., Inc. was owned by 699 stockholders. During the three years preceding
the date hereof, there has been only limited and sporadic trading in the
Company's Common Stock, principally among its shareholders.
In the year ended December 31, 2001, 32,100 shares were traded with a
high of 6.25 and a low of 3.75. The last trade during this period was on October
5, 2001, for 200 shares at a price of 6.25. Below is the trading range.
Volume High Low
-------- -------- ---------
01/01/01 - 03/31/01 11,000 3.75 5.00
04/01/01 - 06/30/01 18,700 4.78 5.75
07/01/01 - 09/30/01 2,200 5.85 4.72
10/01/01 - 12/31/01 200 6.25 6.25
Dividends were paid per share on Common Stock as follows by record date:,
September 30, 1999, $.03; December 28, 1999, $.05; March 29, 2000, $.05; June
30, 2000, $.05; September 27, 2000, $.05; December 29, 2000, $.05 regular and
$.05 extra; March 30, 2001, $.05; June 28, 2001, $.05; September 24, 2001, $.05;
December 28, 2001, $.05 regular and $.05 extra;. There are no restrictions on
the paying of dividends.
Item 6. SELECTED FINANCIAL DATA
-----------------------
Ended Ended Ended Ended Ended
12/31/97 12/31/98 12/31/99 12/31/00 12/31/01
-------- -------- -------- -------- --------
Revenues $ 967,632 $ 897,027 $2,646,491 $2,497,118 $1,618,587
Income before income taxes 776,445 585,182 2,279,814 2,144,821 1,284,106
Earnings per common share (1) .26 .20 .78 .73 .45
Total assets $4,307,077 $4,759,327 $5,212,540 $6,035,717 $6,407,663
Cash Dividends declared per
common stock .12 .09 .08 .25 .25
(1) Earnings per common share presented are based on the weighted average
outstanding shares of about 1,955,044 in 2001, 1,956,000 in 2000, 1,979,000
in 1999, 1,995,000 in 1998, and 1,997,000 in 1997.
4
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
--------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
Business
- --------
You should read the following discussion and analysis of our financial
condition and results of operations together with "Selected Financial Data" and
our financial statements and related notes appearing elsewhere in this Annual
Report on Form 10-K. This discussion and analysis contains forward-looking
statements that involve risks, uncertainties and assumptions.
Overview
- --------
The Company receives most of its income from oil and gas operations.
The oil and gas revenues have declined steadily from $2,102,773 in 1999 to
$1,772,148 in 2000 to $1,146,622 in 2001. The principal cause of the decline has
been the decreasing production from the North English Bayou field due to
depletion. This decrease is expected to continue, but at a much slower rate.
Contributing to the decrease in oil and gas revenues has been much less seismic
and leasing activity. This activity reached its peak in 1999 and early 2000.
Since that time, prospects have been drilled or dropped. Average gas prices
received in 2001 were higher than in 2000 because most of the production was
received in the first quarter of 2001 when gas prices were much higher. They
declined steadily throughout the year.
It is anticipated that oil and gas revenues in 2002 will decrease again
due to lower prices and declining production. The Company has small interests in
three new wells expected to begin production in 2002, but it is doubtful if they
will offset the production from the North English Bayou field. Average prices
for gas are anticipated to be lower in 2002 than 2001.
The Company is more actively managing its timber properties. Revenues
from timber properties have increased substantially in the last three years
compared to earlier years. The revenues of $460,963 for 2000 were unusually high
due to cuttings necessitated by fires. Revenues for 2001 declined to $249,591.
Agriculture income in 2001 was virtually unchanged from 2000.
Production in 2001 was higher but prices were lower.
The Company is shifting more land from crop payments to cash rents and
shifting more expenses to the farmers. Future income depends on crop production,
prices and support programs.
Comparison of 2001 and 2000
- ---------------------------
Revenues decreased 35.7% in 2001 from 2000 primarily due to decrease in
gas production of 61.4%. This decrease was partially offset by higher gas
prices. Timber income decreased 45.9% due to lower sales volume and lower
prices. Net income after tax and earnings per share decreased 39.9% from 2000 to
2001.
5
Liquidity and Capital Resources
- -------------------------------
The Company has a strong liquid position. The cash and cash equivalents
was unusually high on December 31, 2001, due to the maturity of treasury bills
at year-end that had not yet been reinvested. The Company maintains a strong
liquid position to help maintain the dividend and provide the Company with the
resources to be able to purchase real estate that comes on the market at an
attractive price.
Management believes that the Company's liquidity and revenues will be
sufficient to meet its existing capital needs and the needs of its anticipated
future operations.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
-------------------------------------------
All Financial statements required by Regulation S-X are listed in the
Table of Contents to Financial Statements and Supplemental Schedules appearing
immediately after the signature page of this Form 10K and are included herein by
reference. See Item 14.
Item 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
----------------------------------------------------
Not applicable
PART III
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
--------------------------------------------------
The information required by Item 10 as to directors is included in the
Registrant's definitive proxy statement to be filed pursuant to Section 14(a) of
the Securities Exchange Act of 1934 and is included herein by reference.
Executive officer of Registrant as of February, 2001, are as follows:
Name Age Position with Registrant
---- --- ------------------------
Arthur Hollins, III 71 President & Director
William D. Blake 69 Vice President, Treasurer and Director
Charles D. Viccellio 68 Vice President, Secretary and Director
6
The occupations of such executive officers during the last five years and other
principal affiliations are:
Name
----
Arthur Hollins, III Director of the Company since 1975; President of
the Company since 1979; Chairman of the Board at
the First National Bank of Lake Charles from 1968
to 1998; President of Bank One, Southwest
Louisiana, from 1998 to April, 1999.
William D. Blake Director of the Company since 1966; Secretary-
Treasurer of the Company from 1966-1979; Vice-
President and Treasurer of the Company since 1979;
President of Lacassane Co., Inc. and Howell
Industries, Inc.; Director of Sweetlake Land and
Oil Co., Inc.
Charles D. Viccellio Vice-President and Secretary of the Company since
1997 and Director of the Company since 1996.
Partner in the law firm of Stockwell, Sievert,
Viccellio, Clements & Shaddock, LLP.
Item 11. EXECUTIVE COMPENSATION
----------------------
The information required by Item 11 is included in the Registrant's
definitive proxy statement to be filed pursuant to Section 14(a) of the
Securities and Exchange Act of 1934 and is included herein by reference.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
--------------------------------------------------------------
The information required by Item 12 is included in the Registrant's
definitive proxy statement to be filed pursuant to Section 14(a) of the
Securities Exchange Act of 1934 and is included herein by reference.
PART IV
Item 13. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON
---------------------------------------------------------
FORM 8-K
--------
(a) The following documents are filed as part of the report:
1. All Financial Statements. See Table of Contents to Financial
Statements and schedule on page 9.
2. Financial Statement Schedules. See Table of Contents to
Financial Statements and Schedules on page 9.
3. List of Exhibits - None
(b) Reports on Form 8-K - None
7
SIGNATURES
Pursuant to the requirement of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly authorized.
CALCASIEU REAL ESTATE AND OIL CO., INC.
BY: /s/ Arthur Hollins, III
-----------------------------------
Arthur Hollins, III, President
Dated March 5, 2002
Pursuant to the requirements of the Securities Act of 1934, this report
has been signed below by the following persons in the capacities with regard to
Calcasieu Real Estate and Oil Co., Inc. and on the date indicated:
President
Arthur Hollins, III (Chief Executive Officer and Director)
- -------------------------------------
Vice President & Treasurer
William D. Blake (Principal Financial Officer and Director)
- -------------------------------------
Charles D. Viccellio Vice President & Secretary, (Director)
- -------------------------------------
Henry C. Alexander Director
- -------------------------------------
Troy A. Freund Director
- -------------------------------------
Laura A. Leach Director
- -------------------------------------
Frank O. Pruitt Director
- -------------------------------------
B. James Reaves, III Director
- -------------------------------------
Mary W. Savoy Director
- -------------------------------------
Dated: March 5, 2002
8
CALCASIEU REAL ESTATE & OIL CO., INC.
Lake Charles, Louisiana
C O N T E N T S
Page
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION 9
FINANCIAL STATEMENTS
Balance sheets 10
Statements of income 11
Statements of changes in stockholders' equity 12-13
Statements of cash flows 14-15
Notes to financial statements 16-29
SUPPLEMENTARY INFORMATION
Property, plant and equipment 30
Accumulated depreciation, depletion and amortization 31
SCHEDULE OMITTED
Schedules, other than those listed above, have been omitted because of the
absence of the conditions under which they are required or because the
required information is included in the financial statements or notes
thereto.
9
[LETTERHEAD OF MCELROY, QUIRK & BURCH]
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors
Calcasieu Real Estate & Oil Co., Inc.
Lake Charles, Louisiana
We have audited the accompanying balance sheets of Calcasieu Real Estate &
Oil Co., Inc. as of December 31, 2001 and 2000, and the related statements of
income, changes in stockholders' equity, and cash flows for the years ended
December 31, 2001, 2000 and 1999. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Calcasieu Real Estate & Oil
Co., Inc. as of December 31, 2001 and 2000, and the results of its operations
and its cash flows for the years ended December 31, 2001, 2000 and 1999, in
conformity with accounting principles generally accepted in the United States of
America.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on pages 30
and 31 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Lake Charles, Louisiana
March 7, 2002
10
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEETS
December 31, 2001 and 2000
ASSETS 2001 2000
----------- -----------
CURRENT ASSETS
Cash and cash equivalents $ 1,419,084 $ 638,063
Accounts receivable 93,748 129,220
Inventory-harvested crops 11,042 4,427
Prepaid income taxes 171,143 74,878
Prepaid expense and other 3,309 3,309
----------- -----------
Total current assets 1,698,326 849,897
----------- -----------
SECURITIES AVAILABLE-FOR-SALE 377,732 1,058,359
----------- -----------
PROPERTY AND EQUIPMENT (less accumulated depreciation,
depletion and amortization of $449,534 in 2001 and
$449,424 in 2000) 94,043 97,103
Timber (less accumulated depletion of $281,343 in
2001 and $258,968 in 2000) 498,569 414,458
Land 3,738,993 3,615,900
----------- -----------
4,331,605 4,127,461
----------- -----------
$ 6,407,663 $ 6,035,717
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade payables and accrued expenses $ 5,968 $ 15,082
Dividends payable 195,737 195,504
Income taxes payable:
Current - -
Deferred, net 26,893 30,614
----------- -----------
Total current liabilities 228,598 241,200
----------- -----------
STOCKHOLDERS' EQUITY
Common stock, no par value; 3,000,000 shares
authorized; 2,100,000 shares issued 72,256 72,256
Retained earnings 6,387,579 6,004,642
Accumulated other comprehensive income 26,059 24,448
----------- -----------
6,485,894 6,101,346
Less cost of treasury stock (2001 144,956 shares
and 2000 144,956 shares) 306,829 306,829
----------- -----------
6,179,065 5,794,517
----------- -----------
$ 6,407,663 $ 6,035,717
=========== ===========
See Notes to Financial Statements.
11
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME
Years Ended December 31, 2001, 2000 and 1999
2001 2000 1999
----------- ----------- -----------
Revenues $ 1,618,587 $ 2,497,118 $ 2,646,491
----------- ----------- -----------
Costs and expenses:
Oil and gas production 62,636 78,176 84,605
Agricultural 8,176 10,601 12,886
Timber 32,910 61,359 45,651
Depreciation, depletion and amortization 28,566 38,490 20,484
----------- ----------- -----------
132,288 188,626 163,626
----------- ----------- -----------
Income from operations 1,486,299 2,308,492 2,482,865
----------- ----------- -----------
Other income (expense):
Interest income 28,243 38,907 22,508
Dividends on stock 27,617 11,402 2,159
Realized gain on sale of investments in
available-for-sale securities 27,654 - -
Gain on sale of assets 4,991 414 31,536
General and administrative (290,698) (214,394) (207,962)
Interest expense - - (51,292)
----------- ----------- -----------
(202,193) (163,671) (203,051)
----------- ----------- -----------
Income before income taxes 1,284,106 2,144,821 2,279,814
----------- ----------- -----------
Federal and state income taxes:
Current 415,864 706,592 732,622
Deferred (4,364) 2,200 2,132
----------- ----------- -----------
411,500 708,792 734,754
----------- ----------- -----------
Net income (per common share):
2001 $.45; 2000 $.73; 1999
$.78 $ 872,606 $ 1,436,029 $ 1,545,060
=========== =========== ===========
See Notes to Financial Statements.
12
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Years Ended December 31, 2001, 2000 and 1999
Accumulated
Other Capital
Comprehensive Retained Comprehensive Stock Treasury
Income Earnings Income Issued Stock
------------- ----------- ------------- --------- ---------
Balance, January 1, 1999 $ - $ 3,669,193 $ 3,884 $ 72,256 $ 193,353
Comprehensive income:
Net income 1,545,060 1,545,060 - - -
Other comprehensive income:
Unrealized gains on securities
available for sale:
Unrealized holding gains
occurring during period net
of taxes of $5,568 8,202 - - - -
-------------
Other comprehensive income, net
of tax 8,202 - 8,202 - -
-------------
Total comprehensive income $ 1,553,262 - - - -
=============
Purchase of treasury stock - - - 19,604
Refund of prior year unclaimed
dividends and other 3,666 - - -
Dividends (158,300) - - -
----------- ------------- --------- ---------
Balance, December 31, 1999 5,059,619 12,086 72,256 212,957
Comprehensive income:
Net income $ 1,436,029 1,436,029 - - -
Other comprehensive income:
Unrealized gains on securities
available for sale:
Unrealized holding gains
occurring during period net
of taxes of $8,240 12,362 - - - -
-------------
Other comprehensive income, net
of tax 12,362 - 12,362 - -
-------------
Total comprehensive income $ 1,448,391 - - - -
=============
(continued on next page)
13
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Years Ended December 31, 2001, 2000 and 1999
(Continued)
Accumulated
Other Capital
Comprehensive Retained Comprehensive Stock Treasury
Income Earnings Income Issued Stock
------------- ----------- ------------- --------- ---------
Purchase of treasury stock - - - 93,872
Refund of prior year unclaimed
dividends and other 1,542 - - -
Dividends (492,548) - - -
----------- ------------- --------- ---------
Balance, December 31, 2000 6,004,642 24,448 72,256 306,829
Comprehensive income:
Net income $ 872,606 872,606 - - -
Other comprehensive income:
Unrealized gains on securities
available for sale:
Unrealized holding gains
occurring during period net
of taxes of $3,212 5,464 - - - -
Less reclassification adjustments
for gains included in net
income, net of taxes of $2,569 (3,853) - - - -
-------------
Other comprehensive income, net
of tax 1,611 - 1,611 - -
-------------
Total comprehensive income $ 874,217 - - - -
=============
Dividends (489,669) - - -
----------- ------------- --------- ---------
Balance, December 31, 2001 $ 6,387,579 $ 26,059 $ 72,256 $ 306,829
=========== ============= ========= =========
See Notes to Financial Statements.
14
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2001, 2000 and 1999
2001 2000 1999
----------- ---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 872,606 $ 1,436,029 $ 1,545,060
Noncash (income) expenses included in net income:
Depreciation, depletion and amortization 29,566 39,282 20,484
Realized (gains) on sale of available-for-sale
securities (27,654) - -
Gain on sale of assets (4,991) (414) (31,536)
Loss on asset retirement - 883 926
Deferred income tax (4,365) 2,200 2,132
Change in assets and liabilities:
(Increase) decrease in trade accounts and
other receivables 35,471 323,735 (301,289)
(Increase) decrease in inventory (6,616) 5,855 1,695
(Increase) decrease in prepaid income taxes (96,265) (74,878) 71,882
(Increase) decrease in prepaid expenses - (2,635) 99
Increase (decrease) in trade payables (8,879) 3,938 3,434
Increase (decrease) in other liabilities - (151,282) 250,221
----------- ----------- -----------
Net cash provided by operating activities 788,873 1,582,713 1,563,108
----------- ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from rights of way 500 500 43,846
Proceeds from sale of timber and land 22,041 54,917 123,142
Available-for-sale securities:
Purchases (590,114) (961,489) -
Sales 1,300,000 - -
Purchase of land, property and equipment (250,610) (22,087) (10,149)
----------- ----------- -----------
Net cash provided by (used in) investing
activities 481,817 (928,159) 156,839
----------- ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on long-term borrowing - - (1,187,064)
Dividends paid, net of refunds (489,669) (394,440) (154,635)
Payments to acquire treasury stock - (93,872) (19,604)
----------- ----------- -----------
Net cash (used in) financing activities (489,669) (488,312) (1,361,303)
----------- ----------- -----------
Net increase in cash and cash equivalents 781,021 166,242 358,644
Cash and cash equivalents:
Beginning 638,063 471,821 113,177
----------- ----------- -----------
Ending $ 1,419,084 $ 638,063 $ 471,821
=========== =========== ===========
(continued on next page)
15
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2001, 2000 and 1999
(Continued)
2001 2000 1999
----------- ---------- ----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash payments for:
Interest $ - $ - $ 53,506
Income taxes 522,640 932,752 509,458
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Net change in unrealized and realized
gains on available-for-sale securities 1,611 12,362 8,202
See Notes to Financial Statements.
16
CALCASIEU REAL ESTATE & OIL CO., INC.
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Business and Significant Accounting Policies
Nature of business:
The Company's business is the ownership and management of land. The
primary activities consist of leasing its properties for mineral (oil
and gas) and agriculture and raising timber.
Significant accounting policies:
Cash and cash equivalents:
For purposes of the statement of cash flows, cash equivalents
include time deposits, certificates of deposit, and all highly
liquid debt instruments with original maturities of three months
or less.
Inventory:
Inventory consists of harvested crops valued at estimated selling
price at the date of the balance sheet.
Pervasiveness of estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Agricultural revenue:
Most agricultural income is derived under U.S. Government subsidy
programs. Under these programs, loans are made against crops as
harvested. However, delivery of the crops fulfills any further
obligation under the loan agreement, and thus revenues are recognized
as the harvested crops are delivered. Differences in the price at
ultimate sale of the products could result from quantity, grade, and
price, and additional revenues are derived at that time.
17
NOTES TO FINANCIAL STATEMENTS
Investment securities:
The Company complies with the provisions of Financial Accounting
Standards Board Statement No. 115, Accounting for Certain Investments
in Debt and Equity Securities. Under the provisions of this
statement, management must make a determination at the time of
acquisition whether certain investments in debt and equity securities
are to be held as investments to maturity, held as available for
sale, or held for trading. Management, under a policy adopted by the
board of directors of the Company, made a determination that all debt
and equity securities owned at that date and subject to the
provisions of the statement would be classified as held available-
for-sale.
Under the accounting policies provided for investments classified as
held available-for-sale, all such debt securities and equity
securities that have readily determinable fair value shall be
measured at fair value in the balance sheet. Unrealized holding gains
and losses for available-for-sale securities shall be excluded from
earnings and reported as a net amount (net of income taxes) as a
separate component of retained earnings until realized. Realized
gains and losses and declines in value judged to be other than
temporary on available-for-sale securities are included in income.
The cost of securities sold is based on the specific identification
method. Interest on debt securities is recognized in income as
earned, and dividends on marketable equity securities are recognized
in income when declared.
Property and equipment:
Property and equipment is stated at cost. Major additions are
capitalized; maintenance and repairs are charged to income currently.
Depreciation is computed on the straight-line and accelerated methods
over the estimated useful lives of the assets.
Successful efforts accounting method:
The Company uses the successful efforts method of accounting for its
oil and gas operations. Under the successful efforts method, the
costs of acquiring mineral interest, drilling and equipping
successful exploratory wells, and all development wells and related
facilities are capitalized. All other exploration costs, including
geological and geophysical costs, lease rentals and the cost of
drilling unsuccessful exploratory wells are charged to expense. Due
to the Company's small percentage ownership (in relation to the
total) of oil and gas properties, reserve information is not
available to the Company for mineral interests acquired. Depletion of
these interests is computed
18
NOTES TO FINANCIAL STATEMENTS
on the straight-line and accelerated methods over an estimated life
of five to seven years. Acquisition costs of proved mineral interests
for which reserve information is available are depleted using the
unit-of-production method based on production and estimated proved
reserves. Related tangible and intangible costs are depreciated and
amortized using the unit-of-production method based on production and
estimated proved developed reserves.
Earnings per share:
Earnings per share is based on the weighted average number of common
shares outstanding during the years.
Income taxes:
The Company complies with the provisions of FASB Statement of
Financial Accounting Standards 109, Accounting for Income Taxes
relative to the reporting of income taxes. This statement requires an
asset and liability approach for financial accounting and reporting
for income taxes. The objectives are to recognize the amount of taxes
payable or refundable for the current year, and to recognize deferred
tax liabilities and assets for the future tax consequences of events
that have been recognized in the Company's financial statements or
tax returns. The elements with different bases for financial and tax
purposes are property and equipment, investments, accounts
receivable, inventory and accounts payable.
The basic principles to be applied in accounting for income taxes at
the date of the financial statements are:
1. A current tax liability or asset is recognized for the estimated
taxes payable or refundable on tax returns for the current year.
2. A deferred tax liability or asset is recognized for the estimated
future tax effects attributable to temporary differences and
carryforwards.
3. Themeasurement of current and deferred tax liabilities and assets
is based on provisions of the enacted tax law; the effects of
future changes in tax laws or rates are not anticipated.
19
NOTES TO FINANCIAL STATEMENTS
4. Themeasurement of deferred tax assets is reduced, if considered
necessary, by the amount of any tax benefits that, based on
available evidence, are not expected to be realized.
Comprehensive income:
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income". This
statement establishes standards for reporting and displaying
comprehensive income and its components in the financial statements.
Total comprehensive income and the components of accumulated other
comprehensive income are presented in the Statements of Changes in
Stockholders' Equity. Prior periods have been reclassified to conform
to the requirements of SFAS 130. SFAS 130 had no impact on the
Company's net income or stockholders' equity.
Reclassifications:
Certain prior year balances have been reclassified in order to
conform to current year presentation.
Note 2. Securities Available-for-Sale
Debt and equity securities have been classified in the balance sheet
according to management's intent in the current and noncurrent asset
sections under the headings securities available-for-sale. The carrying
amount of securities and their approximate fair values at December 31,
2001 and 2000 follow:
Gross Gross
Amortized Unrealized Unrealized
December 31, 2001 Cost Gains Losses Fair Value
----------- ---------- ---------- -----------
Available-for-sale securities:
Equity securities $ 56,123 $ 7,189 $ - $ 63,312
Preferred equity securities 279,257 35,163 - 314,420
----------- ---------- ---------- -----------
$ 335,380 $ 42,352 $ - $ 377,732
=========== ========== ========== ===========
December 31, 2000
Available-for-sale securities:
Equity securities $ 56,123 $ 18,706 $ - $ 74,829
Preferred equity securities 279,257 15,619 - 294,876
U.S. government securities 682,232 6,422 688,654
----------- ---------- ---------- -----------
$ 1,017,612 $ 40,747 $ - $ 1,058,359
=========== ========== ========== ===========
20
NOTES TO FINANCIAL STATEMENTS
Gross realized gains and gross realized losses on sales of available-
for-sale securities during 2001 are presented below. There were no
gross realized gains and gross realized losses on sales of available-
for-sale securities during 1999 and 2000.
2001 Gains Losses
---- ----------- ----------
Gross realized gains:
U.S. government and agency securities $ 27,654 $ -
Municipal securities - -
Equity securities - -
----------- ----------
$ 27,654 $ -
=========== ==========
Note 3. Oil and Gas Properties
Results of operations for oil and gas producing activities at December
31, 2001, 2000 and 1999 is as follows:
2001 2000 1999
----------- ----------- -----------
Gross revenues:
Royalty interests $ 1,106,226 $ 1,555,838 $ 2,017,723
Working interests 40,396 63,851 24,095
----------- ----------- -----------
1,146,622 1,619,689 2,041,818
Less:
Production costs 62,636 78,176 84,605
Depreciation, depletion and
amortization - - 318
----------- ----------- -----------
Results before income tax
expenses 1,083,986 1,541,513 1,956,895
Income tax expenses 347,370 509,419 630,682
----------- ----------- -----------
Results of operations from
producing activities
(excluding corporate
overhead) $ 736,616 $ 1,032,094 $ 1,326,213
=========== =========== ===========
21
NOTES TO FINANCIAL STATEMENTS
Costs incurred in oil and gas activities:
The major costs incurred in connection with the Company's oil
and gas operations (which are conducted entirely within the
United States) at December 31, 2001, 2000 and 1999 are as
follows:
2001 2000 1999
---------- ---------- ----------
Acquisition costs-working and
royalty interests $ - $ - $ -
========== ========== ==========
Exploration costs $ - $ - $ -
========== ========== ==========
Development costs $ - $ - $ 932
========== ========== ==========
Reserve quantities (unaudited):
Reserve information relating to estimated quantities of the
Company's interest in proved reserves of natural gas and crude
(including condensate and natural gas liquids) is not
available. Such reserves are located entirely within the United
States. A schedule indicating such reserve quantities is,
therefore, not presented.
The wells remain in production at December 31, 2001, including
royalty interests and working interests obtained through
back-in provisions of royalty agreements. Production from such
royalty interests and working interests comprises 100% of the
Company's oil and gas revenues in 2001, 2000 and 1999.
Actual production has exceeded original estimates of reserves,
and remaining reserves have not been revised. Therefore, the
Company is not able to complete the computations of discounted
future cash flows and reconciliation thereof.
22
NOTES TO FINANCIAL STATEMENTS
Note 4. Income Taxes
The Company files federal income tax returns on a calendar year basis.
The net deferred tax liability in the accompanying balance sheet
includes the following components at December 31, 2001 and 200:
2001 2000
---------- ----------
Deferred tax assets $ 341 $ -
Deferred tax liabilities (10,293) (14,316)
Deferred tax liabilities on unrealized
appreciation of securities available
for sale (16,941) (16,298)
---------- ----------
Net deferred tax liability $ (26,893) $ (30,614)
========== ==========
A reconciliation between income taxes, computed by applying statutory
tax rates to income before income taxes and income taxes provided at
December 31, 2001, 2000 and 1999 is as follows:
2001 2000 1999
--------- --------- ---------
Tax at statutory rates $ 436,596 $ 729,239 $ 775,137
Tax effect of the following:
Statutory depletion (52,305) (82,145 (99,490)
Dividend exclusion (6,573) (2,714) (514)
State income tax 34,465 60,375 61,094
Investment tax credit (167) - (167)
Other (516) 4,037 (1,306)
--------- --------- ---------
$ 411,500 $ 708,792 $ 734,754
========= ========= =========
23
NOTES TO FINANCIAL STATEMENTS
Deferred income taxes result from timing differences in the
recognition of revenue and expenses for tax and financial statement
purposes. The effect of these timing differences at
December 31, 2001 and 2000 is as follows:
2001 2000
--------- ---------
Conversion of investment from tax cash basis
to accrual basis for financial
reporting $ (9,940) $ (14,304)
Excess of depreciation and depletion
expensed for tax purposes (under)
amount expensed for financial
statement purposes (12) (12)
Unrealized gain on marketable securities (16,941) (16,298)
--------- ---------
$ (26,893) $ (30,614)
========= =========
Note 5. Line of Credit
As of December 31, 2001, the Company had available an unsecured line
of credit in the amount of $750,000. The balance on this line of
credit was $-0- at December 31, 2001.
Note 6. Company Operations
Effective January 1, 1998, the Company adopted the Financial
Accounting Standards Board Statement No. 131, "Disclosures About
Segments of an Enterprise and Related Information". This statement
replaces Statement No. 14, "Financial Reporting for Segments of a
Business Enterprise", and establishes new standards for defining the
Company's segments and disclosing information about them. It requires
that the segments be based on the internal reporting of the Company's
operations.
The Company's operations are classified into three principal operating
segments which are all located in the United States: oil and gas
properties, agricultural properties, and timber properties. The
Company's reportable business segments are strategic business units
that offer income from different products. They are managed separately
due to the unique aspects of each area.
24
NOTES TO FINANCIAL STATEMENTS
Following is a summary of segmented information for 2001, 2000 and
1999:
2001 2000 1999
----------- ----------- -----------
REVENUES
Oil and gas properties $ 1,146,622 $ 1,772,148 $ 2,102,773
Agricultural properties 176,387 178,897 197,719
Timber properties 249,591 460,963 308,411
All other segments 45,987 85,110 37,588
----------- ----------- -----------
$ 1,618,587 $ 2,497,118 $ 2,646,491
=========== =========== ===========
COSTS AND EXPENSES
Oil and gas properties $ 62,636 $ 78,176 $ 84,923
Agricultural properties 13,288 15,126 16,667
Timber properties 54,286 93,962 61,104
All other segments 2,078 1,362 932
----------- ----------- -----------
$ 132,288 $ 188,626 $ 163,626
=========== =========== ===========
INCOME FROM OPERATIONS
Oil and gas properties $ 1,083,986 $ 1,693,972 $ 2,017,850
Agricultural properties 163,099 163,771 181,052
Timber properties 195,305 367,000 247,307
All other segments 43,909 83,749 36,656
----------- ----------- -----------
1,486,299 2,308,492 2,482,865
OTHER INCOME (EXPENSE) (202,193) (163,671) (203,051)
----------- ----------- -----------
INCOME BEFORE INCOME TAXES $ 1,284,106 $ 2,144,821 $ 2,279,814
=========== =========== ===========
IDENTIFIABLE ASSETS
Oil and gas properties $ 642,952 $ 683,952 $ 980,179
Agricultural properties 2,525,291 2,522,280 2,530,002
Timber properties 1,210,651 964,852 1,067,912
All other segments 90,677 90,024 85,685
----------- ----------- -----------
4,469,571 4,261,108 4,663,778
GENERAL AND CORPORATE ASSETS 1,761,672 1,699,731 548,762
----------- ----------- -----------
TOTAL ASSETS $ 6,231,243 $ 5,960,839 $ 5,212,540
=========== =========== ===========
25
NOTES TO FINANCIAL STATEMENTS
2001 2000 1999
----------- ----------- -----------
CAPITAL EXPENDITURES
Oil and gas properties $ - $ 633 $ 2,947
Agricultural properties 4,022 10,479 -
Timber properties 245,798 19,294 3,453
All other segments 653 5,443 3,749
----------- ----------- -----------
$ 250,473 $ 35,849 $ 10,149
=========== =========== ===========
DEPRECIATION, DEPLETION AND
AMORTIZATION
Oil and gas properties $ - $ - $ 318
Agricultural properties 5,113 4,525 3,781
Timber properties 21,375 32,604 15,453
All other segments 3,078 2,153 932
----------- ----------- -----------
$ 29,566 $ 39,282 $ 20,484
=========== =========== ===========
There are no intersegment sales reported in the accompanying
income statements. The accounting policies of the segments are the
same as those described in the summary of significant accounting
policies. The Company evaluates performance based on profit or
loss from operations before income taxes excluding nonrecurring
gains and losses on securities held available for sale. Income
before income tax represents net sales less operating expenses and
other income and expenses of a general corporate nature.
Identifiable assets by segment are those assets that are used in
the Company's operations within that industry. General corporate
assets consist principally of cash and cash items, accounts
receivable, and marketable equity and debt securities.
The following summarizes major customer information at December
31, 2001, 2000 and 1999 from oil and gas revenues:
Sales to Purchaser as a
Percentage of Total Revenues
------------------------------------------
Purchaser 2001 2000 1999
--------- --------- --------- ---------
Riceland Petroleum Company 27% 4% 2%
Mitchell Energy 0% 6% 12%
Neumin Production 30% 65% 78%
Woodlawn 15% 6% 2%
26
NOTES TO FINANCIAL STATEMENTS
Note 7. Related Party Transactions
During 2001, 2000 and 1999, some board members entered into leases
with the Company for water fowl hunting. Lease income from these
leases amounted to $1,200 for the year 2001, $3,200 for the year 2000,
and $4,800 for the year ended December 31, 1999.
In 1990, the Company purchased interests in properties managed by
Walker Louisiana Properties (WLP), such properties being subject to a
management agreement.
Note 8. Supplementary Income Statement Information
Taxes, other than income taxes, of $98,116, $109,569 and $117,129,
were charged to expense during 2001, 2000 and 1999, respectively.
Note 9. Operating Leases
The Company leases agricultural land to a third party. This agreement,
with an original expiration date of September 30, 2002, was extended
during year 2000 to September 30, 2004. The annual lease rental is
$40,000. The lease requires payment of normal maintenance and
insurance. The lease also requires the lessee to construct specific
improvements to the property at an expenditure of at least $60,000 as
additional consideration during the original term of the contract. In
the event the lessee fails to spend $60,000 on the above mentioned
improvements prior to September 30, 2002, the amounts unspent will be
due and payable to the Company on September 30, 2002. As a condition
of extending the lease contract for an additional two year period, the
lessee is required to spend $40,000 each year for additional
improvements to the properties, in addition to the annual lease
payments.
Total future minimum rental income under operating leases as of
December 31, 2001 for the next five years is as follows:
Years Ending December 31,
-------------------------
2002 $ 40,000
2003 40,000
2004 40,000
2005 -
2006 -
27
NOTES TO FINANCIAL STATEMENTS
Note 10. Concentration of Credit Risk
The Company maintains its cash balances in one financial institution.
The amount on deposit in the financial institution is insured by the
Federal Deposit Insurance Corporation up to $100,000.
Note 11. Disclosures About Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair
value of each class of financial instruments for which it was
practical to estimate that value:
Cash and cash equivalents:
For these short-term instruments, the carrying amount is a
reasonable estimate of fair value.
Securities available-for-sale:
Debt and equity securities were valued at fair value, which
equals quoted market price.
The estimated fair value of the Company's financial instruments at
December 31, 2001 and 2000 are as follows. Amounts are presented in
thousands.
2001 2000
----------------------- -----------------------
Carrying Fair Carrying Fair
Financial Assets Value Value Value Value
--------- --------- --------- ---------
Cash and cash equivalents $ 1,419 $ 1,419 $ 638 $ 638
Securities available for
sale 378 378 1,058 1,058
--------- --------- --------- ---------
$ 1,797 $ 1,797 $ 1,696 $ 1,696
========= ========= ========= =========
28
NOTES TO FINANCIAL STATEMENTS
Note 12. Commitments and Contingencies
The Company is a co-defendant in a lawsuit filed by previous owners of
property that is now partially owned by the Company. In this suit, the
Plaintiffs assert that the sale of a strip of property in 1914 created
two servitudes, one of which, the co-defendants claim ownership,
expired by liberative prescription in 1940. The Company has indicated
that it will defend the suit vigorously, and it is anticipated that a
motion for summary judgment in favor of the defendants will be filed
in the near future.
The Company has been notified by the National Pollution Funds Center
that the Company, as well as the other various owners of the land
managed by Walker Louisiana Properties, together with certain past
owners, are jointly and severally liable for $385,804, the cost of an
environmental clean-up. The Company is contesting the claim since the
damage occurred prior to the Company's ownership and the Company is an
innocent land owner.
29
CALCASIEU REAL ESTATE & OIL CO., INC.
PROPERTY, PLANT AND EQUIPMENT
Years Ended December 31, 2001, 2000 and 1999
Balance, Adjustments Balance,
Beginning and End of
2001 of Period Additions Retirements Period
---- ----------- ----------- ----------- -----------
Oil and gas properties-proved $ 456,751 $ - $ - $ 456,751
Other property:
Buildings and equipment 89,776 4,675 7,626 86,825
Timber 673,426 122,206 15,720 779,912
Land 3,615,900 123,592 500 3,738,992
----------- ----------- ----------- -----------
$ 4,835,853 $ 250,473 $ 23,846 $ 5,062,480
=========== =========== =========== ===========
2000
----
Oil and gas properties-proved $ 458,185 $ - $ 1,435 $ 456,751
Other property:
Buildings and equipment 90,885 15,922 17,031 89,776
Timber 715,064 19,295 60,933 673,426
Land 3,615,791 632 522 3,615,900
----------- ----------- ----------- -----------
$ 4,879,925 $ 35,849 $ 79,921 $ 4,835,853
=========== =========== =========== ===========
1999
----
Oil and gas properties-proved $ 444,236 $ 2,947 $ (11,002) $ 458,185
Other property:
Buildings and equipment 87,136 3,749 - 90,885
Timber 803,086 3,453 91,475 715,064
Land 3,660,478 - 44,687 3,615,791
----------- ----------- ----------- -----------
$ 4,994,936 $ 10,149 $ 125,160 $ 4,879,925
=========== =========== =========== ===========
30
CALCASIEU REAL ESTATE & OIL CO., INC.
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Years Ended December 31, 2001, 2000 and 1999
Balance, Adjustments Balance,
Beginning and End of
2001 of Period Additions Retirements Period
---- ----------- ----------- ----------- -----------
Oil and gas properties-proved $ 379,535 $ - $ - $ 379,535
Other property:
Buildings and equipment 69,889 7,191 7,081 69,999
Timber 258,968 22,375 - 281,343
----------- ----------- ----------- -----------
$ 708,392 $ 29,566 $ 7,081 $ 730,877
=========== =========== =========== ===========
2000
----
Oil and gas properties-proved $ 377,039 $ 2,496 $ - $ 379,535
Other property:
Buildings and equipment 73,468 4,525 8,104 69,889
Timber 228,876 32,261 2,169 258,968
----------- ----------- ----------- -----------
$ 679,383 $ 39,282 $ 10,273 $ 708,392
=========== =========== =========== ===========
1999
----
Oil and gas properties-proved $ 362,770 $ 3,050 $ (11,219) $ 377,039
Other property:
Buildings and equipment 71,487 1,981 - 73,468
Timber 213,423 15,453 - 228,876
----------- ----------- ----------- -----------
$ 647,680 $ 20,484 $ (11,219) $ 679,383
=========== =========== =========== ==========
31