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The followinK sable summarizes actir, ity in the 10.011 and Gas Producing Aetlvitles:
<br />Company's ;rock option pl ans from Ju ly 1 1983 to l one 3Q Capitalized Costs Relating to Oil and Gas Producing
<br />1986: Activities:
<br /> At lone 30, 1986 and 1985, capitalized costs relating to
<br /> Nnn,ber of _ Opuon Pace oil and gas producing activities were comprised uf:
<br /> Sh, rus Per $hure Tu4il
<br />Qu(standing and e~rrci.able at
<br /> lone 30, 1486
<br />luly I, 19ri3 Ifi1,041 $'_.ai~ 7.17 rift4,32fi
<br />Granted 53.1 SU 1'.511 671,875 Total United Slale~ Cunuda Ausl ralia
<br />Eten:ised 12a.04II 2a4 h81 1135251) Proven
<br />Oulslandin,k and eaelt, i.able al Prupcrne> $37,443,553 $37.443.553 5 - 5 -
<br />Ime30.1983 Ia6.T50 575-R.50 LS?U,45U Unpnrcen
<br />Eaerci.erl (111.5331 5.:5 1(,0,6''31 PruperUe< 5,764,594 4ff1U.465 - SS4,1?9
<br />Ourslandinri and even isahle al 43,20ft,N7 3!.354,U1a - ri53.119
<br />Iune 3U. 1485 176.'_U7 SJS-IL50 I,-160.3?7 Less
<br />Granters ?I3,,"50 1 SIl 7J8,1'S Acc unto lased
<br />E~pued IIO?.20U1 1.50-12.50 (L(15,31U1 Deprel iahun
<br /> Depletion,
<br />Oulga nchn4 and enerasahle a1
<br /> Anu irlizahun
<br />lone 3Q 19ftL 287,1 Si $35U I2.SU
<br />~~ $1,fi03.U2 and Valuauun
<br /> Albwanrr 133.1111,4561 i33,3U?,0531 - 1,-04,30 i1
<br />B. Md~Or CUStOmerS: $ 9,196.691 $ 9,05I,4fi5 $ - $14-1,716
<br />During the yeah ended lone 30. 1986, 198.'3 and 1984, the
<br />Company had oil and gas sales to certain axtomers which
<br />exceeded 10% of its total revenues for the year. The amount
<br />of such sales represented approxnnately 23% and 17%,, 38`%
<br />and 19 % ,and 809'0 of the Company's revemres for the year.
<br />ended June 30, 1986, 1985 and 1984, respectively.
<br />9. Employee Benefit Plans:
<br />The Company's board of directors has authorized an
<br />overriding royalty of 3`;.. un all newly acquired oil and gas
<br />properties to be allocated among the employees, officers and
<br />directors of the Company. In the event that a participant in
<br />the royalty allocation terminates, such participant would nut
<br />be allowed an override on property acquisitions subsequent
<br />to the time of termination. However; overriding royalties
<br />assigned to the participants are Fully vested at the time of
<br />aS51 gI1mellt.
<br />Effective for the year ended Iune 30, 19254, the Company
<br />established a money purchase pension plan and a profit
<br />sharin>; plan which cover substantially all of its employees.
<br />Pursuant to the pension plan, the Company must make an
<br />annual contribution equal to 3'% of each participant'c
<br />compensation. Contributions to the profit sharing plan are at
<br />the discretion ul the Company's board of directors. The
<br />Company's board of directors authorized the termination of
<br />the pension plan effective for the year ended June 3U, 1986.
<br />The pension plan's assets have been transferred to the proiit
<br />sharing plan. There were no profit sharing contributions for
<br />the year ended Iune 3U, 1986. Total pension and proiit
<br />sharing plan expense was $19,550 and $85,588 for the years
<br />ended Iune 3Q 1985 and 1984.
<br /> Iune 3U, 1985
<br /> TUld DI111e1151dIB1 ~alla da AUSlr lha
<br />Pn,ven
<br />Pmpcl lie> $35,147.1 15 $35,347,11 i $ - $ -
<br />Unpnrven
<br />Pn)perlies 5.326,659 3,1,411,164 - na6.490
<br /> 311,6;3.,,'74 3`)`)8~.'_ft4 6a6.49u
<br />I ess
<br />Anunn,lanal
<br />Deprcaaliun,
<br />Depletion and
<br />Amoruzatinn 111,485,7151 (114a5J95) - -
<br />$'&6747.974 $!riA01.489 5 - $6a6,4 )ll
<br />Culls eslurled Irum amunlzauun as of Iune 111, 1986 cnnsisi of the
<br />G dluwmK
<br /> 1`var Gsts Incurred
<br />CaleKUry 1986 19ft5 197f4 Tidal
<br />Acquislnun Culls 5 41.713 $ 131,181 $Ial,l lb $35L,I 1(I
<br />E~plaralion Cu.h 11383 SOA59 31,096 1U4,91a
<br /> $ 55,11'16 $ IN3.7411 $1_'2,_'1! $4(1,114a
<br />21
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