Friday, September 11, 2015 7:54:57 PM
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We remained debt free. All of our expenditures and dividends were funded solely by cash flow from operations and working capital and we ended our fiscal year with no funded debt.
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We returned $10.5 million to shareholders in the form of cash dividends during fiscal 2015. We paid a total of $9.8 million in common stock dividends and $0.7 million in preferred stock dividends in fiscal year 2015.
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We initiated a stock buyback program. We have authorized the purchase of as much as $5.0 million of our common stock under this program.
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Working capital was $14.3 million at June 30, 2015 compared to $23.3 million at the prior year end. At June 30, 2015, working capital included $20.1 million of cash on hand.
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We entered into hedges for approximately two-thirds of our oil production for the six month period ending December 31, 2015. As of June 30, 2015, we recorded a loss of $109,974 to reflect our derivative position at its then current market value. Based on a subsequent decline in oil prices, we realized gains of $138,787 and $412,985, for July 2015 and August 2015, respectively, for expiring derivative contacts. These derivatives have allowed us to receive the WTI equivalent of approximately $55.00 per barrel for the hedge quantities sold during these periods.
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