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Friday, 09/11/2015 7:54:57 PM

Friday, September 11, 2015 7:54:57 PM

Post# of 116
Highlights for our fiscal year 2015 Finances

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.

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.

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.

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.

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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