|
STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Feb. 28, 2014
|
Feb. 28, 2013
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 11,261 |
$ 4,970 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depletion, depreciation, and amortization |
13,310 |
5,496 |
| Provision for deferred taxes |
5,725 |
2,919 |
| Stock-based compensation |
867 |
383 |
| Valuation (increase) in commodity derivatives |
(831) |
134 |
| Accounts receivable |
|
|
| Oil and gas sales |
(4,620) |
(2,291) |
| Joint interest billing |
(996) |
(490) |
| Inventory |
(312) |
(74) |
| Accounts payable |
|
|
| Trade |
(553) |
595 |
| Revenue |
3,163 |
2,514 |
| Production taxes |
5,709 |
2,898 |
| Accrued expenses |
35 |
(40) |
| Other |
596 |
661 |
| Total adjustments |
22,093 |
12,705 |
| Net cash provided by operating activities |
33,354 |
17,675 |
| Cash flows from investing activities: |
|
|
| Acquisition of property and equipment |
(87,497) |
(57,579) |
| Short-term investments |
39,990 |
|
| Net cash used in investing activities |
(47,507) |
(57,579) |
| Cash flows from financing activities: |
|
|
| Proceeds from exercise of warrants |
29,104 |
407 |
| Proceeds from revolving credit facility |
|
38,486 |
| Shares withheld for payment of employee payroll taxes |
(34) |
|
| Net cash provided by financing activities |
29,070 |
38,893 |
| Net increase (decrease) in cash and cash equivalents |
14,917 |
(1,011) |
| Cash and cash equivalents at beginning of period |
19,463 |
19,284 |
| Cash and cash equivalents at end of period |
$ 34,380 |
$ 18,273 |