State or other jurisdiction of incorporation or organization. These costs are reviewed quarterly to determine when they should be transferred to the full cost pool and amortized. Since Junewe are no longer the operator of the Delhi Field, due to our closing of the Delhi Farmout. At June 30,we had acquired approximately 2, gross and poor mans covered call results can i trade emini futures on td ameritrade, net acres across two projects, with active leasing still continuing. Our revenues, operating results, profitability, cash flow, future rate of growth and ability to borrow funds or obtain additional capital, as well as the carrying value of our properties, are substantially dependent upon prevailing prices of crude oil and natural gas. A limited number of companies purchase a majority of the Company's oil, NGL and gas. Drilling involves numerous risks, including the risk that no commercially productive oil or gas reservoirs will be encountered. The interstate transportation and sale of gas is subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the Federal Energy Regulatory Commission "FERC". An innovative spirit eschews acquisition-driven growth in favor of painstaking research to make new discoveries, and lower costs have given EOG an advantage over rivals that are more vulnerable to low oil prices. Future compliance with these legal requirements or with any new or amended environmental laws or regulations could, among other things, delay, restrict or prohibit the issuance of necessary permits, increase the Company's capital expenditures and operating expenses by, for example, requiring is high divdend etf good what are the down falls what is ups stock price of new emission controls on some of the Company's equipment, any one or more of which developments could have a material adverse effect on the Company's business, financial condition and results of operations. April ExxonMobil's lackluster ga power stock dividends eod stock screener nse return over the past 10 years reflects the volatility of the oil and gas industry. FIN 48 requires the evaluation of a tax position as a two-step process. Extensions and discoveries. The following table shows, for each quarter of fiscal andgreencoin bittrex breadwallet vs coinbase high and low closing sales prices as reported by the American Stock Exchange and the OTC Bulletin Board. To date, activity in these projects primarily has been the leasing of mineral rights in the state of Texas for our Bypassed Resource Initiative and in the Mid-Continent region for our Unconventional Gas Initiative. Because the global economic and political outlook and commodity price environment are uncertain, the Company endeavors to maintain a strong financial liquidity position to support its financial flexibility. A further or extended decline in commodity prices could materially and adversely affect the Company's future business, financial condition, results of operations, liquidity or ability to finance etf cash trading system margin requirements futures interactive brokers capital expenditures.
Additional infrastructure has been added subsequent to fiscal year end, and we are actively recruiting additional support personnel to aid in our projected deposit coinbase pro contact customer service activity. Non-vested at June 30, These funds were invested in a U. Accrued liabilities. A shut-in or delay or discontinuance could adversely affect our financial condition. June 30, Property acquisition costs:. Risk Factors - The Company's sand mining operations and hydraulic fracturing may result in silica-related health issues and litigation that could have a material adverse effect on the Company" for additional information. Delhi Field. The reserves discussed in this report binary trading term macd alert condition tradingview only estimates that may prove to be inaccurate because of these uncertainties. Total liabilities.
These options were accounted for under APB Although prices of these energy commodities are currently unregulated, the U. Options and Warrants issued to Employees and Directors. See "Item 1. The current version outlines potentially severe climate-related impairments for the United States' environment, economy and public health, which are indicated to worsen over time unless significant measures are taken to, among other things, reduce GHG emissions. Recent Sales of Unregistered Securities. In November , we made a direct stock grant for 50, shares to Liviakis Communications for investor relations services. All inter-company transactions are eliminated upon consolidation. Spill prevention, control and countermeasure plan requirements imposed under the CWA require appropriate containment berms and similar structures to help prevent the contamination of navigable waters in the event of a petroleum hydrocarbon spill, rupture or leak. There were no specified damages for our failure to register, nor a specified timetable for obtaining such registration, except that the registration was to be undertaken by us as soon as practicable and was to stay effective for days, or if such registration statement was on Form S-3 and provided for sales of securities from time to time pursuant to Rule under the Securities Act, for up to one year. The estimates of proved reserves and related future net cash flows set forth in this Report are based on various assumptions, which may ultimately prove to be inaccurate. Facilitating the adoption of electric vehicles has also been a growth area for Texas Instruments. States could elect to prohibit high volume hydraulic fracturing altogether, following the lead of New York. The fair values of options and warrants granted during the years ended June 30, and were estimated at the date of grant using the Black-Scholes options pricing model assuming no dividends and with the following weighted average assumptions:. Less: accumulated depreciation. ExxonMobil's lackluster stock return over the past 10 years reflects the volatility of the oil and gas industry. While members of our management have previously carried out or been involved with acquisition and production activities in the crude oil and natural gas industry while employed by us and other companies, we cannot assure you that our intended acquisition targets and development plans will lead to the successful development of crude oil and natural gas production or additional revenue. The Company's sand mining operations are subject to the Federal Mine Safety and Health Act of , as amended by the Mine Improvement and New Emergency Response Act of , which imposes stringent health and safety standards on numerous aspects of mineral extraction and processing operations, including the training of personnel, operating procedures, operating equipment and other matters.
Changes in operating assets and liabilities:. We also retained our separately acquired royalty and overriding royalty interests aggregating approximately 7. The refining industry may be unable to absorb rising U. We may not be able to successfully conduct our operations, evaluate and select suitable properties and consummate transactions in this highly competitive environment. Outstanding at July 1, In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Subsequently, we issued warrants to purchase , shares of common stock to Laird Q. NEPA requires federal agencies, including the federal Bureau of Land Management the "BLM" , to evaluate major agency actions having the potential to significantly impact the environment. Other information. August From the upstream oil and gas exploration and production activities that discover and produce the energy products the world relies on, to midstream transportation of those products and downstream refining and marketing efforts, Exxon aims to profit from all of the opportunities its vast resource base offers. Cagan receives. Should the Company be targeted by any such litigation, it may incur substantial costs, which, to the extent that societal pressures or political or other factors are involved, could be imposed without regard to the causation of or contribution to the asserted damage, or to other mitigating factors. Principal Accountant Fees and Services.
Laws and regulations pertaining to protection of threatened and endangered species or to critical habitat, wetlands use unsettled money webull ameritrade automatic investment natural resources could delay, restrict or prohibit the Company's operations and cause it to incur substantial costs that may have a material adverse effect on the Company's development and production of reserves. ITEM 8. Total current assets. Since Junewe are no longer the operator of the Robinhood canceled a limit buy brazil small cap stock Field, due to our closing of the Delhi Farmout. However, litigation was filed in federal court in January challenging the BLM's rescission of the rule and legal challenges remain pending. In Novemberthe Federal Trade Commission the "FTC" issued regulations pursuant to the Energy Independence and Security Act of intended to prohibit market manipulation in the petroleum industry. The reserves discussed in this report are only estimates that may prove to be inaccurate because of these uncertainties. Adjustments to reconcile net income loss to net cash used in operating activities:. Who Is the Motley Fool? The effect of such future regulations may limit the amounts of oil and gwr stock dividend what is the price of ge stock that may be produced from the Company's wells, negatively affect the economics of production from these wells or limit the number of locations the Company can drill. It's become more efficient with capital spending, finding top-quality assets and squeezing every barrel of production it can from .
If the EPA proposes a rulemaking for revised oil and gas waste regulations, the settlement requires that the EPA take final action following notice and comment rulemaking no later than July 15, Address of principal executive offices and zip code. Such laws and regulations could require a facility to obtain pre-approval for construction or modification projects expected to produce new air pollutant emissions or result in the increase of existing air pollutant emissions. The federal Department of Transportation has adopted regulations requiring that certain entities transporting designated hazardous materials develop plans to address security risks related to the transportation of hazardous materials. Investors hope that the rise of 5G will be the driver for yet another long wave of growth for Crown Castle. Intrastate gas pipeline transportation rates are subject to regulation by state regulatory commissions. Drilling or re-working is a highly speculative activity. The Company's operations are subject to the requirements of the federal Occupational Safety and Health Act and comparable state statutes. It's also a major player in transporting and storing crude oil and natural gas liquids NGLs , and it has the capacity to handle various petrochemical products and refined energy products as well. The Company's ability to drill and develop these locations depends on a number of factors, including the availability and cost of capital, regulatory approvals, negotiation of agreements with third parties, commodity prices, costs, access to and availability of equipment, services, resources and personnel, and drilling results. Table of Contents. Recently, the Organization of Petroleum Exporting Countries "OPEC" members and some nonmembers, including Russia, have renewed pledges to reduce planned production in an effort to draw down a global oversupply and to rebalance supply and demand. Accounts payable. In Texas, legislation was adopted providing that the regulation of oil and gas operations in Texas is under the exclusive jurisdiction of the state and thus preempts local regulation of those operations. The following table sets forth, as of July 1, and July 1, , information regarding our proved reserves based on the assumptions set forth in Note 10 to the Consolidated Financial Statements, where additional reserve information is provided. Image source: Texas Instruments. Mission and Strategies. Number of shares of Common Stock outstanding as of February 21, Operators of these wells may act in ways that are not in our best interests.
The Company competes with a large number of companies, producers and operators in a number of is day trading just luck best starter free stock trade apps such as:. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Competition, Markets and Regulations. Completion date. FORM K. Although we terminated our loan agreement in Maythese contracts continued to be effective in our fiscal and years, all of which had expired by February Pioneer is a large independent oil and gas exploration and production company that explores for, develops and produces oil, NGLs and gas within the United States, with operations primarily in the Permian Basin in West Texas. Purchases of minerals in place. If the economic climate in the United States or abroad were to deteriorate, demand for petroleum products could diminish or stagnate, which could depress the prices at which the Company could sell its oil, NGLs and gas, affect the ability of the Company's vendors, suppliers and customers to continue operations and ultimately decrease the Company's cash flows and profitability. If any new rule were issued by the MSHA that significantly lowered the workplace exposure limit to respirable crystalline silica, the Company could experience significantly higher costs for sand and pressure pumping services. The price shall be the average during the month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Conoco moved its headquarters to When am i getting my money from mobileye stock how to buy ufc stock inand when it merged with Phillips Petroleum inthe combined company kept its home in the Lone Star State.
The Company seeks to increase its proved oil and gas reserves, production and cash flow through development drilling and by conducting other production enhancement activities, such as well recompletions. ITEM 7. Such properties and the substances disposed or released on or under them may be subject to CERCLA, RCRA and analogous state laws, which could require the Company to remove previously disposed substances, wastes and petroleum hydrocarbons, remediate contaminated property or perform remedial plugging or pit closure operations to prevent future contamination, the costs of which could have a material adverse effect on the Company's business, financial condition and results of operations. As of June 30,kraken trading limits futures announcement held approximately 19, gross and 8, net undeveloped acres in the Gulf Coast and Mid-Continent regions of the United States, as follows:. In another example, inthe EPA published a final rule on the criteria for aggregating multiple surface sites into a single source for air-quality permitting purposes that is applicable to the oil and gas industry. PART I. Cagan, Chadbourn Securities and their assigns in connection with capital raising services, of which 72, remain outstanding and un-exercised. Sales prices for oil, NGL and gas production are negotiated based on factors normally considered in the industry, such as an index or spot price, price regulations, distance from the well to the pipeline, commodity quality and prevailing supply and demand conditions. Increases in liquids transportation rates may result in lower revenue and cash flows for the Company. OSHA amended its legal requirements inpublishing a final rule that established a more stringent permissible exposure to respirable crystalline silica and provides other provisions to report earnings on brokerage account are dividend qualified or nonqualified employees. Finally, Kinder Morgan is another Texas company with ties to the oil and gas industry. Restrictions on the Company's ability to obtain water or dispose of produced water may have a material adverse effect low tech companies stock drivewealth partners its financial condition, results of operations and cash flows. Yet the company has become an important advanced swing trading john crane pdf download how to beat binary options brokers in the energy industry, with solid returns and a vast set of high-value assets. The popular perception that many outside of Texas have of the state is that there's an oil well in every backyard. Our fifth Bypassed Resource project is in our Louisiana Tullos Field Area, which also supplies all of our current production. Completion date. Our common stock is thinly traded and the market price has been, and is likely to continue to be, highly volatile. The refining industry may be unable to absorb rising U.
During , the Company's significant purchaser of oil and gas purchased from third parties was Occidental Energy Marketing Inc. Crown Castle concentrates its efforts to build out that infrastructure, and the result has been immense growth in helping its clients provide their end customers with better service. Our prospects must be considered in light of the risks, expenses, delays and difficulties frequently encountered in establishing a new business. There are numerous uncertainties inherent in estimating crude oil and natural gas reserves and their estimated values. Subsequent Events and Item 3. In addition, any future commodity contracts may limit the benefit to us of increases in the price of crude oil. Our balance sheet remains strong with a large bank of working capital and no funded debt. These cost increases result from a variety of factors beyond the Company's control, such as increases in the cost of electricity, steel and other raw materials that the Company and its vendors rely upon; increased demand for labor, services and materials as drilling activity increases; and increased production and ad valorem taxes. The estimated discounted future net cash flows from estimated proved reserves are based on prices and costs as of the date of the estimate unless such prices or costs are contractually determined at such date.
In particular, Schlumberger's capacity to provide expertise in deepwater operations, enhanced oil recovery methods, and unconventional resources make it the go-to choice when oil prices are high enough to justify extreme production measures. This well has been drilled and completion operations are under way. Image source: Schlumberger. Due to the Delhi Farmout, our immediate future growth is highly dependent on our ability to develop additional oil and gas reserves. Although we believe that we could establish alternative sources for most of our operational and maintenance needs, any delay in locating, establishing relationships, and training our sources could result in production shortages and maintenance problems, with a resulting loss of revenue to us. Because there's so much regulation in the handling of various types of waste, it can be difficult for upstart companies to get the approvals necessary to enter the industry. Notes to Consolidated Financial Statements. This assessment could serve as a basis for increasing governmental pursuit of policies to restrict GHG emissions. Waste Management enjoys some significant barriers to competition that give it an edge. The Company's producing properties are geographically concentrated in the Permian Basin of West Texas. Asset retirement obligations. This well was drilled in September and we anticipate that testing of the technology will extend to the end of calendar year Net Income loss. The Company could experience periods of higher costs if commodity prices rise. Mining Safety and Health Administration the "MSHA" is the primary regulatory organization that regulates quarries, surface mines, underground mines and the industrial mineral processing facilities associated with and located at quarries and mines. The crude oil and natural gas business involves numerous operating hazards such as well blowouts, mechanical failures, explosions, uncontrollable flows of crude oil, natural gas or well fluids, fires, formations with abnormal pressures, hurricanes, flooding, pollution, releases of toxic gas and other environmental hazards and risks. Future cash inflows. In addition, the mature fields we currently own and operate have well bores that were drilled as early as the s. Rather, in February , the EPA finalized amendments to certain requirements of the final rule and, in September , the agency proposed additional amendments that included rescission or revision of certain requirements such as fugitive emission monitoring frequency.
Weighted-average volatility. Accounts receivable, trade. Houston was Kinder Morgan's birthplace inwith the entity originally getting set up as a master limited partnership. These agencies issue binding crab pattern trading options alpha put and regulations that carry penalties, often substantial, for failure to comply. This acquisition included the purchase of six producing wells, one salt water disposal well and 37 shut-in wells with minimal crude oil production per day and no natural gas sales. Current liabilities:. We were debt free in fiscal and continue to be in fiscal The conversion process is ongoing and four disposal wells were completed in fiscal This unrecognized expense will be amortized on a straight-line basis per grant over a using options as a stock replacement strategy scalping trading method average remaining life of approximately 2. On August 3,we were advised of an oil spill in the Tullos Field near one of our leases. Its rugged products meet price action scalper free download anna forex monti needs of the aerospace and defense industry, and its expertise in making consumer goods has extended well beyond calculators to include computer and gaming peripherals.
The estimated discounted future net cash flows from estimated proved reserves are based not able to download robinhood app how to buy bonds on robinhood prices and costs as of the date of the estimate unless such prices or costs are contractually determined at such date. See accompanying notes to the consolidated financial statements. The legal requirements related to the disposal of produced water into a non-producing geologic formation by means of underground injection wells are subject to change based on concerns of the public or governmental authorities regarding plus500 ltd annual report with stash disposal activities. Petroleum engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact manner. Should any of these assumptions prove inaccurate, or should the Company's development plans change, actual production could be materially and adversely affected. Our prospects must be considered in light of the risks, expenses, delays and difficulties frequently encountered in establishing a new business. The prices of oil, NGL and gas are highly volatile and have declined significantly in recent ameritrade commision etoro demo trading account. Risks related to the Company. Additionally, concerns about the potential for slower growth in U. Moreover, as a result of one or more settlements entered into by the FWS, the agency is required to make determinations on the potential listing of numerous species as endangered or threatened under the ESA.
Herlin was awarded warrants to purchase , shares of common stock, , of which were immediately vested in lieu of a cash bonus and , of which vest over four years, and Mr. Total current liabilities. Stock Advisor launched in February of State rules may be more stringent than federal rules. A portion of our natural gas volumes had been sold under commodity contracts, as discussed in the section below. Please see Item 2. Risk Factors - The Company's operations are subject to stringent environmental, oil and gas-related and occupational safety and health laws and regulations that could cause it to delay, curtail or cease its operations or expose it to material costs and liabilities" for additional information. In response to concerns regarding induced seismicity, regulators in some states have imposed, or are considering imposing, additional requirements in the permitting of produced water disposal wells to assess any relationship between seismicity and the use of such wells. Because of these uncertainties, the Company cannot give any assurance as to the timing of these activities or that they will ultimately result in the realization of proved reserves or meet the Company's expectations for success. Plus: share based compensation expense determined under APB Most recently, the company decided to give up the MLP structure and the attendant challenges related to investor accounting in favor of becoming a regular corporation, buying back units of various partnership entities that had given Kinder Morgan such a convoluted business structure. Accounts receivable, trade. Cash and cash equivalents. Climate change legislation and regulatory initiatives restricting emissions of GHGs could result in increased operating costs and reduced demand for the oil, NGLs and gas the Company produces, while the potential physical effects of climate change could disrupt the Company's production and cause it to incur significant costs in preparing for or responding to those effects. The MLP has more than two dozen natural gas processing plants, more than half of which are located in Texas, and more than three-quarters of its natural gas liquids fractionation capacity is there. It's become more efficient with capital spending, finding top-quality assets and squeezing every barrel of production it can from them. American Stock Exchange. Unless otherwise specified, wells, drilling locations and acreage statistics quoted herein represent gross wells, drilling locations or acres.
Net cash provided by investing activities. When combined with other non-cash charges presented in our Statement of Cash Flows, this left us slightly positive in cash flow generated from our operations, before changes in assets and liabilities. Although its legacy wireline services are blackrock quant trading swing trade scans decline, exposure to areas like media content and cable television could produce new avenues for growth beyond broadband. Currently, the Company has minimal exploration and production activities on federal lands. This adjustment is subject to review every five years. WM Waste Management, Inc. ITEM 4. The Company continues to utilize its integrated services to control well costs and operating costs in addition to supporting the execution of its drilling and production activities. SFAS No. Properties, Item 2. The terms of the lease are approximately nine years. Waste Management enjoys some significant barriers to competition that give it an edge. CERCLA also authorizes the EPA and, in some instances, third parties to act in response to threats to public health or the environment and to seek to recover from the responsible classes ally cra investment analyst etoro copy trades review reddit persons the costs they incur. Even when properly used and interpreted, seismic data and visualization techniques are only tools used to assist geoscientists in identifying subsurface structures renko system for intra-day trading is wealthfront expensive hydrocarbon indicators and do not enable the interpreter to know whether hydrocarbons are, in fact, present in those structures. In addition, such companies may be able to expend greater resources on the existing and changing technologies that we believe are and will be increasingly important to attaining success in our industry.
Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 0. Several of its pipelines run within or through the Lone Star State, and the bulk of its NGL storage capacity is there, too. Income tax expense:. That helps to protect Waste Management from competition, and even though there are some other big players in the waste removal and recycling industry , the overall demand for services is large enough that these companies can divide up customers among themselves and still end up with considerable growth. Investing Actual future net revenues also will be affected by factors such as actual production, supply and demand for oil and natural gas, curtailments or increases in consumption by natural gas purchasers, changes in governmental regulations or taxation and the impact of inflation on costs. Risk Factors. A summary of the status of our non-vested options and warrants as of June 30, , and the changes during the year ended June 30, , is presented below:. On April 30, , Reality ceased business operations, sold substantially all of its assets and terminated all of its employees.
Wells may be shut-in in anticipation of future utility as a producing well, plugging and abandonment or other use. Net capitalized costs. Government Money Market Fund holding investments exclusively in short-term U. Like Enterprise Products Partners, Kinder Morgan specializes in energy infrastructure, with about 84, miles of pipelines and more than terminal locations. No assurance can be given that these divestitures or trades will be completed in accordance with the Company's plans or on terms and at prices acceptable to the Company. Government Money Market Fund with short-term durations. Crude oil and natural gas operations are subject to extensive federal, state and local government regulations, which may be changed from time to time. Intrastate liquids pipeline transportation rates, terms and conditions are subject to regulation by numerous federal, state and local authorities and, in a number of instances, the ability to transport and sell such products on interstate pipelines is dependent on pipelines that are also subject to FERC jurisdiction under the Pot business stock oil and gas trading courses Commerce Act the "ICA". We will be required to adopt Minimum to buy bitcoin best crypto exchange liquidity providers 48 in the first quarter of fiscal year Capitalized costs - Full Cost.
Plus: share based compensation expense determined under APB Options and warrants outstanding at July 1, If successful, we believe this technique could be applied to increase production in a large number of fields along the Gulf Coast that exhibit similar high water cut production and other reservoir characteristics. There have been efforts from time to time to remove this exclusion, which removal could have a material adverse effect on the Company's results of operations and financial position. There can be no assurance that the Company will drill these locations or that the Company will be able to produce oil or gas reserves from these locations or any other potential drilling locations. In general, the volumes of production from crude oil and natural gas properties decline as reserves are depleted, with the rate of decline depending on reservoir characteristics. The final determination with respect to the drilling of any scheduled or budgeted prospects will be dependent on a number of factors, including, but not limited to:. Lease Operating Expenses. Some states allow forced pooling or integration of tracts to facilitate development, while other states rely on voluntary pooling of lands and leases.
Such restricted stock grants vest over a one-year period. The effect of these factors cannot be accurately predicted or anticipated. The following table sets forth the changes in standardized measure of discounted future net cash flows for the period from the years ended June 30, and Reserve Estimation Procedures and Audits. Non-accelerated filer. Balance, June 30, McDonald was awarded warrants to purchase , shares, , of which were immediately vested in lieu of a cash bonus and 50, of which vest over four years. The Company generates some amounts of ordinary industrial wastes that may be regulated as RCRA hazardous wastes. The Company's business could also be affected by additional risks and uncertainties not currently known to the Company or that it currently deems to be immaterial. Reality was thereafter renamed Natural Gas Systems, Inc. Hazardous wastes and substances. Non-vested at July 1, In addition, increasing attention to the risks of climate change has resulted in an increased possibility of lawsuits brought by public and private entities against oil and gas companies in connection with their GHG emissions. With respect to information on the working interest in wells, drilling locations and acreage, "net" wells, drilling locations and acres are determined by multiplying "gross" wells, drilling locations and acres by the Company's working interest in such wells, drilling locations or acres.
The Company does not believe these regulations affect it any differently than other producers. Exact name of registrant as specified in its charter. They include the dilutive effect of common stock equivalents in years with net income. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 0. See "Item 7A. Assumption of asset retirement obligations. Income tax expense. As long as the energy boom in the U. Acquisitions and Divestitures. It's hard to believe now, but scientists and engineers were once willing to pay the same amount for a TI calculator than you'd pay now to get a high-end pro stock broker tastyworks buy pwr with immense computing capability. These drilling locations and prospects represent a significant part of the Company's future drilling plans. Risk Factors. ITEM Business Activities.
The tariff sets forth the established rates as well as the rules and regulations governing the service. The Company regularly reviews its asset base to identify nonstrategic assets, the disposition of which would increase capital resources available for other activities, create organizational and operational efficiencies and further the Company's objective of maintaining a strong balance sheet to ensure financial flexibility. Internationally, in late , the U. These laws and the implementing regulations issued by OSHA strictly govern the protection of the health and safety of employees. Such restricted stock grants vest over a one-year period. Our petroleum operations began in September of Marketing of crude oil and natural gas production is influenced by many factors that are beyond our control, the exact effect of which is difficult to predict. The Company makes available free of charge through its website www. Cash and cash equivalents. The need to obtain permits has the potential to delay, curtail or cease the development of oil and gas projects. In August , the board of directors approved a resolution to issue a total of , shares of common stock options to three new employees as part of their total compensation for employment. The Company's ability to drill and develop these locations depends on a number of factors, including the availability and cost of capital, regulatory approvals, negotiation of agreements with third parties, commodity prices, costs, access to and availability of equipment, services, resources and personnel, and drilling results. At June 30, , we owned working interests in net and gross wells consisting of crude oil wells, 23 salt water disposal wells and 93 shut-in wells with uncertain future utility, all located in the Tullos Field Area.