Segments of Operations

9 Months Ended

Sep. 30, 2011

Segments of Operations [Abstract]

Segments of Operations

Note 10 – Segments of Operations

The following tables set forth summarized financial information for the Company’s natural gas, marketing and production, pipeline, propane, and corporate and other operations. The Company classifies its segments to provide investors with a view of the business through management’s eyes. The Company primarily separates its state regulated utility businesses from the non-regulated marketing and production business and from the federally regulated pipeline business. The Company has regulated utility businesses in the states of Montana, Wyoming, North Carolina, Maine, Ohio, and Pennsylvania and these businesses are aggregated together to form the natural gas operations. Transactions between reportable segments are accounted for on the accrual basis, and eliminated prior to external financial reporting. Inter-company eliminations between segments consist primarily of gas sales from the marketing and production operations to the natural gas operations, inter-company accounts receivable, accounts payable, equity, and subsidiary investment:

Three Months Ended September 30, 2011

	Natural Gas Operations			Marketing and Production		Pipeline Operations		Propane Operations			Corporate and Other			Eliminations			Consolidated
OPERATING REVENUES
Natural gas operations	$	11,717,686		$	—	$	—	$	—		$	—		$	(1,368,867	)	$	10,348,819
Marketing and production		—			2,407,303		—		—			—			(1,551,588	)		855,715
Pipeline operations		—			—		106,351		—			—			—			106,351
Propane operations		—			—		—		1,009,844			—			—			1,009,844
Total operating revenue		11,717,686			2,407,303		106,351		1,009,844			—			(2,920,455	)		12,320,729
COST OF SALES
Natural gas purchased		5,917,091			—		—		—			—			(1,368,867	)		4,548,224
Marketing and production		—			2,137,398		—		—			—			(1,551,588	)		585,810
Propane purchased		—			—		—		875,305			—			—			875,305
Total cost of sales		5,917,091			2,137,398		—		875,305			—			(2,920,455	)		6,009,339
GROSS MARGIN	$	5,800,595		$	269,905	$	106,351	$	134,539		$	—		$	—		$	6,311,390
OPERATING INCOME (LOSS)	$	(534,116	)	$	82,182	$	76,593	$	(154,927	)	$	(61,430	)	$	—		$	(591,698	)
NET INCOME (LOSS)	$	(463,484	)	$	48,712	$	47,540	$	561,986		$	(65,228	)	$	—		$	129,526

Three Months Ended September 30, 2010

	Natural Gas Operations			Marketing and Production		Pipeline Operations		Propane Operations		Corporate and Other			Eliminations			Consolidated
OPERATING REVENUES
Natural gas operations	$	10,235,666		$	—	$	—	$	—	$	—		$	(76,900	)	$	10,158,766
Marketing and production		—			2,137,068		—		—		—			(1,498,597	)		638,471
Pipeline operations		—			—		104,461		—		—			—			104,461
Propane operations		—			—		—		—		—			—			—
Total operating revenue		10,235,666			2,137,068		104,461		—		—			(1,575,497	)		10,901,698
COST OF SALES
Natural gas purchased		4,879,927			—		—		—		—			(76,900	)		4,803,027
Marketing and production		—			1,879,531		—		—		—			(1,498,597	)		380,934
Propane purchased		—			—		—		—		—			—			—
Total cost of sales		4,879,927			1,879,531		—		—		—			(1,575,497	)		5,183,961
GROSS MARGIN	$	5,355,739		$	257,537	$	104,461	$	—	$	—		$	—		$	5,717,737
OPERATING INCOME (LOSS)	$	(678,894	)	$	52,455	$	70,544	$	—	$	—		$	—		$	(555,895	)
NET INCOME (LOSS)	$	(325,729	)	$	274,534	$	82,563	$	—	$	(76,073	)	$	—		$	(44,705	)

Nine Months Ended September 30, 2011

	Natural Gas Operations		Marketing and Production		Pipeline Operations		Propane Operations			Corporate and Other			Eliminations			Consolidated
OPERATING REVENUES
Natural gas operations	$	68,019,655	$	—	$	—	$	—		$	—		$	(2,355,991	)	$	65,663,664
Marketing and production		—		9,957,521		—		—			—			(5,800,639	)		4,156,882
Pipeline operations		—		—		314,736		—			—			—			314,736
Propane operations		—		—		—		1,009,844			—			—			1,009,844
Total operating revenue		68,019,655		9,957,521		314,736		1,009,844			—			(8,156,630	)		71,145,126
COST OF SALES
Natural gas purchased		41,196,715		—		—		—			—			(2,355,991	)		38,840,724
Marketing and production		—		8,994,235		—		—			—			(5,800,639	)		3,193,596
Propane purchased		—		—		—		875,305			—			—			875,305
Total cost of sales		41,196,715		8,994,235		—		875,305			—			(8,156,630	)		42,909,625
GROSS MARGIN	$	26,822,940	$	963,286	$	314,736	$	134,539		$	—		$	—		$	28,235,501
OPERATING INCOME (LOSS)	$	7,254,934	$	388,407	$	188,989	$	(154,927	)	$	(109,384	)	$	—		$	7,568,019
NET INCOME (LOSS)	$	4,155,383	$	158,119	$	112,094	$	561,986		$	(222,964	)	$	—		$	4,764,618
Total assets	$	124,288,531	$	4,666,306	$	578,135	$	2,957,575		$	72,261,411		$	(60,110,010	)	$	144,641,948
Goodwill	$	14,607,952	$	—	$	—	$	—		$	—		$	—		$	14,607,952

Nine Months Ended September 30, 2010

	Natural Gas Operations		Marketing and Production		Pipeline Operations		Propane Operations		Corporate and Other			Eliminations			Consolidated
OPERATING REVENUES
Natural gas operations	$	56,581,131	$	—	$	—	$	—	$	—		$	(234,096	)	$	56,347,035
Marketing and production		—		11,325,249		—		—		—			(5,700,446	)		5,624,803
Pipeline operations		—		—		319,418		—		—			—			319,418
Propane operations		—		—		—		—		—			—			—
Total operating revenue		56,581,131		11,325,249		319,418		—		—			(5,934,542	)		62,291,256
COST OF SALES
Natural gas purchased		32,577,699		—		—		—		—			(234,096	)		32,343,603
Marketing and production		—		10,135,599		—		—		—			(5,700,446	)		4,435,153
Propane purchased		—		—		—		—		—			—			—
Total cost of sales		32,577,699		10,135,599		—		—		—			(5,934,542	)		36,778,756
GROSS MARGIN	$	24,003,432	$	1,189,650	$	319,418	$	—	$	—		$	—		$	25,512,500
OPERATING INCOME (LOSS)	$	5,882,195	$	609,916	$	169,875	$	—	$	(11,364	)	$	—		$	6,650,622
NET INCOME (LOSS)	$	3,653,545	$	308,729	$	143,283	$	—	$	(21,538	)	$	—		$	4,084,019
Total assets	$	110,032,010	$	5,463,177	$	726,574	$	—	$	57,041,165		$	(51,898,609	)	$	121,364,317
Goodwill	$	13,929,745	$	—	$	—	$	—	$	—		$	—		$	13,929,745