Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 6 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Cash flows from operating activities:    
Net loss $ (2,725,334) $ (3,241,771)
Adjustments to reconcile net loss to net cash used for operating activities:    
Imputed interest on Tap Participation Fee payable to HP A&M 1,713,800 1,894,000
Depreciation, depletion and other non-cash items 155,210 144,968
Stock-based compensation expense included with general and administrative expenses 40,115 44,050
Interest expense on Convertible Note - related party   151,667
Interest added to construction proceeds receivable (10,092) (11,893)
Interest added to notes receivable - related parties: Rangeview Metropolitan District (6,003) (5,970)
Changes in operating assets and liabilities:    
Trade accounts receivable 52,337 16,400
Prepaid expenses 28,732 42,773
Accounts payable and accrued liabilities (54,966) 107,360
Deferred revenues and oil and gas lease income (235,141) (27,902)
Net cash used by operating activities (1,041,342) (886,318)
Cash flows from investing activities:    
Sales and maturities of marketable securities 2,316,749 531,157
Purchase of marketable securities (1,234,244) (3,252,209)
Investments in land, water and water systems (53,715) (6,820,409)
Net cash provided (used) by investing activities 1,028,790 (9,541,461)
Cash flows from financing activities:    
Arapahoe County construction proceeds 34,249 34,249
Payments to contingent liability holders (3,100) (2,229)
Issuance of Convertible Note Payable - related party   5,200,000
Net proceeds from sale of common stock   5,401,606
Net cash provided by financing activities 31,149 10,633,626
Net change in cash and cash equivalents 18,597 205,847
Cash and cash equivalents - beginning of year 71,795 12,017
Cash and cash equivalents - end of year $ 90,392 $ 217,864