Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 9 Months Ended
May 31, 2012
May 31, 2011
Cash flows from operating activities:    
Net loss $ (4,145,260) $ (4,604,610)
Imputed interest on Tap Participation Fee payable to HP A&M 2,586,780 2,863,000
Interest expensed on Convertible Note Payable-Related Party   151,667
Depreciation, depletion and other non-cash items 230,370 227,680
Stock-based compensation expense included with general and administrative expenses 42,257 69,300
Interest income and other non-cash items 3,085 (32,542)
Interest added to construction proceeds receivable (14,786)  
Interest added to notes receivable – related parties:    
Rangeview Metropolitan District (9,037)  
Changes in operating assets and liabilities:    
Trade accounts receivable 44,381 10,163
Prepaid expenses (20,541) 14,064
Accounts payable and accrued liabilities 41,045 34,810
Deferred revenues (41,852) (41,851)
Deferred oil and gas income (310,860) (86,310)
Deferred oil and gas lease bonus payment   1,243,400
Net cash used by operating activities (1,594,418) (151,229)
Cash flows from investing activities:    
Sales and maturities of marketable securities 3,022,466 2,470,679
Purchase of marketable securities (1,234,967) (5,622,460)
Investments in land, water and water systems (68,855) (6,820,409)
Purchase of property and equipment (3,894)  
Net cash provided (used) by investing activities 1,714,750 (9,972,190)
Cash flows from financing activities:    
Arapahoe County construction proceeds 54,798 54,798
Payments to contingent liability holders (3,520) (3,305)
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 51,278 10,653,099
Net change in cash and cash equivalents 171,610 529,680
Cash and cash equivalents – beginning of year 71,795 12,017
Cash and cash equivalents – end of year $ 243,405 $ 541,697