Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 3 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Cash flows from operating activities:    
Net loss $ (1,361,735) $ (1,460,813)
Adjustments to reconcile net loss to net cash used for operating activities:    
Imputed interest on Tap Participation Fee payable to HP A&M 851,400 940,000
Depreciation, depletion and other non-cash items 77,256 76,365
Stock-based compensation expense 18,769 21,380
Interest expensed on Convertible Note - Related Party   91,000
Interest added to construction proceeds receivable (5,161) (6,056)
Interest added to note receivable -related party: Rangeview Metropolitan District (3,001) (3,002)
Changes in operating assets and liabilities:    
Trade accounts receivable 25,857 (4,904)
Interest receivable and prepaid expenses 84,455 84,406
Accounts payable and accrued liabilities (2,841) 9,981
Deferred revenues (13,953) (13,950)
Deferred income on oil and gas lease (103,620)  
Net cash used by operating activities (432,574) (265,593)
Cash flows from investing activities:    
Sales and maturities of marketable securities 1,164,511 767,000
Investments in water, water systems and land (38,975) (6,703,933)
Purchase of marketable securities (426,251) (3,829,349)
Net cash provided (used) by investing activities 699,285 (9,766,282)
Cash flows from financing activities:    
Arapahoe County construction proceeds 13,699 13,699
Payments to contingent liability holders (2,113) (1,300)
Net proceeds from sale of common stock   5,426,606
Issuance of Convertible Note - Related Party   5,200,000
Net cash provided by financing activities 11,586 10,639,005
Net change in cash and cash equivalents 278,297 607,130
Cash and cash equivalents -beginning of year 71,795 12,017
Cash and cash equivalents -end of year $ 350,092 $ 619,147