L. SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED)

12 Months Ended

Dec. 31, 2018

Extractive Industries [Abstract]

SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED)

NOTE L - SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED)

The following table reflects revenues and expenses directly associated with our oil and gas producing activities, including general and administrative expenses directly related to such producing activities.  They do not include any allocation of interest costs or general corporate overhead and, therefore, are not necessarily indicative of the contribution to net earnings of our oil and gas operations.  Income tax expense has been calculated by applying statutory income tax rates to oil and gas sales after deducting costs, including depreciation, depletion and amortization and after giving effect to permanent differences.

	2018
	Gas	Oil;
	(MMCF)	(MBBLS)
Proved developed and undeveloped reserves -  January 1,2018	830	69
Purchase of oil and natural gas properties in place	-	-
Discoveries and exclusions	(520)	(37)
Revisions	-	-
Sales of oil and gas properties in place	-	-
Production	(130)	(4)
Proved developed and undeveloped reserves -  December 31,2018	180	28
Probable reserves	1,566	-
Possible reserves	522	-
Total reserves - December 31, 2018	2,268	28
Proved developed at  beginning of year	830	69
Proved developed reserves at end of year	180	28

	2017
	Gas	Oil
	(MMCF)	(MBBLS)
Proved developed and undeveloped reserves -  January 1, 2017	3,219	149
Purchase of oil and natural gas properties in place	-	-
Discoveries and exclusions	-	-
Revisions	(2,211)	(75)
Sales of oil and gas properties in place	-	-
Production	(178)	(5)
Proved developed and undeveloped reserves -  December 31,2017	830	69
Probable reserves	1,025	0
Possible reserves	342	0
Total reserves - December 31, 2017	2,197	69
Proved developed at  beginning of year	1,051	81
Proved developed reserves at end of year	830	69
	2018	2017
Oil and gas sales	$                  682	$                   791
Operating expenses	(597)	(707)
Depreciation, depletion and amortization	(247)	(320)
Impairment of oil & gas properties	-	(2,626)
Results of operations	$                (162)	$              (2,862)
The following table reflects the standardized measure of future net cash flows related to our
proved reserves
	2018	2017
Future oil and gas cash inflows	$               8,292	$              10,653
Future oil & gas operating expenses	(1,478)	(3,425)
Future development costs	(1,400)	(1,480)
Future tax expense	(590)	(724)
Future net cash flows	$               4,824	$                5,024
10% discount to reflect timing of cash flows	(1,853)	(2,303)
	$               2,971	$                2,721

(1) Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves are as likely as not to be recovered.

(2) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves