0001214659-12-003238.txt : 20120730 0001214659-12-003238.hdr.sgml : 20120730 20120730160140 ACCESSION NUMBER: 0001214659-12-003238 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ridgewood Energy U Fund LLC CENTRAL INDEX KEY: 0001377178 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52583 FILM NUMBER: 12993679 BUSINESS ADDRESS: STREET 1: 947 LINWOOD AVE CITY: RIDGEWOOD STATE: NJ ZIP: 07450 BUSINESS PHONE: 201-447-9000 MAIL ADDRESS: STREET 1: 947 LINWOOD AVE CITY: RIDGEWOOD STATE: NJ ZIP: 07450 10-Q 1 f72412010q.htm FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2012 f72412010q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the quarterly period ended June 30, 2012
or

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from _______________________to____________________________
 
 

Commission File No. 000-52583

RIDGEWOOD ENERGY U FUND, LLC
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)
 
20-5464059
(I.R.S. Employer
Identification No.)

14 Philips Parkway, Montvale, NJ  07645
(Address of principal executive offices) (Zip code)

(800) 942-5550
(Registrant’s telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
  Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ý     No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
ý
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes o     No ý

As of July 30, 2012 the Fund had 486.4825 shares of LLC Membership Interest outstanding.
 


 
 

 
 

 
  PAGE
PART I - FINANCIAL INFORMATION
 
 1
                                     1
     2
      3
      4
10
15
15
   
PART II - OTHER INFORMATION
 
15
15
15
15
16
16
17
  17
 
 
 
 

 
PART I – FINANCIAL INFORMATION


RIDGEWOOD ENERGY U FUND, LLC
(in thousands, except share data)

   
June 30, 2012
   
December 31, 2011
 
Assets
           
Current assets:
           
Cash and cash equivalents
  $ 4,589     $ 5,352  
Short-term investments in marketable securities
    3,000       4,500  
Production receivable
    612       238  
Other current assets
    35       84  
Total current assets
    8,236       10,174  
Salvage fund
    1,157       1,145  
Oil and gas properties:
               
Advances to operators for working interests and expenditures
    -       235  
Unproved properties
    2,214       7,163  
Proved properties
    13,981       6,585  
Less:  accumulated depletion and amortization
    (8,820 )     (3,693 )
Total oil and gas properties, net
    7,375       10,290  
Total assets
  $ 16,768     $ 21,609  
                 
Liabilities and Members' Capital
               
Current liabilities:
               
Due to operators
  $ 1,018     $ 1,184  
Accrued expenses
    25       33  
Total current liabilities
    1,043       1,217  
Asset retirement obligations
    463       463  
Total liabilities
    1,506       1,680  
                 
Commitments and contingencies (Note 6)
               
                 
Members' capital:
               
Manager:
               
Distributions
    (662 )     (604 )
Accumulated deficit
    (541 )     (627 )
Manager's total
    (1,203 )     (1,231 )
                 
Shareholders:
               
Capital contributions (1,000 shares authorized;
               
486.4825 issued and outstanding)
    72,381       72,381  
Syndication costs
    (8,541 )     (8,541 )
Distributions
    (6,041 )     (5,713 )
Accumulated deficit
    (41,334 )     (36,967 )
Shareholders' total
    16,465       21,160  
Total members' capital
    15,262       19,929  
Total liabilities and members' capital
  $ 16,768     $ 21,609  
 
The accompanying notes are an integral part of these unaudited condensed financial statements.
 
RIDGEWOOD ENERGY U FUND, LLC
(in thousands, except per share data)


   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
Revenue
                       
Oil and gas revenue
  $ 1,249     $ 950     $ 1,658     $ 1,862  
                                 
Expenses
                               
Depletion and amortization
    1,808       399       2,013       789  
Dry-hole costs
    (4 )     (1 )     (15 )     (19 )
Impairment of oil and gas properties
    3,114               3,114       -  
Management fees to affiliate (Note 4)
    232       231       464       463  
Operating expenses
    206       67       254       115  
General and administrative expenses
    58       82       113       122  
Total expenses
    5,414       778       5,943       1,470  
Loss on sale of oil and gas properties
    -       (10 )     -       (10 )
(Loss) income from operations
    (4,165 )     162       (4,285 )     382  
Other income (loss)
    5       (41 )     4       (16 )
Net (loss) income
  $ (4,160 )   $ 121     $ (4,281 )   $ 366  
                                 
Manager Interest
                               
Net income
  $ 77     $ 77     $ 86     $ 166  
                                 
Shareholder Interest
                               
Net (loss) income
  $ (4,237 )   $ 44     $ (4,367 )   $ 200  
Net (loss) income per share
  $ (8,711 )   $ 90     $ (8,978 )   $ 411  
 
The accompanying notes are an integral part of these unaudited condensed financial statements.

 
RIDGEWOOD ENERGY U FUND, LLC
(in thousands)



   
Six months ended June 30,
 
   
2012
   
2011
 
             
Cash flows from operating activities
           
Net (loss) income
  $ (4,281 )   $ 366  
Adjustments to reconcile net (loss) income to net cash
               
   provided by operating activities:
               
Depletion and amortization
    2,013       789  
Dry-hole costs
    (15 )     (19 )
Impairment of oil and gas properties
    3,114       -  
Loss on sale of oil and gas properties
    -       10  
Derivative instrument loss
    8       35  
Derivative instrument settlements
    1       20  
Changes in assets and liabilities:
               
(Increase) decrease in production receivable
    (374 )     116  
Decrease (increase) in other current assets
    39       (69 )
Increase (decrease) in due to operators
    74       (56 )
(Decrease) increase in accrued expenses
    (8 )     10  
Net cash provided by operating activities
    571       1,202  
                 
Cash flows from investing activities
               
Capital expenditures for oil and gas properties
    (2,437 )     (1,500 )
Proceeds from sale of oil and gas properties
    -       1,750  
Investments in marketable securities
    (2,999 )     (3,001 )
Proceeds from maturity of investments
    4,500       8,000  
Interest reinvested in salvage fund
    (12 )     (14 )
Net cash (used in) provided by investing activities
    (948 )     5,235  
                 
Cash flows from financing activities
               
Distributions
    (386 )     (3,088 )
Net cash used in financing activities
    (386 )     (3,088 )
Net (decrease) increase in cash and cash equivalents
    (763 )     3,349  
                 
Cash and cash equivalents, beginning of period
    5,352       5,150  
Cash and cash equivalents, end of period
  $ 4,589     $ 8,499  
                 
Supplemental schedule of non-cash investing activities
               
Advances used for capital expenditures in oil and gas
properties reclassified to unproved properties
  $ 235     $ -  
 
The accompanying notes are an integral part of these unaudited condensed financial statements.
 
 
RIDGEWOOD ENERGY U FUND, LLC

1.           Organization and Summary of Significant Accounting Policies

Organization
The Ridgewood Energy U Fund, LLC (the “Fund”), a Delaware limited liability company, was formed on August 28, 2006 and operates pursuant to a limited liability company agreement (the “LLC Agreement”) dated as of October 1, 2006 by and among Ridgewood Energy Corporation (the “Manager”) and the shareholders of the Fund.  The Fund was organized to primarily acquire interests in oil and gas properties located in the United States offshore waters of Texas, Louisiana, and Alabama in the Gulf of Mexico.

The Manager has direct and exclusive control over the management of the Fund’s operations.  With respect to project investments, the Manager locates potential projects, conducts due diligence, and negotiates and completes the transactions in which the investments are made. The Manager performs, or arranges for the performance of, the management, advisory and administrative services required for Fund operations.  Such services include, without limitation, the administration of shareholder accounts, shareholder relations and the preparation, review and dissemination of tax and other financial information.  In addition, the Manager provides office space, equipment and facilities and other services necessary for Fund operations.  The Manager also engages and manages the contractual relations with unaffiliated custodians, depositories, accountants, attorneys, broker-dealers, corporate fiduciaries, insurers, banks and others as required.  See Notes 4 and 6.

Basis of Presentation
These unaudited interim condensed financial statements have been prepared by the Fund’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Fund’s financial position, results of operations and cash flows for the periods presented.  Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in these unaudited interim condensed financial statements.  The results of operations, financial position, and cash flows for the periods presented herein are not necessarily indicative of future financial results.  These unaudited interim condensed financial statements should be read in conjunction with the Fund’s December 31, 2011 financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”).  The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.

Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates.

Cash and Cash Equivalents
All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which, for interest bearing deposits, are $250 thousand per insured financial institution.  Additionally, non-interest bearing deposits are fully insured through December 31, 2012, after which they will be included within the $250 thousand limit.  At June 30, 2012, the Fund’s bank balances exceeded federally insured limits by $2.6 million, all of which was invested in money market accounts that invest solely in U.S. Treasury bills and notes.

Investments in Marketable Securities
At times, the Fund may invest in U.S. Treasury bills and notes. These investments are considered short-term when their maturities are one year or less, and long-term when their maturities are greater than one year. At June 30, 2012, the Fund had short-term, held-to-maturity investments of $3.0 million, which matured in July 2012. Held-to-maturity investments are those securities that the Fund has the ability and intent to hold until maturity, and are recorded at cost plus accrued income, adjusted for the amortization of premiums and discounts, which approximates fair value.
 

For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income.

Salvage Fund
The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives, in accordance with applicable federal and state laws and regulations. At June 30, 2012, the Fund had short-term, investments in U.S. Treasury securities within its salvage fund that are classified as held-to-maturity of $1.0 million, which mature in December 2012.  Interest earned on the account will become part of the salvage fund.  There are no restrictions on withdrawals from the salvage fund.

Oil and Gas Properties
The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund’s portion of exploration, drilling, operating and capital equipment expenditures is billed by operators.

Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers’ fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized.  Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred.

Upon the sale or retirement of a proved property, the cost and related accumulated depletion and amortization will be eliminated from the property accounts, and the resultant gain or loss is recognized. Upon the sale or retirement of an unproved property, gain or loss on the sale is recognized.

At June 30, 2012 and December 31, 2011, amounts recorded in due to operators totaling $0.9 million and $1.2 million, respectively, related to capital expenditures for oil and gas properties.

Advances to Operators for Working Interests and Expenditures
The Fund’s acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund’s rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month’s operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties.

Asset Retirement Obligations
For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations.

Syndication Costs
Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund’s shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund’s balance sheet as a reduction of shareholders’ capital.

Revenue Recognition and Imbalances
Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties’ estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund’s recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production.
 
 
Derivative Instruments
The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. See Note 2.  “Derivative Instruments,” for more information.

Impairment of Long-Lived Assets
The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of producing properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review.  If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the producing property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred.  The fair value determinations require considerable judgment and are sensitive to change.  Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund’s estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term.  If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur.

During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of  $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates. Prior to such write-down, the well had a carrying value of $5.7 million. The fair value of the impaired well at June 30, 2012 was $2.6 million, which was determined based on level 3 inputs and include projected income from reserves utilizing forward price curves, net of anticipated costs, discounted. There were no impairments to oil and gas properties for the three and six months ended June 30, 2011.
 
Depletion and Amortization
Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method.  Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs.

Income Taxes
No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund’s income or loss is passed through and included in the tax returns of the Fund’s shareholders.

Income and Expense Allocation
Profits and losses are allocated 85% to shareholders in proportion to their relative capital contributions and 15% to the Manager, except for interest income and certain expenses such as dry-hole costs, trust fees, depletion and amortization, which are allocated 99% to shareholders and 1% to the Manager.

Distributions
Distributions to shareholders are allocated in proportion to the number of shares held. Certain shares have early investment incentive and advance distribution rights, as defined in the LLC Agreement, which range from approximately $6 thousand to $12 thousand per share. The Fund began making distributions to eligible early investors during the second quarter 2009.

The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement.
 

Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions.  After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager.

In January 2011, proceeds from the sale of the Aspen Project were distributed to the Manager and shareholders totaling $17 thousand and $1.7 million, respectively.

Recent Accounting Pronouncements
The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund’s financial statements.

2.           Derivative Instruments

The Fund periodically enters into derivative contracts relating to its oil or gas production.  The use of such derivative instruments limits the downside risk of adverse price movements. Currently, the Fund has elected not to use hedge accounting for its derivatives and consequently, the derivatives are marked-to-market each quarter with fair value gains and losses recognized as other income on the statement of operations. The estimated fair value of these contracts is based upon various factors, including reported prices on the New York Mercantile Exchange (“NYMEX”) and the Intercontinental Exchange (“ICE”), volatility, and the time value of options. See Note 5. “Fair Value Measurements.” The Fund has exposure to credit risk to the extent the derivative instrument counterparty is unable to satisfy its settlement commitment. The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions.

Derivative instruments are carried at their fair value on the balance sheet within “Other current assets”. The derivative contracts relating to gas pricing are settled based upon reported prices on NYMEX. The derivative contracts relating to oil pricing are settled based upon averaged reported prices on ICE. The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis in the statement of operations under the caption “Other income (loss).” Settlements of derivative contracts are reflected in operating activities on the statement of cash flows.

At June 30, 2012, the Fund had no outstanding derivative contracts with respect to its future production.  For the three and six months ended June 30, 2012 and 2011, the Fund’s derivative instrument income consisted of the following:

   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
 
(in thousands)
 
Realized losses on derivative instruments
  $ (2 )   $ (25 )   $ (8 )   $ (15 )
Unrealized gains (losses) on derivative instruments
    2       (24 )     -       (20 )
    $ -     $ (49 )   $ (8 )   $ (35 )

3.           Oil and Gas Properties

Leasehold acquisition and exploratory drilling costs are capitalized pending determination of whether the well has found proved reserves. Unproved properties are assessed on a quarterly basis by evaluating and monitoring if sufficient progress is made on assessing the reserves. At June 30, 2012, the Fund had no unproved properties with capitalized exploratory well costs in excess of one year.

In December 2010, after determining not to proceed with the completion of the Aspen Project, the Fund entered into an agreement to sell its working interest in the Aspen Project to Stone Energy Corporation, for net proceeds of $1.8 million in cash, which resulted in a loss of $2.7 million. The proceeds from the sale of the Aspen Project, which were classified as a receivable from sale of oil and gas properties on the balance sheet at December 31, 2010, were collected in January 2011.

During June 2010, the Fund sold its interest in the Ajax Project to KNOC USA Corporation and Samsung Oil & Gas USA Corp., for net proceeds of $0.7 million in cash and estimated overriding royalty interest amounts, which resulted in a gain of $0.4 million. At the time of the sale, the carrying value for the Ajax Project was $0.3 million, which reflected a prior year impairment charge of $1.1 million. During the three and six months ended June 30, 2011, the Fund recorded a loss on sale of oil and gas properties of $10 thousand as a result of additional costs related to asset retirement obligations related to the Ajax Project.
 

Capitalized exploratory well costs are expensed as dry-hole costs in the event that reserves are not found or are not in sufficient quantities to complete the well and develop the field. At times, the Fund receives credits on certain wells from their respective operators upon review and audit of the wells’ costs.  During the three months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $4 thousand and $1 thousand, respectively.  During the six months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $15 thousand and $19 thousand, respectively.

4.           Related Parties

The LLC Agreement provides that the Manager render management, administrative and advisory services. For such services, the Manager is paid an annual management fee, payable monthly, of 2.5% of total capital contributions, net of cumulative dry-hole and related well costs incurred by the Fund.  Management fees for each of the three months ended June 30, 2012 and 2011 were $0.2 million. Management fees for each of the six months ended June 30, 2012 and 2011 were $0.5 million.

The Manager is entitled to receive a 15% interest in cash distributions made by the Fund. Distributions paid to the Manager for the three months ended June 30, 2012 and 2011 were $19 thousand and $0.1 million, respectively. Distributions paid to the Manager for the six months ended June 30, 2012 and 2011 were $0.1 million and $0.2 million, respectively.

At times, short-term payables and receivables, which do not bear interest, arise from transactions with affiliates in the ordinary course of business.

None of the amounts paid to the Manager have been derived as a result of arm’s length negotiations.
 
The Fund has working interest ownership in certain projects to acquire and develop oil and natural gas projects with other entities that are likewise managed by the Manager.

5.           Fair Value Measurements

At June 30, 2012 and December 31, 2011, cash and cash equivalents, short-term investments in marketable securities, production receivable, salvage fund and accrued expenses approximate fair value. At December 31, 2011, derivative instruments are recorded at fair value based on Level 2 inputs, as the instruments are over-the-counter derivatives with a third party.

6.           Commitments and Contingencies

Capital Commitments
The Fund has entered into multiple agreements for the drilling and development of its investment properties. The estimated capital expenditures associated with these agreements vary depending on the stage of development on a property-by-property basis. As of June 30, 2012, the Fund had committed to spend an additional $4.6 million related to its investment properties, of which $1.4 million is expected to be spent during the next twelve months.

Environmental Considerations
The exploration for and development of oil and natural gas involves the extraction, production and transportation of materials which, under certain conditions, can be hazardous or cause environmental pollution problems. The Manager and operators of the Fund’s properties are continually taking action they believe appropriate to satisfy applicable federal, state and local environmental regulations and do not currently anticipate that compliance with federal, state and local environmental regulations will have a material adverse effect upon capital expenditures, results of operations or the competitive position of the Fund in the oil and gas industry. However, due to the significant public and governmental interest in environmental matters related to those activities, the Manager cannot predict the effects of possible future legislation, rule changes, or governmental or private claims. At June 30, 2012 and December 31, 2011, there were no known environmental contingencies that required the Fund to record a liability.
 

In response to the April 2010 oil spill in the Gulf of Mexico, the United States Congress is considering a number of legislative proposals relating to the upstream oil and gas industry both onshore and offshore. Such proposals could result in significant additional laws or regulations governing the Fund’s operations in the United States, including a proposal to raise or eliminate the cap on liability for oil spill cleanups under the Oil Pollution Act of 1990. Although it is not possible at this time to predict whether proposed legislation or regulations will be adopted as initially written, if at all, or how legislation or new regulation that may be adopted would impact our business, any such future laws and regulations could result in increased compliance costs or additional operating restrictions, which could have a material adverse effect on the Fund’s operating results and cash flows.

Insurance Coverage
The Fund is subject to all risks inherent in the exploration for and development of oil and natural gas. Insurance coverage as is customary for entities engaged in similar operations is maintained, but losses may occur from uninsurable risks or amounts in excess of existing insurance coverage. The occurrence of an event that is not insured or not fully insured could have an adverse impact upon earnings and financial position. Moreover, insurance is obtained as a package covering all of the funds managed by the Manager. Claims made by other funds managed by the Manager can reduce or eliminate insurance for the Fund.

7.           Subsequent Events

The Fund has assessed the impact of subsequent events through the date of issuance of its financial statements, and has concluded that there were no such events that require adjustment to, or disclosure in, the notes to the financial statements.
 
 
 
 
 
 


Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q (“Quarterly Report”) and the documents Ridgewood Energy U Fund, LLC (the “Fund”) has incorporated by reference into this Quarterly Report, other than purely historical information, including estimates, projections, statements relating to the Fund’s business plans, strategies, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 that are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. You are therefore cautioned against relying on any such forward-looking statements. Forward-looking statements can generally be identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “target,” “pursue,” “may,” “will,” “will likely result,” and similar expressions and references to future periods. Examples of events that could cause actual results to differ materially from historical results or those anticipated include weather conditions, such as hurricanes, changes in market conditions affecting the pricing of oil and natural gas, the cost and availability of equipment, and changes in governmental regulations. Examples of forward-looking statements made herein include statements regarding future projects, investments and insurance. Forward-looking statements made in this document speak only as of the date on which they are made. The Fund undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Critical Accounting Policies and Estimates

The following discussion and analysis of the Fund’s financial condition and operating results is based on its financial statements. The preparation of this Quarterly Report requires the Fund to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Fund’s financial statements, and the reported amount of revenue and expense during the reporting period. Actual results may differ from those estimates and assumptions.  See “Notes to Unaudited Condensed Financial Statements” in Part I of this Quarterly Report for a presentation of the Fund’s significant accounting policies. No changes have been made to the Fund’s critical accounting policies and estimates disclosed in its 2011 Annual Report on Form 10-K.

Overview of the Fund’s Business

The Fund is a Delaware limited liability company formed on August 28, 2006 to primarily acquire interests in oil and natural gas properties located in the United States offshore waters of Texas, Louisiana and Alabama in the Gulf of Mexico.  The Fund’s primary investment objective is to generate cash flow for distribution to its shareholders by generating returns across a portfolio of exploratory or development oil and natural gas projects.  However, the Fund is not required to make distributions to shareholders except as provided in the Fund’s limited liability company agreement (the “LLC Agreement”).

Ridgewood Energy Corporation (the “Manager” or “Ridgewood Energy”) is the Manager, and as such, has direct and exclusive control over the management of the Fund’s operations.  The Manager performs certain duties on the Fund’s behalf including the evaluation of potential projects for investment and ongoing management, administrative and advisory services associated with these projects.  For these services, the Manager receives an annual management fee equal to 2.5% of capital contributions, net of cumulative dry-hole and related well costs incurred by the Fund, payable monthly.  The Fund does not currently, nor is there any plan to, operate any project in which the Fund participates.  The Manager enters into operating agreements with third-party operators for the management of all exploration, development and producing operations, as appropriate.  The Manager also participates in distributions.

Revenues are subject to market pricing for oil and natural gas, which has been volatile, and is likely to continue to be volatile in the future.  This volatility is caused by numerous factors and market conditions that the Fund cannot control or influence. Therefore, it is impossible to predict the future price of oil and natural gas with any certainty. Low commodity prices could have an adverse effect on the Fund’s future profitability.
 
 
Business Update

Information regarding the Fund’s current projects, all of which are located in the offshore waters of the Gulf of Mexico, is provided in the following table.

         
Total Spent
         
   
Working
   
through
   
Total Fund
   
Project
 
Interest
   
June 30, 2012
   
Budget
 
Status
         
(in thousands)
   
Non-producing Properties
                   
Diller Project
  0.83%     $ 1,245     $ 3,064  
Deemed to be a discovery in March 2012. Currently evaluating options for completion.
Marmalard Project
  0.83%     $ 969     $ 3,632  
Deemed to be a discovery in May 2012. Currently evaluating options for completion.
Producing Properties
                       
Alpha Project
  3.75%     $ 7,109     $ 7,109  
Well completed and production commenced in April 2012.
Cobalt Project
  5.0%     $ 2,368     $ 2,433  
Production commenced in 2009. Multiple recompletion efforts planned at an estimated cost of $65 thousand.
Emerald Project well #1
  5.0%     $ 3,320     $ 3,320  
Production commenced in 2009. Work to install a compressor was completed in February 2012 at a cost of $68 thousand.
Emerald Project well #2
  5.0%     $ 757     $ 775  
Production commenced in 2010. Recompletion efforts to access behind the pipe reserves are planned for 2013 at an estimated cost of $18 thousand.

Results of Operations

The following table summarizes the Fund’s results of operations for the three and six months ended June 30, 2012 and 2011, and should be read in conjunction with the Fund’s financial statements and notes thereto included within Item 1.  “Financial Statements” in Part I in this Quarterly Report.
 
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
Revenue
                       
Oil and gas revenue
  $ 1,249     $ 950     $ 1,658     $ 1,862  
                                 
Expenses
                               
Depletion and amortization
    1,808       399       2,013       789  
Dry-hole costs
    (4 )     (1 )     (15 )     (19 )
Impairment of oil and gas properties
    3,114               3,114       -  
Management fees to affiliate (Note 4)
    232       231       464       463  
Operating expenses
    206       67       254       115  
General and administrative expenses
    58       82       113       122  
Total expenses
    5,414       778       5,943       1,470  
Loss on sale of oil and gas properties
    -       (10 )     -       (10 )
(Loss) income from operations
    (4,165 )     162       (4,285 )     382  
Other income (loss)
    5       (41 )     4       (16 )
Net (loss) income
  $ (4,160 )   $ 121     $ (4,281 )   $ 366  
 
Overview.  The following table provides information related to the Fund’s oil and gas production and oil and gas revenue during the three and six months ended June 30, 2012 and 2011.

   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
Number of wells producing
    4       3       4       3  
Total number of production days
    331       273       598       531  
Average mcfe per production day
    653       566       515       657  
Oil sales (in thousands of barrels)
    6       2       7       4  
Average oil price per barrel
  $ 106     $ 116     $ 107     $ 107  
Gas sales (in thousands of mcfs)
    142       124       216       278  
Average gas price per mcf
  $ 2.53     $ 4.10     $ 2.45     $ 3.85  
 
The increases in production days, production rates and sales volumes were principally attributable to the Alpha Project, which commenced production in April 2012.  During the six months ended June 30, 2012, the decreases in average production rates and gas sales volumes were principally attributable to the Emerald and Cobalt projects. During February 2012, a compressor installation was completed for the Emerald Project to improve production rates.  The Cobalt Project is continuing to produce out its current zone at lower rates than prior year due to natural declines in well production.  Once the current zone is fully depleted, the Cobalt Project will undergo a recompletion, currently expected for 2014.  See additional discussion in “Business Update” section above.

Oil and Gas Revenue.  Oil and gas revenue for the three months ended June 30, 2012 was $1.2 million, a $0.3 million increase from the three months ended June 30, 2011.  Oil revenue increased $0.5 million, primarily attributable to increased oil sales volumes.  Gas revenue decreased $0.1 million, of which $0.2 million is attributable to a decrease in gas prices partially offset by $0.1 million attributable to increased gas volumes.

Oil and gas revenue for the six months ended June 30, 2012 was $1.7 million, a $0.2 million decrease from the six months ended June 30, 2011.  Gas revenue decreased $0.5 million, of which $0.4 million is attributable to a decrease in gas prices and $0.2 million is attributable to decreased gas volumes.  Oil revenue increased $0.3 million, primarily attributable to increased oil sales volumes.

See “Overview” above for additional information.

Depletion and Amortization.  Depletion and amortization for the three and six months ended June 30, 2012 was $1.8 million and $2.0 million, respectively, an increase of $1.4 million and $1.2 million from the three and six months ended June 30, 2011, respectively.  The increases resulted primarily from an increase in average depletion rates attributable to higher cost reserve additions for the Alpha Project, which commenced production in April 2012.  See “Overview” above for additional information.
 

Dry-hole Costs.  Dry-hole costs are those costs incurred to drill and develop a well that is ultimately found to be incapable of producing either oil or natural gas in sufficient quantities to justify completion of the well.  At times, the Fund receives credits on certain wells from their respective operators upon review and audit of the wells’ costs.  During the three months ended June 30, 2012 and 2011 the Fund received credits to dry-hole costs of $4 thousand and $1 thousand, respectively. During the six months ended June 30, 2012 and 2011 the Fund received credits to dry-hole costs of $15 thousand and $19 thousand, respectively.

Impairment of Oil and Gas Properties.  During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates.  There were no impairments to oil and gas properties during the three and six months ended June 30, 2011.

Management Fees to Affiliate.  Management fees for each of the three months ended June 30, 2012 and 2011 were $0.2 million.  Management fees for each of the six months ended June 30, 2012 and 2011 were $0.5 million. An annual management fee, totaling 2.5% of total capital contributions, net of cumulative dry-hole and related well costs incurred by the Fund, is paid monthly to the Manager.

Operating Expenses.  Operating expenses represent costs specifically identifiable or allocable to the Fund’s wells, as detailed in the following table.
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
   
(in thousands)
 
Lease operating expense
  $ 111     $ 57     $ 157     $ 101  
Geological costs and other
    95       10       97       14  
    $ 206     $ 67     $ 254     $ 115  

Lease operating expense relates to the Fund’s producing properties during each period as outlined above in “Overview”.  The average production cost was $0.51 per mcfe during each of the three and six months ended June 30, 2012, compared to $0.37 per mcfe and $0.29 per mcfe during the three and six months ended June 30, 2011, respectively.  Geological costs, which represent costs incurred to obtain seismic data, surveys and lease rentals for the Fund’s projects, primarily related to the Diller and Marmalard projects.

General and Administrative Expenses.  General and administrative expenses represent costs specifically identifiable or allocable to the Fund, as detailed in the following table.

   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
   
(in thousands)
 
Accounting fees
  $ 46     $ 50     $ 68     $ 86  
Insurance expense
    10       27       41       26  
Other
    2       5       4       10  
    $ 58     $ 82     $ 113     $ 122  
 
Accounting fees represent audit and tax preparation fees, quarterly reviews and filing fees incurred by the Fund. Insurance expense represents premiums related to producing well and control of well insurance, which varies depending upon the number of wells producing or drilling, and directors’ and officers’ liability insurance.

Loss on Sale of Oil and Gas Properties.  During the three and six months ended June 30, 2011, the Fund recorded a loss on sale of oil and gas properties of $10 thousand as a result of additional asset retirement obligations related to the Ajax Project, which the Fund sold in June 2010.  There were no such amounts recorded during the three and six months ended June 30, 2012.  For additional information see Note 3. Oil and Gas Properties of “Notes to Unaudited Condensed Financial Statements” in Part I of this Quarterly Report.

Other Income (Loss).  Other income (loss) for the three and six months ended June 30, 2012 and 2011 is detailed in the following table.
 

   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
 
(in thousands)
 
Interest income
  $ 5     $ 8     $ 12     $ 19  
Realized losses on derivative instruments
    (2 )     (25 )     (8 )     (15 )
Unrealized gains (losses) on derivative instruments
    2       (24 )     -       (20 )
    $ 5     $ (41 )   $ 4     $ (16 )

Capital Resources and Liquidity

Operating Cash Flows
Cash flows provided by operating activities for the six months ended June 30, 2012 were $0.6 million, primarily related to revenue received of $1.3 million, partially offset by management fees of $0.5 million, operating expenses paid of $0.2 million and general and administrative expenses paid of $0.1 million.

Cash flows provided by operating activities for the six months ended June 30, 2011 were $1.2 million, primarily related to revenue received of $2.0 million, partially offset by management fees of $0.5 million, operating expenses paid of $0.2 million, general and administrative expenses of $0.1 million and the purchase of derivative instruments of $0.1 million.

Investing Cash Flows
Cash flows used in investing activities for the six months ended June 30, 2012 were $0.9 million, primarily related to investments in U.S. Treasury securities of $3.0 million and capital expenditures for oil and gas properties of $2.4 million, partially offset by the proceeds received from the maturity of U.S. Treasury securities of $4.5 million.

Cash flows provided by investing activities for the six months ended June 30, 2011 were $5.2 million, primarily related to the maturity of investments in U.S. Treasury securities of $8.0 million and proceeds from the sale of the Aspen Project totaling $1.8 million, partially offset by invesments in U.S. securities of $3.0 million and capital expenditures for oil and gas properties of $1.5 million.

Financing Cash Flows
Cash flows used in financing activities for the six months ended June 30, 2012 were $0.4 million, related to manager and shareholder distributions.

Cash flows used in financing activities for the six months ended June 30, 2011 were $3.1 million, related to manager and shareholder distributions.

Estimated Capital Expenditures

The Fund has entered into multiple agreements for the acquisition, drilling and development of its investment properties.  The estimated capital expenditures associated with these agreements can vary depending on the stage of development on a property-by-property basis.  As of June 30, 2012, the Fund had committed to spend an additional $4.6 million related to its investment properties, of which $1.4 million is expected to be spent during the next twelve months.

When the Manager makes a decision to participate in an exploratory project, it assumes that the well will be successful and allocates enough capital to budget for the completion of that well and the additional development wells and infrastructure anticipated.  If an exploratory well is deemed a dry hole or if it is determined by the Manager to be un-economical, the capital allocated to the completion of that well and to the development of additional wells is then reallocated to a new project or used to make additional investments.

Capital expenditures for investment properties are funded with the capital raised by the Fund in its private placement offering, which is all the capital it will obtain.  The number of projects in which the Fund can invest is limited, and each unsuccessful project the Fund experiences exhausts its capital and reduces its ability to generate revenue.

Liquidity Needs
 
The Fund’s primary short-term liquidity needs are to fund its operations, inclusive of management fees, and capital expenditures for its investment properties.  Operations are funded utilizing operating income, existing cash on-hand, short-term investments, if any, and income earned therefrom.
 

The Manager is entitled to receive an annual management fee from the Fund regardless of the Fund’s profitability in that year. Generally, all or a portion of the management fee is paid from operating income.

Distributions, if any, are funded from available cash from operations, as defined in the LLC Agreement, and the frequency and amount are within the Manager’s discretion.

Off-Balance Sheet Arrangements

The Fund had no off-balance sheet arrangements at June 30, 2012 and December 31, 2011 and does not anticipate the use of such arrangements in the future.

Contractual Obligations

The Fund enters into participation and joint operating agreements with operators.  On behalf of the Fund, an operator enters into various contractual commitments pertaining to exploration, development and production activities.  The Fund does not negotiate such contracts.  No contractual obligations exist at June 30, 2012 and December 31, 2011 other than those discussed in “Estimated Capital Expenditures” above.

Recent Accounting Pronouncements

The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund’s financial statements.


Not required.


In accordance with Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Fund’s management, including its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Fund’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Fund’s disclosure controls and procedures were effective as of June 30, 2012.

There has been no change in the Fund’s internal control over financial reporting that occurred during the three months ended June 30, 2012 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.


PART II – OTHER INFORMATION


None.


Not required.

 
None.


None.
 


None.


None.
 
 
 
 
 
 
 


EXHIBIT
NUMBER
 
TITLE OF EXHIBIT
 
METHOD OF FILING
     
31.1
Certification of Robert E. Swanson, Chief Executive Officer of
the Fund, pursuant to Exchange Act Rule 13a-14(a)
Filed herewith
     
31.2
Certification of Kathleen P. McSherry, Executive Vice President
and Chief Financial Officer of the Fund, pursuant to Exchange
Act Rule 13a-14(a)
Filed herewith
     
32
Certifications pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
signed by Robert E. Swanson, Chief Executive Officer of the
Fund and Kathleen P. McSherry, Executive Vice President and
Chief Financial Officer of the Fund
Filed herewith
     
101.INS
XBRL Instance Document
*
     
101.SCH
XBRL Taxonomy Extension Schema
*
     
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
*
     
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
*
     
101.LAB
XBRL Taxonomy Extension Label Linkbase
*
     
101.PRE
XBRL Taxonomy Extension Presentation Linkbase
*
     

*  Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.



 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

           
RIDGEWOOD ENERGY U FUND, LLC
 
Dated:
July 30, 2012
By:
/s/
   
ROBERT E. SWANSON
     
Name:
   
Robert E. Swanson
     
Title:
   
Chief Executive Officer
           
(Principal Executive Officer)
             
             
Dated:
July 30, 2012
By:
/s/
   
KATHLEEN P. MCSHERRY
     
Name:
   
Kathleen P. McSherry
     
Title:
   
Executive Vice President and Chief Financial Officer
           
(Principal Financial and Accounting Officer)
             
             
 
 
17

EX-31.1 2 ex31_1.htm EXHIBIT 31.1 ex31_1.htm
EXHIBIT 31.1
CERTIFICATION

I, Robert E. Swanson, certify that:

1.              I have reviewed this Quarterly Report on Form 10-Q of Ridgewood Energy U Fund, LLC;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.             The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:
   
July 30, 2012
       
/s/
   
ROBERT E. SWANSON
Name:
   
Robert E. Swanson
       
Title:
   
Chief Executive Officer
     
(Principal Executive Officer)
 
 
 
 
EX-31.2 3 ex31_2.htm EXHIBIT 31.2 ex31_2.htm
EXHIBIT 31.2
CERTIFICATION

I, Kathleen P. McSherry, certify that:

1.              I have reviewed this Quarterly Report on Form 10-Q of Ridgewood Energy U Fund, LLC;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.             The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:
   
July 30, 2012
       
/s/
   
KATHLEEN P. MCSHERRY
Name:
   
Kathleen P. McSherry
       
Title:
   
Executive Vice President and Chief Financial Officer
     
(Principal Financial and Accounting Officer)
 
 
 
EX-32 4 ex32.htm EXHIBIT 32 ex32.htm
EXHIBIT 32



CERTIFICATIONS PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the report of Ridgewood Energy U Fund, LLC (the “Fund”) on Form 10-Q for the period ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof, (the “Report”), each of the undersigned officers of the Fund hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

             
Dated:
July 30, 2012
By:
/s/
   
ROBERT E. SWANSON
     
Name:
   
Robert E. Swanson
     
Title:
   
Chief Executive Officer
           
(Principal Executive Officer)
             
             
Dated:
July 30, 2012
By:
/s/
   
KATHLEEN P. MCSHERRY
     
Name:
   
Kathleen P. McSherry
     
Title:
   
Executive Vice President and Chief Financial Officer
           
(Principal Financial and Accounting Officer)
             
             
A signed original of this written statement or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
 
EX-101.INS 5 cik1377178-20120630.xml EXHIBIT 101.INS <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Advances to Operators for Working Interests and Expenditures</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund&#39;s acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund&#39;s rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month&#39;s operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties.</div> <!--EndFragment--></div> </div> 235000 0.025 300000 1000 20000 17000 1700000 19000 100000 100000 200000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Distributions</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Distributions to shareholders are allocated in proportion to the number of shares held. Certain shares have early investment incentive and advance distribution rights, as defined in the LLC Agreement, which range from approximately $6 thousand to $12 thousand per share. The Fund began making distributions to eligible early investors during the second quarter 2009.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In January 2011, proceeds from the sale of the Aspen Project were distributed to the Manager and shareholders totaling $17 thousand and $1.7 million, respectively.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 12000.0 6000.0 2012-12-01 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Income and Expense Allocation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Profits and losses are allocated 85% to shareholders in proportion to their relative capital contributions and 15% to the Manager, except for interest income and certain expenses such as dry-hole costs, trust fees, depletion and amortization, which are allocated 99% to shareholders and 1% to the Manager.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 1000 1000 486.4825 486.4825 486.4825 486.4825 1400000 232000 231000 464000 463000 662000 604000 -541000 -627000 -1203000 -1231000 250000 77000 77000 86000 166000 -8711.0 90.0 -8978.0 411.0 -4237000 44000 -4367000 200000 5700000 2600000 12000 14000 0.01 0.15 0.99 0.85 0.15 0.85 0.15 0.01 0.85 0.99 0.15 -2000 -25000 -8000 -15000 1157000 1145000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Salvage Fund</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives, in accordance with applicable federal and state laws and regulations. At June 30, 2012, the Fund had short-term, investments in U.S. Treasury securities within its salvage fund that are classified as held-to-maturity of $1.0 million, which mature in December 2012<font style="DISPLAY: inline">.</font> Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 16465000 21160000 72381000 72381000 6041000 5713000 -41334000 -36967000 8541000 8541000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Syndication Costs</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund&#39;s shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund&#39;s balance sheet as a reduction of shareholders&#39; capital.</div> <!--EndFragment--></div> </div> 900000 1200000 1000000 false --12-31 Q2 2012 2012-06-30 10-Q 0001377178 486.4825 Smaller Reporting Company Ridgewood Energy U Fund LLC 1018000 1184000 612000 238000 25000 33000 463000 463000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Asset Retirement Obligations</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 16768000 21609000 8236000 10174000 4589000 8499000 5352000 5150000 -763000 3349000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Cash and Cash Equivalents</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which, for interest bearing deposits, are $250 thousand per insured financial institution. Additionally, non-interest bearing deposits are fully insured through December 31, 2012, after which they will be included within the $250 thousand limit. At June 30, 2012, the Fund&#39;s bank balances exceeded federally insured limits by $2.6 million, all of which was invested in money market accounts that invest solely in U.S. Treasury bills and notes.</div> <!--EndFragment--></div> </div> 2600000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 6. Commitments and Contingencies</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Capital Commitments</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund has entered into multiple agreements for the drilling and development of its investment properties. The estimated capital expenditures associated with these agreements vary depending on the stage of development on a property-by-property basis. As of June 30, 2012, the Fund had committed to spend an additional $4.6 million related to its investment properties, of which $1.4 million is expected to be spent during the next twelve months.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Environmental Considerations</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The exploration for and development of oil and natural gas involves the extraction, production and transportation of materials which, under certain conditions, can be hazardous or cause environmental pollution problems. The Manager and operators of the Fund&#39;s properties are continually taking action they believe appropriate to satisfy applicable federal, state and local environmental regulations and do not currently anticipate that compliance with federal, state and local environmental regulations will have a material adverse effect upon capital expenditures, results of operations or the competitive position of the Fund in the oil and gas industry. However, due to the significant public and governmental interest in environmental matters related to those activities, the Manager cannot predict the effects of possible future legislation, rule changes, or governmental or private claims. At June 30, 2012 and December 31, 2011, there were no known environmental contingencies that required the Fund to record a liability.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In response to the April 2010 oil spill in the Gulf of Mexico, the United States Congress is considering a number of legislative proposals relating to the upstream oil and gas industry both onshore and offshore. Such proposals could result in significant additional laws or regulations governing the Fund&#39;s operations in the United States, including a proposal to raise or eliminate the cap on liability for oil spill cleanups under the Oil Pollution Act of 1990. Although it is not possible at this time to predict whether proposed legislation or regulations will be adopted as initially written, if at all, or how legislation or new regulation that may be adopted would impact our business, any such future laws and regulations could result in increased compliance costs or additional operating restrictions, which could have a material adverse effect on the Fund&#39;s operating results and cash flows.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Insurance Coverage</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund is subject to all risks inherent in the exploration for and development of oil and natural gas. Insurance coverage as is customary for entities engaged in similar operations is maintained, but losses may occur from uninsurable risks or amounts in excess of existing insurance coverage. The occurrence of an event that is not insured or not fully insured could have an adverse impact upon earnings and financial position. Moreover, insurance is obtained as a package covering all of the funds managed by the Manager. Claims made by other funds managed by the Manager can reduce or eliminate insurance for the Fund.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 2. Derivative Instruments</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund periodically enters into derivative contracts relating to its oil or gas production. The use of such derivative instruments limits the downside risk of adverse price movements. Currently, the Fund has elected not to use hedge accounting for its derivatives and consequently, the derivatives are marked-to-market each quarter with fair value gains and losses recognized as other income on the statement of operations. The estimated fair value of these contracts is based upon various factors, including reported prices on the New York Mercantile Exchange ("NYMEX") and the Intercontinental Exchange ("ICE"), volatility, and the time value of options. See Note 5. "Fair Value Measurements." The Fund has exposure to credit risk to the extent the derivative instrument counterparty is unable to satisfy its settlement commitment. The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Derivative instruments are carried at their fair value on the balance sheet within "Other current assets". The derivative contracts relating to gas pricing are settled based upon reported prices on NYMEX. The derivative contracts relating to oil pricing are settled based upon averaged reported prices on ICE. The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis in the statement of operations under the caption "Other income (loss)." Settlements of derivative contracts are reflected in operating activities on the statement of cash flows.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At June 30, 2012, the Fund had no outstanding derivative contracts with respect to its future production. For the three and six months ended June 30, 2012 and 2011, the Fund&#39;s derivative instrument income consisted of the following:</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="text-align: center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%"> <tr> <td valign="bottom" width="52%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td valign="bottom" width="1%" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</td> <td valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Three months ended June 30,</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td valign="bottom" width="1%" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</td> <td valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Six months ended June 30,</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="52%" align="left">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2012</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2011</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2012</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2011</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td valign="bottom" width="52%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td valign="bottom" width="47%" colspan="15" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> (in thousands)</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="52%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Realized losses on derivative instruments</div> </td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(2</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(25</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(8</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(15</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="52%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Unrealized gains (losses) on derivative instruments</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">2</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(24</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">-</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(20</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> <tr bgcolor="#cceeff"> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="52%" align="left">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">-</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(49</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(8</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(35</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> -49000 -8000 -35000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Derivative Instruments</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. See Note 2. "Derivative Instruments," for more information.</div> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 5. Fair Value Measurements</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At June 30, 2012 and December 31, 2011, cash and cash equivalents, short-term investments in marketable securities, production receivable, salvage fund and accrued expenses approximate fair value. At December 31, 2011, derivative instruments are recorded at fair value based on Level 2 inputs, as the instruments are over-the-counter derivatives with a third party.</div> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Oil and Gas Properties</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund&#39;s portion of exploration, drilling, operating and capital equipment expenditures is billed by operators.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers&#39; fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Upon the sale or retirement of a proved property, the cost and related accumulated depletion and amortization will be eliminated from the property accounts, and the resultant gain or loss is recognized. Upon the sale or retirement of an unproved property, gain or loss on the sale is recognized.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At June 30, 2012 and December 31, 2011, amounts recorded in due to operators totaling $0.9 million and $1.2 million, respectively, related to capital expenditures for oil and gas properties.</div> <!--EndFragment--></div> </div> -10000 -10000 -2700000 -10000 -10000 400000 58000 82000 113000 122000 2012-07-01 3114000 3114000 3114000 3114000 1100000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Impairment of Long-Lived Assets</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of producing properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the producing property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund&#39;s estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates. Prior to such write-down, the well had a carrying value of $5.7 million. The fair value of the impaired well at June 30, 2012 was $2.6 million, which was determined based on level 3 inputs and include projected income from reserves utilizing forward price curves, net of anticipated costs, discounted. There were no impairments to oil and gas properties for the three and six months ended June 30, 2011.</div> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Income Taxes</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund&#39;s income or loss is passed through and included in the tax returns of the Fund&#39;s shareholders.</div> <!--EndFragment--></div> </div> 74000 -56000 374000 -116000 -8000 10000 -39000 69000 1506000 1680000 16768000 21609000 1043000 1217000 4600000 3000000 4500000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Investments in Marketable Securities</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At times, the Fund may invest in U.S. Treasury bills and notes. These investments are considered short-term when their maturities are one year or less, and long-term when their maturities are greater than one year. At June 30, 2012, the Fund had short-term, held-to-maturity investments of $3.0 million, which matured in July 2012. Held-to-maturity investments are those securities that the Fund has the ability and intent to hold until maturity, and are recorded at cost plus accrued income, adjusted for the amortization of premiums and discounts, which approximates fair value.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income.</div> <!--EndFragment--></div> </div> -386000 -3088000 -948000 5235000 571000 1202000 -4160000 121000 -4281000 366000 5000 -41000 4000 -16000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 3. Oil and Gas Properties</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Leasehold acquisition and exploratory drilling costs are capitalized pending determination of whether the well has found proved reserves. Unproved properties are assessed on a quarterly basis by evaluating and monitoring if sufficient progress is made on assessing the reserves. At June 30, 2012, the Fund had no unproved properties with capitalized exploratory well costs in excess of one year.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In December 2010, after determining not to proceed with the completion of the Aspen Project, the Fund entered into an agreement to sell its working interest in the Aspen Project to Stone Energy Corporation, for net proceeds of $1.8 million in cash, which resulted in a loss of $2.7 million. The proceeds from the sale of the Aspen Project, which were classified as a receivable from sale of oil and gas properties on the balance sheet at December 31, 2010, were collected in January 2011.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> During June 2010, the Fund sold its interest in the Ajax Project to KNOC USA Corporation and Samsung Oil &amp; Gas USA Corp., for net proceeds of $0.7 million in cash and estimated overriding royalty interest amounts, which resulted in a gain of $0.4 million. At the time of the sale, the carrying value for the Ajax Project was $0.3 million, which reflected a prior year impairment charge of $1.1 million. During the three and six months ended June 30, 2011, the Fund recorded a loss on sale of oil and gas properties of $10 thousand as a result of additional costs related to asset retirement obligations related to the Ajax Project.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Capitalized exploratory well costs are expensed as dry-hole costs in the event that reserves are not found or are not in sufficient quantities to complete the well and develop the field. At times, the Fund receives credits on certain wells from their respective operators upon review and audit of the wells&#39; costs. During the three months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $4 thousand and $1 thousand, respectively. During the six months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $15 thousand and $19 thousand, respectively.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 8820000 3693000 7375000 10290000 1249000 950000 1658000 1862000 206000 67000 254000 115000 5414000 778000 5943000 1470000 -4165000 162000 -4285000 382000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 1. Organization and Summary of Significant Accounting Policies</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Organization</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Ridgewood Energy U Fund, LLC (the "Fund"), a Delaware limited liability company, was formed on August 28, 2006 and operates pursuant to a limited liability company agreement (the "LLC Agreement") dated as of October 1, 2006 by and among Ridgewood Energy Corporation (the "Manager") and the shareholders of the Fund. The Fund was organized to primarily acquire interests in oil and gas properties located in the United States offshore waters of Texas, Louisiana, and Alabama in the Gulf of Mexico.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Manager has direct and exclusive control over the management of the Fund&#39;s operations. With respect to project investments, the Manager locates potential projects, conducts due diligence, and negotiates and completes the transactions in which the investments are made. The Manager performs, or arranges for the performance of, the management, advisory and administrative services required for Fund operations. Such services include, without limitation, the administration of shareholder accounts, shareholder relations and the preparation, review and dissemination of tax and other financial information. In addition, the Manager provides office space, equipment and facilities and other services necessary for Fund operations. The Manager also engages and manages the contractual relations with unaffiliated custodians, depositories, accountants, attorneys, broker-dealers, corporate fiduciaries, insurers, banks and others as required. See Notes 4 and 6.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Basis of Presentation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> These unaudited interim condensed financial statements have been prepared by the Fund&#39;s management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Fund&#39;s financial position, results of operations and cash flows for the periods presented. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in these unaudited interim condensed financial statements. The results of operations, financial position, and cash flows for the periods presented herein are not necessarily indicative of future financial results. These unaudited interim condensed financial statements should be read in conjunction with the Fund&#39;s December 31, 2011 financial statements and notes thereto included in the Fund&#39;s Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Use of Estimates</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Cash and Cash Equivalents</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which, for interest bearing deposits, are $250 thousand per insured financial institution. Additionally, non-interest bearing deposits are fully insured through December 31, 2012, after which they will be included within the $250 thousand limit. At June 30, 2012, the Fund&#39;s bank balances exceeded federally insured limits by $2.6 million, all of which was invested in money market accounts that invest solely in U.S. Treasury bills and notes.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Investments in Marketable Securities</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At times, the Fund may invest in U.S. Treasury bills and notes. These investments are considered short-term when their maturities are one year or less, and long-term when their maturities are greater than one year. At June 30, 2012, the Fund had short-term, held-to-maturity investments of $3.0 million, which matured in July 2012. Held-to-maturity investments are those securities that the Fund has the ability and intent to hold until maturity, and are recorded at cost plus accrued income, adjusted for the amortization of premiums and discounts, which approximates fair value.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Salvage Fund</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives, in accordance with applicable federal and state laws and regulations. At June 30, 2012, the Fund had short-term, investments in U.S. Treasury securities within its salvage fund that are classified as held-to-maturity of $1.0 million, which mature in December 2012<font style="DISPLAY: inline">.</font> Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Oil and Gas Properties</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund&#39;s portion of exploration, drilling, operating and capital equipment expenditures is billed by operators.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers&#39; fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Upon the sale or retirement of a proved property, the cost and related accumulated depletion and amortization will be eliminated from the property accounts, and the resultant gain or loss is recognized. Upon the sale or retirement of an unproved property, gain or loss on the sale is recognized.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At June 30, 2012 and December 31, 2011, amounts recorded in due to operators totaling $0.9 million and $1.2 million, respectively, related to capital expenditures for oil and gas properties.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Advances to Operators for Working Interests and Expenditures</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund&#39;s acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund&#39;s rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month&#39;s operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Asset Retirement Obligations</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Syndication Costs</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund&#39;s shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund&#39;s balance sheet as a reduction of shareholders&#39; capital.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Revenue Recognition and Imbalances</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties&#39; estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund&#39;s recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Derivative Instruments</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. See Note 2. "Derivative Instruments," for more information.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Impairment of Long-Lived Assets</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of producing properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the producing property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund&#39;s estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates. Prior to such write-down, the well had a carrying value of $5.7 million. The fair value of the impaired well at June 30, 2012 was $2.6 million, which was determined based on level 3 inputs and include projected income from reserves utilizing forward price curves, net of anticipated costs, discounted. There were no impairments to oil and gas properties for the three and six months ended June 30, 2011.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Depletion and Amortization</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Income Taxes</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund&#39;s income or loss is passed through and included in the tax returns of the Fund&#39;s shareholders.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Income and Expense Allocation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Profits and losses are allocated 85% to shareholders in proportion to their relative capital contributions and 15% to the Manager, except for interest income and certain expenses such as dry-hole costs, trust fees, depletion and amortization, which are allocated 99% to shareholders and 1% to the Manager.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Distributions</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Distributions to shareholders are allocated in proportion to the number of shares held. Certain shares have early investment incentive and advance distribution rights, as defined in the LLC Agreement, which range from approximately $6 thousand to $12 thousand per share. The Fund began making distributions to eligible early investors during the second quarter 2009.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> In January 2011, proceeds from the sale of the Aspen Project were distributed to the Manager and shareholders totaling $17 thousand and $1.7 million, respectively.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Recent Accounting Pronouncements</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund&#39;s financial statements.</div> <!--EndFragment--></div> </div> 35000 84000 235000 386000 3088000 2999000 3001000 2437000 1500000 4500000 8000000 1750000 1750000 700000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Depletion and Amortization</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs.</div> <!--EndFragment--></div> </div> 13981000 6585000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 4. Related Parties</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The LLC Agreement provides that the Manager render management, administrative and advisory services. For such services, the Manager is paid an annual management fee, payable monthly, of 2.5% of total capital contributions, net of cumulative dry-hole and related well costs incurred by the Fund. Management fees for each of the three months ended June 30, 2012 and 2011 were $0.2 million. Management fees for each of the six months ended June 30, 2012 and 2011 were $0.5 million.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Manager is entitled to receive a 15% interest in cash distributions made by the Fund. Distributions paid to the Manager for the three months ended June 30, 2012 and 2011 were $19 thousand and $0.1 million, respectively. Distributions paid to the Manager for the six months ended June 30, 2012 and 2011 were $0.1 million and $0.2 million, respectively.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> At times, short-term payables and receivables, which do not bear interest, arise from transactions with affiliates in the ordinary course of business.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> None of the amounts paid to the Manager have been derived as a result of arm&#39;s length negotiations.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund has working interest ownership in certain projects to acquire and develop oil and natural gas projects with other entities that are likewise managed by the Manager.</div> <!--EndFragment--></div> </div> 1808000 399000 2013000 789000 -4000 -1000 -15000 -19000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Revenue Recognition and Imbalances</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties&#39; estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund&#39;s recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production.</div> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="text-align: center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%"> <tr> <td valign="bottom" width="52%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td valign="bottom" width="1%" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</td> <td valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Three months ended June 30,</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td valign="bottom" width="1%" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> &nbsp;</td> <td valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> Six months ended June 30,</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="52%" align="left">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2012</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2011</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2012</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> 2011</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td valign="bottom" width="52%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td valign="bottom" width="47%" colspan="15" nowrap="nowrap"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: center; TEXT-INDENT: 0pt"> (in thousands)</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="52%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Realized losses on derivative instruments</div> </td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(2</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(25</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(8</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td valign="bottom" width="1%" align="left" style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> &nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(15</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="52%" align="left"> <div style="DISPLAY: block; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Unrealized gains (losses) on derivative instruments</div> </td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">2</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(24</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">-</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">&nbsp;</td> <td style="BORDER-BOTTOM: black 2px solid; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(20</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> <tr bgcolor="#cceeff"> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="52%" align="left">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">-</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">&nbsp;</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(49</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(8</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: left" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 4px double; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-ALIGN: right" valign="bottom" width="9%">(35</td> <td style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap">)</td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> 15262000 19929000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> 7. Subsequent Events</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Fund has assessed the impact of subsequent events through the date of issuance of its financial statements, and has concluded that there were no such events that require adjustment to, or disclosure in, the notes to the financial statements.</div> <!--EndFragment--></div> </div> 2214000 7163000 2000 -24000 -20000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Use of Estimates</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <!--EndFragment--></div> </div> ISO4217:USD xbrli:pure ISO4217:USD xbrli:shares xbrli:shares 0001377178 cik1377178:AlphaProjectMember 2012-04-01 2012-06-30 0001377178 cik1377178:FundManagerMember 2012-04-01 2012-06-30 0001377178 2012-04-01 2012-06-30 0001377178 cik1377178:AlphaProjectMember 2012-01-01 2012-06-30 0001377178 cik1377178:FundManagerMember 2012-01-01 2012-06-30 0001377178 2012-01-01 2012-06-30 0001377178 cik1377178:FundManagerMember 2011-04-01 2011-06-30 0001377178 cik1377178:AjaxProjectMember 2011-04-01 2011-06-30 0001377178 2011-04-01 2011-06-30 0001377178 cik1377178:FundManagerMember 2011-01-01 2011-06-30 0001377178 cik1377178:AspenProjectMember 2011-01-01 2011-06-30 0001377178 cik1377178:AjaxProjectMember 2011-01-01 2011-06-30 0001377178 2011-01-01 2011-06-30 0001377178 2011-01-01 2011-01-31 0001377178 cik1377178:AjaxProjectMember 2010-06-01 2010-06-30 0001377178 cik1377178:AjaxProjectMember 2009-01-01 2009-12-31 0001377178 2012-07-30 0001377178 cik1377178:AlphaProjectMember 2012-06-30 0001377178 2012-06-30 0001377178 2011-12-31 0001377178 2011-06-30 0001377178 2010-12-31 0001377178 cik1377178:AjaxProjectMember 2010-06-30 EX-101.SCH 6 cik1377178-20120630.xsd EXHIBIT 101.SCH 201 - Disclosure - Organization and Summary of Significant Accounting Policies (Policy) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 40601 - Disclosure - Commitments and Contingencies (Details) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 106 - Disclosure - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 005 - Statement - UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 001 - Document - Document and Entity Information link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 102 - Disclosure - Derivative Instruments link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 302 - Disclosure - Derivative Instruments (Tables) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 40201 - Disclosure - Derivative Instruments (Schedule of Derivative Instrument Income) (Details) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 105 - Disclosure - Fair Value Measurements link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 103 - Disclosure - Oil and Gas Properties link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 101 - Disclosure - Organization and Summary of Significant Accounting Policies link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 40301 - Disclosure - Oil and Gas Properties (Details) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 40101 - Disclosure - Organization and Summary of Significant Accounting Policies (Details) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 104 - Disclosure - Related Parties link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 40401 - Disclosure - Related Parties (Details) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 107 - Disclosure - Subsequent Events link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 003 - Statement - UNAUDITED CONDENSED BALANCE SHEETS (Parenthetical) link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 004 - Statement - UNAUDITED CONDENSED STATEMENTS OF OPERATIONS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink 002 - Statement - UNAUDITED CONDENSED BALANCE SHEETS link:calculationLink link:definitionLink link:presentationLink link:labelLink link:referenceLink EX-101.CAL 7 cik1377178-20120630_cal.xml EXHIBIT 101.CAL EX-101.DEF 8 cik1377178-20120630_def.xml EXHIBIT 101.DEF EX-101.LAB 9 cik1377178-20120630_lab.xml EXHIBIT 101.LAB Amendment Flag Current Fiscal Year End Date Document and Entity Information [Abstract] Document And Entity Information [Abstract]. Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Filer Category Entity Registrant Name Accounts Payable, Current Due to operators Accounts Receivable, Net, Current Production receivable Accrued Liabilities, Current Accrued expenses Asset Retirement Obligations, Noncurrent Asset retirement obligations Assets Total assets Assets [Abstract] ASSETS Assets, Current Total current assets Assets, Current [Abstract] Current assets: Cash and cash equivalents Commitments and Contingencies Commitments and contingencies (Note 6) Liabilities Total liabilities Liabilities and Equity Total liabilities and members' capital Liabilities and Equity [Abstract] LIABILITIES AND MEMBERS' CAPITAL Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current liabilities: Manager Distributions Distributions Manager Retained Earnings Accumulated Deficit Accumulated deficit Managers Capital Manager's total Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization Less: accumulated depletion and amortization Oil and Gas Property, Successful Effort Method, Net Total oil and gas properties, net Other Assets, Current Other current assets Other Oil and Gas Property, Successful Effort Method Advances to operators for working interests and expenditures (Not Used This Quarter) Partners' Capital [Abstract] Members' capital: Property, Plant and Equipment, Net [Abstract] Oil and gas properties: Proved Oil and Gas Property, Successful Effort Method Proved properties Receivable from sale of oil and gas properties Receivable from sale of oil and gas properties (Not Used This Quarter) Receivable from sale of oil and gas properties. Salvage Fund Noncurrent Salvage fund Shareholders Capital Shareholders' total Shareholders Capital Contributions Capital contributions (1,000 shares authorized; 486.4825 issued and outstanding) Shareholders Distributions Distributions Shareholders Retained Earnings Accumulated Deficit Accumulated deficit Shareholders Syndication Costs Syndication costs Stockholders' Equity Attributable to Parent Total members' capital Unproved Oil and Gas Property, Successful Effort Method Unproved properties Distributions to the Manager of the Fund. The cumulative earnings (or deficit) for the Manager of the Fund. The total amount of equity attributable to the Manager of the Fund. Salvage Fund, Noncurrent. The total amount of equity attributable to the shareholders of the Fund. The amount of capital raised from selling shares. Distributions to shareholders. The cumulative earnings (or deficit) for the shareholders of the Fund. Costs incurred by the Fund in connection with the offering of the Fund's shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund's balance sheet as a reduction of shareholders' capital. Loss on sale of oil and gas properties General and Administrative Expense General and administrative expenses UNAUDITED CONDENSED STATEMENTS OF OPERATIONS [Abstract] Management fees to affiliate (Note 4) Manager Interest In Net Income Loss Abstract Manager Interest Net (loss) income Net Income Loss Manager Interest Net income Net Income Loss Per Share Shareholder Interest Net (loss) income per share Net Income Loss Shareholder Interest Net (loss) income Nonoperating Income (Expense) Other income (loss) Oil and Gas Revenue Oil and gas revenue Operating Costs and Expenses Operating expenses Operating Expenses Total expenses Operating Expenses [Abstract] Expenses Operating Income (Loss) (Loss) income from operations Revenues [Abstract] Revenue Shareholders Interest In Net Income Loss Abstract Shareholder Interest Manager's interest in net income (loss). Manager's interest in net income (loss). The net income (loss) per share attributable to the shareholders. Shareholders' interest in net income (loss). Shareholders' interest in net income (loss). Advances used for capital expenditures in oil and gas properties reclassified to unproved properties Advances used for capital expenditures in oil and gas properties reclassified to proved, unproved or dry-hole properties. The cash received from the settlement of derivative instruments. Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net (loss) income to net cash provided by operating activities: Advances Used For Capital Expenditures In Oil And Gas Properties Reclassified To Proved Properties Unproved Properties Or Dry Hole Costs Asset Retirement Obligation, Accretion Expense Accretion expense Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Cash and Cash Equivalents, Period Increase (Decrease) Net (decrease) increase in cash and cash equivalents Derivative Cash Received Derivative instrument settlements Derivative Instruments, Gain (Loss) Recognized in Income, Net Derivative instrument loss Gain (Loss) on Sale of Oil and Gas Property Loss on sale of oil and gas properties Impairment of Oil and Gas Properties Impairment of oil and gas properties Increase (Decrease) in Accounts Payable Increase (decrease) in due to operators Increase (Decrease) in Accounts Receivable (Increase) decrease in production receivable Increase (Decrease) in Accrued Liabilities (Decrease) increase in accrued expenses Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Other Current Assets Decrease (increase) in other current assets Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities Net Cash Provided by (Used in) Investing Activities Net cash (used in) provided by investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities Net Income (Loss) Attributable to Parent Net (loss) income Payments For Interest Earned And Reinvested In Salvage Fund Interest reinvested in salvage fund Payments of Capital Distribution Distributions Payments to Acquire Marketable Securities Investments in marketable securities Payments to Acquire Oil and Gas Property Capital expenditures for oil and gas properties Payments To Operators For Working Interests And Expenditures Payments to operators for working interests and expenditures (Not Used This Quarter) Proceeds from Sale and Maturity of Marketable Securities Proceeds from maturity of investments Proceeds from Sale of Oil and Gas Property and Equipment Proceeds from sale of oil and gas properties Results of Operations, Depreciation, Depletion and Amortization, and Valuation Provisions Depletion and amortization Results of Operations, Dry Hole Costs Dry-hole costs UNAUDITED CONDENSD STATEMENTS OF CASH FLOWS [Abstract] Supplemental Cash Flow Information [Abstract] Supplemental schedule of non-cash investing activities The cash outflow for interest earned on the salvage fund investments that are reinvested in the salvage fund account. Payments to operators for working interests and expenditures related to oil and gas properties. Derivative Instruments [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] Derivative Instruments Oil and Gas Properties [Abstract] Oil and Gas Exploration and Production Industries Disclosures [Text Block] Oil and Gas Properties Related Parties [Abstract] Related Party Transactions Disclosure [Text Block] Related Parties Fair Value Measurements [Abstract] Fair Value Disclosures [Text Block] Fair Value Measurements Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Organization and Summary of Significant Accounting Policies Llc Membership Interest Shares Authorized Shares authorized Llc Membership Interest Shares Issued Shares issued Llc Membership Interest Shares Outstanding Shares outstanding UNAUDITED CONDENSED BALANCE SHEETS [Abstract] LLC Membership Interest, Shares Authorized Llc Membership Interest, Shares Issued Llc Membership Interest, Shares Outstanding Advances To Operators For Working Interests And Expenditures [Policy Text Block] Advances to Operators for Working Interests and Expenditures Advances To Operators For Working Interests And Expenditures [Policy Text Block] Asset Retirement Obligations, Policy [Policy Text Block] Asset Retirement Obligations Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Derivatives, Policy [Policy Text Block] Derivative Instruments Distributions [Policy Text Block] Distributions Distributions [Policy Text Block] Full Cost or Successful Efforts, Policy [Policy Text Block] Oil and Gas Properties Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Impairment of Long-Lived Assets Income And Expense Allocation [Policy Text Block] Income and Expense Allocation Income And Expense Allocation [Policy Text Block] Income Tax, Policy [Policy Text Block] Income Taxes Marketable Securities, Policy [Policy Text Block] Investments in Marketable Securities Organization and Summary of Significant Accounting Policies [Abstract] Property, Plant and Equipment, Policy [Policy Text Block] Depletion and Amortization Revenue Recognition, Policy [Policy Text Block] Revenue Recognition and Imbalances Salvage Fund [Policy Text Block] Salvage Fund Salvage Fund [Policy Text Block] Syndication Costs [Policy Text Block] Syndication Costs Syndication Costs [Policy Text Block] Use of Estimates, Policy [Policy Text Block] Use of Estimates Derivative instrument income (loss) Realized Gain Loss On Derivatives Realized losses on derivative instruments The realized gain (loss) on derivatives included in earnings for the period as a result of settlement of derivative instruments. Unrealized Gain (Loss) on Derivatives Unrealized gains (losses) on derivative instruments Ajax Project [Member] Ajax Project [Member] Aspen Project [Member] Aspen Project [Member] Carrying Value Of Oil And Gas Property Sold Carrying value of oil and gas properties at date of sale Carrying value of oil and gas property at date of sale. Disposal Groups, Including Discontinued Operations, Name [Domain] Gain (loss) on sale of oil and gas properties Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Axis] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table] Annual Management Fee Percentage Rate Annual management fee percentage rate The annual rate for distributions paid to the Fund Manager as a percentage of capital contributions, net of cumulative dry-hole costs incurred. Distributions Paid During Period Distributions Distributions Paid During Period. Fund Manager [Member] Fund Manager [Member] Management Fees To Affiliate Annual management fees paid to Fund Manager Percentage Of Total Distributions Allocated To Fund Manager Percentage of total distributions allocated to Fund Manager Percentage of total distributions allocated to Fund Manager. Related Party [Domain] Related Party Transaction [Line Items] Related Party Transactions, by Related Party [Axis] Schedule of Related Party Transactions, by Related Party [Table] The fees paid to the Manager of the Fund for the management of the Fund. Commitments and Contingencies [Abstract] Long-term Purchase Commitment, Amount Long Term Purchase Commitment Amount Expected To Be Incurred In Next Twelve Months Commitments for the drilling and development of investment properties expected to be incurred in the next 12 months Long-Term Purchase Commitment Amount Expected To Be Incurred In Next Twelve Months. Commitments for the drilling and development of investment properties Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] Schedule of Derivative Instrument Income Total cash balance not insured by the FDIC Alpha Project [Member] Alpha Project [Member] Cash, Uninsured Amount Distributions Of Proceeds From Dispositions To Manager Distributions of Aspen disposal proceeds to fund manager Distributions Of Proceeds From Dispositions To Manager. Distributions Of Proceeds From Dispositions To Shareholders Distributions of Aspen disposal proceeds to shareholders Distributions Of Proceeds From Dispositions To Shareholders. Early Investment Incentive And Advance Distribution Rights Maximum Price Per Share Early investment incentive and advance distribution rights, maximum price per share Early Investment Incentive And Advance Distribution Rights Maximum Price Per Share Early Investment Incentive And Advance Distribution Rights Minimum Price Per Share Early investment incentive and advance distribution rights, minimum price per share Early Investment Incentive And Advance Distribution Rights Minimum Price Per Share Held-to-maturity Securities, Debt Maturities, Date Held-to-maturity securities maturity date Held To Maturity Securities Included In Salvage Fund Maturity Date Held-to-maturity securities included in salvage fund maturity date Date of maturity of a debt security categorized as held-to-maturity that is included in the salvage fund. Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Impaired Long-Lived Assets Held and Used by Type [Axis] Impaired Long-Lived Assets Held and Used by Type [Axis] Impaired Long-Lived Assets Held and Used [Line Items] Impaired Long-Lived Assets Held and Used [Line Items] Marketable Securities, Current Short-term investments in marketable securities Maximum Cash Balance Federally Insured Per Financial Institution Maximum cash balance federally insured per financial institution The maximum cash balance that is insured by the FDIC, per financial institution. Oil And Gas Properties Carrying Value Oil and gas properties, carrying value The carrying value at the balance sheet date of oil and gas properties, prior to write-down. Oil And Gas Properties Fair Value Oil and gas properties, fair value The fair value of oil and gas properties. Percentage Of Available Cash From Dispositions Allocated To Fund Manager Percentage of available cash from dispositions allocated to fund manager The percentage of available cash from dispositions allocated to the Fund manager until the shareholders have received total distributions equal to their capital contributions. Percentage Of Available Cash From Dispositions Allocated To Fund Manager After Distributions Have Equaled Capital Contributions Percentage of available cash from dispositions allocated to fund manager after distributions have equaled capital contributions Percentage Of Available Cash From Dispositions Allocated To Shareholders Percentage of available cash from dispositions allocated to shareholders The percentage of available cash from dispositions allocated to shareholders until the shareholders have received total distributions equal to their capital contributions. Percentage Of Available Cash From Dispositions Allocated To Shareholders After Distributions Have Equaled Capital Contributions Percentage of available cash from dispositions allocated to shareholders after distributions have equaled capital contributions The percentage of available cash from dispositions allocated to shareholders after shareholders have received distributions equal to their capital contributions. Percentage Of Cash From Operations Allocated To Fund Manager Percentage of cash from operations allocated to fund manager The percentage of cash from operations allocated to the Fund manager. Percentage Of Cash From Operations Allocated To Shareholders Percentage of cash from operations allocated to shareholders The percentage of cash from operations allocated to shareholders. Percentage Of Profit And Loss Allocated To Fund Manager Percentage of profit and loss allocated to fund manager Percentage of profit and losses that are allocated to the Fund manager excluding interest income and certain expenses such as such as dry-hole costs, trust fees and depletion and amortization expenses. Percentage Of Profit And Loss Allocated To Fund Manager For Interest Income And Certain Expenses Percentage of profit and loss allocated to fund manager for interest income and certain expenses Percentage of profit and losses that are allocated to the Fund manager for interest income and certain expenses such as such as dry-hole costs, trust fees and depletion and amortization expenses. Percentage Of Profit And Loss Allocated To Shareholders Percentage of profit and loss allocated to shareholders The percentage of profit and losses that are allocated to shareholders, excluding interest income and certain expenses such as such as dry-hole costs, trust fees and depletion and amortization expenses. Percentage Of Profit And Loss Allocated To Shareholders For Interest Income And Certain Expenses Percentage of profit and loss allocated to shareholders for interest income and certain expenses Percentage of profit and losses that are allocated to the sharesholders for interest income and certain expenses such as such as dry-hole costs, trust fees and depletion and amortization expenses. Schedule of Impaired Long-Lived Assets Held and Used [Table] Schedule of Impaired Long-Lived Assets Held and Used [Table] Value Of Capital Expenditures For Oil And Gas Properties Owed To Operators Value of capital expenditures for oil and gas properties owed to operators Value of capitalized expenditures for oil and gas properties owed to operators. Value Of Held To Maturity Securities Included In Salvage Fund Value of held-to-maturity securities included in salvage fund Value of held-to-maturity securities held in the company's salvage fund. 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Related Parties
6 Months Ended
Jun. 30, 2012
Related Parties [Abstract]  
Related Parties
4. Related Parties

The LLC Agreement provides that the Manager render management, administrative and advisory services. For such services, the Manager is paid an annual management fee, payable monthly, of 2.5% of total capital contributions, net of cumulative dry-hole and related well costs incurred by the Fund. Management fees for each of the three months ended June 30, 2012 and 2011 were $0.2 million. Management fees for each of the six months ended June 30, 2012 and 2011 were $0.5 million.

The Manager is entitled to receive a 15% interest in cash distributions made by the Fund. Distributions paid to the Manager for the three months ended June 30, 2012 and 2011 were $19 thousand and $0.1 million, respectively. Distributions paid to the Manager for the six months ended June 30, 2012 and 2011 were $0.1 million and $0.2 million, respectively.

At times, short-term payables and receivables, which do not bear interest, arise from transactions with affiliates in the ordinary course of business.

None of the amounts paid to the Manager have been derived as a result of arm's length negotiations.
The Fund has working interest ownership in certain projects to acquire and develop oil and natural gas projects with other entities that are likewise managed by the Manager.

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Oil and Gas Properties
6 Months Ended
Jun. 30, 2012
Oil and Gas Properties [Abstract]  
Oil and Gas Properties
3. Oil and Gas Properties

Leasehold acquisition and exploratory drilling costs are capitalized pending determination of whether the well has found proved reserves. Unproved properties are assessed on a quarterly basis by evaluating and monitoring if sufficient progress is made on assessing the reserves. At June 30, 2012, the Fund had no unproved properties with capitalized exploratory well costs in excess of one year.

In December 2010, after determining not to proceed with the completion of the Aspen Project, the Fund entered into an agreement to sell its working interest in the Aspen Project to Stone Energy Corporation, for net proceeds of $1.8 million in cash, which resulted in a loss of $2.7 million. The proceeds from the sale of the Aspen Project, which were classified as a receivable from sale of oil and gas properties on the balance sheet at December 31, 2010, were collected in January 2011.

During June 2010, the Fund sold its interest in the Ajax Project to KNOC USA Corporation and Samsung Oil & Gas USA Corp., for net proceeds of $0.7 million in cash and estimated overriding royalty interest amounts, which resulted in a gain of $0.4 million. At the time of the sale, the carrying value for the Ajax Project was $0.3 million, which reflected a prior year impairment charge of $1.1 million. During the three and six months ended June 30, 2011, the Fund recorded a loss on sale of oil and gas properties of $10 thousand as a result of additional costs related to asset retirement obligations related to the Ajax Project.
Capitalized exploratory well costs are expensed as dry-hole costs in the event that reserves are not found or are not in sufficient quantities to complete the well and develop the field. At times, the Fund receives credits on certain wells from their respective operators upon review and audit of the wells' costs. During the three months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $4 thousand and $1 thousand, respectively. During the six months ended June 30, 2012 and 2011, the Fund received credits to dry-hole costs of $15 thousand and $19 thousand, respectively.

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UNAUDITED CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 4,589 $ 5,352
Short-term investments in marketable securities 3,000 4,500
Production receivable 612 238
Other current assets 35 84
Total current assets 8,236 10,174
Salvage fund 1,157 1,145
Oil and gas properties:    
Advances to operators for working interests and expenditures (Not Used This Quarter)    235
Unproved properties 2,214 7,163
Proved properties 13,981 6,585
Less: accumulated depletion and amortization (8,820) (3,693)
Total oil and gas properties, net 7,375 10,290
Total assets 16,768 21,609
Current liabilities:    
Due to operators 1,018 1,184
Accrued expenses 25 33
Total current liabilities 1,043 1,217
Asset retirement obligations 463 463
Total liabilities 1,506 1,680
Commitments and contingencies (Note 6)      
Members' capital:    
Distributions (662) (604)
Accumulated deficit (541) (627)
Manager's total (1,203) (1,231)
Capital contributions (1,000 shares authorized; 486.4825 issued and outstanding) 72,381 72,381
Syndication costs (8,541) (8,541)
Distributions (6,041) (5,713)
Accumulated deficit (41,334) (36,967)
Shareholders' total 16,465 21,160
Total members' capital 15,262 19,929
Total liabilities and members' capital $ 16,768 $ 21,609
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2012
Organization and Summary of Significant Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies
1. Organization and Summary of Significant Accounting Policies

Organization
The Ridgewood Energy U Fund, LLC (the "Fund"), a Delaware limited liability company, was formed on August 28, 2006 and operates pursuant to a limited liability company agreement (the "LLC Agreement") dated as of October 1, 2006 by and among Ridgewood Energy Corporation (the "Manager") and the shareholders of the Fund. The Fund was organized to primarily acquire interests in oil and gas properties located in the United States offshore waters of Texas, Louisiana, and Alabama in the Gulf of Mexico.

The Manager has direct and exclusive control over the management of the Fund's operations. With respect to project investments, the Manager locates potential projects, conducts due diligence, and negotiates and completes the transactions in which the investments are made. The Manager performs, or arranges for the performance of, the management, advisory and administrative services required for Fund operations. Such services include, without limitation, the administration of shareholder accounts, shareholder relations and the preparation, review and dissemination of tax and other financial information. In addition, the Manager provides office space, equipment and facilities and other services necessary for Fund operations. The Manager also engages and manages the contractual relations with unaffiliated custodians, depositories, accountants, attorneys, broker-dealers, corporate fiduciaries, insurers, banks and others as required. See Notes 4 and 6.

Basis of Presentation
These unaudited interim condensed financial statements have been prepared by the Fund's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Fund's financial position, results of operations and cash flows for the periods presented. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in these unaudited interim condensed financial statements. The results of operations, financial position, and cash flows for the periods presented herein are not necessarily indicative of future financial results. These unaudited interim condensed financial statements should be read in conjunction with the Fund's December 31, 2011 financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.

Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates.

Cash and Cash Equivalents
All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which, for interest bearing deposits, are $250 thousand per insured financial institution. Additionally, non-interest bearing deposits are fully insured through December 31, 2012, after which they will be included within the $250 thousand limit. At June 30, 2012, the Fund's bank balances exceeded federally insured limits by $2.6 million, all of which was invested in money market accounts that invest solely in U.S. Treasury bills and notes.

Investments in Marketable Securities
At times, the Fund may invest in U.S. Treasury bills and notes. These investments are considered short-term when their maturities are one year or less, and long-term when their maturities are greater than one year. At June 30, 2012, the Fund had short-term, held-to-maturity investments of $3.0 million, which matured in July 2012. Held-to-maturity investments are those securities that the Fund has the ability and intent to hold until maturity, and are recorded at cost plus accrued income, adjusted for the amortization of premiums and discounts, which approximates fair value.
For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income.

Salvage Fund
The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives, in accordance with applicable federal and state laws and regulations. At June 30, 2012, the Fund had short-term, investments in U.S. Treasury securities within its salvage fund that are classified as held-to-maturity of $1.0 million, which mature in December 2012. Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund.

Oil and Gas Properties
The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund's portion of exploration, drilling, operating and capital equipment expenditures is billed by operators.

Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers' fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred.

Upon the sale or retirement of a proved property, the cost and related accumulated depletion and amortization will be eliminated from the property accounts, and the resultant gain or loss is recognized. Upon the sale or retirement of an unproved property, gain or loss on the sale is recognized.

At June 30, 2012 and December 31, 2011, amounts recorded in due to operators totaling $0.9 million and $1.2 million, respectively, related to capital expenditures for oil and gas properties.

Advances to Operators for Working Interests and Expenditures
The Fund's acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund's rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month's operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties.

Asset Retirement Obligations
For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations.

Syndication Costs
Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund's shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund's balance sheet as a reduction of shareholders' capital.

Revenue Recognition and Imbalances
Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties' estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund's recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production.
Derivative Instruments
The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. See Note 2. "Derivative Instruments," for more information.

Impairment of Long-Lived Assets
The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of producing properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the producing property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund's estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur.

During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates. Prior to such write-down, the well had a carrying value of $5.7 million. The fair value of the impaired well at June 30, 2012 was $2.6 million, which was determined based on level 3 inputs and include projected income from reserves utilizing forward price curves, net of anticipated costs, discounted. There were no impairments to oil and gas properties for the three and six months ended June 30, 2011.
Depletion and Amortization
Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs.

Income Taxes
No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund's income or loss is passed through and included in the tax returns of the Fund's shareholders.

Income and Expense Allocation
Profits and losses are allocated 85% to shareholders in proportion to their relative capital contributions and 15% to the Manager, except for interest income and certain expenses such as dry-hole costs, trust fees, depletion and amortization, which are allocated 99% to shareholders and 1% to the Manager.

Distributions
Distributions to shareholders are allocated in proportion to the number of shares held. Certain shares have early investment incentive and advance distribution rights, as defined in the LLC Agreement, which range from approximately $6 thousand to $12 thousand per share. The Fund began making distributions to eligible early investors during the second quarter 2009.

The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement.
Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager.

In January 2011, proceeds from the sale of the Aspen Project were distributed to the Manager and shareholders totaling $17 thousand and $1.7 million, respectively.

Recent Accounting Pronouncements
The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund's financial statements.
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XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments
6 Months Ended
Jun. 30, 2012
Derivative Instruments [Abstract]  
Derivative Instruments
2. Derivative Instruments

The Fund periodically enters into derivative contracts relating to its oil or gas production. The use of such derivative instruments limits the downside risk of adverse price movements. Currently, the Fund has elected not to use hedge accounting for its derivatives and consequently, the derivatives are marked-to-market each quarter with fair value gains and losses recognized as other income on the statement of operations. The estimated fair value of these contracts is based upon various factors, including reported prices on the New York Mercantile Exchange ("NYMEX") and the Intercontinental Exchange ("ICE"), volatility, and the time value of options. See Note 5. "Fair Value Measurements." The Fund has exposure to credit risk to the extent the derivative instrument counterparty is unable to satisfy its settlement commitment. The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions.

Derivative instruments are carried at their fair value on the balance sheet within "Other current assets". The derivative contracts relating to gas pricing are settled based upon reported prices on NYMEX. The derivative contracts relating to oil pricing are settled based upon averaged reported prices on ICE. The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis in the statement of operations under the caption "Other income (loss)." Settlements of derivative contracts are reflected in operating activities on the statement of cash flows.

At June 30, 2012, the Fund had no outstanding derivative contracts with respect to its future production. For the three and six months ended June 30, 2012 and 2011, the Fund's derivative instrument income consisted of the following:

   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
 
(in thousands)
 
Realized losses on derivative instruments
  $ (2 )   $ (25 )   $ (8 )   $ (15 )
Unrealized gains (losses) on derivative instruments
    2       (24 )     -       (20 )
    $ -     $ (49 )   $ (8 )   $ (35 )

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNAUDITED CONDENSED BALANCE SHEETS (Parenthetical)
Jun. 30, 2012
Dec. 31, 2011
UNAUDITED CONDENSED BALANCE SHEETS [Abstract]    
Shares authorized 1,000 1,000
Shares issued 486.4825 486.4825
Shares outstanding 486.4825 486.4825
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oil and Gas Properties (Details) (USD $)
3 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2011
Aspen Project [Member]
Jun. 30, 2010
Ajax Project [Member]
Jun. 30, 2011
Ajax Project [Member]
Jun. 30, 2011
Ajax Project [Member]
Dec. 31, 2009
Ajax Project [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from sale of oil and gas properties        $ 1,750,000 $ 1,750,000 $ 700,000      
Gain (loss) on sale of oil and gas properties    (10,000)    (10,000) (2,700,000) 400,000 (10,000) (10,000)  
Carrying value of oil and gas properties at date of sale           300,000      
Impairment of oil and gas properties 3,114,000    3,114,000            1,100,000
Dry-hole costs $ (4,000) $ (1,000) $ (15,000) $ (19,000)          
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 30, 2012
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Entity Registrant Name Ridgewood Energy U Fund LLC  
Entity Central Index Key 0001377178  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   486.4825
XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Parties (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Related Party Transaction [Line Items]        
Annual management fee percentage rate 2.50%   2.50%  
Annual management fees paid to Fund Manager $ 232 $ 231 $ 464 $ 463
Percentage of total distributions allocated to Fund Manager 15.00%   15.00%  
Fund Manager [Member]
       
Related Party Transaction [Line Items]        
Distributions $ (19) $ (100) $ (100) $ (200)
XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenue        
Oil and gas revenue $ 1,249 $ 950 $ 1,658 $ 1,862
Expenses        
Depletion and amortization 1,808 399 2,013 789
Dry-hole costs (4) (1) (15) (19)
Impairment of oil and gas properties 3,114    3,114   
Management fees to affiliate (Note 4) 232 231 464 463
Operating expenses 206 67 254 115
General and administrative expenses 58 82 113 122
Total expenses 5,414 778 5,943 1,470
Loss on sale of oil and gas properties    (10)    (10)
(Loss) income from operations (4,165) 162 (4,285) 382
Other income (loss) 5 (41) 4 (16)
Net (loss) income (4,160) 121 (4,281) 366
Manager Interest        
Net income 77 77 86 166
Shareholder Interest        
Net (loss) income $ (4,237) $ 44 $ (4,367) $ 200
Net (loss) income per share $ (8,711) $ 90.0 $ (8,978) $ 411
XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events
7. Subsequent Events

The Fund has assessed the impact of subsequent events through the date of issuance of its financial statements, and has concluded that there were no such events that require adjustment to, or disclosure in, the notes to the financial statements.
XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
6 Months Ended
Jun. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
6. Commitments and Contingencies

Capital Commitments
The Fund has entered into multiple agreements for the drilling and development of its investment properties. The estimated capital expenditures associated with these agreements vary depending on the stage of development on a property-by-property basis. As of June 30, 2012, the Fund had committed to spend an additional $4.6 million related to its investment properties, of which $1.4 million is expected to be spent during the next twelve months.

Environmental Considerations
The exploration for and development of oil and natural gas involves the extraction, production and transportation of materials which, under certain conditions, can be hazardous or cause environmental pollution problems. The Manager and operators of the Fund's properties are continually taking action they believe appropriate to satisfy applicable federal, state and local environmental regulations and do not currently anticipate that compliance with federal, state and local environmental regulations will have a material adverse effect upon capital expenditures, results of operations or the competitive position of the Fund in the oil and gas industry. However, due to the significant public and governmental interest in environmental matters related to those activities, the Manager cannot predict the effects of possible future legislation, rule changes, or governmental or private claims. At June 30, 2012 and December 31, 2011, there were no known environmental contingencies that required the Fund to record a liability.
In response to the April 2010 oil spill in the Gulf of Mexico, the United States Congress is considering a number of legislative proposals relating to the upstream oil and gas industry both onshore and offshore. Such proposals could result in significant additional laws or regulations governing the Fund's operations in the United States, including a proposal to raise or eliminate the cap on liability for oil spill cleanups under the Oil Pollution Act of 1990. Although it is not possible at this time to predict whether proposed legislation or regulations will be adopted as initially written, if at all, or how legislation or new regulation that may be adopted would impact our business, any such future laws and regulations could result in increased compliance costs or additional operating restrictions, which could have a material adverse effect on the Fund's operating results and cash flows.

Insurance Coverage
The Fund is subject to all risks inherent in the exploration for and development of oil and natural gas. Insurance coverage as is customary for entities engaged in similar operations is maintained, but losses may occur from uninsurable risks or amounts in excess of existing insurance coverage. The occurrence of an event that is not insured or not fully insured could have an adverse impact upon earnings and financial position. Moreover, insurance is obtained as a package covering all of the funds managed by the Manager. Claims made by other funds managed by the Manager can reduce or eliminate insurance for the Fund.

XML 27 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments for the drilling and development of investment properties $ 4.6
Commitments for the drilling and development of investment properties expected to be incurred in the next 12 months $ 1.4
XML 28 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies (Details) (USD $)
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Organization and Summary of Significant Accounting Policies [Abstract]            
Maximum cash balance federally insured per financial institution   $ 250,000   $ 250,000    
Total cash balance not insured by the FDIC   2,600,000   2,600,000    
Short-term investments in marketable securities   3,000,000   3,000,000   4,500,000
Held-to-maturity securities maturity date       Jul. 01, 2012    
Value of held-to-maturity securities included in salvage fund   1,000,000   1,000,000    
Held-to-maturity securities included in salvage fund maturity date       Dec. 01, 2012    
Value of capital expenditures for oil and gas properties owed to operators   900,000   900,000   1,200,000
Impaired Long-Lived Assets Held and Used [Line Items]            
Impairment of oil and gas properties   3,114,000    3,114,000     
Percentage of profit and loss allocated to shareholders   85.00%   85.00%    
Percentage of profit and loss allocated to fund manager   15.00%   15.00%    
Percentage of profit and loss allocated to shareholders for interest income and certain expenses   99.00%   99.00%    
Percentage of profit and loss allocated to fund manager for interest income and certain expenses   1.00%   1.00%    
Early investment incentive and advance distribution rights, minimum price per share   $ 6,000.0   $ 6,000.0    
Early investment incentive and advance distribution rights, maximum price per share   $ 12,000.0   $ 12,000.0    
Percentage of cash from operations allocated to shareholders   85.00%   85.00%    
Percentage of cash from operations allocated to fund manager   15.00%   15.00%    
Percentage of available cash from dispositions allocated to shareholders   99.00%   99.00%    
Percentage of available cash from dispositions allocated to fund manager   1.00%   1.00%    
Percentage of available cash from dispositions allocated to shareholders after distributions have equaled capital contributions   85.00%   85.00%    
Percentage of available cash from dispositions allocated to fund manager after distributions have equaled capital contributions   15.00%   15.00%    
Distributions of Aspen disposal proceeds to fund manager 17,000          
Distributions of Aspen disposal proceeds to shareholders 1,700,000          
Alpha Project [Member]
           
Impaired Long-Lived Assets Held and Used [Line Items]            
Impairment of oil and gas properties   3,114,000   3,114,000    
Oil and gas properties, carrying value   5,700,000   5,700,000    
Oil and gas properties, fair value   $ 2,600,000   $ 2,600,000    
XML 29 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies (Policy)
6 Months Ended
Jun. 30, 2012
Organization and Summary of Significant Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates.

Cash and Cash Equivalents
Cash and Cash Equivalents
All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which, for interest bearing deposits, are $250 thousand per insured financial institution. Additionally, non-interest bearing deposits are fully insured through December 31, 2012, after which they will be included within the $250 thousand limit. At June 30, 2012, the Fund's bank balances exceeded federally insured limits by $2.6 million, all of which was invested in money market accounts that invest solely in U.S. Treasury bills and notes.
Investments in Marketable Securities
Investments in Marketable Securities
At times, the Fund may invest in U.S. Treasury bills and notes. These investments are considered short-term when their maturities are one year or less, and long-term when their maturities are greater than one year. At June 30, 2012, the Fund had short-term, held-to-maturity investments of $3.0 million, which matured in July 2012. Held-to-maturity investments are those securities that the Fund has the ability and intent to hold until maturity, and are recorded at cost plus accrued income, adjusted for the amortization of premiums and discounts, which approximates fair value.
For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income.
Salvage Fund
Salvage Fund
The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives, in accordance with applicable federal and state laws and regulations. At June 30, 2012, the Fund had short-term, investments in U.S. Treasury securities within its salvage fund that are classified as held-to-maturity of $1.0 million, which mature in December 2012. Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund.

Oil and Gas Properties
Oil and Gas Properties
The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund's portion of exploration, drilling, operating and capital equipment expenditures is billed by operators.

Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers' fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred.

Upon the sale or retirement of a proved property, the cost and related accumulated depletion and amortization will be eliminated from the property accounts, and the resultant gain or loss is recognized. Upon the sale or retirement of an unproved property, gain or loss on the sale is recognized.

At June 30, 2012 and December 31, 2011, amounts recorded in due to operators totaling $0.9 million and $1.2 million, respectively, related to capital expenditures for oil and gas properties.
Advances to Operators for Working Interests and Expenditures
Advances to Operators for Working Interests and Expenditures
The Fund's acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund's rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month's operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties.
Asset Retirement Obligations
Asset Retirement Obligations
For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations.

Syndication Costs
Syndication Costs
Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund's shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund's balance sheet as a reduction of shareholders' capital.
Revenue Recognition and Imbalances
Revenue Recognition and Imbalances
Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties' estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund's recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production.
Derivative Instruments
Derivative Instruments
The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. See Note 2. "Derivative Instruments," for more information.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of producing properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the producing property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund's estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur.

During the three and six months ended June 30, 2012, the Fund recorded an impairment to oil and gas properties of $3.1 million, relating to the Alpha Project, which was attributable to revisions to reserve estimates. Prior to such write-down, the well had a carrying value of $5.7 million. The fair value of the impaired well at June 30, 2012 was $2.6 million, which was determined based on level 3 inputs and include projected income from reserves utilizing forward price curves, net of anticipated costs, discounted. There were no impairments to oil and gas properties for the three and six months ended June 30, 2011.
Depletion and Amortization
Depletion and Amortization
Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs.
Income Taxes
Income Taxes
No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund's income or loss is passed through and included in the tax returns of the Fund's shareholders.
Income and Expense Allocation
Income and Expense Allocation
Profits and losses are allocated 85% to shareholders in proportion to their relative capital contributions and 15% to the Manager, except for interest income and certain expenses such as dry-hole costs, trust fees, depletion and amortization, which are allocated 99% to shareholders and 1% to the Manager.

Distributions
Distributions
Distributions to shareholders are allocated in proportion to the number of shares held. Certain shares have early investment incentive and advance distribution rights, as defined in the LLC Agreement, which range from approximately $6 thousand to $12 thousand per share. The Fund began making distributions to eligible early investors during the second quarter 2009.

The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement.
Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager.

In January 2011, proceeds from the sale of the Aspen Project were distributed to the Manager and shareholders totaling $17 thousand and $1.7 million, respectively.

XML 30 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2012
Derivative Instruments [Abstract]  
Schedule of Derivative Instrument Income
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2012
   
2011
   
2012
   
2011
 
 
(in thousands)
 
Realized losses on derivative instruments
  $ (2 )   $ (25 )   $ (8 )   $ (15 )
Unrealized gains (losses) on derivative instruments
    2       (24 )     -       (20 )
    $ -     $ (49 )   $ (8 )   $ (35 )

XML 31 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments (Schedule of Derivative Instrument Income) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Derivative Instruments [Abstract]        
Realized losses on derivative instruments $ (2) $ (25) $ (8) $ (15)
Unrealized gains (losses) on derivative instruments 2 (24)    (20)
Derivative instrument income (loss)    $ (49) $ (8) $ (35)
XML 32 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities    
Net (loss) income $ (4,281) $ 366
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depletion and amortization 2,013 789
Dry-hole costs (15) (19)
Impairment of oil and gas properties 3,114   
Loss on sale of oil and gas properties    10
Derivative instrument loss 8 35
Derivative instrument settlements 1 20
Changes in assets and liabilities:    
(Increase) decrease in production receivable (374) 116
Decrease (increase) in other current assets 39 (69)
Increase (decrease) in due to operators 74 (56)
(Decrease) increase in accrued expenses (8) 10
Net cash provided by operating activities 571 1,202
Cash flows from investing activities    
Capital expenditures for oil and gas properties (2,437) (1,500)
Proceeds from sale of oil and gas properties    1,750
Investments in marketable securities (2,999) (3,001)
Proceeds from maturity of investments 4,500 8,000
Interest reinvested in salvage fund (12) (14)
Net cash (used in) provided by investing activities (948) 5,235
Cash flows from financing activities    
Distributions (386) (3,088)
Net cash used in financing activities (386) (3,088)
Net (decrease) increase in cash and cash equivalents (763) 3,349
Cash and cash equivalents, beginning of period 5,352 5,150
Cash and cash equivalents, end of period 4,589 8,499
Supplemental schedule of non-cash investing activities    
Advances used for capital expenditures in oil and gas properties reclassified to unproved properties $ 235   
XML 33 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
6 Months Ended
Jun. 30, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
5. Fair Value Measurements

At June 30, 2012 and December 31, 2011, cash and cash equivalents, short-term investments in marketable securities, production receivable, salvage fund and accrued expenses approximate fair value. At December 31, 2011, derivative instruments are recorded at fair value based on Level 2 inputs, as the instruments are over-the-counter derivatives with a third party.
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