Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies [Abstract]

The components of prepayments and other are as follows (in thousands):

	June 30,		December 31,
	2015		2014

Cash collateral deposits for commodity purchases	$	7,760	$	7,872
Insurance premiums		2,818		2,316
Rents, license and other		577		752

	$	11,155	$	10,940

Capitalized costs for non-producing oil and gas leasehold interests

Capitalized costs for non-producing oil and gas leasehold interests currently represent approximately four percent of total oil and gas property costs and are categorized as follows (in thousands):

	June 30,		December 31,
	2015		2014

South Texas Project acreage	$	358	$	357
Napoleonville, Louisiana acreage		49		48
North Dakota and other acreage areas		432		554

Total Non-producing Leasehold Costs	$	839	$	959

Capitalized cost activity on the North Dakota and other acreage areas

Capitalized cost activity on the ‟North Dakota and other acreage areas” was as follows (in thousands):

	Leasehold Costs
	June 30,			December 31,
	2015			2014
Net book value January 1	$	554		$	411
Property additions		65			580
Impairments		(187	)		(437	)

Net book value end of period	$	432		$	554

Components of cash deposits and other assets

Components of cash deposits and other assets are as follows (in thousands):

	June 30,		December 31,
	2015		2014
Insurance collateral deposits	$	4,886	$	4,536
State collateral deposits		174		155
Materials and supplies		349		307
	$	5,409	$	4,998

Derivatives reflected in the Consolidated Balance Sheet

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying Unaudited Condensed Consolidated Balance Sheet as of June 30, 2015 as follows (in thousands):

	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation	$	410		$	-	$	-		$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-			-		367			-
Less Counterparty Offsets		(7	)		-		(7	)		-

As Reported Fair Value Contracts	$	403		$	-	$	360		$	-

Forward month commodity contracts (derivatives) are reflected in the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2014 as follows (in thousands):

	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation	$	1,332		$	-	$	-		$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-			-		1,339			-
Less Counterparty Offsets		(396	)		-		(396	)		-

As Reported Fair Value Contracts	$	936		$	-	$	943		$	-

Derivatives reflected in the Consolidated Statement of Operations

Forward month commodity contracts (derivatives) are reflected in the accompanying Unaudited Condensed Consolidated Statement of Operations for the six months and three months ended June 30, 2015 and 2014 as follows (in thousands):

	Earnings (Loss)				Earnings (Loss)
	Six Months Ended				Three Months Ended
	June 30,				June 30,
	2015		2014		2015		2014

Revenues – Marketing	$	50	$	383	$	89	$	(15	)

Fair value assets and liabilities

As of June 30, 2015, the Company’s fair value assets and liabilities are summarized and categorized as follows (in thousands):

	Market Data Inputs
	Gross Level 1		Gross Level 2			Gross Level 3		Counterparty
	Quoted Prices		Observable			Unobservable		Offsets			Total
Derivatives
- Current assets	$	-	$	410		$	-	$	(7	)	$	403
- Current liabilities		-		(367	)		-		7			(360	)
Net Value	$	-	$	43		$	-	$	-		$	43

As of December 31, 2014, the Company’s fair value assets and liabilities are summarized and categorized as follows (in thousands):

	Market Data Inputs
	Gross Level 1		Gross Level 2			Gross Level 3		Counterparty
	Quoted Prices		Observable			Unobservable		Offsets			Total
Derivatives
- Current assets	$	-	$	1,332		$	-	$	(396	)	$	936
- Current liabilities		-		(1,339	)		-		396			(943	)
Net Value	$	-	$	(7	)	$	-	$	-		$	(7	)