Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies [Abstract]

Components of prepayments and other

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

	September 30,		December 31,
	2015		2014
Cash collateral deposits for commodity purchases	$	4,055	$	7,872
Insurance premiums		2,162		2,316
Rents, license and other		933		752
	$	7,150	$	10,940

Impairment provisions on producing and non-producing oil and gas properties

Impairment provisions on producing and non-producing oil and gas properties were as follows (in thousands):

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Producing property impairments	$	207	$	-	$	-	$	-
Non-producing property impairments		984		572		568		168
Total	$	1,191	$	572	$	568	$	168

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):

	September 30,		December 31,
	2015		2014
South Texas Project acreage	$	358	$	357
Napoleonville, Louisiana acreage		49		48
North Dakota and other acreage areas		207		554
Total Non-producing Leasehold Costs	$	614	$	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
	September 30,			December 31,
	2015			2014
Net book value January 1	$	554		$	411
Property additions		68			580
Impairments		(415	)		(437	)
Net book value end of period	$	207		$	554

Components of cash deposits and other assets

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

	September 30,		December 31,
	2015		2014
Insurance collateral deposits	$	5,413	$	4,536
State collateral deposits		154		155
Materials and supplies		339		307
	$	5,906	$	4,998

Contracts on gross revenue basis increase the reported revenue

Reporting such crude oil contracts on a gross revenue basis would increase the Company’s reported revenues as follows (in thousands):

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Revenue gross-up	$	388,936	$	1,054,350	$	122,273	$	271,749

Collateralized by eligible accounts receivable and outstanding

This facility is collateralized by certain eligible accounts receivable and outstanding amounts were as follows (in thousands):

	September 30,		December 31,
	2015		2014
Stand-by letters of credit	$	1,000	$	15,300

Schedule of significant non-cash financing activities

There were no significant non-cash financing activities in any of the periods reported.  Statements of cash flow disclosure items include the following (in thousands):

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Interest paid	$	5	$	2	$	1	$	2
Taxes paid (refund)	$	4,038	$	8,140	$	2,431	$	(113	)

Schedule of reconciliation of additions to property and equipment to capitalized amount

Capitalized amounts included in property and equipment that were not included in amounts reported for cash additions in the Statements of Cash Flows for the applicable report dates were as follows (in thousands):

	September 30,				December 31,
	2015		2014		2014		2013
Property and equipment additions	$	3	$	3,315	$	1,137	$	1,507

Derivatives reflected in the Consolidated Balance Sheet

	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation	$	363		$	-	$	-		$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-			-		528			-
Less Counterparty Offsets		(171	)		-		(171	)		-
As Reported Fair Value Contracts	$	192		$	-	$	357		$	-

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

	Earnings (Loss)					Earnings (Loss)
	Nine Months Ended					Three Months Ended
	September 30,					September 30,
	2015			2014		2015			2014
Revenues – Marketing	$	(158	)	$	310	$	(208	)	$	(74	)

Fair value assets and liabilities

As of September 30, 2015, the Company’s fair value assets and liabilities that comprise derivative financial instruments 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	$	-	$	363		$	-	$	(171	)	$	192
- Current liabilities		-		(528	)		-		171			(357	)
Net Value	$	-	$	(165	)	$	-	$	-		$	(165	)

As of December 31, 2014, the Company’s fair value assets and liabilities that comprise derivative financial instruments 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	)