Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies [Abstract]

Summary of inventory valuation losses

Due to declining crude oil prices, inventory valuation losses were as follows (in thousands):

	2015		2014
Inventory valuation loss	$	5,357	$	14,247

Components of prepayments and other

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

	December 31,
	2015		2014
Cash collateral deposits for commodity purchases	$	167	$	7,872
Insurance premiums		1,609		2,316
Rents, license and other		813		752
	$	2,589	$	10,940

Fair value of impairment provisions

Impairment provisions including in oil and gas segment operating losses were as follows (in thousands):

	2015		2014		2013
Producing property impairments	$	10,324	$	4,001	$	1,373
Non-producing property impairments	$	1,758	$	4,008	$	1,257

Fair value measurements for producing oil and gas properties that were subject to fair value impairment

Fair value measurements for producing oil and gas properties that were subject to fair value impairment for the years ended December 31, 2015 and 2014 summarize as follows (in thousands):

	Producing Properties
	Subject to Fair
	Value Impairment
	2015			2014
Net book value at January 1	$	18,744		$	10,180
Property additions		2,117			469
Depletion taken		(4,454	)		(1,792	)
Impairment valuation loss		(10,324	)		(4,001	)
Net book value at December 31	$	6,083		$	4,856

Capitalized costs for non-producing oil and gas leasehold interests

Capitalized costs for non-producing oil and gas leasehold interests currently represent approximately three percent of remaining unamortized oil and gas property carrying costs and categorize as follows (in thousands):

	December 31,		December 31,
	2015		2014
Napoleonville Louisiana acreage	$	49	$	48
South Texas project acreage		-		357
Wyoming and other acreage		182		554
Total Non-producing Leasehold Costs	$	231	$	959

Capitalized cost activity on the other acreage areas

Capitalized cost activity and fair value measurements on non-producing leasehold were as follows (in thousands):

	Leasehold Costs
	2015			2014
Net book value January 1	$	959		$	4,906
Leasehold additions		106			865
Advanced royalty payment		529			-
In-process wells suspended		395			73
Property sales		-			(877	)
Impairments valuation loss		(1,758	)		(4,008	)
Net book value December 31	$	231		$	959

Pre-tax gain on the sale of equipment

The Company sold certain used trucks and equipment from its marketing and transportation segments and recorded net pre-tax gains as follows (in thousands):

	2015		2014		2013
Sales of used trucks and equipment	$	535	$	1,028	$	683

Components of cash deposits and other assets

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

	As of December 31,
	2015		2014
Insurance collateral deposits	$	6,531	$	4,536
State collateral deposits		140		155
Materials and supplies		292		307
	$	6,963	$	4,998

Reporting revenue of crude oil contracts on a gross revenue basis

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

	2015		2014		2013
Revenue gross-up	$	480,111	$	1,272,034	$	1,602,626

Stand-by letters of credit issued

This facility is collateralized by the eligible accounts receivable within the segment and certain marketing and transportation equipment.  Stand-by letters of credit issued were as follows (in thousands):

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

Non-cash financing activities

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

	2015		2014		2013
Interest paid	$	13	$	2	$	24
Federal and state tax paid	$	6,197	$	8,169	$	9,949
State tax refund	$	-	$	18	$	4

Capitalized costs included in property plant and equipment

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):

	As of December 31,
	2015		2014		2013
Property and equipment additions	$	1,707	$	1,137	$	1,507

Derivatives reflected in the consolidated balance sheet

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying Consolidated Balance Sheet as of December 31, 2015 as follows (in thousands):

	Balance Sheet Location and Amount
	Current		Other		Current		Other
	Assets		Assets		Liabilities		Liabilities
Asset Derivatives
- Fair Value Commodity
Contracts at Gross Valuation	$	-	$	-	$	-	$	-
Liability Derivatives
- Fair Value Commodity
Contracts at Gross Valuation		-		-		195		-
Less Counterparty Offsets		-		-		-		-
As Reported Fair Value Contracts	$	-	$	-	$	195	$	-

As of December 31, 2015, one contract comprised the Company’s derivative valuations.  The purchase and sale contract encompass approximately 65 barrels of diesel fuel per day in each of January, February and March 2016.

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying 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 Commodity
Contracts at Gross Valuation	$	1,332		$	-	$	-		$	-
Liability Derivatives
- Fair Value 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 Consolidated Statement of Operations for the years ended December 31, 2015, 2014 and 2013 as follows (in thousands):

	Gain (Loss)
Location	2015			2014		2013
Revenues – marketing	$	(188	)	$	312	$	(193	)

Fair value assets and liabilities

As of December 31, 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	$	-	$	-		$	-	$	-	$	-
- Current liabilities		-		(195	)		-		-		(195	)
Net Value	$	-	$	(195	)	$	-	$	-	$	(195	)

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	)

Factors impacting the change in the net value of the company's fair value contracts

The following table illustrates the factors impacting the change in the net value of the Company’s fair value contracts for the year ended December 31, 2015 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1	$	-	$	(7	)	$	(7	)
- Net realized (gains) losses		-		7			7
- Net unrealized gains (losses)		-		(195	)		(195	)
Net Fair Value December 31	$	-	$	(195	)	$	(195	)

The following table illustrates the factors impacting the change in the net value of the Company’s fair value contracts for the year ended December 31, 2014 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1	$	-	$	395		$	395
- Net realized (gains) losses		-		220			220
- Option deposit		-		(714	)		(714	)
- Option gain		-		99			99
- Net unrealized gains (losses)		-		(7	)		(7	)
Net Fair Value December 31	$	-	$	(7	)	$	(7	)

Company's asset retirement obligations

A summary of the Company’s asset retirement obligations is presented as follows (in thousands):

	2015			2014
Balance on January 1	$	2,464		$	2,564
-Liabilities incurred		39			111
-Accretion of discount		93			94
-Liabilities settled		(127	)		(305	)
Balance on December 31	$	2,469		$	2,464