Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Oil and Gas Producing Activities (Unaudited) [Abstract]

Cost incurred in oil and gas exploration and development activities

Total costs incurred in oil and gas exploration and development activities, all within the United States, were as follows (in thousands):

	For the year Ended December 31,
	2015		2014		2013
Property acquisition costs
Unproved	$	348	$	1,144	$	1,444
Proved		-		-		-
Exploration costs
Expensed		1,667		5,054		1,619
Capitalized		-		-		-
Development costs		370		1,745		10,160
Total costs incurred	$	2,385	$	7,943	$	13,223

Capitalized costs relating to oil and gas producing activities

The aggregate capitalized costs relative to oil and gas producing activities are as follows (in thousands):

	As of December 31,
	2015			2014
Unproved oil and gas properties	$	231		$	3,104
Proved oil and gas properties		76,886			85,557
		77,117			88,661
Accumulated depreciation, depletion
and amortization		(69,116	)		(64,682	)
Net capitalized cost	$	8,001		$	23,979

Proved developed and undeveloped oil and gas reserves

Proved developed and undeveloped reserves are presented as follows (in thousands):

	Years Ended December 31,
	2015						2014						2013
	Natural						Natural						Natural
	Gas			Oil			Gas			Oil			Gas			Oil
	(Mcf’s)			(Bbls.)			(Mcf’s)			(Bbls.)			(Mcf’s)			(Bbls.)
Total proved reserves-
Beginning of year		5,611			318			6,286			368			8,837			307
Revisions of previous estimates		27			(2	)		724			6			(1,438	)		(17	)
Oil and gas reserves sold		-			(3	)		(558	)		(11	)		(28	)		-
Extensions, discoveries and
other reserve additions		86			13			292			82			523			180
Production		(889	)		(100	)		(1,133	)		(127	)		(1,608	)		(102	)
End of year		4,835			226			5,611			318			6,286			368

Components of proved oil and gas reserves

The components of proved oil and gas reserves for the three years ended December 31, 2015 is presented below.  All reserves are in the United States (in thousands):

	Years Ended December 31,
	2015				2014				2013
	Natural				Natural				Natural
	Gas		Oil		Gas		Oil		Gas		Oil
	(Mcf’s)		(Bbls.)		(Mcf’s)		(Bbls.)		(Mcf’s)		(Bbls.)
Proved developed reserves		4,813		223		5,482		299		6,157		367
Proved undeveloped reserves		22		3		129		19		129		1
Total proved reserves		4,835		226		5,611		318		6,286		368

Standardized measure of discounted future net cash flows

The standardized measure of discounted future net cash flows is presented as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Future gross revenues	$	23,040		$	58,885		$	64,495
Future costs -
Lease operating expenses		(14,524	)		(16,421	)		(19,207	)
Development costs		(103	)		(1,068	)		(119	)
Future net cash flows before income taxes		8,413			41,396			45,169
Discount at 10% per annum		(2,987	)		(17,175	)		(17,729	)
Discounted future net cash flows
before income taxes		5,426			24,221			27,440
Future income taxes, net of discount at
10% per annum		(1,899	)		(8,477	)		(9,604	)
Standardized measure of discounted
future net cash flows	$	3,527		$	15,744		$	17,836

Assumed market prices of oil and natural gas reserves and future net revenues

The estimated value of oil and natural gas reserves and future net revenues, derived therefrom are highly dependent upon oil and gas commodity price assumptions.  For such estimates, the Company’s independent petroleum engineers assumed market prices as presented in the table below:

	Years ended December 31,
	2015		2014		2013
Market price
Crude oil per barrel	$	45.83	$	89.60	$	94.99
Natural gas per thousand cubic feet (mcf)	$	2.62	$	5.42	$	4.69

Effect of income taxes and discounting on the standardized measure of discounted future net cash flows

The effect of income taxes and discounting on the standardized measure of discounted future net cash flows is presented as follows (in thousands):

	Years ended December 31,
	2015			2014			2013
Future net cash flows before income taxes	$	8,413		$	41,396		$	45,169
Future income taxes		(2,945	)		(14,489	)		(15,809	)
Future net cash flows		5,468			26,907			29,360
Discount at 10% per annum		(1,941	)		(11,163	)		(11,524	)
Standardized measure of discounted
future net cash flows	$	3,527		$	15,744		$	17,836

Principal sources of changes in the standardized measure of discounted future net flows

The principal sources of changes in the standardized measure of discounted future net flows are as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Beginning of year	$	15,744		$	17,836		$	16,355
Sale of oil and gas reserves		(54	)		(981	)		-
Net change in prices and production costs		(17,622	)		(72	)		9,341
New field discoveries and extensions, net of future
production costs		292			4,456			9,767
Sales of oil and gas produced, net of production costs		1,038			(6,590	)		(8,373	)
Net change due to revisions in quantity estimates		38			2,460			(3,624	)
Accretion of discount		1,116			1,773			1,797
Production rate changes and other		(3,603	)		(4,265	)		(6,629	)
Net change in income taxes		6,578			1,127			(798	)
End of year	$	3,527		$	15,744		$	17,836

Results of operations for oil and gas producing activities

The results of oil and gas producing activities, excluding corporate overhead and interest costs, are as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Revenues	$	5,063		$	13,361		$	14,129
Costs and expenses -
Production		(7,022	)		(6,771	)		(5,756	)
Producing property impairment		(10,324	)		(4,001	)		(1,373	)
Exploration		(1,667	)		(5,054	)		(1,619	)
Oil and natural gas property sale gain		-			2,528			-
Depreciation, depletion and amortization		(5,066	)		(7,573	)		(7,494	)
Operating income (loss) before income taxes		(19,016	)		(7,510	)		(2,113	)
Income tax benefit		6,656			2,628			739
Operating income (loss)	$	(12,360	)	$	(4,882	)	$	(1,374	)