Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies [Abstract]

Components of prepayments and other

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

	September 30,		December 31,
	2016		2015
Cash collateral deposits for commodity purchases	$	-	$	167
Insurance premiums		3,323		1,609
Rents, license and other		836		813
	$	4,159	$	2,589

Fair value of impairment of provisions

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

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Producing property impairments	$	1	$	207	$	-	$	-
Non-producing property impairments		86		984		-		568
Total	$	87	$	1,191		-	$	568

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 total oil and gas property costs and are categorized as follows (in thousands):

	September 30,		December 31,
	2016		2015
Napoleonville, Louisiana acreage	$	-	$	49
Wyoming and other acreage		200		182
Total Non-producing Leasehold Costs	$	200	$	231

Components of cash deposits and other assets

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

	September 30,		December 31,
	2016		2015
Insurance collateral deposits	$	5,585	$	6,531
State collateral deposits		131		140
Materials and supplies		281		292
	$	5,997	$	6,963

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):

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Revenue gross-up	$	245,245	$	388,936	$	70,236	$	122,273

Collateralized by eligible accounts receivable and outstanding

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

	Nine Months Ended
	September 30,
	2016		2015
Stand-by letters of credit	$	-	$	1,000

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
	September 30,
	2016		2015
Interest paid	$	-	$	5
Federal and state tax paid		2,582		4,038

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 September 30,
	2016		2015
Property and equipment additions	$	382	$	3

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 September 30, 2016 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	$	153	$	-	$	-	$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-		-		43		-
Less Counterparty Offsets		-		-		-		-
As Reported Fair Value Contracts	$	153	$	-	$	43	$	-

Forward month commodity contracts (derivatives) are reflected in the accompanying Unaudited Condensed 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 Forward Hydrocarbon Commodity
Contracts at Gross Valuation	$	-	$	-	$	-	$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-		-		195		-
Less Counterparty Offsets		-		-		-		-
As Reported Fair Value Contracts	$	-	$	-	$	195	$	-

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 nine months and three months ended September 30, 2016 and 2015 as follows (in thousands):

	Earnings		Earnings
	Nine Months Ended		Three Months Ended
	September 30,		September 30,
	2016	2015	2016	2015
Revenues – Marketing	$          305	$          (158)	$          181	$          (208)

Fair value assets and liabilities

As of September 30, 2016, 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	$	-		153		$	-	$	-	$	153
- Current liabilities		-		(43	)		-		-		(43	)
Net Value	$	-	$	110		$	-	$	-	$	110

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	)