Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
Property acquisition costs
Unproved	$	32	$	348	$	1,144
Proved		-		-		-
Exploration costs
Expensed		291		1,667		5,054
Capitalized		-		-		-
Development costs		-		370		1,745
Total costs incurred	$	323	$	2,385	$	7,943

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,
	2016			2015
Unproved oil and gas properties	$	-		$	231
Proved oil and gas properties		62,784			76,886
		62,784			77,117
Accumulated depreciation, depletion
and amortization		(56,426	)		(69,116	)
Net capitalized cost	$	6,358		$	8,001

Proved developed and undeveloped oil and gas reserves

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

	Years Ended December 31,
	2016						2015						2014
	Natural						Natural						Natural
	Gas			Oil			Gas			Oil			Gas			Oil
	(Mcf’s)			(Bbls.)			(Mcf’s)			(Bbls.)			(Mcf’s)			(Bbls.)
Total proved reserves-
Beginning of year		4,835			226			5,611			318			6,286			368
Revisions of previous estimates		65			24			27			(2	)		724			6
Oil and gas reserves sold		(175	)		(4	)		-			(3	)		(558	)		(11	)
Extensions, discoveries and
other reserve additions		151			18			86			13			292			82
Production		(662	)		(77	)		(889	)		(100	)		(1,133	)		(127	)
End of year		4,214			187			4,835			226			5,611			318

Components of proved oil and gas reserves

The components of proved oil and gas reserves for the three years ended December 31, 2016 is presented below.  All reserves are in the United States (in thousands):

	Years Ended December 31,
	2016				2015				2014
	Natural				Natural				Natural
	Gas		Oil		Gas		Oil		Gas		Oil
	(Mcf’s)		(Bbls.)		(Mcf’s)		(Bbls.)		(Mcf’s)		(Bbls.)
Proved developed reserves		4,214		187		4,813		223		5,482		299
Proved undeveloped reserves		-		-		22		3		129		19
Total proved reserves		4,214		187		4,835		226		5,611		318

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,
	2016			2015			2014
Future gross revenues	$	17,938		$	23,040		$	58,885
Future costs -
Lease operating expenses		(12,421	)		(14,524	)		(16,421	)
Development costs		(38	)		(103	)		(1,068	)
Future net cash flows before income taxes		5,479			8,413			41,396
Discount at 10% per annum		(2,002	)		(2,987	)		(17,175	)
Discounted future net cash flows
before income taxes		3,477			5,426			24,221
Future income taxes, net of discount at
10% per annum		(1,217	)		(1,899	)		(8,477	)
Standardized measure of discounted
future net cash flows	$	2,260		$	3,527		$	15,744

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,
	2016		2015		2014
Market price
Crude oil per barrel	$	38.34	$	45.83	$	89.60
Natural gas per thousand cubic feet (mcf)	$	2.56	$	2.62	$	5.42

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,
	2016			2015			2014
Future net cash flows before income taxes	$	5,479		$	8,413		$	41,396
Future income taxes		(1,918	)		(2,945	)		(14,489	)
Future net cash flows		3,561			5,468			26,907
Discount at 10% per annum		(1,301	)		(1,941	)		(11,163	)
Standardized measure of discounted
future net cash flows	$	2,260		$	3,527		$	15,744

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 cash flows are as follows (in thousands):

	Years Ended December 31,
	2016			2015			2014
Beginning of year	$	3,527		$	15,744		$	17,836
Sale of oil and gas reserves		(350	)		(54	)		(981	)
Net change in prices and production costs		(1,391	)		(17,622	)		(72	)
New field discoveries and extensions, net of future
production costs		275			292			4,456
Sales of oil and gas produced, net of production costs		87			1,038			(6,590	)
Net change due to revisions in quantity estimates		181			38			2,460
Accretion of discount		194			1,116			1,773
Production rate changes and other		(945	)		(3,603	)		(4,265	)
Net change in income taxes		682			6,578			1,127
End of year	$	2,260		$	3,527		$	15,744

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,
	2016			2015			2014
Revenues	$	3,410		$	5,063		$	13,361
Costs and expenses -
Production		(3,337	)		(7,022	)		(6,771	)
Producing property impairment		(30	)		(10,324	)		(4,001	)
Exploration		-			(1,667	)		(5,054	)
Oil and natural gas property sale gain		-			-			2,528
Depreciation, depletion and amortization		(1,546	)		(5,066	)		(7,573	)
Operating income (loss) before income taxes		(1,503	)		(19,016	)		(7,510	)
Income tax benefit		526			6,656			2,628
Operating income (loss)	$	(977	)	$	(12,360	)	$	(4,882	)