Subsequent Event

3 Months Ended

Mar. 31, 2017

Subsequent Event [Abstract]

Subsequent Event

Note 6 – Subsequent Event

On April 21, 2017, AREC, a wholly owned subsidiary of the Company, filed a petition under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware, Case Number 17-10866(KG).  AREC will continue to operate its business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provision of the Bankruptcy Code and orders of the Bankruptcy Court. As of March 31, 2017, the estimated net realizable value of the oil and gas assets is anticipated to be greater than the net book value.  The Company will continue to evaluate the estimated net realizable value until the sale process has concluded. Adams Resources & Energy, Inc. is the primary creditor in the Chapter 11 process. 

On May 3, 2017, AREC filed a Motion with the Bankruptcy Court for approval of an auction process and engagement of Oil & Gas Asset Clearinghouse to conduct the auction.  Over the past few years, the Company has de-emphasized its upstream operations and does not expect this Chapter 11 filing by its subsidiary to have a material adverse impact on any of its core businesses.