Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Components of prepayments

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

	March 31,		December 31,
	2017		2016
Insurance premiums	$	767	$	1,403
Rents, license and other		586		694
	$	1,353	$	2,097

Fair value of impairment of provisions

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

	Three Months Ended
	March 31,
	2017		2016
Producing property impairments	$	-	$	1
Non-producing property impairments		3		28
Total	$	3	$	29

Components of cash deposits and other assets

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

	March 31,		December 31,
	2017		2016
Insurance collateral deposits	$	4,222	$	5,032
State collateral deposits		141		143
Materials and supplies		377		354
	$	4,740	$	5,529

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):

	Three Months Ended
	March 31,
	2017		2016
Revenue gross-up	$	57,565	$	75,927

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):

	Three Months Ended
	March 31,
	2017		2016
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):

	Three Months Ended
	March 31,
	2017		2016
Federal and state tax paid	$	14	$	105

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):

	March 31,
	2017		2016
Property and equipment additions	$	836	$	350

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 March 31, 2017 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	$	750		$	-	$	-		$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-			-		282			-
Less Counterparty Offsets		(282	)		-		(282	)		-
As Reported Fair Value Contracts	$	468		$	-	$	-		$	-

Forward month commodity contracts (derivatives) are reflected in the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 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	$	378		$	-	$	-		$	-
Liability Derivatives
- Fair Value Forward Hydrocarbon Commodity
Contracts at Gross Valuation		-			-		330			-
Less Counterparty Offsets		(266	)		-		(266	)		-
As Reported Fair Value Contracts	$	112		$	-	$	64		$	-

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 three months ended March 31, 2017 and 2016 as follows (in thousands):

	Earnings (Loss)
	Three Months Ended
	March 31,
	2017		2016
Revenues – Marketing	$	420	$	158

Fair value assets and liabilities

As of March 31, 2017, 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	$	-	$	750		$	-	$	(282	)	$	468
- Current liabilities		-		(282	)		-		282			-
Net Value	$	-	$	468		$	-	$	-		$	468

As of December 31, 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	$	-	$	378		$	-	$	(266	)	$	112
- Current liabilities		-		(330	)		-		266			(64	)
Net Value	$	-	$	48		$	-	$	-		$	48