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(6) Equity Investment in Savoy
 12 Months Ended
Dec. 31, 2012
Equity Investment In Savoy [Text Block]
(6)   Equity Investment in Savoy

We own a 45% interest in Savoy Energy L.P. (Savoy), a private company engaged in the oil and gas business primarily in the State of Michigan.  Savoy uses the successful efforts method of accounting.  We account for our interest in Savoy using the equity method of accounting.

Below (in thousands) to the 100% is a condensed balance sheet at December 31, for both years and a condensed statement of operations for both years.

Condensed Balance Sheet

   
2012
   
2011
 
Current assets
 
$
16,207
   
$
16,200
 
Oil and gas properties, net
   
21,065
     
17,973
 
Other
   
263
     
2,152
 
   
$
37,535
   
$
36,325
 
                 
Total liabilities
 
$
9,116
   
$
9,469
 
Partners' capital
   
28,419
     
26,856
 
   
$
37,535
   
$
36,325
 

Condensed Statement of Operations

   
2012
   
2011
 
Revenue
 
$
32,052
   
$
31,997
 
Expenses
   
(27,527
)
   
(19,897
)
Net income
 
$
4,525
   
$
12,100