(4) Investment in Savoy (Savoy Energy)

3 Months Ended

Mar. 31, 2013

Savoy Energy

Equity Investment In Savoy

(4)  Equity Investment in Savoy

We own a 45% interest in Savoy Energy L.P., 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 using the equity method of accounting.

Below (in thousands) to the 100% are a condensed balance sheet at March 31, 2013 and a condensed statement of operations for the three months ended March 31, 2013 and 2012.

Condensed Balance Sheet

	2013
Current assets	$	18,304
Oil and gas properties, net		21,840
	$	40,144
Total liabilities	$	9,960
Partners' capital		30,184
	$	40,144

Condensed Statement of Operations

	2013			2012
Revenue	$	9,022		$	8,887
Expenses		(6,618	)		(4,854	)
Net income	$	2,404		$	4,033