(4) Investment in Savoy (Savoy Energy)

9 Months Ended

Sep. 30, 2013

Savoy Energy

(4) Investment in Savoy [Line Items]

Equity Investment In SELLP

(4)  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% is a condensed balance sheet at September 30, 2013, and a condensed statement of operations for the nine months ended September 30, 2013 and 2012.

Condensed Balance Sheet

	2013
Current assets	$	25,651
Oil and gas properties, net		24,156
	$	49,807
Total liabilities	$	14,354
Partners' capital		35,453
	$	49,807

Condensed Statement of Operations

	2013			2012
Revenue	$	29,444		$	24,585
Expenses		(19,471	)		(17,931	)
Net  income	$	9,973		$	6,654