(3) Equity Investment in Savoy

3 Months Ended

Mar. 31, 2014

Equity Investment In SELLP [Abstract]

Equity Investment In SELLP

(3)  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 March 31, 2014 and a condensed statement of operations for the three months ended March 31, 2014 and 2013.

Condensed Balance Sheet

	2014
Current assets	$	26,384
Oil and gas properties, net		29,054
	$	55,438
Total liabilities	$	14,676
Partners' capital		40,762
	$	55,438

Condensed Statement of Operations

	2014			2013
Revenue	$	12,438		$	9,022
Expenses		(7,161	)		(6,618	)
Net  income	$	5,277		$	2,404

Late last year Savoy engaged Energy Spectrum Advisors Inc. (ESA) to market its Trenton-Black River (TBR) oil properties located in southeast Michigan. ESA has offices in Dallas and Houston. Information was posted to the ESA website in early March 2014.  Offers have been received and negotiations are pending.  Savoy expects to receive additional offers during the week of May 5, 2014.  If an offer is accepted, we will make a public disclosure.