Investment in Savoy (Savoy [Member])

6 Months Ended

Jun. 30, 2014

Savoy [Member]

Investment

(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 June 30, 2014, and a condensed statement of operations for the six months ended June 30, 2014 and 2013.

Condensed Balance Sheet
	2014
Current assets	$	31,544
Oil and gas properties, net		27,868
	$	59,412
Total liabilities	$	16,234
Partners' capital		43,178
	$	59,412

Condensed Statement of Operations
	2014		2013
Revenue	$	24,493	$	18,373
Expenses		(14,480)		(12,946)
Net  income	$	10,013	$	5,427

Late last year Savoy engaged Energy Spectrum Advisors Inc. (ESA) to market its Trenton-Black River oil properties located in southeast Michigan. ESA has offices in Dallas and Houston. Information was posted to the ESA website in early March 2014.  Savoy terminated discussions with a prospective buyer and we are now exploring other alternatives to monetize our Savoy investment.