Equity Investment in Savoy (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Costs Incurred

The data below is shown proportionate to our 40% (45% in 2013) ownership of Savoy.

Costs incurred are as follows:	2014		2013
Unproved property acquisition	$	899	$	1,287
Development		1,224		858
Exploration		5,130		7,061
Total	$	7,253	$	9,206

Results of Operations for Oil and Gas Producing Activities

	Oil		NGLs			Natgas
	(Bbls)		(Bbls)			(Mcf)
Change in proved reserves:
January 1, 2013	700			29		1,108
Extensions and discoveries	898			58		442
Production	(153	)		(11	)	(96	)
Revisions to previous estimates	24			23		(153	)
December 31, 2013	1,469			99		1,301
Extensions and discoveries	262			14		253
Production	(143	)		(9	)	(83	)
Revisions to previous estimates	(840	)		(60	)	(956	)
Change in ownership from 45% to 40%	(73	)		(5	)	(65	)
December 31, 2014	675			39		450
Proved developed reserves included above:
December 31, 2013	746			60		450
December 31, 2014	467			30		292
Proved undeveloped reserves (PUDs) included above:
December 31, 2013	723			39		851
December 31, 2014	208			9		158

Proved Reserves Cash Flows

FOR INFORMATION PURPOSES ONLY

	Proved						Total
December 31, 2014 based on current and future NYMEX strip prices	Developed			PUDs			Proved
Future cash inflows:
Oil	$	24,768		$	12,239		$	37,007
NGLs		785			252			1,037
Natgas		915			683			1,598
Total cash inflows		26,468			13,174			39,642
Future production costs		(9,462	)		(3,398	)		(12,860	)
Future development costs		(58	)		(1,800	)		(1,858	)
Future income tax (none since Savoy is a pass-through entity for income tax purposes)
Future net cash flows		16,948			7,976			24,924
10% annual discount for estimated timing of cash flows		(3,608	)		(2,336	)		(5,944	)
Discounted future net cash flows	$	13,340		$	5,640		$	18,980

	Proved						Total
December 31, 2014 based on SEC first-of-month average prices	Developed			PUDs			Proved
Future cash inflows:
Oil	$	41,660		$	18,530		$	60,190
NGLs		1,256			368			1,624
Natgas		1,203			721			1,924
Total cash inflows		44,119			19,619			63,738
Future production costs		(12,886	)		(3,749	)		(16,635	)
Future development costs		(60	)		(1,790	)		(1,850	)
Future income tax (none because Savoy is a pass-through entity for income tax purposes)
Future net cash flows		31,173			14,080			45,253
10% annual discount for estimated timing of cash flows		(7,125	)		(4,028	)		(11,153	)
Standardized measure of discounted future net cash flows	$	24,048		$	10,052		$	34,100

	Proved						Total
December 31, 2013 based on SEC first-of-month average prices	Developed			PUDs			Proved
Future cash inflows:
Oil	$	70,582		$	70,662		$	141,244
NGLs		2,551			1,669			4,220
Natgas		1,365			976			2,341
Total cash inflows		74,498			73,307			147,805
Future production costs		(12,213	)		(12,233	)		(24,446	)
Future development costs					(3,073	)		(3,073	)
Future income tax (none because Savoy is a pass-through entity for income tax purposes)
Future net cash flows		62,285			58,001			120,286
10% annual discount for estimated timing of cash flows		(14,375	)		(15,111	)		(29,486	)
Standardized measure of discounted future net cash flows	$	47,910		$	42,890		$	90,800

Carrying Value and Average Wellhead Prices

		2014			2013
Beginning of year	$	90,800		$	35,300
Sales, net of production costs		(11,000	)		(12,600	)
Net changes in prices and production costs		(5,700	)		1,600
Extensions and discoveries		13,300			57,200
Revisions of previous quantity estimates		(61,000	)		2,100
Change in production timing and other		3,100			3,700
Change in ownership from 45% to 40%		(4,500	)
Accretion of discount		9,100			3,500
End of year	$	34,100		$	90,800
Average wellhead prices based on SEC average prices:
Oil (per Bbl)	$	89		$	95
NGLs (per Bbl)		41			42
Natgas (per Mcf)		4.27			3.04
Average wellhead prices based on NYMEX strip prices:
Oil (per Bbl)		59
NGLs (per Bbl)		28
Natgas (per Mcf)		3.94

Savoy [Member]

Condensed Balance Sheet

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
	2014		2013
Current assets	$	14,863	$	29,182
Oil and gas properties, net		27,549		25,408
Other		852		260
	$	43,264	$	54,850
Total liabilities	$	10,079	$	16,447
Partners' capital		33,185		38,403
	$	43,264	$	54,850

Condensed Statement of Operations

Condensed Statement of Operations
	2014			2013
Revenue	$	41,583		$	42,248
Expenses		(29,354	)		(29,322	)
Net income	$	12,229		$	12,926