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Investment in Sunrise Energy
 6 Months Ended
Jun. 30, 2015
Sunrise Energy [Member]  
Investment

(4)Investment in Sunrise Energy

 

We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy also plans to develop and explore for coal-bed methane gas reserves on or near our underground coal reserves. They use 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, and a condensed statement of operations for the six months ended June 30, 2015 and 2014. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Balance Sheet

 

 

 

 

2015

Current assets

 

 

 

$
2,300 

Oil and gas properties, net

 

 

 

 
8,105 

 

 

 

 

$
10,405 

 

 

 

 

 

 

Total liabilities

 

 

 

$
769 

Members’ capital

 

 

 

 
9,636 

 

 

 

 

$
10,405 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Statement of Operations

 

 

 

 

 

 

 

2015

 

2014

Revenue

$
1,167 

 

$
1,583 

Expenses

 
(1,161)

 

 
(1,409)

Net income

$
6 

 

$
174