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Investment in Savoy
 9 Months Ended
Sep. 30, 2015
Savoy [Member]  
Investment

(3)Investment in Savoy

 

We currently own a 40% 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.  Our 45% ownership was decreased to 40% on October 1, 2014 due to the exercise of options by Savoy’s management.  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, and a condensed statement of operations for the nine months ended September 30, 2015 and 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Balance Sheet

 

 

 

 

2015

Current assets

 

 

 

$
11,709 

Oil and gas properties, net

 

 

 

 
26,522 

 

 

 

 

$
38,231 

 

 

 

 

 

 

Total liabilities

 

 

 

$
5,152 

Partners’ capital

 

 

 

 
33,079 

 

 

 

 

$
38,231 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Statement of Operations

 

 

 

 

 

 

 

2015

 

2014

Revenue

$
10,887 

 

$
32,135 

Expenses

 
(11,156)

 

 
(19,423)

Net income (loss)

$
(269)

 

$
12,712