Investment in Savoy

3 Months Ended

Mar. 31, 2016

Savoy [Member]

Investment

(3)Equity 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.  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, and a condensed statement of operations for the three months ended March 31, 2016 and 2015.

Condensed Balance Sheet
	2016
Current assets	$	6,604
Oil and gas properties, net		20,803
Other		1,007
	$	28,414
Total liabilities	$	3,670
Partners’ capital		24,744
	$	28,414

Condensed Statement of Operations
	2016		2015
Revenue	$	2,148	$	4,360
Expenses		(2,943)		(4,027)
Net income (loss)	$	(795)	$	333