Investment in Savoy

6 Months Ended

Jun. 30, 2016

Savoy [Member]

Investment

(3)Equity Investment in Savoy

We 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 June 30, and a condensed statement of operations for the six months ended June 30.

Condensed Balance Sheet
		2016
Current assets	$	7,617
Oil and gas properties, net		20,454
Other		1,003
	$	29,074
Total liabilities	$	3,789
Partners’ capital		25,285
	$	29,074

Condensed Statement of Operations
		2016			2015
Revenue	$	5,001		$	7,671
Expenses		(5,167	)		(7,712	)
Net loss	$	(166	)	$	(41	)