Equity Method Investments

3 Months Ended

Mar. 31, 2018

Equity Method Investments [Abstract]

Equity Method Investments

(4)EQUITY METHOD INVESTMENTS

Savoy Energy, L.P.

On March 9, 2018, we sold our entire 30.6% partnership interest to Savoy for $8 million.  The carrying value of the investment included in our consolidated balance sheets as of December 31, 2017, was $8.0 million.  Our net proceeds will be $7.5 million after commissions payable to a related party, which were applied to our bank debt as required under the agreement.  The sale resulted in a loss of $538,000 for the period ending March 31, 2018.

Sunrise Energy, LLC

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 oil, gas and coal-bed methane gas reserves on or near our underground coal reserves. The carrying value of the investment included in our consolidated balance sheets as of March 31, 2018, and December 31, 2017, was $3.8 million and $3.9 million, respectively.