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Equity Method Investments | 12 Months Ended
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Dec. 31, 2016
Equity Method Investments [Abstract] |
Equity Method Investment | ﻿ (12)Equity Method Investments ﻿ 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. ﻿ We own a 30.6% interest in Savoy Energy, L.P., a private company engaged in the oil and gas business primarily in the state of Michigan. Our 45% ownership was decreased to 40.8% on October 1, 2014 due to the exercise of options by Savoy’s management. ﻿ On November 3, 2016 Lubar Equity Fund, LLC acquired a 25% interest in Savoy for $9.5 million in cash. Accordingly, our ownership interest was reduced from 40.8% to 30.6%. At closing, Savoy made a cash distribution of $4.4 million of which our share was $1.8 million and per our credit agreement was applied to our bank debt. Mr. Lubar, one of our directors, is affiliated with Lubar Equity Fund, LLC. ﻿ During 2016, we received two distributions totaling $3.6 million from Savoy. In 2014, we received distributions totaling $8.1 million from Savoy. All but $3.2 million of such distributions were applied to our bank debt as required under our agreement. ﻿ Savoy also recorded impairments of $2.0 million and $2.6 million for the years ended December 31, 2016 and 2015, respectively.
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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