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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2012
Supplementary Information [Abstract]  
Capitalized costs related to oil and gas producing activities

                 
    As of December 31,  

(Thousands of dollars)

   2012     2011  

Proved Developed oil and gas properties

   $ 336,135     $ 491,938  

Proved Undeveloped oil and gas properties

     2,069       455  

Unproved oil and gas properties

     —         —    
   

 

 

    

 

 

  

Total Capitalized Costs

     338,204       492,393  

Accumulated depreciation, depletion and valuation allowance

     150,276       355,643  
   

 

 

    

 

 

  

Net Capitalized Costs

   $ 187,928     $ 136,750  
   

 

 

    

 

 

  
Costs incurred in oil and gas property acquisition exploration and development activities

                 
    Year Ended December 31,  

(Thousands of dollars)

       2012             2011      

Acquisition of Properties, Developed

   $ 6,482     $ 273  

Acquisition of Properties, Undeveloped

     2,030       146  

Exploration Costs

     10       38  

Development Costs

     66,671       38,820  
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves

                 
    As of December 31,  

(Thousands of dollars)

   2012     2011  

Future cash inflows

   $ 1,524,137     $ 1,113,603  

Future production costs

     (673,629 )      (530,237 ) 

Future development costs

     (179,568 )      (67,158 ) 

Future income tax expenses

     (186,072 )      (148,283 ) 
   

 

 

    

 

 

  

Future Net Cash Flows

     484,868       367,925  

10% annual discount for estimated timing of cash flows

     (271,595 )      (183,417 ) 
   

 

 

    

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

   $ 213,273     $ 184,508  
   

 

 

    

 

 

  
Standardized measure of discounted future net cash flows and changes therein relating to proved oil and gas reserves

                 
    Year Ended December 31,  

(Thousands of dollars)

   2012     2011  

Sales of oil and gas produced, net of production costs

   $ (48,673 )    $ (59,133 ) 

Net changes in prices and production costs

     504       77,637  

Extensions, discoveries and improved recovery

     164,557       49,108  

Revisions of previous quantity estimates

     40,964       8,579  

Net change in development costs

     (145,382 )      (30,834 ) 

Reserves sold

     —         —    

Reserves purchased

     6,563       —    

Accretion of discount

     18,451       14,648  

Net change in income taxes

     (5,952 )      (20,342 ) 

Changes in production rates (timing) and other

     (2,267 )      (1,639 ) 
   

 

 

    

 

 

  

Net change

     28,765       38,024  

Standardized measure of discounted future net cash flow:

                

Beginning of year

     184,508       146,484  
   

 

 

    

 

 

  

End of year

   $ 213,273     $ 184,508  
   

 

 

    

 

 

  
Reserve Quality Information

                                         
    As of December 31,  
    2012     2011  
    Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     Gas
(MMcf)		  
              (a )                         

Proved Developed Reserves:

                                        

Beginning of year

     6,418       —         43,631       5,233       41,946  

Extensions, discoveries and improved recovery

     224       49       1,000       836       3,536  

Revisions of previous estimates

     252       2,860       (15,821 )      273       121  

Converted from undeveloped reserves

     861       —         3,527       704       3,028  

Reserves sold

     —         —         —         —         —    

Reserves purchased

     168       —         211       —         —    

Production

     (745 )      —         (4,715 )      (628 )      (5,000 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

     7,178       2,909       27,833       6,418       43,631  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

                                        

Beginning of year

     2,435       —         9,765       2,652       11,400  

Extensions, discoveries and improved recovery

     3,446       1,401       6,158       460       1,955  

Revisions of previous estimates

     887       1,476       217       27       (562 ) 

Converted to developed reserves

     (861 )      —         (3,527 )      (704 )      (3,028 ) 

Reserves sold

     —         —         —         —         —    

Reserves purchased

     —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

     5,907       2,877       12,613       2,435       9,765  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

     13,085       5,786       40,446       8,853       53,396  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Prior to December 31, 2012, natural gas liquids (NGLs) were included in the oil and gas reserve reports under the natural gas heading using a standard conversion factor of one barrel of NGLs to six thousand cubic feet (Mcf) of gas.
Results of operations from oil and gas producing activities

                 
    Year Ended December 31,  

(Thousands of dollars)

       2012             2011      

Revenue:

                

Oil and gas sales

   $ 88,336     $ 96,030  

Costs and Expenses:

                

Lease operating expenses

     39,868       36,897  

Exploration costs

     10       38  

Depreciation and depletion

     19,883       42,282  

Income tax expense

     8,941       3,200  
   

 

 

    

 

 

  

Total Costs and Expenses

     68,702       82,417  
   

 

 

    

 

 

  

Results of Operations From Producing Activities (excluding corporate overhead and interest costs)

   $ 19,634     $ 13,613