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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities

CAPITALIZED COSTS RELATING TO

OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2013 and 2012

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2013      2012  

Proved Developed oil and gas properties

    $ 362,186       $ 336,135   

Proved Undeveloped oil and gas properties

      1,937         2,069   

Unproved oil and gas properties

      —           —     
  

 

 

     

 

 

  

Total Capitalized Costs

      364,123         338,204   

Accumulated depreciation, depletion and valuation allowance

      169,100         150,276   
  

 

 

     

 

 

  

Net Capitalized Costs

    $ 195,023       $ 187,928   
  

 

 

     

 

 

  
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,

EXPLORATION AND DEVELOPMENT ACTIVITIES

Years Ended December 31, 2013 and 2012

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

        2013              2012      

Acquisition of Properties, Developed

    $ 7       $ 6,482   

Acquisition of Properties, Undeveloped

      —           2,030   

Exploration Costs

      8         10   

Development Costs

      25,912         66,671   
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

STANDARDIZED MEASURE OF DISCOUNTED FUTURE

NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES

Years Ended December 31, 2013 and 2012

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2013     2012  

Future cash inflows

    $ 1,880,389      $ 1,524,137   

Future production costs

      (769,172 )      (673,629 ) 

Future development costs

      (313,754 )      (179,568 ) 

Future income tax expenses

      (234,191 )      (186,072 ) 
  

 

 

    

 

 

  

Future Net Cash Flows

      563,272        484,868   

10% annual discount for estimated timing of cash flows

      (325,044 )      (271,595 ) 
  

 

 

    

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

    $ 238,228      $ 213,273   
  

 

 

    

 

 

  
Standardized Measure of Discounted Future Net Cash Flows and Changes therein Relating to Proved Oil and Gas Reserves

The following are the principal sources of change in the standardized measure of discounted future net cash flows during 2013 and 2012:

 

    Year Ended December 31,  

(Thousands of dollars)

   2013     2012  

Sales of oil and gas produced, net of production costs

   $ (48,976 )    $ (48,673 ) 

Net changes in prices and production costs

     (10,149 )      504   

Extensions, discoveries and improved recovery

     218,648        164,557   

Revisions of previous quantity estimates

     (733 )      40,964   

Net change in development costs

     (129,672 )      (145,382 ) 

Reserves sold

     —          —     

Reserves purchased

     —          6,563   

Accretion of discount

     21,327        18,451   

Net change in income taxes

     (23,007 )      (5,952 ) 

Changes in production rates (timing) and other

     (2,483 )      (2,267 ) 
 

 

 

    

 

 

  

Net change

     24,955        28,765   

Standardized measure of discounted future net cash flow:

    

Beginning of year

     213,273        184,508   
 

 

 

    

 

 

  

End of year

   $ 238,228      $ 213,273   
 

 

 

    

 

 

  
Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2013 and 2012

(Unaudited)

 

    As of December 31,  
    2013     2012  
    Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		  

Proved Developed Reserves:

            

Beginning of year

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

Extensions, discoveries and improved recovery

     87        —          402        224        49        1,000   

Revisions of previous estimates

     (361 )      (712 )      6,456        252        2,860        (15,821 ) 

Converted from undeveloped reserves

     513        199        1,207        861        —          3,527   

Reserves sold

     —          —          —          —          —          —     

Reserves purchased

     —          —          —          168        —          211   

Production

     (730 )      (173 )      (4,270 )      (745 )      —          (4,715 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

     6,687        2,223        31,628        7,178        2,909        27,833   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

            

Beginning of year

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

Extensions, discoveries and improved recovery

     4,536        1,541        9,538        3,446        1,401        6,158   

Revisions of previous estimates

     864        (512 )      (1,172 )      887        1,476        217   

Converted to developed reserves

     (513 )      199        (1,207 )      (861 )      —          (3,527 ) 

Reserves sold

     —          —          —          —          —          —     

Reserves purchased

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

     9,066        3,707        19,772        5,907        2,877        12,613   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

     15,753        5,930        51,400        13,085        5,786        40,446   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2013 and 2012

(Unaudited) 

 

     Year Ended December 31,  

(Thousands of dollars)

        2013              2012      

Revenue:

      

Oil and gas sales

    $ 92,785       $ 88,336   

Costs and Expenses:

      

Lease operating expenses

      43,809         39,868   

Exploration costs

      8         10   

Depreciation, depletion and accretion

      19,218         19,883   

Income tax expense

      10,012         8,941   
  

 

 

     

 

 

  

Total Costs and Expenses

      73,047         68,702   
  

 

 

     

 

 

  

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

    $ 19,738       $ 19,634