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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2014      2013  

Proved Developed oil and gas properties

    $ 395,314       $ 362,186   

Proved Undeveloped oil and gas properties

      1,274         1,937   

Unproved oil and gas properties

      —           —     
  

 

 

     

 

 

  

Total Capitalized Costs

   396,588      364,123   

Accumulated depreciation, depletion and valuation allowance

   188,988      169,100   
  

 

 

     

 

 

  

Net Capitalized Costs

 $ 207,600    $ 195,023   
  

 

 

     

 

 

  

 
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, 2014 and 2013

(Unaudited)

 

    

Year Ended December 31,

  

(Thousands of dollars)

        2014              2013      

Acquisition of Properties, Developed

    $ 59       $ 7   

Acquisition of Properties, Undeveloped

      —           —     

Exploration Costs

      —           8   

Development Costs

      36,406         25,912   

 

 
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, 2014 and 2013

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2014      2013  

Future cash inflows

    $ 2,252,248       $ 1,880,389   

Future production costs

      (738,531 )       (769,172 ) 

Future development costs

      (354,139 )       (313,754 ) 

Future income tax expenses

      (360,702 )       (234,191 ) 
  

 

 

     

 

 

  

Future Net Cash Flows

   798,876      563,272   

10% annual discount for estimated timing of cash flows

   (455,588 )    (325,044 ) 
  

 

 

     

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

 $ 343,288    $ 238,228   
  

 

 

     

 

 

  
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 2014 and 2013:

 

     Year Ended December 31,  

(Thousands of dollars)

    2014      2013  

Sales of oil and gas produced, net of production costs

    $ (47,074 )     $ (48,976 ) 

Net changes in prices and production costs

      (18,510 )       (10,149 ) 

Extensions, discoveries and improved recovery

      198,235         218,648   

Revisions of previous quantity estimates

      67,245         (733 ) 

Net change in development costs

      (69,923 )       (129,672 ) 

Reserves sold

      (69 )       —     

Reserves purchased

      —           —     

Accretion of discount

      23,823         21,327   

Net change in income taxes

      (56,744 )       (23,007 ) 

Changes in production rates (timing) and other

      8,077         (2,483 ) 
  

 

 

     

 

 

  

Net change

   105,060      24,955   

Standardized measure of discounted future net cash flow:

Beginning of year

   238,228      213,273   
  

 

 

     

 

 

  

End of year

 $ 343,288    $ 238,228   
  

 

 

     

 

 

  
Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2014 and 2013

(Unaudited)

 

     As of December 31,  
     2014     2013  
     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		  

Proved Developed Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      186        222        424        87        —          402   

Revisions of previous estimates

      (278 )      (207 )      3,662        (361 )      (712 )      6,456   

Converted from undeveloped reserves

      407        93        735        513        199        1,207   

Reserves sold

      (4 )      —          —          —          —          —     

Reserves purchased

      —          —          —          —          —          —     

Production

      (759 )      (171 )      (4,182 )      (730 )      (173 )      (4,270 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

   6,239      2,160      32,267      6,687      2,223      31,628   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

Beginning of year

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

Extensions, discoveries and improved recovery

   5,914      1,629      6,672      4,536      1,541      9,538   

Revisions of previous estimates

   136      (921 )    622      (864 )    (512 )    (1,172 ) 

Converted to developed reserves

   (407 )    (93 )    (735 )    (513 )    (199 )    (1,207 ) 

Reserves sold

   —        —        —        —        —        —     

Reserves purchased

   —        —        —        —        —        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

   14,709      4,322      26,331      9,066      3,707      19,772   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

   20,948      6,482      58,598      15,753      5,930      51,400   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2014 and 2013

(Unaudited) 

 

    

Year Ended December 31,

  

(Thousands of dollars)

        2014              2013      

Revenue:

      

Oil and gas sales

    $ 91,045       $ 92,785   

Costs and Expenses:

      

Lease operating expenses

      43,972         43,809   

Exploration costs

      —           8   

Depreciation, depletion and accretion

      22,906         19,218   

Income tax expense

      9,216         10,012   
  

 

 

     

 

 

  

Total Costs and Expenses

   76,094      73,047   
  

 

 

     

 

 

  

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

 $ 14,951    $ 19,738