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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2015      2014  

Proved Developed oil and gas properties

    $ 395,129       $ 395,314   

Proved Undeveloped oil and gas properties

      —          1,274   
  

 

 

     

 

 

  

Total Capitalized Costs

      395,129         396,588   

Accumulated depreciation, depletion and valuation allowance

      204,213         188,988   
  

 

 

     

 

 

  

Net Capitalized Costs

    $ 190,916       $ 207,600   
  

 

 

     

 

 

  
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, 2015 and 2014

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

    2015      2014  

Acquisition of Properties, Developed

      —        $ 59   

Development Costs

    $ 14,550         36,406   
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, 2015 and 2014

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2015      2014  

Future cash inflows

    $ 293,745       $ 2,252,248   

Future production costs

      (191,227 )       (738,531 ) 

Future development costs

      (30,586 )       (354,139 ) 

Future income tax expenses

      (4,815 )       (360,702 ) 
  

 

 

     

 

 

  

Future Net Cash Flows

      67,117         798,876   

10% annual discount for estimated timing of cash flows

      (8,315 )       (455,588 ) 
  

 

 

     

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

    $ 58,802       $ 343,288   
  

 

 

     

 

 

  
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 2015 and 2014:

 

     Year Ended December 31,  

(Thousands of dollars)

    2015      2014  

Sales of oil and gas produced, net of production costs

    $ (10,426 )     $ (47,074 ) 

Net changes in prices and production costs

      (511,116 )       (18,510 ) 

Extensions, discoveries and improved recovery

      24,967         198,235   

Revisions of previous quantity estimates

      (180,048 )       67,245   

Net change in development costs

      235,285         (69,923 ) 

Reserves sold

      (1,160 )       (69 ) 

Reserves purchased

      737         —     

Accretion of discount

      34,329         23,823   

Net change in income taxes

      146,339         (56,744 ) 

Changes in production rates (timing) and other

      (23,393 )       8,077   
  

 

 

     

 

 

  

Net change

      (284,486 )       105,060   

Standardized measure of discounted future net cash flow:

      

Beginning of year

      343,288         238,228   
  

 

 

     

 

 

  

End of year

    $ 58,802       $ 343,288   
  

 

 

     

 

 

  
Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2015 and 2014

(Unaudited)

 

     As of December 31,  
     2015     2014  
     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		  

Proved Developed Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      47        85        2,067        186        222        424   

Revisions of previous estimates

      (1,650 )      (560 )      (8,368 )      (278 )      (207 )      3,662   

Converted from undeveloped reserves

      677        163        944        407        93        735   

Reserves sold

      (53 )      —          (26 )      (4 )      —          —     

Reserves purchased

      39        12        372        —          —          —     

Production

      (720 )      (187 )      (3,981 )      (759 )      (171 )      (4,182 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      4,579        1,673        23,275        6,239        2,160        32,267   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      420        101        701        5,914        1,629        6,672   

Revisions of previous estimates

      (14,400 )      (4,248 )      (26,033 )      136        (921 )      622   

Converted to developed reserves

      (677 )      (163 )      (944 )      (407 )      (93 )      (735 ) 

Reserves sold

      —          —          —          —          —          —     

Reserves purchased

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      52        12        55        14,709        4,322        26,331   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

      4,631        1,685        23,330        20,948        6,482        58,598   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 
Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2015 and 2014

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

    2015      2014  

Revenue:

      

Oil and gas sales

    $ 45,632       $ 91,045   

Costs and Expenses:

      

Lease operating expenses

      35,206         43,972   

Depreciation, depletion and accretion

      28,531         22,906   

Income tax (benefit) expense

      (6,156 )       9,216   
  

 

 

     

 

 

  

Total Costs and Expenses

      57,581         76,094   
  

 

 

     

 

 

  

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

    $ (11,949 )     $ 14,951