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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2016      2015  

Proved Developed oil and gas properties

    $ 417,824      $ 395,129  

Proved Undeveloped oil and gas properties

      —          —    
  

 

 

     

 

 

  

Total Capitalized Costs

      417,824        395,129  

Accumulated depreciation, depletion and valuation allowance

      230,333        204,213  
  

 

 

     

 

 

  

Net Capitalized Costs

    $ 187,491      $ 190,916  
  

 

 

     

 

 
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, 2016 and 2015

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

        2016              2015      

Development Costs

    $ 19,042      $ 14,550  

 
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, 2016 and 2015

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2016      2015  

Future cash inflows

    $ 221,542      $ 293,745  

Future production costs

      (115,091 )       (191,227 ) 

Future development costs

      (31,870 )       (30,586 ) 

Future income tax expenses

      (7,883 )       (4,815 ) 
  

 

 

     

 

 

  

Future Net Cash Flows

      66,698        67,117  

10% annual discount for estimated timing of cash flows

      (14,461 )       (8,315 ) 
  

 

 

     

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

    $ 52,237      $ 58,802  
  

 

 

     

 

 

  

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

STANDARDIZED MEASURE OF DISCOUNTED FUTURE

NET CASH FLOWS AND CHANGES THEREIN

RELATING TO PROVED OIL AND GAS RESERVES

Years Ended December 31, 2016 and 2015

(Unaudited)

The following are the principal sources of change in the standardized measure of discounted future net cash flows during 2016 and 2015:

 

     Year Ended December 31,  

(Thousands of dollars)

    2016      2015  

Sales of oil and gas produced, net of production costs

    $ (10,762 )     $ (10,426 ) 

Net changes in prices and production costs

      (6,895 )       (511,116 ) 

Extensions, discoveries and improved recovery

      27,706        24,967  

Revisions of previous quantity estimates

      (5,214 )       (180,048 ) 

Net change in development costs

      (26,953 )       235,285  

Reserves sold

      —          (1,160 ) 

Reserves purchased

      —          737  

Accretion of discount

      5,880        34,329  

Net change in income taxes

      (2,600 )       146,339  

Changes in production rates (timing) and other

      12,273        (23,393 ) 
  

 

 

     

 

 

  

Net change

      (6,565 )       (284,486 ) 

Standardized measure of discounted future net cash flow:

      

Beginning of year

      58,802        343,288  
  

 

 

     

 

 

  

End of year

    $ 52,237      $ 58,802  
  

 

 

     

 

 
Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2016 and 2015

(Unaudited)

 

     As of December 31,  
     2016     2015  
     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		  

Proved Developed Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      577       176       1,136       47       85       2,067  

Revisions of previous estimates

      (1,425 )      (527 )      (7,342 )      (1,650 )      (560 )      (8,368 ) 

Converted from undeveloped reserves

      46       14       65       677       163       944  

Reserves sold

      —         (1 )      (7 )      (53 )      —         (26 ) 

Reserve purchased

      —         —         —         39       12       372  

Production

      (670 )      (70 )      (4,126 )      (720 )      (187 )      (3,981 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      3,107       1,265       13,001       4,579       1,673       23,275  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      635       157       1,994       420       101       701  

Revisions of previous estimates

      2       4       19       (14,400 )      (4,248 )      (26,033 ) 

Converted to developed reserves

      (46 )      (14 )      (65 )      (677 )      (163 )      (944 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      643       159       2,003       52       12       55  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

      3,750       1,424       15,004       4,631       1,685       23,330  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 
Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2016 and 2015

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

          2016                 2015        

Revenue:

     

Oil and gas sales

    $ 38,306     $ 45,632  

Costs and Expenses:

     

Lease operating expenses

      27,544       35,206  

Depreciation, depletion and accretion

      27,534       28,531  

Income tax (benefit) expense

      (5,870 )      (6,156 ) 
  

 

 

    

 

 

  

Total Costs and Expenses

      49,208       57,581  
  

 

 

    

 

 

  

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

    $ (10,902 )    $ (11,949 )