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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2017      2016  

Proved Developed oil and gas properties

    $ 476,570      $ 417,824  

Proved Undeveloped oil and gas properties

      —          —    
  

 

 

     

 

 

  

Total Capitalized Costs

      476,570        417,824  

Accumulated depreciation, depletion and valuation allowance

      263,569        230,333  
  

 

 

     

 

 

  

Net Capitalized Costs

    $ 213,001      $ 187,491  
  

 

 

     

 

 

  
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, 2017 and 2016

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

        2017              2016      

Development Costs

    $ 59,361      $ 20,843  

 
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, 2017 and 2016

(Unaudited)

 

     As of December 31,  

(Thousands of dollars)

    2017      2016  

Future cash inflows

    $ 384,198      $ 221,542  

Future production costs

      (175,099 )       (115,091 ) 

Future development costs

      (34,798 )       (31,870 ) 

Future income tax expenses

      (20,884 )       (7,883 ) 
  

 

 

     

 

 

  

Future Net Cash Flows

      153,417        66,698  

10% annual discount for estimated timing of cash flows

      (46,503 )       (14,461 ) 
  

 

 

     

 

 

  

Standardized Measure of Discounted Future Net Cash Flows

    $ 106,914      $ 52,237  
  

 

 

     

 

 

  
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, 2017 and 2016

(Unaudited)

The following are the principal sources of change in the standardized measure of discounted future net cash flows during 2017 and 2016:

 

     Year Ended December 31,  

(Thousands of dollars)

    2017      2016  

Sales of oil and gas produced, net of production costs

    $ (36,003 )     $ (10,762 ) 

Net changes in prices and production costs

      12,432        (6,895 ) 

Extensions, discoveries and improved recovery

      76,694        27,706  

Revisions of previous quantity estimates

      19,808        (5,214 ) 

Net change in development costs

      (5,199 )       (26,953 ) 

Reserves sold

      (21 )       —    

Reserves purchased

      1,372        —    

Accretion of discount

      5,224        5,880  

Net change in income taxes

      (13,001 )       (2,600 ) 

Changes in production rates (timing) and other

      (6,628 )       12,273  
  

 

 

     

 

 

  

Net change

      54,677        (6,565 ) 

Standardized measure of discounted future net cash flow:

      

Beginning of year

      52,237        58,802  
  

 

 

     

 

 

  

End of year

    $ 106,914      $ 52,237  
  

 

 

     

 

 

  

 
Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2017 and 2016

(Unaudited)

 

     As of December 31,  
     2017     2016  
     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		     Oil
(MBbls)		     NGLs
(MBbls)		     Gas
(MMcf)		  

Proved Developed Reserves:

             

Beginning of year

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

Extensions, discoveries and improved recovery

      2,263       488       3,253       577       176       1,136  

Revisions of previous estimates

      496       89       3,846       (1,425 )      (527 )      (7,342 ) 

Converted from undeveloped reserves

      383       103       476       46       14       65  

Reserves sold

      (2 )      —         (13 )      —         (1 )      (7 ) 

Reserve purchased

      90       41       220     —         —         —    

Production

      (1,004 )      (282 )      (3,640 )      (670 )      (70 )      (4,126 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      5,333       1,704       17,143       3,107       1,265       13,001  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Proved Undeveloped Reserves:

             

Beginning of year

      643       159       2,003       52       12       55  

Extensions, discoveries and improved recovery

      298       118       335       635       157       1,994  

Revisions of previous estimates

      (53 )      (18 )      (1,153 )      2       4       19  

Converted to developed reserves

      (383 )      (103 )      (476 )      (46 )      (14 )      (65 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of year

      505       156       709       643       159       2,003  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Proved Reserves at the End of the Year

      5,838       1,860       17,852       3,750       1,424       15,004  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 
Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2017 and 2016

(Unaudited)

 

     Year Ended December 31,  

(Thousands of dollars)

          2017                 2016        

Revenue:

     

Oil and gas sales

    $ 66,883     $ 38,306  

Costs and Expenses:

     

Lease operating expenses

      30,880       27,544  

Depreciation, depletion and accretion

      34,006       27,534  

Income tax (benefit) expense

      (7,753 )      (5,870 ) 
  

 

 

    

 

 

  

Total Costs and Expenses

      57,133       49,208  
  

 

 

    

 

 

  

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

    $ 9,750     $ (10,902 )