Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies [Abstract]

Components of Property and Equipment as of June 30, 2012 and December 31, 2011 are as follows:

	(In thousands)
	June 30,			December 31,
	2012			2011
Oil & Gas properties
Unproved	$	11,769		$	17,098
Wells in progress		980			2,909
Proved		109,081			99,496
		121,830			119,503
Less accumulated depreciation
depletion and amortization		(36,231	)		(28,561	)
Net book value		85,599			90,942

Mining properties		20,739			20,739

Building, land and equipment		15,069			14,984
Less accumulated depreciation		(6,092	)		(5,788	)
Net book value		8,977			9,196
Totals	$	115,315		$	120,877

Mineral Properties

Our carrying balance in the Mt. Emmons property at June 30, 2012 and December 31, 2011 is as follows:

	(In thousands)
	June 30,		December 31,
	2012		2011
Costs associated with Mount Emmons
beginning of year	$	20,739	$	21,077
Development costs		--		16
Option payment from Thompson Creek		--		(354	)
Costs at the end of the period	$	20,739	$	20,739

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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