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SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2012
SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES [Abstract] |
Net Costs Incurred in Purchase of Proved and Unproved Properties, and in Exploration and Development Activities | The following table presents information regarding USE's net costs incurred in the purchase of proved and unproved properties, and in exploration and development activities:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Unproved oil and gas properties |  | $ | 9,169 |  |  | $ | 20,007 |
Proved oil and gas properties |  |  | 119,919 |  |  |  | 99,496 |
|  | $ | 129,088 |  |  | $ | 119,503 |
Undeveloped Properties | Undeveloped properties as of December 31, 2012 include costs incurred in the following years:
|  | (In thousands) |
|  | Acquisitions |  |  | Exploration |  |  | Development |  |  | Total |
2010 |  | $ | 994 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 994 |
2011 |  |  | 7,947 |  |  |  | -- |  |  |  | -- |  |  |  | 7,947 |
2012 |  |  | 228 |  |  |  | -- |  |  |  | -- |  |  |  | 228 |
Total |  | $ | 9,169 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 9,169 |
Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development | Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below:
|  | (In thousands) |
|  | For the years ending December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Property acquisition costs: |  |  |  |  |  |  |  |  |
Proved |  | $ | 2,987 |  |  | $ | 1,288 |  |  | $ | -- |
Unproved |  |  | 1,416 |  |  |  | 10,679 |  |  |  | 14,237 |
Exploration costs |  |  | 10,943 |  |  |  | 32,787 |  |  |  | 35,899 |
Development costs |  |  | 20,134 |  |  |  | 4,550 |  |  |  | 4,846 |
Total costs incurred |  | $ | 35,480 |  |  | $ | 49,304 |  |  | $ | 54,982 |
Summary of Results of Operations | Results of operations from oil and natural gas producing activities are presented below:
|  | (In thousands) |
|  | For the years ending December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Oil and gas revenues |  | $ | 32,534 |  |  | $ | 30,958 |  |  | $ | 26,548 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  |  | 10,788 |  |  |  | 11,552 |  |  |  | 6,073 |
Depreciation, depletion and amortization |  |  | 14,893 |  |  |  | 13,997 |  |  |  | 10,610 |
Impairment |  |  | 5,189 |  |  |  | -- |  |  |  | -- |
|  |  | 30,870 |  |  |  | 25,549 |  |  |  | 16,683 |
Operating income |  | $ | 1,664 |  |  | $ | 5,409 |  |  | $ | 9,865 |
Estimated Quantities of Proved Oil and Natural Gas Reserves and Changes in Net Proved Reserves | USE's net ownership interests in estimated quantities of proved oil and natural gas reserves and changes in net proved reserves, all of which are located in the continental United States, are summarized below:
December 31, 2012 |  | Oil (BBLS) |  | Natural Gas or NGL (MCFE)
Beginning of year |  | 2,737,969 |  | 2,744,128
Revisions of previous quantity estimates |  | (145,596) |  | (481,583)
Extensions, discoveries and improved recoveries | 763,125 |  | 369,169
Purchase of reserves in place |  | 75,948 |  | 30,457
Sales of reserves in place |  | (444,272) |  | (437,057)
Production |  | (373,531) |  | (427,026)
End of year |  | 2,613,643 |  | 1,798,088
Proved developed reserves at end of year |  | 1,770,659 |  | 1,420,295
December 31, 2011 |  | Oil (BBLS) |  | Natural Gas or NGL (MCFE)
Beginning of year |  | 1,546,446 |  | 2,450,968
Revisions of previous quantity estimates |  | 4,913 |  | (864,513)
Extensions, discoveries and improved recoveries | 1,516,797 |  | 2,004,535
Purchase of reserves in place |  | 48,615 |  | 49,065
Sales of reserves in place |  | (78,477) |  | (43,716)
Production |  | (300,325) |  | (852,211)
End of year |  | 2,737,969 |  | 2,744,128
Proved developed reserves at end of year |  | 1,884,068 |  | 1,983,581
Summary of Standardized Measure | Standardized Measure (Unaudited) The standardized measure of discounted future net cash flows relating to USE's ownership interests in proved oil and natural gas reserves as of year-end is shown below:
|  | (In thousands) |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Future cash inflows |  | $ | 237,148 |  |  | $ | 259,533 |  |  | $ | 124,629 |
Future costs: |  |  |  |  |  |  |  |  |  |  |  |
Production |  |  | (96,616 | ) |  |  | (77,813 | ) |  |  | (36,299 | )
Development |  |  | (21,461 | ) |  |  | (42,972 | ) |  |  | (6,774 | )
Future income tax expense |  |  | (8,483 | ) |  |  | (19,790 | ) |  |  | (11,622 | )
Future net cash flows |  |  | 110,588 |  |  |  | 118,958 |  |  |  | 69,934 |
10% discount factor |  |  | (39,571 | ) |  |  | (56,767 | ) |  |  | (25,281 | )
Standardized measure of discounted future net cash flows |  | $ | 71,017 |  |  | $ | 62,191 |  |  | $ | 44,653 |
Changes in Standardized Measure | Changes in standardized measure of future net cash flows relating to proved oil and natural gas reserves are summarized below:
|  | (In thousands) |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Balance at beginning of period |  | $ | 62,191 |  |  | $ | 44,653 |  |  | $ | 19,984 |
Sales of oil and gas, net of production costs |  |  | (21,747 | ) |  |  | (19,406 | ) |  |  | (20,476 | )
Net change in prices and production costs |  |  | (4,548 | ) |  |  | 1,401 |  |  |  | 3,895 |
Net change in future development costs |  |  | -- |  |  |  | -- |  |  |  | -- |
Extensions and discoveries |  |  | 23,297 |  |  |  | 26,574 |  |  |  | 40,011 |
Purchase of reserves in place |  |  | 2,573 |  |  |  | 3,082 |  |  |  | -- |
Sale of reserves in place |  |  | (13,573 | ) |  |  | (1,947 | ) |  |  | -- |
Revisions of previous quantity estimates |  |  | (5,927 | ) |  |  | (3,158 | ) |  |  | (2,519 | )
Development costs incurred during year |  |  | 22,808 |  |  |  | 14,930 |  |  |  | -- |
Previously estimated development costs incurred |  |  | (9,706 | ) |  |  | (2,719 | ) |  |  | -- |
Net change in income taxes |  |  | 7,261 |  |  |  | (4,270 | ) |  |  | (2,138 | )
Accretion of discount |  |  | 7,254 |  |  |  | 5,207 |  |  |  | 2,576 |
Changes in production rates, timing and other |  |  | 1,134 |  |  |  | (2,156 | ) |  |  | 3,320 |
Balance at end of period |  | $ | 71,017 |  |  | $ | 62,191 |  |  | $ | 44,653 |

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- Definition Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62014-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62038-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 19 -Paragraph 59P, 59Q, 59R -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=8451751&loc=d3e63042-109448 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62059-109447 + Details
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- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61797-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61872-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61858-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61884-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61869-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61831-109447 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 19 -Paragraph 59E, 59F, 59G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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