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SUPPLEMENTAL FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (Tables)
 12 Months Ended
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