Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Components of Property and Equipment as of March 31, 2013 and December 31, 2012 are as follows:

	(In thousands)
	March 31,			December 31,
	2013			2012
Oil & Gas properties
Unproved	$	9,171		$	9,169
Proved		119,945			119,919
		129,116			129,088
Less accumulated depreciation
depletion and amortization		(46,915	)		(43,454	)
Net book value		82,201			85,634

Mineral properties		20,739			20,739

Building, land and equipment		8,410			8,469
Less accumulated depreciation		(4,048	)		(4,034	)
Net book value		4,362			4,435
Totals	$	107,302		$	110,808

Our carrying balance in the Mt. Emmons property at March 31, 2013 and December 31, 2012 is as follows:

	(In thousands)
	March 31,		December 31,
	2013		2012
Costs associated with Mount Emmons
beginning of year	$	20,739	$	20,739
Development costs		--		--
Costs at the end of the period	$	20,739	$	20,739