Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2013

Components of Property and Equipment as of June 30, 2013 and December 31, 2012 are as follows:

	(In thousands)
	June 30,			December 31,
	2013			2012
Oil & Gas properties
Unproved	$	8,736		$	9,169
Wells in progress		458			--
Proved		121,525			119,919
		130,719			129,088
Less accumulated depreciation
depletion and amortization		(50,128	)		(43,454	)
Net book value		80,591			85,634

Mineral properties		20,739			20,739

Building, land and equipment		8,410			8,469
Less accumulated depreciation		(4,117	)		(4,034	)
Net book value		4,293			4,435
Totals	$	105,623		$	110,808

Our carrying balance in the Mt. Emmons property at June 30, 2013 and December 31, 2012 is as follows:

	(In thousands)
	June 30,		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