Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Components of Property and Equipment as of March 31, 2014 and December 31, 2013 are as follows:


	(In thousands)
	March 31,			December 31,
	2014			2013
Oil & Gas properties
Unproved	$	8,164		$	7,478
Wells in progress		1,151			--
Proved		142,658			136,521
		151,973			143,999
Less accumulated depreciation
depletion and amortization		(60,370	)		(57,077	)
Net book value		91,603			86,922

Mineral properties		21,942			20,739

Building, land and equipment		8,334			8,334
Less accumulated depreciation		(4,204	)		(4,135	)
Net book value		4,130			4,199
Totals	$	117,675		$	111,860

Mineral properties

Our carrying balance in the Mt. Emmons property at March 31, 2014 and December 31, 2013 is as follows:


	(In thousands)
	March 31,		December 31,
	2014		2013
Costs associated with Mount Emmons
beginning of year	$	20,739	$	20,739
Property purchase (1)		1,203		--
Costs at the end of the period	$	21,942	$	20,739

(1)

On January 21, 2014, the Company acquired Thompson Creek Metals’ (“TCM”) 50% interest in 160 acres of fee land in the vicinity of the Mt. Emmons project mining claims for $1.2 million. The property was originally acquired jointly by the Company and TCM in January 2009.