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UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
Schedule of proved oil and gas reserves and changes in net proved reserves | The Company’s estimated quantities of proved oil and gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2015, 2014 and 2013:
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Oil |  |  | Gas |  |  | Oil |  |  | Gas |  |  | Oil |  |  | Gas |
|  | (bbls) |  |  | (mcfe) (1) |  |  | (bbls) |  |  | (mcfe) (1) |  |  | (bbls) |  |  | (mcfe) (1) |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve quantities, beginning of year |  |  | 4,119,736 |  |  |  | 3,211,245 |  |  |  | 3,459,713 |  |  |  | 2,371,908 |  |  |  | 2,613,643 |  |  |  | 1,798,088 |
Revisions of previous estimates |  |  | (2,377,364 | ) |  |  | (206,912 | ) |  |  | (262,570 | ) |  |  | 802,241 |  |  |  | (162,957 | ) |  |  | 382,690 |
Discoveries and extensions |  |  | 94,458 |  |  |  | 27,102 |  |  |  | 1,583,292 |  |  |  | 1,006,659 |  |  |  | 1,352,746 |  |  |  | 678,412 |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | (330,871 | ) |  |  | (156,482 | ) |  |  | - |  |  |  | - |
Production |  |  | (221,650 | ) |  |  | (553,505 | ) |  |  | (329,828 | ) |  |  | (813,081 | ) |  |  | (343,719 | ) |  |  | (487,282 | )
Reserve quantities, end of year |  |  | 1,615,180 |  |  |  | 2,477,930 |  |  |  | 4,119,736 |  |  |  | 3,211,245 |  |  |  | 3,459,713 |  |  |  | 2,371,908 |
Proved developed reserves, end of year |  |  | 1,248,750 |  |  |  | 2,068,190 |  |  |  | 1,754,668 |  |  |  | 1,892,446 |  |  |  | 1,875,528 |  |  |  | 1,701,282 |
| (1) | Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of prices as adjusted for transportation, quality | The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Oil per Bbl |  | $ | 43.54 |  |  | $ | 85.63 |  |  | $ | 91.06 |
Gas per Mcfe (1) |  | $ | 3.36 |  |  | $ | 8.84 |  |  | $ | 6.41 |
| (1) | Consists of the weighted average price for natural gas in mcf plus NGL’s converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of standardized measure of discounted future net cash flows | The standardized measure of discounted future net cash flows relating to the Company’s proved oil and gas reserves is as follows as of December 31, 2015, 2014 and 2013:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Future cash inflows |  | $ | 78,646 |  |  | $ | 381,156 |  |  | $ | 330,245 |
Future cash outflows: |  |  |  |  |  |  |  |  |  |  |  |
Production costs |  |  | (44,685 | ) |  |  | (149,450 | ) |  |  | (129,392 | )
Development costs |  |  | (8,050 | ) |  |  | (70,770 | ) |  |  | (37,739 | )
Income taxes |  |  | - |  |  |  | (12,719 | ) |  |  | (14,500 | )
Future net cash flows |  |  | 25,911 |  |  |  | 148,217 |  |  |  | 148,614 |
10% annual discount factor |  |  | (8,143 | ) |  |  | (66,328 | ) |  |  | (43,761 | )
Standardized measure of discounted future net cash flows |  | $ | 17,768 |  |  | $ | 81,889 |  |  | $ | 104,853
Schedule of standardized measure of future net cash flows | The changes in the standardized measure of future net cash flows relating to proved oil and gas reserves for the years ended December 31, 2015, 2014 and 2013 are as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Standardized measure, beginning of year |  | $ | 81,889 |  |  | $ | 104,853 |  |  | $ | 71,017 |
Sales of oil and gas, net of production costs |  |  | (2,944 | ) |  |  | (21,741 | ) |  |  | (23,178 | )
Net changes in prices and production costs |  |  | (96,586 | ) |  |  | (17,376 | ) |  |  | 2,543 |
Changes in estimated future development costs |  |  | 51,998 |  |  |  | (1,869 | ) |  |  | (6,414 | )
Extensions and discoveries |  |  | 2,260 |  |  |  | 14,706 |  |  |  | 54,360 |
Sale of minerals in place |  |  | - |  |  |  | (13,339 | ) |  |  | - |
Revisions in previous quantity estimates |  |  | (27,693 | ) |  |  | (4,815 | ) |  |  | (2,961 | )
Previously estimated development costs incurred |  |  | - |  |  |  | 7,175 |  |  |  | 8,344 |
Net changes in income taxes |  |  | 3,306 |  |  |  | 6,924 |  |  |  | (4,245 | )
Accretion of discount |  |  | 8,189 |  |  |  | 10,090 |  |  |  | 7,647 |
Changes in timing and other |  |  | (2,651 | ) |  |  | (2,719 | ) |  |  | (2,260 | )
Standardized measure, end of year |  | $ | 17,768 |  |  | $ | 81,889 |  |  | $ | 104,853 |

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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 6 -URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61858-109447 Reference 2: 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=51678428&loc=d3e61884-109447 Reference 3: 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=51678428&loc=d3e61831-109447 Reference 4: 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=51678428&loc=d3e61797-109447 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=51678428&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 8 -URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61872-109447 + Details
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