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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of recurring measurements of the fair value of assets and liabilities

 Recurring measurements of the fair value of assets and liabilities as of December 31, 2015 and 2014 are as follows:

		December 31, 2015																December 31, 2014
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Marketable equity securitites:
Sutter Gold Mining Company(1)		$	-			$	13			$	-			$	13			$	25			$	-			$	-			$	25
Anfield Resources, Inc. (2)			-				-				238				238				-				-				-				-
Crude oil price risk derivatives			-				1,634				-				1,634				-				-				-				-
Total		$	-			$	1,647			$	238			$	1,885			$	25			$	-			$	-			$	25
Executive retirement liability		$	-			$	-			$	584			$	584			$	-			$	-			$	1,309			$	1,309

⁽¹⁾ Due to a less active market for this investment, during the fourth quarter of 2015 the Company transferred this investment from Level 1 to Level 2 of the fair value hierarchy.

⁽²⁾ Because of limited trading for this investment and considering the large block of common stock held by the Company, management determined that the quoted marked price was not an accurate indicator of fair value. Accordingly, the Company used alternative methods to determine fair value upon receipt of the shares in September 2015, which requires classification under Level 3 of the fair value hierarchy.

Schedule of reconciliation of changes in assets and liabilities measured at fair value on a recurring basis

The following table presents a reconciliation of changes in assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014:

		Assets																Liabilities
		Marketable Securities												Crude Oil				Crude Oil				Executive
		Sutter				Sutter				Anfield				Derivatives				Derivatives				Retirement
		(Level 1)				(Level 2)				(Level 3)				(Level 2)				(Level 2)				(Level 3)				Net
Fair value, December 31, 2013		$	69			$	-			$	-			$	14			$	(280	)		$	(865	)		$	(1,062	)
Total net losses included in:
Other comprehensive loss			(44	)			-				-				-				-				-				(44	)
Fair value adjustments included in net loss:
Realized gains on oil price risk derivatives			-				-				-				316				-				-				316
Unrealized gains on oil price risk derivatives			-				-				-				-				266				-				266
Retirement expense			-				-				-				-				-				(585	)			(585	)
Offset of derivative assets and liabilities			-				-				-				(14	)			14				-				-
Cash settlements paid (received)			-				-				-				(316	)			-				141				(175	)
Fair value, December 31, 2014			25				-				-				-				-				(1,309	)			(1,284	)
Total net losses included in:
Other comprehensive loss			(12	)			-				-				-				-				-				(12	)
Fair value adjustments included in net loss:
Net realized losses on oil price risk derivatives			-				-				-				(35	)			(40	)			-				(75	)
Net unrealized gains on oil price risk derivatives			-				-				-				1,634				-				-				1,634
Retirement expense			-				-				-				-				-				(45	)			(45	)
Transfer from Level 1 to Level 2			(13	)			13				-				-				-				-				-
Acquisition of investment			-								238				-				-				-				238
Discount negotiated on settlement			-				-				-				-				-				77				77
Offset of derivative assets and liabilities			-				-				-				(40	)			40				-				-
Cash settlements paid			-				-				-				75				-				694				769
Fair value, December 31, 2015		$	-			$	13			$	238			$	1,634			$	-			$	(583	)		$	1,302

X

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1),(d)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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