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UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Tables)

12 Months Ended

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

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 + Details

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details