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QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (Unaudited) |
| 17. | QUARTERLY FINANCIAL DATA (Unaudited)
The Company’s quarterly financial information for the two-year period ended December 31, 2016 is as follows:
|  | Year Ended December 31, 2015 |  |  | Year Ended December 31, 2016 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |
|  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |
Oil and gas sales |  | $ | 2,679 |  |  | $ | 3,285 |  |  | $ | 2,622 |  |  | $ | 1,710 |  |  | $ | 1,066 |  |  | $ | 1,996 |  |  | $ | 1,867 |  |  | $ | 817 |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of oil and gas properties |  |  | (19,240 | ) |  |  | (3,208 | ) |  |  | (21,446 | ) |  |  | (13,782) |  |  |  | (6,957 | ) |  |  | (2,611 | ) |  |  | - |  |  |  | - |  |
Other (1) |  |  | (6,174 | ) |  |  | (5,266 | ) |  |  | (5,534 | ) |  |  | (4,710) |  |  |  | (2,561 | ) |  |  | (3,061 | ) |  |  | (2,761 | ) |  |  | 276 |  |
Operating income (loss) (1) |  | $ | (22,735 | ) |  | $ | (5,189 | ) |  | $ | (24,358 | ) |  | $ | (16,782 | ) |  | $ | (8,452 | ) |  | $ | (3,676 | ) |  | $ | (894 | ) |  | $ | 1,093 |  |
Income (loss) from continuing operations (1) |  | $ | (22,919 | ) |  | $ | (5,542 | ) |  | $ | (22,785 | ) |  | $ | (16,038 | ) |  | $ | (8,275 | ) |  | $ | (4,206 | ) |  | $ | (265 | ) |  | $ | 1,074 |  |
Discontinued operations |  |  | (784 | ) |  |  | (738 | ) |  |  | (866 | ) |  |  | (23,224 | ) |  |  | (2,327 | ) |  |  | (10 | ) |  |  | - |  |  |  | (111) |  |
Net income (loss) |  | $ | (23,703 | ) |  | $ | (6,280 | ) |  | $ | (23,651 | ) |  | $ | (39,262 | ) |  | $ | (10,602 | ) |  | $ | (4,216 | ) |  | $ | (265 | ) |  | $ | 963 |  |
Income (loss) per share - basic (1)(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (4.90 | ) |  | $ | (1.19 | ) |  | $ | (4.87 | ) |  | $ | (3.42 | ) |  | $ | (1.76 | ) |  | $ | (0.89 | ) |  | $ | (0.06 | ) |  | $ | 0.23 |  |
Discontinued operations |  |  | (0.17 | ) |  |  | (0.16 | ) |  |  | (0.19 | ) |  |  | (4.96 | ) |  |  | (0.49 | ) |  |  | (0.00 | ) |  |  | - |  |  |  | - |  |
Total |  | $ | (5.07 | ) |  | $ | (1.35 | ) |  | $ | (5.06 | ) |  | $ | (8.38 | ) |  | $ | (2.25 | ) |  | $ | (0.89 | ) |  | $ | (0.06 | ) |  | $ | 0.23 |  |
Income (loss) per share - diluted (1)(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (4.90 | ) |  | $ | (1.19 | ) |  | $ | (4.87 | ) |  | $ | (3.42 | ) |  | $ | (1.76 | ) |  | $ | (0.89 | ) |  | $ | (0.06 | ) |  | $ | 0.23 |  |
Discontinued operations |  |  | (0.17 | ) |  |  | (0.16 | ) |  |  | (0.19 | ) |  |  | (4.96 | ) |  |  | (0.49 | ) |  |  | (0.00 | ) |  |  | - |  |  |  | - |  |
Total |  | $ | (5.07 | ) |  | $ | (1.35 | ) |  | $ | (5.06 | ) |  | $ | (8.38 | ) |  | $ | (2.25 | ) |  | $ | (0.89 | ) |  | $ | (0.06 | ) |  | $ | 0.23 |  |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 4,674,667 |  |  |  | 4,674,667 |  |  |  | 4,675,167 |  |  |  | 4,685,167 |  |  |  | 4,705,500 |  |  |  | 4,705,000 |  |  |  | 4,768,000 |  |  |  | 4,768,013 |  |
Diluted (1) |  |  | 4,674,666 |  |  |  | 4,674,667 |  |  |  | 4,675,167 |  |  |  | 4,685,167 |  |  |  | 4,705,500 |  |  |  | 4,705,000 |  |  |  | 4,768,000 |  |  |  | 4,768,013 |  |
| (1) | Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6.
| (2) | Earnings per share amounts may not sum due to rounding.
The Company’s quarterly reserve reports are prepared based on a trailing 12-month average for benchmark oil and gas prices. The weighted average oil price used to prepare reserve estimates and to calculate the Full Cost Ceiling limitation for the first quarter of 2017 is expected to increase. Assuming other variables remain substantially unchanged, the Company does not expect to record an impairment charge during the first quarter of 2017. As discussed in Note 7, as of December 31, 2016, the Company and Energy One were not in compliance with any of the financial covenants under their credit facilities and the lender has not provided a limited waiver for the Company’s noncompliance.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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