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QUARTERLY FINANCIAL DATA (Unaudited)

12 Months Ended

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.