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UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014:

		2016								2015								2014
		Oil				Gas				Oil				Gas				Oil				Gas
		(bbls)				(mcfe) ⁽¹⁾				(bbls)				(mcfe) ⁽¹⁾				(bbls)				(mcfe) ⁽¹⁾

Total proved reserves:
Reserve quantities, beginning of year			1,615,180				2,477,930				4,119,736				3,211,245				3,459,713				2,371,908
Revisions of previous estimates			(795,459	)			(584,494	)			(2,377,364	)			(206,912	)			(262,570	)			802,241
Discoveries and extensions			23,841				20,336				94,458				27,102				1,583,292				1,006,659
Sale of minerals in place			(53,853)				(57,258)				-				-				(330,871	)			(156,482	)
Production			(132,429	)			(477,351	)			(221,650	)			(553,505	)			(329,828	)			(813,081	)

Reserve quantities, end of year			657,280				1,379,163				1,615,180				2,477,930				4,119,736				3,211,245

Proved developed reserves, end of year			657,280				1,379,163				1,248,750				2,068,190				1,754,668				1,892,446

⁽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:

		2016				2015				2014

Oil per Bbl		$	42.75			$	43.54			$	85.63
Gas per Mcfe ⁽¹⁾		$	2.48			$	3.36			$	8.84

⁽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, 2016, 2015 and 2014:

		2016				2015				2014

Future cash inflows		$	27,769			$	78,646			$	381,156
Future cash outflows:
Production costs			(18,814)				(44,685	)			(149,450	)
Development costs			-				(8,050	)			(70,770	)
Income taxes			-				-				(12,719	)

Future net cash flows			8,955				25,911				148,217
10% annual discount factor			(2,208)				(8,143	)			(66,328	)

Standardized measure of discounted future net cash flows		$	6,747			$	17,768			$	81,889

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, 2016, 2015 and 2014 are as follows:

		2016				2015				2014

Standardized measure, beginning of year		$	17,768			$	81,889			$	104,853
Sales of oil and gas, net of production costs			(3,102	)			(2,944	)			(21,741)
Net changes in prices and production costs			(9,248	)			(96,586	)			(17,376)
Changes in estimated future development costs			6,590				51,998				(1,869)
Extensions and discoveries			167				2,260				14,706
Sale of minerals in place			(78)				-				(13,339)
Revisions in previous quantity estimates			(6,791	)			(27,693	)			(4,815)
Previously estimated development costs incurred			-				-				7,175
Net changes in income taxes			-				3,306				6,924
Accretion of discount			1,777				8,189				10,090
Changes in timing and other			(336	)			(2,651	)			(2,719)

Standardized measure, end of year		$	6,747			$	17,768			$	81,889

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