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Schedule of information on Oil and Gas Industries (Tables) | 12 Months Ended
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Dec. 31, 2016
Schedule of information on Oil and Gas Industries |
Schedule of information on Oil and Gas Industries | The Company’s net ownership interests in estimated quantities of proved oil and natural gas reserves and changes in net proved reserves, all of which are located in the continental United States, are summarized below:
|  | 2016
|  |  | Gas |  |  | Oil |
|  |  | (MMCF) |  |  | (MBBLS) |
Proved developed and undeveloped reserves - |  |  |  |  |  |  |
January 1, 2016 |  |  | 2,604 |  |  | 58 |
Purchase of oil and natural gas properties in place |  |  | 0 |  |  | 0 |
Discoveries and exclusions |  |  | 0 |  |  | 0 |
Revisions |  |  | 615 |  |  | 91 |
Sales of oil and gas properties in place |  |  | 0 |  |  | 0 |
Production |  |  | 0 |  |  | 0 |
December 31, 2016 |  |  | 3,219 |  |  | 149 |
Proved developed at beginning of year |  |  | 504 |  |  | 59 |
Proved developed reserves at end of year |  |  | 1,051 |  |  | 81 |
|  |  | 2015 |  |  |  |
|  |  | Gas |  |  | Oil |
|  |  | (MMCF) |  |  | (MBBLS) |
Proved developed and undeveloped reserves - |  |  |  |  |  |  |
January 1, 2015 |  |  | 2,866 |  |  | 139 |
Purchase of oil and natural gas properties in place |  |  | 0 |  |  | 0 |
Discoveries and exclusions |  |  | 0 |  |  | 0 |
Revisions |  |  | (94 | ) |  | (69 | )
Sales of oil and gas properties in place |  |  | 0 |  |  | 0 |
Production |  |  | (168 | ) |  | (12 | )
December 31, 2015 |  |  | 2,604 |  |  | 58 |
Proved developed at beginning of year |  |  | 698 |  |  | 70 |
Proved developed reserves at end of year |  |  | 504 |  |  | 59 |
|  |  | 2016 |  |  | 2015 |
Oil and gas sales |  | $ | 764 |  | $ | 820 |
Operating expenses |  |  | (703 | ) |  | (1,183 | )
Depreciation, depletion and amortization |  |  | (494 | ) |  | (617 | )
Impairment of oil & gas properties |  |  | — |  |  | (2,717 | )
Results of operations |  | $ | (398 | ) | $ | (3,697 | )
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows |
The following table reflects the standardized measure of future net cash flows related to our |  |  |  |  |  |  |
proved reserves |  |  |  |  |  |  |
|  |  | 2016 |  |  | 2015 |
Future oil and gas cash inflows |  | $ | 19,368 |  | $ | 14,326 |
Future oil & gas operating expenses |  |  | (4,605 | ) |  | (2,554 | )
Future development costs |  |  | (2,982 | ) |  | (1,982 | )
Future tax expense |  |  | (1,308 | ) |  | (998 | )
Future net cash flows |  | $ | 10,473 |  | $ | 8,792 |
10% discount to reflect timing of cash flows |  |  | (4,150 | ) |  | (2,878 | )
|  | $ | 6,323 |  | $ | 5,914 |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | The following table presents the changes in our total proved undeveloped reserves.
|  | Gas | Oil
|  | (MMCF) | (MBBLS)
Proved undeveloped reserves as of December 31, 2014 |  |  | 2,168 |  |  | 68 |
Revaluation of undeveloped reserves |  |  | — |  |  | (68 | )
Conversion to proved developed reserves |  |  |  |  |  | — |
Proved undeveloped reserves as of December 31, 2015 |  |  | 2,168 |  |  | 0 |
Conversion to proved developed reserves |  |  |  |  |  |  |
Revaluation of undeveloped reserves |  |  |  |  |  | 68 |
Proved undeveloped reserves as of December 31, 2016 |  |  | 2,168 |  |  | 68 |
Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities | The following table reflects the capitalized costs relating to oil and gas producing activities.
|  | 2016 |  |  | 2015 |
Property acquisition costs: |  |  |  |  |  |
Proved properties |  | $ |  |  |  | $ | 9,116 |
Unproved properties |  |  | - |  |  |  | - |
Accumulated depreciation, depletion and amortization |  |  |  |  |  |  |  |
and valuation allowance |  |  |  |  |  |  | (3,202 | )
Net capitalized costs |  | $ |  |  |  | $ | 5,914 |
Schedule of Costs incurred in oil and gas property acquisition, exploration and development | The following table reflects the costs incurred in oil and gas property acquisition, exploration and development activities.
|  | 2016 |  |  | 2015 |
Property acquisition costs: |  |  |  |  |  |
Proved properties |  | $ | - |  |  | $ | - |
Unproved properties |  |  | - |  |  |  | - |
Exploration costs |  |  | - |  |  |  | - |
Development costs |  |  |  |  |  |  | 206 |
Total cost incurred |  | $ |  |  |  | $ | 206 |

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- Definition Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62500-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62536-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62496-109447 + Details
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- Definition Tabular disclosure of in process activities, such as the number of wells in process of drilling (including wells temporarily suspended), water floods in process of installation, pressure maintenance operations, and any other related operations of material importance by appropriate geographic areas. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1206 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61858-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61884-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61831-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61797-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61869-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61872-109447 + Details
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