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SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) | 12 Months Ended
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Dec. 31, 2016
SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) |
SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) | NOTE J - SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) 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 | )
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 |
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 |
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 |
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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 |
The following table reflects revenues and expenses directly associated with our oil and gas producing activities, including general and administrative expenses directly related to such producing activities. They do not include any allocation of interest costs or general corporate overhead and, therefore, are not necessarily indicative of the contribution to net earnings of our oil and gas operations. Income tax expense has been calculated by applying statutory income tax rates to oil and gas sales after deducting costs, including depreciation, depletion and amortization and after giving effect to permanent differences.

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