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SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED)

12 Months Ended

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

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.