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L. SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) | 12 Months Ended
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Dec. 31, 2017
Extractive Industries [Abstract] |
SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) | 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.
|  | 2017 |
|  | Gas (MMCF) |  |  | Oil (MBBLS) |
Proved developed and undeveloped reserves - January 1,2017 |  |  | 3,219 |  |  |  | 149 |
Purchase of oil and natural gas properties in place |  |  | 0 |  |  |  | 0 |
Discoveries and exclusions |  |  | 0 |  |  |  | 0 |
Revisions |  |  | (2,211 | ) |  |  | (75 | )
Sales of oil and gas properties in place |  |  | 0 |  |  |  | 0 |
Production |  |  | (178 | ) |  |  | (5 | )
Proved developed and undeveloped reserves - December 31,2017 |  |  | 830 |  |  |  | 69 |
Probable reserves |  |  | 1,025 |  |  |  |  |
Possible reserves |  |  | 342 |  |  |  |  |
Total reserves - December 31, 2017 |  |  | 2,197 |  |  |  | 69 |
Proved developed at beginning of year |  |  | 1,051 |  |  |  | 81 |
Proved developed reserves at end of year |  |  | 830 |  |  |  | 69 |
|  | 2016 |
|  | Gas (MMCF) |  |  | Oil (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 |  |  | 746 |  |  |  | 95 |
Sales of oil and gas properties in place |  |  | 0 |  |  |  | 0 |
Production |  |  | (155 | ) |  |  | (4 | )
Total reserves - December 31, 2017 |  |  | 3,195 |  |  |  | 149 |
Proved developed at beginning of year |  |  | 504 |  |  |  | 59 |
Proved developed reserves at end of year |  |  | 1,051 |  |  |  | 81 |
|  | 2017 |  |  | 2016 |
Oil and gas sales |  | $ | 791 |  |  | $ | 764 |
Operating expenses |  |  | (707 | ) |  |  | (687 | )
Depreciation, depletion and amortization |  |  | (320 | ) |  |  | (494 | )
Impairment of oil & gas properties |  |  | (2,626 | ) |  |  | – |
Results of operations |  | $ | (2,862 | ) |  | $ | (417 | )
The following table reflects the standardized measure of future net cash flows related to our proved reserves.
|  | 2017 |  |  | 2016 |
Future oil and gas cash inflows |  | $ | 10,653 |  |  | $ | 19,368 |
Future oil & gas operating expenses |  |  | (3,425 | ) |  |  | (4,605 | )
Future development costs |  |  | (1,480 | ) |  |  | (2,982 | )
Future tax expense |  |  | (724 | ) |  |  | (1,308 | )
Future net cash flows |  | $ | 5,024 |  |  | $ | 10,473 |
10% discount to reflect timing of cash flows |  |  | (2,303 | ) |  |  | (4,150 | )
|  | $ | 2,721 |  |  | $ | 6,323 |
(1) Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves are as likely as not to be recovered. (2) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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