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L. SUPPLEMENTARY FINANCIAL INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED)
 12 Months Ended
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.