Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 17, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'TENGASCO INC | ' | ' |
Entity Central Index Key | '0001001614 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $21 |
Entity Common Stock, Shares Outstanding | ' | 60,842,413 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash and cash equivalents | $54,000 | $31,000 |
Accounts receivable, less allowance for doubtful accounts of $14 and $0 | 1,285,000 | 1,608,000 |
Accounts receivable-related party, less allowance for doubtful accounts of $159 and $257 | 168,000 | 68,000 |
Inventory | 1,253,000 | 1,402,000 |
Deferred tax asset-current | 130,000 | ' |
Other current assets | 312,000 | 194,000 |
Total current assets | 3,202,000 | 3,303,000 |
Restricted cash | 507,000 | 507,000 |
Loan fees, net | 35,000 | 57,000 |
Oil and gas properties, net (full cost accounting method) | 24,123,000 | 24,700,000 |
Methane project, net | 4,389,000 | 4,445,000 |
Other property and equipment, net | 247,000 | 321,000 |
Assets held for sale | ' | 1,400,000 |
Deferred tax asset - noncurrent | 7,209,000 | 9,434,000 |
Total assets | 39,712,000 | 44,167,000 |
Liabilities and Stockholders' Equity | ' | ' |
Accounts payable - trade | 367,000 | 648,000 |
Accounts payable - other | 327,000 | 325,000 |
Accounts payable - related party | 412,000 | ' |
Accrued liabilities | 444,000 | 615,000 |
Current maturities of long-term debt | 82,000 | 100,000 |
Total current liabilities | 1,632,000 | 1,688,000 |
Asset retirement obligation | 1,780,000 | 2,099,000 |
Long term debt, less current maturities | 3,375,000 | 10,246,000 |
Total liabilities | 6,787,000 | 14,033,000 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $.001 par value: authorized 100,000,000 Shares; 60,842,413 shares issued and outstanding | 61,000 | 61,000 |
Additional paid in capital | 55,671,000 | 55,699,000 |
Accumulated deficit | -22,807,000 | -25,626,000 |
Total stockholders' equity | 32,925,000 | 30,134,000 |
Total liabilities and stockholders' equity | $39,712,000 | $44,167,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, less allowance for doubtful accounts | $14,000 | $0 |
Accounts receivable-related party, allowance for doubtful accounts | $159,000 | $257,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 60,842,413 | 60,842,413 |
Common stock, shares outstanding | 60,842,413 | 60,842,413 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' |
Revenues | $15,700 | $20,557 | $17,062 |
Cost and expenses | ' | ' | ' |
Production costs and taxes | 5,524 | 7,182 | 5,944 |
Depreciation, depletion, and amortization | 2,912 | 3,403 | 2,527 |
General and administrative | 2,059 | 2,613 | 2,324 |
Total cost and expenses | 10,495 | 13,198 | 10,795 |
Income from operations | 5,205 | 7,359 | 6,267 |
Other income (expense) | ' | ' | ' |
Net interest expense | -357 | -743 | -642 |
(Loss) on derivatives | ' | -142 | -407 |
Gain on sale of assets | 118 | 83 | 37 |
Total other (expense) | -239 | -802 | -1,012 |
Income from continuing operations before income tax | 4,966 | 6,557 | 5,255 |
Deferred income tax expense | -1,915 | -2,226 | -245 |
Current income tax expense | -95 | -87 | -44 |
Net income from continuing operations | 2,956 | 4,244 | 4,966 |
(Loss) from discontinued operations, net of income tax benefit | -137 | -4,311 | -286 |
Net income (loss) | $2,819 | ($67) | $4,680 |
Net income (loss) per share - Basic | ' | ' | ' |
Net income from continuing operations | $0.05 | $0.07 | $0.08 |
Net income (loss) from discontinued operations | $0 | ($0.07) | $0 |
Net income (loss) per share - Diluted | ' | ' | ' |
Net income from continuing operations | $0.05 | $0.07 | $0.08 |
Net income (loss) from discontinued operations | $0 | ($0.07) | $0 |
Shares used in computing earnings per share | ' | ' | ' |
Basic | 60,842,413 | 60,778,356 | 60,701,660 |
Diluted | 60,919,878 | 61,154,631 | 61,088,983 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
In Thousands, except Share data | ||||
Beginning balance, value at Dec. 31, 2010 | $61 | $55,402 | ($30,239) | $25,224 |
Beginning balance, shares at Dec. 31, 2010 | 60,687,413 | ' | ' | ' |
Net income (loss) | ' | ' | 4,680 | 4,680 |
Options and compensation expense | ' | 165 | ' | 165 |
Common stock issued for exercise of options, value | ' | 28 | ' | 28 |
Common stock issued for exercise of options, shares | 50,000 | ' | ' | 50,000 |
Ending balance, value at Dec. 31, 2011 | 61 | 55,595 | -25,559 | 30,097 |
Ending balance, shares at Dec. 31, 2011 | 60,737,413 | ' | ' | ' |
Net income (loss) | ' | ' | -67 | -67 |
Options and compensation expense | ' | 52 | ' | 52 |
Common stock issued for exercise of options, value | ' | 52 | ' | 52 |
Common stock issued for exercise of options, shares | 105,000 | ' | ' | 105,000 |
Ending balance, value at Dec. 31, 2012 | 61 | 55,699 | -25,626 | 30,134 |
Ending balance, shares at Dec. 31, 2012 | 60,842,413 | ' | ' | ' |
Net income (loss) | ' | ' | 2,819 | 2,819 |
Options and compensation expense | ' | -28 | ' | -28 |
Ending balance, value at Dec. 31, 2013 | $61 | $55,671 | ($22,807) | $32,925 |
Ending balance, shares at Dec. 31, 2013 | 60,842,413 | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income from continuing operations | $2,956 | $4,244 | $4,966 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation, depletion, and amortization | 2,912 | 3,403 | 2,527 |
Amortization of loan fees-interest expense | 32 | 55 | 77 |
Accretion of discount on asset retirement obligation | 120 | 132 | 96 |
Gain on sale of vehicles/equipment | -118 | -83 | -37 |
Compensation and services paid in stock options / equipment | 50 | 52 | 165 |
Deferred income tax expense | 1,915 | 2,226 | 245 |
Loss on derivatives | ' | 142 | 407 |
Allowance for doubtful accounts | -84 | 257 | ' |
Changes in assets and liabilities | ' | ' | ' |
Restricted cash | ' | -386 | ' |
Accounts receivable | 307 | -89 | 666 |
Inventory and other assets | 31 | -694 | -283 |
Accounts payable | 103 | 196 | -75 |
Accrued liabilities | -184 | -95 | 139 |
Settlement on asset retirement obligation | -69 | -52 | -165 |
Net cash provided by operating activities - continuing operations | 7,971 | 9,308 | 8,728 |
Net cash (used in) in operating activities - discontinued operations | -85 | -265 | -237 |
Net cash provided by operating activities | 7,886 | 9,043 | 8,491 |
Investing activities | ' | ' | ' |
Net additions to oil and gas properties | -2,314 | -8,116 | -8,279 |
Additions to Methane Project | -2 | -464 | -811 |
Section 1603 refund - methane facilities | ' | 1,000 | ' |
Additions to other property & equipment | -8 | -15 | -48 |
Proceeds from sale of other property & equipment | 106 | 22 | ' |
Derivative costs and settlements | ' | ' | -1,236 |
Net cash (used in) investing activities - continuing operations | -2,218 | -7,573 | -10,374 |
Net cash provided by investing activities - discontinued operations | 1,395 | ' | ' |
Net cash (used in) investing activities | -823 | -7,573 | -10,374 |
Financing activities | ' | ' | ' |
Proceeds from exercise of options/warrants | ' | 52 | 28 |
Payment in lieu of exercise of options/warrants | -60 | ' | ' |
Proceeds from borrowings | 7,946 | 18,339 | 17,912 |
Repayments of borrowings | -13,606 | -20,133 | -16,307 |
Loan fees | -10 | -30 | -60 |
Net cash provided by (used in) financing activities - continuing operations | -5,730 | -1,772 | 1,573 |
Net cash provided by (used in) financing activities - discontinued operations | -1,310 | 265 | 237 |
Net cash provided by (used in) financing activities | -7,040 | -1,507 | 1,810 |
Net change in cash and cash equivalents - continuing operations | 23 | -37 | -73 |
Cash and cash equivalents, beginning of period | 31 | 68 | 141 |
Cash and cash equivalents, end of period | 54 | 31 | 68 |
Supplemental cash flow information: | ' | ' | ' |
Cash interest payments | 325 | 688 | 565 |
Cash paid for taxes | 38 | 67 | 8 |
Supplemental non-cash investing and financing activities: | ' | ' | ' |
Financed company vehicles | 188 | 175 | 262 |
Asset retirement obligations incurred | 26 | 92 | 559 |
Revisions to asset retirement obligations | -48 | ' | 502 |
Capital expenditures included in accounts payable and accrued liabilities | $175 | ' | $691 |
Description_Of_Business_And_Si
Description Of Business And Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||
Description Of Business And Significant Accounting Policies | ' | |||||||||
1. Description of Business and Significant Accounting Policies | ||||||||||
Tengasco, Inc. is a Delaware corporation (the "Company"). The Company is in the business of exploration for and production of oil and natural gas. The Company's primary area of oil exploration and production is in Kansas. The Company's primary area of natural gas exploration and production has been the Swan Creek Field in Tennessee. The Company sold all of its oil and gas leases and producing assets in Tennessee on August 16, 2013. | ||||||||||
The Company's wholly-owned subsidiary, Tengasco Pipeline Corporation ("TPC"), owned and operated a 65 mile intrastate pipeline which it constructed to transport natural gas from the Company's Swan Creek Field to customers in Kingsport, Tennessee. As the Company had entered into an agreement to sell the pipeline asset, it had been classified as "Assets held for sale" in the Consolidated Balance Sheet as of December 31, 2012 and the related results of operations have been classified as "(Loss) from discontinued operations, net of income tax benefit" in the Consolidated Statement of Operations for the years ended December 31, 2013, 2012, and 2011. The Company sold of all its pipeline related assets on August 16, 2013. (See Note 7. Assets Held for Sale and Discontinued Operations) | ||||||||||
The Company's wholly-owned subsidiary, Manufactured Methane Corporation ("MMC") operates treatment and delivery facilities for the extraction of methane gas from nonconventional sources for eventual sale to natural gas and electricity customers. | ||||||||||
Principles of Consolidation | ||||||||||
The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company, and its wholly-owned subsidiaries after elimination of all significant intercompany transactions and balances. | ||||||||||
Use of Estimates | ||||||||||
The accompanying consolidated financial statements are prepared in conformity with U.S. GAAP which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. | ||||||||||
Revenue Recognition | ||||||||||
Revenues are recognized based on actual volumes of oil, natural gas, methane gas, and electricity sold to purchasers at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability is reasonably assured. Crude oil is stored and at the time of delivery to the purchasers, revenues are recognized. Natural gas meters are placed at the customer's location and usage is billed each month. There were no material natural gas imbalances at December 31, 2013 or 2012. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of methane and electricity are billed each month. | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents include temporary cash investments with a maturity of ninety days or less at date of purchase. The Company has elected to enter into a sweep account arrangement allowing excess cash balances to be used to temporarily pay down the credit facility, thereby, reducing overall interest cost. | ||||||||||
Restricted Cash | ||||||||||
As security required by Tennessee oil and gas regulations, the Company placed $120,500 in a Certificate of Deposit to cover future asset retirement obligations for the Company's Tennessee wells. At December 31, 2013 and 2012, this amount was recorded in the Consolidated Balance Sheets under "Restricted cash". | ||||||||||
In addition, during the 4th quarter of 2012, the Company placed $386,000 as collateral for a bond to appeal a civil penalty related to issuance of an "Incidence of Non-Compliance" by the Bureau of Ocean Energy Management ("BOEM") concerning one of the Hoactzin wells operated by the Company pursuant to the Management Agreement. At December 31, 2013 and 2012, this amount was recorded in the Consolidated Balance Sheets under "Restricted cash". | ||||||||||
Inventory | ||||||||||
Inventory consists of crude oil in tanks and is carried at lower of cost or market value. The cost component of the oil inventory is calculated using the average per barrel cost which includes production costs and taxes, allocated general and administrative costs, and allocated interest cost. The market component is calculated using the average December oil sales price for the Company's Kansas properties. In addition, the Company also carried equipment and materials to be used in its Kansas operation and is carried at the lower of cost or market value. The cost component of the equipment and materials inventory represents the original cost paid for the equipment and materials. The market component is based on estimated sales value for similar equipment and materials at the end of each year. At December 31, 2013 and 2012, inventory consisted of the following (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Oil – carried at cost | $ | 765 | $ | 650 | ||||||
Equipment and materials – carried at cost | 488 | 752 | ||||||||
Total inventory | $ | 1,253 | $ | 1,402 | ||||||
Oil and Gas Properties | ||||||||||
The Company follows the full cost method of accounting for oil and gas property acquisition, exploration, and development activities. Under this method, all costs incurred in connection with acquisition, exploration, and development of oil and gas reserves are capitalized. Capitalized costs include lease acquisitions, seismic related costs, certain internal exploration costs, drilling, completion, and estimated asset retirement costs. The capitalized costs of oil and gas properties, plus estimated future development costs relating to proved reserves and estimated asset retirement costs which are not already included net of estimated salvage value, are amortized on the unit-of-production method based on total proved reserves. The Company has determined its reserves based upon reserve reports provided by LaRoche Petroleum Consultants Ltd. since 2009. The costs of unproved properties are excluded from amortization until the properties are evaluated, subject to an annual assessment of whether impairment has occurred. The Company had $736,000 and $457,000 in unevaluated properties as of December 31, 2013 and 2012, respectively. Proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs unless such sales cause a significant change in the relationship between costs and the estimated value of proved reserves, in which case a gain or loss is recognized. | ||||||||||
At the end of each reporting period, the Company performs a "ceiling test" on the value of the net capitalized cost of oil and gas properties. This test compares the net capitalized cost (capitalized cost of oil and gas properties, net of accumulated depreciation, depletion and amortization and related deferred income taxes) to the present value of estimated future net revenues from oil and gas properties using an average price (arithmetic average of the beginning of month prices for the prior 12 months) and current cost discounted at 10% plus cost of properties not being amortized and the lower of cost or estimated fair value of unproven properties included in the cost being amortized (ceiling). If the net capitalized cost is greater than the ceiling, a write-down or impairment is required. A write-down of the carrying value of the asset is a non-cash charge that reduces earnings in the current period. Once incurred, a write-down may not be reversed in a later period. | ||||||||||
Asset Retirement Obligation | ||||||||||
An asset retirement obligation associated with the retirement of a tangible long-lived asset is recognized as a liability in the period incurred, with an associated increase in the carrying amount of the related long-lived asset, our oil and natural gas properties. The cost of the tangible asset, including the asset retirement cost, is depleted over the useful life of the asset. The asset retirement obligation is recorded at its estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at our credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. Accretion expense is recorded as "Production costs and taxes" in the Consolidated Statements of Operations. If the estimated future cost of the asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the long-lived asset. Revisions to estimated asset retirement obligations can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment. | ||||||||||
Manufactured Methane Facilities | ||||||||||
The methane facilities were placed into service on April 1, 2009. The methane facilities are being depreciated over an estimated useful life of 32 years and 9 months beginning at the time it was placed in service. This useful life is based on the estimated landfill closure date of December 2041. | ||||||||||
In June 2012, the Company received a payment in the amount of approximately $1.0 million from the United States Department of the Treasury for a cash payment in lieu of tax credits relating to the methane facilities. The payment to the Company was authorized under Section 1603 of Division B of the American Recovery and Reinvestment Act of 2009. The grant amount was calculated pursuant to provisions applicable to a "landfill gas project," defined in this statute as a project generating electricity from landfill gas. The Company may not take investment tax credits for this facility as a result of accepting the cash payment, and is subject to annual reporting of the status of the project and recapture of all or a portion of the payment in the event the project were to be assigned to an ineligible nonprofit or governmental entity, during the five year period following the date of the award. The Company does not anticipate that the payment will be subject to recapture. Pursuant to the terms of the implementing federal regulations, the cash payment awarded is not treated as taxable income, but does reduce the taxable basis of the project by half of the grant amount. However, the book carrying amount of the property was reduced by the full amount of the payment. | ||||||||||
Other Property and Equipment | ||||||||||
Other property and equipment is carried at cost. The Company provides for depreciation of other property and equipment using the straight-line method over the estimated useful lives of the assets which range from two to seven years. Net gains or losses on other property and equipment disposed of are included in operating income in the period in which the transaction occurs. | ||||||||||
Stock-Based Compensation | ||||||||||
The Company records stock-based compensation to employees based on the estimated fair value of the award at grant date. We recognize expense on a straight line basis over the requisite service period. For stock-based compensation that vests immediately, the Company recognizes the entire expense in the quarter in which the stock-based compensation is granted. The Company recorded compensation expense of $(28,000) in 2013, $52,000 in 2012 and $165,000 in 2011. Compensation expense in 2013 was impacted by a reversal of $59,500 previously recognized as compensation expense. | ||||||||||
Accounts Receivable | ||||||||||
Accounts receivable consist of uncollateralized joint interest owner obligations due within 30 days of the invoice date, uncollateralized accrued revenues due under normal trade terms, generally requiring payment within 30 days of production, and other miscellaneous receivables. No interest is charged on past-due balances. Payments made on accounts receivable are applied to the earliest unpaid items. We review accounts receivable periodically and reduce the carrying amount by a valuation allowance that reflects our best estimate of the amount that may not be collectible. An allowance was | ||||||||||
recorded at December 31, 2013, but no such allowance was considered necessary at December 31, 2012. | ||||||||||
At December 31, 2013 and 2012, accounts receivable consisted of the following (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Revenue | $ | 1,179 | $ | 1,517 | ||||||
Joint interest | 35 | 65 | ||||||||
Other | 85 | 26 | ||||||||
Allowance for doubtful accounts | (14 | ) | - | |||||||
Total accounts receivable | $ | 1,285 | $ | 1,608 | ||||||
Income Taxes | ||||||||||
Income taxes are reported in accordance with U.S. GAAP, which requires the establishment of deferred tax accounts for all temporary differences between the financial reporting and tax bases of assets and liabilities, using currently enacted federal and state income tax rates. In addition, deferred tax accounts must be adjusted to reflect new rates if enacted into law. | ||||||||||
At December 31, 2013, federal net operating loss carryforwards amounted to approximately $19.7 million which expire between 2019 and 2031. The total deferred tax asset was $7.3 million and $9.4 million at December 31, 2013 and 2012, respectively. | ||||||||||
Realization of deferred tax assets is contingent on the generation of future taxable income. As a result, management considers whether it is more likely than not that all or a portion of such assets will be realized during periods when they are available, and if not, management provides a valuation allowance for amounts not likely to be recognized. | ||||||||||
Management periodically evaluates tax reporting methods to determine if any uncertain tax positions exist that would require the establishment of a loss contingency. A loss contingency would be recognized if it were probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. | ||||||||||
The amount recognized is subject to estimates and management's judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately incurred for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. | ||||||||||
Although management considers our valuation allowance as of December 31, 2013 and 2012 adequate, material changes in these amounts may occur in the future based on tax audits and changes in legislation. | ||||||||||
Concentration of Credit Risk | ||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. | ||||||||||
The Company's primary business activities include oil and gas sales to a limited number of customers in the states of Kansas and Tennessee. The related trade receivables subject the Company to a concentration of credit risk. | ||||||||||
The Company sells a majority of its crude oil primarily to two customers in Kansas. Additionally, the Company presently sells all gas from the Methane Facility to one customer. In addition, the Company sells the electricity generated at the Carter Valley landfill site to a local utility. Although management believes that customers could be replaced in the ordinary course of business, if the present customers were to discontinue business with the Company, it may have a significant adverse effect on the Company's projected results of operations. | ||||||||||
Revenue from the top three purchasers accounted for 79.8%, 14.9%, and 1.7% of total revenues for year ended December 31, 2013. Revenue from the top three purchasers accounted for 79.9%, 14.3% and 2.2% of total revenues for the year ended December 31, 2012. Revenue from the top three purchasers accounted for 82.5%, 14.5% and 2.0% of total revenues for the year ended December 31, 2011. As of December 31, 2013 and 2012, two of our oil purchasers accounted for 92.6% and 85.3%, respectively of our accounts receivable, of which one oil purchaser accounted for 80.7% and 71.9%, respectively. | ||||||||||
Earnings per Common Share | ||||||||||
We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share which include the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following are reconciliations of the numerators and denominators of our basic and diluted earnings per share, (in thousands except for share and per share amounts): | ||||||||||
For the years ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Income (numerator): | ||||||||||
Net income from continuing operations | $ | 2,956 | $ | 4,244 | $ | 4,966 | ||||
Net loss from discontinued operations | $ | (137 | ) | $ | (4,311 | ) | $ | (286 | ) | |
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,778,356 | 60,701,660 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 77,465 | 376,275 | 387,233 | |||||||
Weighted average shares - dilutive | 60,919,878 | 61,154,631 | 61,088,983 | |||||||
Earnings (loss) per share – Basic and Dilutive: | ||||||||||
Continuing Operations | $ | 0.05 | $ | 0.07 | $ | 0.08 | ||||
Discontinued Operations | $ | (0.00 | ) | $ | (0.07 | ) | $ | (0.00 | ) | |
Fair Value of Financial Instruments | ||||||||||
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payables, accrued liabilities and long term debt approximates fair value as of December 31, 2013 and 2012. | ||||||||||
Derivative Financial Instruments | ||||||||||
The Company uses derivative instruments to manage our exposure to commodity price risk on sales of oil production. The Company does not enter into derivative instruments for speculative trading purposes. The Company presents the fair value of derivative contracts on a net basis where the right to offset is provided for in our counterparty agreements. As of December 31, 2013 and 2012, the Company did not have any open derivatives. | ||||||||||
Reclassifications | ||||||||||
Certain prior year amounts have been reclassified to conform to current year presentation with no effect on net income. | ||||||||||
Discontinued Operations | ||||||||||
During 2012, the Company committed to a plan to sell the Swan Creek and Pipeline assets. On March 1, 2013, the Company entered into an agreement to sell the Company's Swan Creek and Pipeline assets for $1.5 million. Closing of this transaction occurred on August 16, 2013. The Company elected to classify the Pipeline assets as "Assets held for sale" in the Consolidated Balance Sheet as of December 31, 2012. The related results of operations have been classified as "(Loss) from discontinued operations, net of income tax benefit" in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012, and 2011. The related cash flows have been classified as "Net cash (used in) operating activities –discontinued operations", "Net cash (used in) investing activities – discontinued operations", and Net cash (used in) financing activities – discontinued operations". | ||||||||||
As the Swan Creek oil and gas assets represented only a small portion of the Company's full cost pool, these assets remained in oil and gas properties and the gain or loss on the sale was recorded against the full cost pool. Until these properties were sold in August 2013, the related operations were classified in continuing operations. (See Note 7. Assets Held for Sale and Discontinued Operations) | ||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
2. Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11 Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This guidance provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company does not expect this to impact its operating results, financial position, or cash flows. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
3. Related Party Transactions | |
On September 17, 2007, the Company entered into a drilling program with Hoactzin Partners, L.P. ("Hoactzin") for ten wells consisting of approximately three wildcat wells and seven developmental wells to be drilled on the Company's Kansas Properties (the "Ten Well Program"). Peter E. Salas, the Chairman of the Board of Directors of the Company, is the controlling person of Hoactzin. He was also at the time the sole shareholder and controlling person of Dolphin Management, Inc., the general partner of Dolphin Offshore Partners, L.P., which was the Company's largest shareholder at that time. | |
Under the terms of the Ten Well Program, Hoactzin paid the Company $0.4 million for each well drilled in the Ten Well Program completed as a producing well and $0.25 million for each well that was non-productive. The terms of the Ten Well Program also provide that Hoactzin would receive all the working interest in the ten wells in the Program, but would pay an initial fee to the Company of 25% of its working interest revenues net of operating expenses. This is referred to as a management fee but, as defined, is in the nature of a net profits interest. The fee paid to the Company by Hoactzin would increase to 85% when and if net revenues received by Hoactzin reach an agreed payout point of approximately 1.35 times Hoactzin's purchase price (the "Payout Point") for its interest in the Ten Well Program. | |
In March 2008, the Company drilled and completed the tenth and final well in the Ten Well Program. Of the ten wells drilled, nine were completed as oil producers and are currently producing approximately 32 barrels per day in total. Hoactzin paid a total of $3.85 million (the "Purchase Price") for its interest in the Ten Well Program resulting in the Payout Point being determined as $5.2 million. | |
Under the terms of the Company's agreement with Hoactzin, reaching the Payout Point may be accelerated by operation of a second agreement by which Hoactzin would apply 75% of the net profits it may receive from a methane extraction project discussed below developed by the Company's wholly-owned subsidiary, Manufactured Methane Corporation ("MMC"), to reaching the Payout Point. | |
On September 17, 2007, Hoactzin, simultaneously with subscribing to participate in the Ten Well Program, pursuant to the second agreement referred to above was conveyed a 75% net profits interest in the methane extraction project developed by MMC at the Carter Valley landfill owned by Republic Services in Church Hill, Tennessee (the "Methane Project"). Net profits, if any, from the Methane Project received by Hoactzin would be applied towards the determination of the Payout Point (as defined above) for the Ten Well Program. | |
Through December 31, 2013, no payments have been made to Hoactzin for its 75% net profits interest in the Methane Project, because no net profits were generated. | |
The method of calculation of the net profits interest takes into account specific costs and expenses as well as gross gas revenues for the Methane Project. As a result of the startup costs and ongoing operating expenses, no net profits, as defined in the agreement, have been generated from startup in April, 2009 through December 31, 2013 for payment to Hoactzin under the net profits interest conveyed. When the Payout Point was reached from either the revenues from the wells drilled in the Ten Well Program or Hoactzin's share of the net profits from the Methane Project or a combination thereof, Hoactzin's net profits interest in the Methane Project was to decrease to a 7.5% net profits interest. | |
As of December 31, 2013, net revenues received by Hoactzin from the Ten Well Program totaled $5.15 million which left a balance of $51,000 until the Payout Point. | |
On December 18, 2007, the Company entered into a Management Agreement with Hoactzin to manage on behalf of Hoactzin all of its working interest in certain oil and gas properties owned by Hoactzin and located in the onshore Texas Gulf Coast, and offshore Texas and offshore Louisiana. | |
As part of the consideration for the Company's agreement to enter into the Management Agreement, Hoactzin granted to the Company an option to participate in up to a 15% working interest on a dollar for dollar cost basis in any new drilling or workover activities undertaken on Hoactzin's managed properties during the term of the Management Agreement. The term of the Management Agreement was stated to terminate on the earlier of the date Hoactzin sold its interest in its managed properties, or five years from the effective date. The Management Agreement terminated by its own terms on December 18, 2012. As of the date of this Report, the Company is assisting Hoactzin with becoming operator of record of these wells and transferring all corresponding bonding liability to Hoactzin. The Company has entered into a transition agreement with Hoactzin whereby Hoactzin and its controlling member indemnify the Company for any costs or liabilities incurred by the Company resulting from such assistance, or the fact that the Company is still the operator of record on certain of these wells. | |
During the course of the Management Agreement, the Company became the operator of certain properties owned by Hoactzin. The Company obtained from IndemCo, over time, bonds in the face amount of approximately $10.7 million for the purpose of covering plugging and abandonment obligations for Hoactzin's operated properties located in federal offshore waters in favor of the Bureau of Ocean Energy Management ("BOEM"), as well as certain private parties. In connection with the issuance of these bonds the Company signed a Payment and Indemnity Agreement with IndemCo whereby the Company guaranteed payment of any bonding liabilities incurred by IndemCo. Dolphin Direct Equity Partners, LP also signed the Payment and Indemnity Agreement, thereby becoming jointly and severally liable with the Company for the obligations to IndemCo. Hoactzin has provided $6.6 million in cash to IndemCo as collateral for these potential obligations. Dolphin Direct Equity Partners is a private equity fund controlled by Peter E. Salas that has a significant economic interest in Hoactzin. During 2012 and 2013, approximately $4.6 million of these bonds were terminated which leaves a balance on the remaining IndemCo bonds of approximately $6.1 million at December 31, 2013, an amount less than the $6.6 million in existing collateral supplied by parties other than the Company. | |
As part of the transition process, Hoactzin has secured new bonds from Argonaut Insurance Company to replace the IndemCo bonds. Also as part of the transition process, right-of-use and easement ("RUE") bonds in the amount of $1.55 million were issued by Argonaut in the Company's name. Hoactzin is in the process of transferring these RUE bonds from the Company to Hoactzin. Hoactzin and Dolphin Direct signed an indemnity agreement with Argonaut as well as provided full collateral for the new Argonaut bonds, including the RUE bonds issued in the Company's name. The Company is not party to the indemnity agreement with Argonaut and has not provided any collateral for the bonds issued. | |
As operator, the Company routinely contracted in its name for goods and services with vendors in connection with its operation of the Hoactzin properties. In practice, Hoactzin directly paid these invoices for goods and services that were contracted in the Company's name. During late 2009 and early 2010, Hoactzin undertook several significant operations, for which the Company contracted in the ordinary course. As a result of the operations performed in late 2009 and early 2010, Hoactzin had significant past due balances to several vendors, a portion of which were included on the Company's balance sheet. Payables related to these past due and ongoing operations remained outstanding at the end of 2013 and 2012 in the amount of $327,000 and $325,000 respectively. The Company has recorded the Hoactzin-related payables and the corresponding receivable from Hoactzin as of December 31, 2013 and 2012 in its Consolidated Balance Sheets under "Accounts payable – other" and "Accounts receivable –related party". Since the second quarter of 2012, Hoactzin had not made payments to reduce these past due balances. Based on these circumstances, the Company has elected to establish an allowance in the amount of $159,000 and $257,000 for the balances outstanding at December 31, 2013 and 2012, respectively. This allowance was recorded in the Company's Consolidated Balance Sheets under "Accounts receivable – related party" and in its Consolidated Statements of Operations in "General and administrative". | |
The Company has entered into an agreement with Hoactzin whereby Hoactzin and Dolphin Direct are indemnifying the Company for any costs or liabilities incurred by the Company resulting from such assistance, or the fact that the Company is still the operator of record on certain of these wells. Until such time as Hoactzin becomes operator of record on these wells and the corresponding bonding liability is transferred from the Company to Hoactzin, per the transition agreement, the Company is suspending drilling payments to Hoactzin. As of December 31, 2013, the Company has suspended $412,000 in payments. This balance of these suspended payments is recorded in the Consolidated Balance Sheet under "Accounts payable – related party". | |
The Company has not advanced any funds to pay any obligations of Hoactzin. No borrowing capability of the Company has been used by the Company in connection with its obligations under the Management Agreement, except for those funds used to collateralize the appeal bond with RLI Insurance Company (see Note 9 Commitments and Contingencies). | |
Oil_And_Gas_Properties
Oil And Gas Properties | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Oil And Gas Properties [Abstract] | ' | ||||||
Oil And Gas Properties | ' | ||||||
4. Oil and Gas Properties | |||||||
The following table sets forth information concerning the Company's oil and gas properties: (in thousands): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Oil and gas properties, at cost | $ | 45,101 | $ | 43,351 | |||
Unevaluated properties | 736 | 457 | |||||
Accumulated depreciation, depletion and amortization | (21,714 | ) | (19,108 | ) | |||
Oil and gas properties, net | $ | 24,123 | $ | 24,700 | |||
During the years ended December 31, 2013, 2012, and 2011, the Company recorded depletion expense of $2.6 million, $3.0 million and $2.2 million, respectively. | |||||||
Methane_Project
Methane Project | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Methane Project [Abstract] | ' | ||||||
Methane Project | ' | ||||||
5. Methane Project | |||||||
The following table sets forth information concerning the Company's methane project: (in thousands): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Methane project, at cost | $ | 4,945 | $ | 4,865 | |||
Accumulated depreciation | (556 | ) | (420 | ) | |||
Methane project, net | $ | 4,389 | $ | 4,445 | |||
During each of the years ended December 31, 2013, 2012, and 2011, the Company recorded depreciation expense of $136,000, $101,000, and $103,000, respectively. In June 2012, the Company received a payment in the amount of approximately $1.0 million from the United States Department of the Treasury for a cash payment in lieu of tax credits relating to the methane facilities. The payment to the Company was authorized under Section 1603 of Division B of the American Recovery and Reinvestment Act of 2009. This payment reduced the carrying amount of the Methane Project. | |||||||
Other_Property_And_Equipment
Other Property And Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Property And Equipment [Abstract] | ' | |||||||
Other Property And Equipment | ' | |||||||
6. Other Property and Equipment | ||||||||
Other property and equipment consisted of the following as of December 31, 2013: (in thousands) | ||||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 20 | $ | 13 | $ | 7 | |
Vehicles | 2-5 yrs | 475 | 235 | 240 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 558 | $ | 311 | $ | 247 | ||
Other property and equipment consisted of the following as of December 31, 2012: (in thousands) | ||||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 978 | $ | 878 | $ | 100 | |
Vehicles | 2-5 yrs | 772 | 551 | 221 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 1,813 | $ | 1,492 | $ | 321 | ||
tThe Company uses the straight-line method of depreciation for other property and equipment. During each of the years ended December 31, 2013, 2012, and 2011, the Company recorded depreciation expense of $170,000, $258,000, and $229,000, respectively. | ||||||||
Assets_Held_For_Sale_And_Disco
Assets Held For Sale And Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Assets Held For Sale And Discontinued Operations [Abstract] | ' | |||||||||
Assets Held For Sale And Discontinued Operations | ' | |||||||||
7. Assets Held For Sale and Discontinued Operations | ||||||||||
Assets held for sale represent the carrying value of the pipeline asset of $1.4 million at December 31, 2102. The pipeline asset was sold in August 2013, and therefore was not included in the balance sheet at December 31, 2013. The determination of the pipeline value at December 31, 2012 was based on discussions and negotiations with a third party regarding the sale of the Pipeline asset. | ||||||||||
The following table summarizes the amounts in net loss from discontinued operations, net of income tax presented in the consolidated statement of Operations for the years ended December 31, 2013, 2012, and 2011 (in thousands): | ||||||||||
For the Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 22 | $ | 30 | $ | 23 | ||||
Production costs and taxes | (164 | ) | (315 | ) | (260 | ) | ||||
Depreciation, depletion, and amortization | - | (223 | ) | (176 | ) | |||||
Impairment | - | (5,242 | ) | - | ||||||
Gain on sale of assets | 128 | - | - | |||||||
Deferred income tax benefit | (180 | ) | 1,419 | 127 | ||||||
Current income tax benefit | 57 | 20 | - | |||||||
Net loss from discontinued operations, net of income tax | $ | (137 | ) | $ | (4,311 | ) | $ | (286 | ) | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
8. Long-Term Debt | |||||||||
Long-term debt consisted of the following: (in thousands) | |||||||||
December 31, | 2013 | 2012 | |||||||
Note payable to revolving credit facility, with interest only payment until maturity. | $ | 3,257 | $ | 10,138 | |||||
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum | |||||||||
collateralized by vehicles with monthly payments including interest, insurance and | |||||||||
maintenance of approximately $20 | 200 | 208 | |||||||
Total long-term debt | 3,457 | 10,346 | |||||||
Less current maturities | (82 | ) | (100 | ) | |||||
Long-term debt, less current maturities | $ | 3,375 | $ | 10,246 | |||||
Future debt payments to unrelated entities as of December 31, 2013 consisted of the following: (in thousands) | |||||||||
2014 | 2015 | 2016 | Total | ||||||
Bank Credit Facility | $ | - | $ | - | $ | 3,257 | $ | 3,257 | |
Company Vehicles | $ | 82 | $ | 59 | $ | 59 | $ | 200 | |
Total | $ | 82 | $ | 59 | $ | 3,316 | $ | 3,457 | |
At December 31, 2013, the Company had a revolving credit facility with F&M Bank & Trust Company ("F&M Bank"). Under the credit facility, loans and letters of credit are available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $40 million or the Company's borrowing base in effect from time to time. As of December 31, 2013, the Company's borrowing base was $17.5 million and the interest rate of prime plus 0.50% per annum. The Company's interest rate at December 31, 2013 was 3.75%, and matures on January 27, 2016. The borrowing base remains subject to the existing periodic redetermination provision in the credit facility. The credit facility is secured by substantially all of the Company's producing and non-producing oil and gas properties and the Company's Methane Project and electric generation assets. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, minimum liquidity, and general and administrative coverage ratios. The Company is in compliance with all of the credit facility covenants. | |||||||||
On March 27, 2014, the Company's senior credit facility with F&M Bank was amended to decrease the Company's borrowing base from $17.5 million to $14.3 million and extend the term of the facility to January 27, 2016. The borrowing base remains subject to the existing periodic redetermination provisions in the credit facility. The interest rate remained prime plus 0.50% per annum. The maximum line of credit of the Company under the F&M Bank credit facility remained $40 million. | |||||||||
The total borrowing by the Company under the F&M Bank facility at December 31, 2013 and December 31, 2012 was $3.3 million and $10.1 million, respectively. The next borrowing base review will take place in July 2014. | |||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
9. Commitments and Contingencies | |
The Company is a party to lawsuits in the ordinary course of its business. The Company does not believe that it is probable that the outcome of any individual action will have a material adverse effect, or that it is likely that adverse outcomes of individually insignificant actions will be significant enough, in number or magnitude, to have in the aggregate a material adverse effect on its financial statements. | |
On November 18, 2013, the Company entered into a month-to-month lease for office space in Knoxville, Tennessee. The payment on this lease is approximately $6,000 per month. On December 15, 2013, the Company entered into a 38 month lease (2 months free) for office space in Denver Colorado. The payment on this lease is approximately $2,700 per month and expires February 28, 2017. Future non-cancellable commitments related to this lease total approximately $29,000 due in 2014, $30,000 due in 2015, $34,000 due in 2016, and $6,000 due in 2017. | |
Office rent expense for each of the three years ended December 31, 2013, 2012, and 2011 was $92,000, $80,000, and $73,000, respectively. | |
The Company as designated operator was administratively issued an "Incidence of Non-Compliance" by BOEM concerning one of the Hoactzin wells subject to the Management Agreement. This action called for payment of a civil penalty of $386,000 for the late filing of certain reports in 2011 by a contractor on the facility. The Company has filed an appeal of this action in order to attempt to significantly reduce the civil penalty. This appeal required a fully collateralized appeal bond to stay payment of the obligation until the appeal is determined. On November 1, 2012, the Company posted and collateralized this bond with RLI Insurance Company. If the bond was not posted, the appeal would have been administratively denied and the order to the Company as operator to pay the $386,000 penalty would be final. While the Company believes it will ultimately prevail in the appeal process, it is reasonably possible to expect that the Company may be required to pay a portion of this penalty. The Company estimates the range of this possible payment to be between zero and $386,000. As of December 31, 2013 and 2012, the Company has not accrued any liabilities associated with this penalty. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||
Fair Value Measurements | ' | ||||||||||
10. Fair Value Measurements | |||||||||||
FASB ASC 820, "Fair Value Measurements and Disclosures", establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markers for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: | |||||||||||
Level 1 – Observable inputs, such as unadjusted quoted prices in active markets, for substantially identical assets and liabilities. | |||||||||||
Level 2 – Observable inputs other than quoted prices within Level 1 for similar assets and liabilities. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. If the asset or liability has a specified or contractual term, the input must be observable for substantially the full term of the asset or liability. | |||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity, generally requiring a significant amount of judgment by management. The assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Further, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||
Upon completion of wells, the Company records an asset retirement obligation at fair value using Level 3 assumptions. | |||||||||||
Nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis upon impairment. The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value on a recurring basis as of December 31, 2012 (in thousands): | |||||||||||
Carrying Value Prior | Level 1 | Level 2 | Level 3 | Pre-Tax Non- | |||||||
to Impairment | Cash Impairment | ||||||||||
Discontinued operations | $ | 6,642 | $ | - | $ | - | $ | 1,400 | $ | 5,242 | |
Discontinued operations consisted of the Company's Pipeline asset. Fair value at December 31, 2012 was based on discussions and negotiations with a third party regarding the sale of the Pipeline asset. The Company's Pipeline asset was sold in August 2013; therefore no value was recorded for the asset on December 31, 2013. | |||||||||||
The carrying amounts of other financial instruments including cash and cash equivalents, accounts receivable, account payables, accrued liabilities and long term debt in our balance sheet approximates fair value as of December 31, 2013 and December 31, 2012. | |||||||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Asset Retirement Obligation | ' | |||
11. Asset Retirement Obligation | ||||
Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company's Asset Retirement Obligation transactions for the years ended December 31, 2012 and 2013 (in thousands): | ||||
Balance December 31, 2011 | $ | 1,927 | ||
Accretion expense | 132 | |||
Liabilities incurred | 92 | |||
Liabilities settled | (52 | ) | ||
Revision in estimated liabilities | - | |||
Balance December 31, 2012 | $ | 2,099 | ||
Accretion expense | 120 | |||
Liabilities incurred | 26 | |||
Liabilities settled | (417 | ) | ||
Revisions in estimated liabilities | (48 | ) | ||
Balance December 31, 2013 | $ | 1,780 | ||
The liabilities settled during 2013 also include removal of $348,000 from the Asset Retirement Obligation related to the sale of the Tennessee oil and gas properties. The revisions in estimated liabilities in 2013 resulted primarily from change in timing of wells to be plugged. | ||||
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Options [Abstract] | ' | ||||||||||||
Stock Options | ' | ||||||||||||
12. Stock Options | |||||||||||||
In October 2000, the Company approved a Stock Incentive Plan which was effective for a ten-year period commencing on October 25, 2000 and ending on October 24, 2010. The aggregate number of shares of Common Stock as to which options and Stock Appreciation Rights may be granted to participants under the original Plan was not to exceed 7,000,000. The most recent amendment to the Plan increasing the number of shares that may be issued under the Plan by 3,500,000 shares and extending the Plan for another ten years was approved by the Company's Board of Directors on February 1, 2008 and approved by the Company's shareholders at the Annual Meeting of Stockholders held on June 2, 2008. Options are not transferable, are exercisable for 3 months after voluntary resignation from the Company, and terminate immediately upon involuntary termination from the Company. The purchase price of shares subject to this Plan shall be determined at the time the options are granted, but are not permitted to be less than 85% of the fair market value of such shares on the date of grant. Furthermore, a participant in the Plan may not, immediately prior to the grant of an Incentive Stock Option, own stock in the Company representing more than ten percent of the total voting power of all classes of stock of the Company unless the per share option price specified by the Board for the Incentive Stock Options granted such a participant is at least 110% of the fair market value of the Company's stock on the date of grant and such option, by its terms, is not exercisable after the expiration of 5 years from the date such stock option is granted. | |||||||||||||
Stock option activity in 2013, 2012, and 2011 is summarized below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted | Weighted | Weighted | |||||||||||
Average | Average | Average | |||||||||||
Exercise | Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||
Outstanding, | |||||||||||||
beginning of year | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | 1,571,000 | $ | 0.6 | ||||
Granted | 75,000 | $ | 0.54 | 87,500 | $ | 0.85 | 186,745 | $ | 1.01 | ||||
Exercised | - | $ | 0.57 | (105,000 | ) | $ | 0.5 | (50,000 | ) | $ | 0.57 | ||
Expired/cancelled | (577,000 | ) | $ | 0.72 | (81,250 | ) | $ | 1.12 | (236,745 | ) | $ | 0.82 | |
Outstanding, end of | |||||||||||||
year | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | ||||
Exercisable, end of | |||||||||||||
year | 790,250 | $ | 0.6 | 1,212,250 | $ | 0.62 | 1,231,000 | $ | 0.63 | ||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||
Weighted Average | Options Outstanding | Weighted Average | Options | ||||||||||
Exercise Price | (shares) | Remaining Contractual | Exercisable | ||||||||||
Life (years) | (shares) | ||||||||||||
$ | 0.7 | 50,000 | 0.1 | 50,000 | |||||||||
$ | 0.5 | 400,000 | 1.8 | 320,000 | |||||||||
$ | 0.43 | 50,000 | 1.1 | 50,000 | |||||||||
$ | 0.44 | 114,000 | 1.7 | 114,000 | |||||||||
$ | 1.08 | 50,000 | 2.3 | 50,000 | |||||||||
$ | 1.16 | 18,750 | 2.3 | 18,750 | |||||||||
$ | 0.84 | 18,750 | 2.5 | 18,750 | |||||||||
$ | 0.72 | 18,750 | 2.8 | 18,750 | |||||||||
$ | 0.75 | 18,750 | 3 | 18,750 | |||||||||
$ | 1.07 | 18,750 | 3.2 | 18,750 | |||||||||
$ | 0.81 | 18,750 | 3.5 | 18,750 | |||||||||
$ | 0.73 | 18,750 | 3.8 | 18,750 | |||||||||
$ | 0.64 | 18,750 | 4 | 18,750 | |||||||||
$ | 0.62 | 18,750 | 4.2 | 18,750 | |||||||||
$ | 0.48 | 18,750 | 4.5 | 18,750 | |||||||||
$ | 0.41 | 18,750 | 4.8 | 18,750 | |||||||||
870,250 | 790,250 | ||||||||||||
During 2013, the Company issued the following options to each of the non-executive directors that remain outstanding as of December 31, 2013. These options vested upon grant date. | |||||||||||||
Options Issued to | Total Options Issued to | ||||||||||||
Each Non-executive | Non-executive Directors | Exercise Price | Grant Date | Expiration Date | |||||||||
Director | |||||||||||||
6,250 | 18,750 | $ | 0.64 | 1/2/13 | 1/1/18 | ||||||||
6,250 | 18,750 | $ | 0.62 | 4/1/13 | 3/31/18 | ||||||||
6,250 | 18,750 | $ | 0.48 | 7/1/13 | 6/30/18 | ||||||||
6,250 | 18,750 | $ | 0.41 | 10/2/13 | 10/1/18 | ||||||||
The weighted average fair value per share of options granted in 2013 was $0.25 and 2012 was $0.47 calculated using the Black Scholes option pricing model. | |||||||||||||
Compensation expense related to stock options was $(28,000) in 2013 and was $51,000 in 2012 and $165,000 in 2011. The 2013 amount was comprised of $32,000 of current year compensation expense offset by reversal of $59,500 previously recognized as compensation expense. This expense is recorded in "General and administrative" in the Consolidated Statements of Operations. At December 31, 2013, there was approximately $9,000 of total unrecognized compensation costs related to unvested options that is expected to be recognized over a weighted average period of approximately 0.5 years. The fair value of stock options used to compute share based compensation is the estimated present value at grant date using the Black Scholes option pricing model with weighted average assumptions for 2013 of expected volatility of 47.6%, a risk free interest rate of 2.97% and an expected option life remaining from 0.1 to 4.8 years. The weighted average assumptions for 2012 were expected volatility of 65.0%, a risk free interest rate of 2.71% and an expected option life remaining from 0.1 to 4.8 years. The weighted average assumptions used for 2011 were expected volatility of 59.3%, a risk fee interest rate of 3.64% and an expected option life remaining for 1.1 years to 4.8 years. | |||||||||||||
On January 3, 2014, options to purchase 25,000 common shares at $0.41 per share were issued to the Company's non-executive directors. These options fully vested upon grant date and will expire on January 2, 2019. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
13. Income Taxes | ||||||||||
The Company had taxable income for the years ended December 31, 2013 and 2012, but had no taxable income for the year ended December 31, 2011. | ||||||||||
A reconciliation of the statutory U.S. Federal income tax and the income tax provision included in the accompanying consolidated statements of operations is as follows (in thousands): | ||||||||||
Year Ended December 31, 2013 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 1,689 | $ | (5 | ) | $ | 1,684 | |||
State income tax (benefit) expense | 255 | - | 255 | |||||||
Permanent difference | 4 | - | 4 | |||||||
Other | 62 | (62 | ) | - | ||||||
Net change in deferred tax asset valuation allowance | - | 190 | 190 | |||||||
Total income tax provision (benefit) | $ | 2,010 | $ | 123 | $ | 2,133 | ||||
Year Ended December 31, 2012 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 2,229 | $ | (1,955 | ) | $ | 274 | |||
State income tax (benefit) expense | 43 | - | 43 | |||||||
Permanent difference | 35 | (84 | ) | (49 | ) | |||||
Other | 6 | 6 | ||||||||
Net change in deferred tax asset valuation allowance | - | 600 | 600 | |||||||
Total income tax provision (benefit) | $ | 2,313 | $ | (1,439 | ) | $ | 874 | |||
Year Ended December 31, 2011 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 1,787 | $ | (141 | ) | $ | 1,646 | |||
State income tax (benefit) expense | 215 | - | 215 | |||||||
Permanent difference | 28 | 14 | 42 | |||||||
Net change in deferred tax asset valuation allowance | (1,741 | ) | - | (1,741 | ) | |||||
Total income tax provision (benefit) | $ | 289 | $ | (127 | ) | $ | 162 | |||
Management has evaluated the positions taken in connection with the tax provisions and tax compliance for the years included in these financial statements. The Company believes that all of the positions it has taken will prevail on a more likely than not basis. As such no disclosure of such positions was deemed necessary. Management continuously estimates its ability to recognize a deferred tax asset related to prior period net operating loss carry forwards based on its anticipation of the likely timing and adequacy of future net income. | ||||||||||
As of December 31, 2013 and 2012, management determined using the "more likely than not" criteria for recognition that upon sale of the Pipeline asset, the Company would not be able to utilize the state net operating loss carryforwards associated with TPC and the Tennessee oil and gas properties, and therefore established an allowance for these state net operating loss carryforwards. The total valuation allowance at December 31, 2013 and 2012 was $790,000 and $600,000, respectively. | ||||||||||
As of December 31, 2011, management determined using the "more likely than not" criteria for recognition that increases in current projections of taxable income were sufficient so the valuation allowance was no longer necessary. Therefore, the $1.7 million valuation allowance was removed. | ||||||||||
As of December 31, 2013, the Company had net operating loss carry forwards of approximately $19.7 million which will expire between 2019 and 2031 if not utilized. Our open tax years include all returns filed for 2010 and later. In addition, any of the Company's NOLs for tax reporting purposes are still subject to review and adjustment by both the Company and the IRS to the extent such NOLs should be carried forward into an open tax year. | ||||||||||
The Company's deferred tax assets and liabilities are as follows: (in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Net deferred tax assets - current: | ||||||||||
Charitable contribution | $ | 62 | $ | - | ||||||
Bad debt | $ | 68 | $ | - | ||||||
Total deferred tax assets – current | $ | 130 | $ | - | ||||||
Net deferred tax assets (liabilities) – noncurrent: | ||||||||||
Net operating loss carryforwards | $ | 7,723 | $ | 8,550 | ||||||
Oil and gas properties | 979 | (154 | ) | |||||||
Property, Plant and Equipment | (1,562 | ) | 963 | |||||||
Asset retirement obligation | 565 | 517 | ||||||||
Tax credits | 196 | 158 | ||||||||
Miscellaneous | 98 | - | ||||||||
Valuation allowance | (790 | ) | (600 | ) | ||||||
Total deferred tax assets – noncurrent | $ | 7,209 | $ | 9,434 | ||||||
Net deferred tax asset | $ | 7,339 | $ | 9,434 | ||||||
Quarterly_Data_And_Share_Infor
Quarterly Data And Share Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Data And Share Information [Abstract] | ' | ||||||||||||
Quarterly Data And Share Information | ' | ||||||||||||
14. Quarterly Data and Share Information (unaudited) | |||||||||||||
The following tables sets forth for the fiscal periods indicated, selected consolidated financial data | |||||||||||||
(In thousands, except per share data) | |||||||||||||
Fiscal Year Ended 2013 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 4,314 | $ | 3,871 | $ | 4,034 | $ | 3,481 | |||||
Net income from continuing operations | 978 | 805 | 535 | 638 | |||||||||
Net (loss) from discontinued operations | (41 | ) | (33 | ) | (54 | ) | (9 | ) | |||||
Income per common share from continuing operations | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||
(Loss) per common share from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |
Fiscal Year Ended 2012 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 4,962 | $ | 5,222 | $ | 5,806 | $ | 4,567 | |||||
Net income from continuing operations | 954 | 1,152 | 1,279 | 859 | |||||||||
Net (loss) from discontinued operations | (81 | ) | (65 | ) | (60 | ) | (4,105 | ) | |||||
Income per common share from continuing operations | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||
(Loss) per common share from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.07 | ) |
Supplemental_Oil_And_Gas_Infor
Supplemental Oil And Gas Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Oil And Gas Information [Abstract] | ' | |||||||||||||||||||||||
Supplemental Oil And Gas Information | ' | |||||||||||||||||||||||
15. Supplemental Oil and Gas Information (unaudited) | ||||||||||||||||||||||||
Information with respect to the Company's oil and gas producing activities is presented in the following tables. Estimates of reserves quantities, as well as future production and discounted cash flows before income taxes, were determined by LaRoche Petroleum Consultants Ltd. All of the Company's reserves were located in the United States. | ||||||||||||||||||||||||
Capitalized Costs Related to Oil and Gas Producing Activities | ||||||||||||||||||||||||
The table below reflects our capitalized costs related to our oil and gas producing activities at December 31, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Proved oil and gas properties | $ | 45,101 | $ | 43,351 | ||||||||||||||||||||
Unproved properties | 736 | 457 | ||||||||||||||||||||||
Total proved and unproved oil and gas properties | $ | 45,837 | $ | 43,808 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | (21,714 | ) | (19,108 | ) | ||||||||||||||||||||
Net oil and gas properties | $ | 24,123 | $ | 24,700 | ||||||||||||||||||||
Oil and Gas Related Costs | ||||||||||||||||||||||||
The following table sets forth information concerning costs incurred related to the Company's oil and gas property acquisition, exploration and development activities (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Property acquisitions proved | $ | - | $ | - | $ | - | ||||||||||||||||||
Property acquisitions unproved | 488 | 188 | - | |||||||||||||||||||||
Exploration cost | 914 | 4,608 | 708 | |||||||||||||||||||||
Development cost | 998 | 2,649 | 8,278 | |||||||||||||||||||||
Total | $ | 2,400 | $ | 7,445 | $ | 8,986 | ||||||||||||||||||
Results of Operations from Oil and Gas Producing Activities | ||||||||||||||||||||||||
The following table sets forth the Company's results of operations from oil and gas producing activities (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Revenues | $ | 15,325 | $ | 19,885 | $ | 16,862 | ||||||||||||||||||
Production costs and taxes | (4,854 | ) | (5,610 | ) | (5,310 | ) | ||||||||||||||||||
Depreciation, depletion and amortization | (2,606 | ) | (3,044 | ) | (2,195 | ) | ||||||||||||||||||
Income from oil and gas producing activities | $ | 7,865 | $ | 11,231 | $ | 9,357 | ||||||||||||||||||
In the presentation above, no deduction has been made for indirect costs such as general corporate overhead or interest expense. No income taxes are reflected above due to the Company's operating tax loss carry-forward position. | ||||||||||||||||||||||||
Estimated Quantities of Oil and Gas Reserves | ||||||||||||||||||||||||
The following table sets forth the Company's net proved oil and gas reserves and the changes in net proved oil and gas reserves for the years ended December 31, 2011, 2012 and 2013. All of the Company's proved reserves are located in the United States of America. | ||||||||||||||||||||||||
Oil (MBbl) | Gas (MMcf) | MBOE | ||||||||||||||||||||||
Proved reserves at December 31, 2010 | 2,496 | 27 | 2,500 | |||||||||||||||||||||
Revisions of previous estimates | 10 | 3 | 11 | |||||||||||||||||||||
Improved recovery | ||||||||||||||||||||||||
Purchase of reserves in place | ||||||||||||||||||||||||
Extensions and discoveries | 274 | - | 274 | |||||||||||||||||||||
Production | (189 | ) | (26 | ) | (193 | ) | ||||||||||||||||||
Sales of reserves in place | ||||||||||||||||||||||||
Proved reserves at December 31, 2011 | 2,591 | 4 | 2,592 | |||||||||||||||||||||
Revisions of previous estimates | (337 | ) | 61 | (327 | ) | |||||||||||||||||||
Improved recovery | - | - | - | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Extensions and discoveries | 186 | - | 186 | |||||||||||||||||||||
Production | (227 | ) | (43 | ) | (234 | ) | ||||||||||||||||||
Sales of reserves in place | - | - | - | |||||||||||||||||||||
Proved reserves at December 31, 2012 | 2,213 | 22 | 2,217 | |||||||||||||||||||||
Revisions of previous estimates | (153 | ) | 16 | (151 | ) | |||||||||||||||||||
Improved recovery | - | - | - | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Extensions and discoveries | 170 | - | 170 | |||||||||||||||||||||
Production | (166 | ) | (38 | ) | (172 | ) | ||||||||||||||||||
Sales of reserves in place | (24 | ) | - | (24 | ) | |||||||||||||||||||
Proved reserves at December 31, 2013 | 2,040 | - | 2,040 | |||||||||||||||||||||
Proved developed reserves at: | ||||||||||||||||||||||||
31-Dec-10 | 1,800 | 27 | 1,804 | |||||||||||||||||||||
31-Dec-11 | 1,939 | 4 | 1,940 | |||||||||||||||||||||
31-Dec-12 | 1,822 | 22 | 1,826 | |||||||||||||||||||||
31-Dec-13 | 1,575 | - | 1,575 | |||||||||||||||||||||
Proved undeveloped reserves at: | ||||||||||||||||||||||||
31-Dec-10 | 696 | - | 696 | |||||||||||||||||||||
31-Dec-11 | 652 | - | 652 | |||||||||||||||||||||
31-Dec-12 | 391 | - | 391 | |||||||||||||||||||||
31-Dec-13 | 465 | - | 465 | |||||||||||||||||||||
The Company's Proved Undeveloped Reserves at December 31, 2013 included 29 locations as compared to 23 locations at December 31, 2012. The future development cost related to the Company's Proved Undeveloped locations at December 31, 2013 was approximately $9.6 million. The Company intends to fund the drilling of these locations through operating cash flow and, as needed, supplement the funding by drawing on the Company's credit facility. | ||||||||||||||||||||||||
The following table identifies the reserve value by category and the respective present values, before income taxes, discounted at 10% as a percentage of total proved reserves (in thousands): | ||||||||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/11 | ||||||||||||||||||||||
Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total | ||||||||||||||||
Total proved reserves year-end | ||||||||||||||||||||||||
reserve report | $ | 47,856 | - | $ | 47,856 | $ | 53,906 | $ | 5 | $ | 53,911 | $ | 69,748 | $ | 15 | $ | 69,763 | |||||||
Proved developed producing | ||||||||||||||||||||||||
reserves (PDP) | $ | 34,440 | - | $ | 34,440 | $ | 42,621 | $ | 5 | $ | 42,626 | $ | 46,606 | $ | 15 | $ | 46,621 | |||||||
% of PDP reserves to total proved | ||||||||||||||||||||||||
reserves | 72 | % | - | 72 | % | 79 | % | - | 79 | % | 67 | % | - | 67 | % | |||||||||
Proved developed non-producing | ||||||||||||||||||||||||
reserves | $ | 4,868 | - | $ | 4,868 | $ | 3,234 | - | $ | 3,234 | $ | 3,977 | - | $ | 3,977 | |||||||||
% of PDNP reserves to total proved | ||||||||||||||||||||||||
reserves | 10 | % | - | 10 | % | 6 | % | - | 6 | % | 6 | % | - | 6 | % | |||||||||
Proved undeveloped reserves (PUD) | ||||||||||||||||||||||||
$ | 8,548 | - | $ | 8,548 | $ | 8,051 | - | $ | 8,051 | $ | 19,165 | - | $ | 19,165 | ||||||||||
% of PUD reserves to total proved | ||||||||||||||||||||||||
reserves | 18 | % | - | 18 | % | 15 | % | - | 15 | % | 27 | % | - | 27 | % | |||||||||
Standardized Measure of Discounted Future Net Cash Flows | ||||||||||||||||||||||||
The standardized measure of discounted future net cash flows from the Company's proved oil and gas reserves is presented in the following table (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Future cash inflows | $ | 183,801 | $ | 194,941 | $ | 229,366 | ||||||||||||||||||
Future production costs and taxes | (82,307 | ) | (82,069 | ) | (82,086 | ) | ||||||||||||||||||
Future development costs | (11,162 | ) | (7,894 | ) | (12,611 | ) | ||||||||||||||||||
Future income tax expenses | (18,910 | ) | (19,472 | ) | (34,750 | ) | ||||||||||||||||||
Future net cash flows | 71,422 | 85,506 | 99,919 | |||||||||||||||||||||
Discount at 10% for timing of cash flows | (32,714 | ) | (40,152 | ) | (48,010 | ) | ||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 38,708 | $ | 45,354 | $ | 51,909 | ||||||||||||||||||
The following are the principal sources of change in the standardized measure of discounted future net cash flows from the Company's proved oil and gas reserves (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of year | $ | 45,354 | $ | 51,909 | $ | 48,344 | ||||||||||||||||||
Sales, net of production costs and taxes | (10,471 | ) | (14,275 | ) | (11,552 | ) | ||||||||||||||||||
Discoveries and extensions, net of costs | 4,047 | 6,967 | 10,923 | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Sale of reserves in place | (767 | ) | - | - | ||||||||||||||||||||
Net changes in prices and production costs | (1,277 | ) | (6,067 | ) | 15,428 | |||||||||||||||||||
Revisions of quantity estimates | (4,306 | ) | (9,883 | ) | 343 | |||||||||||||||||||
Previously estimated development cost incurred during the year | 3,149 | 8,760 | 5,346 | |||||||||||||||||||||
Changes in future development costs | (1,392 | ) | (1,919 | ) | (1,109 | ) | ||||||||||||||||||
Changes in production rates (timing) and other | 368 | (5,657 | ) | (2,336 | ) | |||||||||||||||||||
Accretion of discount | 4,593 | 6,223 | 4,376 | |||||||||||||||||||||
Net change in income taxes | (590 | ) | 9,296 | (17,854 | ) | |||||||||||||||||||
Balance, end of year | $ | 38,708 | $ | 45,354 | $ | 51,909 | ||||||||||||||||||
Estimated future net cash flows represent an estimate of future net revenues from the production of proved reserves using average sales prices, along with estimates of the operating costs, production taxes and future development and abandonment cost (less salvage value) necessary to produce such reserves. Future income taxes were calculated by applying the statutory federal and state income tax rates to pre-tax future net cash flows, net of the tax basis of the properties and utilizing available tax loss carryforwards related to oil and gas operations. The prices used for December 31, 2013, 2012, and 2011, were $90.11, $88.08, $88.53 per barrel of oil and $0.00, $2.76, $4.16, per MCF of gas, respectively. The Company's proved reserves as of December 31, 2013, 2012 and 2011 were measured by using commodity prices based on the twelve month unweighted arithmetic average of the first day of the month price for the period January through December. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate overhead or interest expense. | ||||||||||||||||||||||||
Description_Of_Business_And_Si1
Description Of Business And Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||
Principles Of Consolidation | ' | |||||||||
Principles of Consolidation | ||||||||||
The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company, and its wholly-owned subsidiaries after elimination of all significant intercompany transactions and balances. | ||||||||||
Use Of Estimates | ' | |||||||||
Use of Estimates | ||||||||||
The accompanying consolidated financial statements are prepared in conformity with U.S. GAAP which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. | ||||||||||
Revenue Recognition | ' | |||||||||
Revenue Recognition | ||||||||||
Revenues are recognized based on actual volumes of oil, natural gas, methane gas, and electricity sold to purchasers at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability is reasonably assured. Crude oil is stored and at the time of delivery to the purchasers, revenues are recognized. Natural gas meters are placed at the customer's location and usage is billed each month. There were no material natural gas imbalances at December 31, 2013 or 2012. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of methane and electricity are billed each month. | ||||||||||
Cash And Cash Equivalents | ' | |||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents include temporary cash investments with a maturity of ninety days or less at date of purchase. The Company has elected to enter into a sweep account arrangement allowing excess cash balances to be used to temporarily pay down the credit facility, thereby, reducing overall interest cost. | ||||||||||
Restricted Cash | ' | |||||||||
Restricted Cash | ||||||||||
As security required by Tennessee oil and gas regulations, the Company placed $120,500 in a Certificate of Deposit to cover future asset retirement obligations for the Company's Tennessee wells. At December 31, 2013 and 2012, this amount was recorded in the Consolidated Balance Sheets under "Restricted cash". | ||||||||||
In addition, during the 4th quarter of 2012, the Company placed $386,000 as collateral for a bond to appeal a civil penalty related to issuance of an "Incidence of Non-Compliance" by the Bureau of Ocean Energy Management ("BOEM") concerning one of the Hoactzin wells operated by the Company pursuant to the Management Agreement. At December 31, 2013 and 2012, this amount was recorded in the Consolidated Balance Sheets under "Restricted cash". | ||||||||||
Inventory | ' | |||||||||
Inventory | ||||||||||
Inventory consists of crude oil in tanks and is carried at lower of cost or market value. The cost component of the oil inventory is calculated using the average per barrel cost which includes production costs and taxes, allocated general and administrative costs, and allocated interest cost. The market component is calculated using the average December oil sales price for the Company's Kansas properties. In addition, the Company also carried equipment and materials to be used in its Kansas operation and is carried at the lower of cost or market value. The cost component of the equipment and materials inventory represents the original cost paid for the equipment and materials. The market component is based on estimated sales value for similar equipment and materials at the end of each year. At December 31, 2013 and 2012, inventory consisted of the following (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Oil – carried at cost | $ | 765 | $ | 650 | ||||||
Equipment and materials – carried at cost | 488 | 752 | ||||||||
Total inventory | $ | 1,253 | $ | 1,402 | ||||||
Oil And Gas Properties | ' | |||||||||
Oil and Gas Properties | ||||||||||
The Company follows the full cost method of accounting for oil and gas property acquisition, exploration, and development activities. Under this method, all costs incurred in connection with acquisition, exploration, and development of oil and gas reserves are capitalized. Capitalized costs include lease acquisitions, seismic related costs, certain internal exploration costs, drilling, completion, and estimated asset retirement costs. The capitalized costs of oil and gas properties, plus estimated future development costs relating to proved reserves and estimated asset retirement costs which are not already included net of estimated salvage value, are amortized on the unit-of-production method based on total proved reserves. The Company has determined its reserves based upon reserve reports provided by LaRoche Petroleum Consultants Ltd. since 2009. The costs of unproved properties are excluded from amortization until the properties are evaluated, subject to an annual assessment of whether impairment has occurred. The Company had $736,000 and $457,000 in unevaluated properties as of December 31, 2013 and 2012, respectively. Proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs unless such sales cause a significant change in the relationship between costs and the estimated value of proved reserves, in which case a gain or loss is recognized. | ||||||||||
At the end of each reporting period, the Company performs a "ceiling test" on the value of the net capitalized cost of oil and gas properties. This test compares the net capitalized cost (capitalized cost of oil and gas properties, net of accumulated depreciation, depletion and amortization and related deferred income taxes) to the present value of estimated future net revenues from oil and gas properties using an average price (arithmetic average of the beginning of month prices for the prior 12 months) and current cost discounted at 10% plus cost of properties not being amortized and the lower of cost or estimated fair value of unproven properties included in the cost being amortized (ceiling). If the net capitalized cost is greater than the ceiling, a write-down or impairment is required. A write-down of the carrying value of the asset is a non-cash charge that reduces earnings in the current period. Once incurred, a write-down may not be reversed in a later period. | ||||||||||
Asset Retirement Obligation | ' | |||||||||
Asset Retirement Obligation | ||||||||||
An asset retirement obligation associated with the retirement of a tangible long-lived asset is recognized as a liability in the period incurred, with an associated increase in the carrying amount of the related long-lived asset, our oil and natural gas properties. The cost of the tangible asset, including the asset retirement cost, is depleted over the useful life of the asset. The asset retirement obligation is recorded at its estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at our credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. Accretion expense is recorded as "Production costs and taxes" in the Consolidated Statements of Operations. If the estimated future cost of the asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the long-lived asset. Revisions to estimated asset retirement obligations can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment. | ||||||||||
Manufactured Methane Facilities | ' | |||||||||
Manufactured Methane Facilities | ||||||||||
The methane facilities were placed into service on April 1, 2009. The methane facilities are being depreciated over an estimated useful life of 32 years and 9 months beginning at the time it was placed in service. This useful life is based on the estimated landfill closure date of December 2041. | ||||||||||
In June 2012, the Company received a payment in the amount of approximately $1.0 million from the United States Department of the Treasury for a cash payment in lieu of tax credits relating to the methane facilities. The payment to the Company was authorized under Section 1603 of Division B of the American Recovery and Reinvestment Act of 2009. The grant amount was calculated pursuant to provisions applicable to a "landfill gas project," defined in this statute as a project generating electricity from landfill gas. The Company may not take investment tax credits for this facility as a result of accepting the cash payment, and is subject to annual reporting of the status of the project and recapture of all or a portion of the payment in the event the project were to be assigned to an ineligible nonprofit or governmental entity, during the five year period following the date of the award. The Company does not anticipate that the payment will be subject to recapture. Pursuant to the terms of the implementing federal regulations, the cash payment awarded is not treated as taxable income, but does reduce the taxable basis of the project by half of the grant amount. However, the book carrying amount of the property was reduced by the full amount of the payment. | ||||||||||
Other Property And Equipment | ' | |||||||||
Other Property and Equipment | ||||||||||
Other property and equipment is carried at cost. The Company provides for depreciation of other property and equipment using the straight-line method over the estimated useful lives of the assets which range from two to seven years. Net gains or losses on other property and equipment disposed of are included in operating income in the period in which the transaction occurs. | ||||||||||
Stock-Based Compensation | ' | |||||||||
Stock-Based Compensation | ||||||||||
The Company records stock-based compensation to employees based on the estimated fair value of the award at grant date. We recognize expense on a straight line basis over the requisite service period. For stock-based compensation that vests immediately, the Company recognizes the entire expense in the quarter in which the stock-based compensation is granted. The Company recorded compensation expense of $(28,000) in 2013, $52,000 in 2012 and $165,000 in 2011. Compensation expense in 2013 was impacted by a reversal of $59,500 previously recognized as compensation expense. | ||||||||||
Accounts Receivable | ' | |||||||||
Accounts Receivable | ||||||||||
Accounts receivable consist of uncollateralized joint interest owner obligations due within 30 days of the invoice date, uncollateralized accrued revenues due under normal trade terms, generally requiring payment within 30 days of production, and other miscellaneous receivables. No interest is charged on past-due balances. Payments made on accounts receivable are applied to the earliest unpaid items. We review accounts receivable periodically and reduce the carrying amount by a valuation allowance that reflects our best estimate of the amount that may not be collectible. An allowance was | ||||||||||
recorded at December 31, 2013, but no such allowance was considered necessary at December 31, 2012. | ||||||||||
At December 31, 2013 and 2012, accounts receivable consisted of the following (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Revenue | $ | 1,179 | $ | 1,517 | ||||||
Joint interest | 35 | 65 | ||||||||
Other | 85 | 26 | ||||||||
Allowance for doubtful accounts | (14 | ) | - | |||||||
Total accounts receivable | $ | 1,285 | $ | 1,608 | ||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
Income taxes are reported in accordance with U.S. GAAP, which requires the establishment of deferred tax accounts for all temporary differences between the financial reporting and tax bases of assets and liabilities, using currently enacted federal and state income tax rates. In addition, deferred tax accounts must be adjusted to reflect new rates if enacted into law. | ||||||||||
At December 31, 2013, federal net operating loss carryforwards amounted to approximately $19.7 million which expire between 2019 and 2031. The total deferred tax asset was $7.3 million and $9.4 million at December 31, 2013 and 2012, respectively. | ||||||||||
Realization of deferred tax assets is contingent on the generation of future taxable income. As a result, management considers whether it is more likely than not that all or a portion of such assets will be realized during periods when they are available, and if not, management provides a valuation allowance for amounts not likely to be recognized. | ||||||||||
Management periodically evaluates tax reporting methods to determine if any uncertain tax positions exist that would require the establishment of a loss contingency. A loss contingency would be recognized if it were probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. | ||||||||||
The amount recognized is subject to estimates and management's judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately incurred for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. | ||||||||||
Although management considers our valuation allowance as of December 31, 2013 and 2012 adequate, material changes in these amounts may occur in the future based on tax audits and changes in legislation. | ||||||||||
Concentration Of Credit Risk | ' | |||||||||
Concentration of Credit Risk | ||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. | ||||||||||
The Company's primary business activities include oil and gas sales to a limited number of customers in the states of Kansas and Tennessee. The related trade receivables subject the Company to a concentration of credit risk. | ||||||||||
The Company sells a majority of its crude oil primarily to two customers in Kansas. Additionally, the Company presently sells all gas from the Methane Facility to one customer. In addition, the Company sells the electricity generated at the Carter Valley landfill site to a local utility. Although management believes that customers could be replaced in the ordinary course of business, if the present customers were to discontinue business with the Company, it may have a significant adverse effect on the Company's projected results of operations. | ||||||||||
Revenue from the top three purchasers accounted for 79.8%, 14.9%, and 1.7% of total revenues for year ended December 31, 2013. Revenue from the top three purchasers accounted for 79.9%, 14.3% and 2.2% of total revenues for the year ended December 31, 2012. Revenue from the top three purchasers accounted for 82.5%, 14.5% and 2.0% of total revenues for the year ended December 31, 2011. As of December 31, 2013 and 2012, two of our oil purchasers accounted for 92.6% and 85.3%, respectively of our accounts receivable, of which one oil purchaser accounted for 80.7% and 71.9%, respectively. | ||||||||||
Earnings Per Common Share | ' | |||||||||
Earnings per Common Share | ||||||||||
We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share which include the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following are reconciliations of the numerators and denominators of our basic and diluted earnings per share, (in thousands except for share and per share amounts): | ||||||||||
For the years ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Income (numerator): | ||||||||||
Net income from continuing operations | $ | 2,956 | $ | 4,244 | $ | 4,966 | ||||
Net loss from discontinued operations | $ | (137 | ) | $ | (4,311 | ) | $ | (286 | ) | |
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,778,356 | 60,701,660 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 77,465 | 376,275 | 387,233 | |||||||
Weighted average shares - dilutive | 60,919,878 | 61,154,631 | 61,088,983 | |||||||
Earnings (loss) per share – Basic and Dilutive: | ||||||||||
Continuing Operations | $ | 0.05 | $ | 0.07 | $ | 0.08 | ||||
Discontinued Operations | $ | (0.00 | ) | $ | (0.07 | ) | $ | (0.00 | ) | |
Fair Value Of Financial Instruments | ' | |||||||||
Fair Value of Financial Instruments | ||||||||||
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payables, accrued liabilities and long term debt approximates fair value as of December 31, 2013 and 2012. | ||||||||||
Derivative Financial Instruments | ' | |||||||||
Derivative Financial Instruments | ||||||||||
The Company uses derivative instruments to manage our exposure to commodity price risk on sales of oil production. The Company does not enter into derivative instruments for speculative trading purposes. The Company presents the fair value of derivative contracts on a net basis where the right to offset is provided for in our counterparty agreements. As of December 31, 2013 and 2012, the Company did not have any open derivatives. | ||||||||||
Reclassifications | ' | |||||||||
Reclassifications | ||||||||||
Certain prior year amounts have been reclassified to conform to current year presentation with no effect on net income. | ||||||||||
Discontinued Operations | ' | |||||||||
Discontinued Operations | ||||||||||
During 2012, the Company committed to a plan to sell the Swan Creek and Pipeline assets. On March 1, 2013, the Company entered into an agreement to sell the Company's Swan Creek and Pipeline assets for $1.5 million. Closing of this transaction occurred on August 16, 2013. The Company elected to classify the Pipeline assets as "Assets held for sale" in the Consolidated Balance Sheet as of December 31, 2012. The related results of operations have been classified as "(Loss) from discontinued operations, net of income tax benefit" in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012, and 2011. The related cash flows have been classified as "Net cash (used in) operating activities –discontinued operations", "Net cash (used in) investing activities – discontinued operations", and Net cash (used in) financing activities – discontinued operations". | ||||||||||
As the Swan Creek oil and gas assets represented only a small portion of the Company's full cost pool, these assets remained in oil and gas properties and the gain or loss on the sale was recorded against the full cost pool. Until these properties were sold in August 2013, the related operations were classified in continuing operations. (See Note 7. Assets Held for Sale and Discontinued Operations) | ||||||||||
Description_Of_Business_And_Si2
Description Of Business And Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||
Schedule Of Inventory | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Oil – carried at cost | $ | 765 | $ | 650 | ||||||
Equipment and materials – carried at cost | 488 | 752 | ||||||||
Total inventory | $ | 1,253 | $ | 1,402 | ||||||
Schedule Of Accounts Receivable | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Revenue | $ | 1,179 | $ | 1,517 | ||||||
Joint interest | 35 | 65 | ||||||||
Other | 85 | 26 | ||||||||
Allowance for doubtful accounts | (14 | ) | - | |||||||
Total accounts receivable | $ | 1,285 | $ | 1,608 | ||||||
Reconciliations Of The Numerators And Denominators Of Our Basic And Diluted Earnings Per Share | ' | |||||||||
For the years ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Income (numerator): | ||||||||||
Net income from continuing operations | $ | 2,956 | $ | 4,244 | $ | 4,966 | ||||
Net loss from discontinued operations | $ | (137 | ) | $ | (4,311 | ) | $ | (286 | ) | |
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,778,356 | 60,701,660 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 77,465 | 376,275 | 387,233 | |||||||
Weighted average shares - dilutive | 60,919,878 | 61,154,631 | 61,088,983 | |||||||
Earnings (loss) per share – Basic and Dilutive: | ||||||||||
Continuing Operations | $ | 0.05 | $ | 0.07 | $ | 0.08 | ||||
Discontinued Operations | $ | (0.00 | ) | $ | (0.07 | ) | $ | (0.00 | ) |
Oil_And_Gas_Properties_Tables
Oil And Gas Properties (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Oil And Gas Properties [Abstract] | ' | ||||||
Schedule Of Oil And Gas Properties | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Oil and gas properties, at cost | $ | 45,101 | $ | 43,351 | |||
Unevaluated properties | 736 | 457 | |||||
Accumulated depreciation, depletion and amortization | (21,714 | ) | (19,108 | ) | |||
Oil and gas properties, net | $ | 24,123 | $ | 24,700 |
Methane_Project_Tables
Methane Project (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Methane Project [Abstract] | ' | ||||||
Schedule Of The Methane Project | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Methane project, at cost | $ | 4,945 | $ | 4,865 | |||
Accumulated depreciation | (556 | ) | (420 | ) | |||
Methane project, net | $ | 4,389 | $ | 4,445 |
Other_Property_And_Equipment_T
Other Property And Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Property And Equipment [Abstract] | ' | |||||||
Schedule Of Other Property And Equipment | ' | |||||||
Other property and equipment consisted of the following as of December 31, 2013: (in thousands) | ||||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 20 | $ | 13 | $ | 7 | |
Vehicles | 2-5 yrs | 475 | 235 | 240 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 558 | $ | 311 | $ | 247 | ||
Other property and equipment consisted of the following as of December 31, 2012: (in thousands) | ||||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 978 | $ | 878 | $ | 100 | |
Vehicles | 2-5 yrs | 772 | 551 | 221 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 1,813 | $ | 1,492 | $ | 321 | ||
Assets_Held_For_Sale_And_Disco1
Assets Held For Sale And Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Assets Held For Sale And Discontinued Operations [Abstract] | ' | |||||||||
Schedule Of The Amounts In Net Loss From Discontinued Operations | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 22 | $ | 30 | $ | 23 | ||||
Production costs and taxes | (164 | ) | (315 | ) | (260 | ) | ||||
Depreciation, depletion, and amortization | - | (223 | ) | (176 | ) | |||||
Impairment | - | (5,242 | ) | - | ||||||
Gain on sale of assets | 128 | - | - | |||||||
Deferred income tax benefit | (180 | ) | 1,419 | 127 | ||||||
Current income tax benefit | 57 | 20 | - | |||||||
Net loss from discontinued operations, net of income tax | $ | (137 | ) | $ | (4,311 | ) | $ | (286 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt To Unrelated Entities | ' | ||||||||
December 31, | 2013 | 2012 | |||||||
Note payable to revolving credit facility, with interest only payment until maturity. | $ | 3,257 | $ | 10,138 | |||||
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum | |||||||||
collateralized by vehicles with monthly payments including interest, insurance and | |||||||||
maintenance of approximately $20 | 200 | 208 | |||||||
Total long-term debt | 3,457 | 10,346 | |||||||
Less current maturities | (82 | ) | (100 | ) | |||||
Long-term debt, less current maturities | $ | 3,375 | $ | 10,246 | |||||
Schedule Of Future Debt Payments | ' | ||||||||
2014 | 2015 | 2016 | Total | ||||||
Bank Credit Facility | $ | - | $ | - | $ | 3,257 | $ | 3,257 | |
Company Vehicles | $ | 82 | $ | 59 | $ | 59 | $ | 200 | |
Total | $ | 82 | $ | 59 | $ | 3,316 | $ | 3,457 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||
Schedule Of Nonfinancial Assets And Liabilities Are Measured At Fair Value On A Nonrecurring Basis Upon Impairment | ' | ||||||||||
Carrying Value Prior | Level 1 | Level 2 | Level 3 | Pre-Tax Non- | |||||||
to Impairment | Cash Impairment | ||||||||||
Discontinued operations | $ | 6,642 | $ | - | $ | - | $ | 1,400 | $ | 5,242 |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Asset Retirement Obligation Transactions | ' | |||
Balance December 31, 2011 | $ | 1,927 | ||
Accretion expense | 132 | |||
Liabilities incurred | 92 | |||
Liabilities settled | (52 | ) | ||
Revision in estimated liabilities | - | |||
Balance December 31, 2012 | $ | 2,099 | ||
Accretion expense | 120 | |||
Liabilities incurred | 26 | |||
Liabilities settled | (417 | ) | ||
Revisions in estimated liabilities | (48 | ) | ||
Balance December 31, 2013 | $ | 1,780 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Options [Abstract] | ' | ||||||||||||
Schedule Of Stock Option Activity | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted | Weighted | Weighted | |||||||||||
Average | Average | Average | |||||||||||
Exercise | Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||
Outstanding, | |||||||||||||
beginning of year | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | 1,571,000 | $ | 0.6 | ||||
Granted | 75,000 | $ | 0.54 | 87,500 | $ | 0.85 | 186,745 | $ | 1.01 | ||||
Exercised | - | $ | 0.57 | (105,000 | ) | $ | 0.5 | (50,000 | ) | $ | 0.57 | ||
Expired/cancelled | (577,000 | ) | $ | 0.72 | (81,250 | ) | $ | 1.12 | (236,745 | ) | $ | 0.82 | |
Outstanding, end of | |||||||||||||
year | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | ||||
Exercisable, end of | |||||||||||||
year | 790,250 | $ | 0.6 | 1,212,250 | $ | 0.62 | 1,231,000 | $ | 0.63 | ||||
Schedule Of Stock Options Outstanding And Exercisable | ' | ||||||||||||
Weighted Average | Options Outstanding | Weighted Average | Options | ||||||||||
Exercise Price | (shares) | Remaining Contractual | Exercisable | ||||||||||
Life (years) | (shares) | ||||||||||||
$ | 0.7 | 50,000 | 0.1 | 50,000 | |||||||||
$ | 0.5 | 400,000 | 1.8 | 320,000 | |||||||||
$ | 0.43 | 50,000 | 1.1 | 50,000 | |||||||||
$ | 0.44 | 114,000 | 1.7 | 114,000 | |||||||||
$ | 1.08 | 50,000 | 2.3 | 50,000 | |||||||||
$ | 1.16 | 18,750 | 2.3 | 18,750 | |||||||||
$ | 0.84 | 18,750 | 2.5 | 18,750 | |||||||||
$ | 0.72 | 18,750 | 2.8 | 18,750 | |||||||||
$ | 0.75 | 18,750 | 3 | 18,750 | |||||||||
$ | 1.07 | 18,750 | 3.2 | 18,750 | |||||||||
$ | 0.81 | 18,750 | 3.5 | 18,750 | |||||||||
$ | 0.73 | 18,750 | 3.8 | 18,750 | |||||||||
$ | 0.64 | 18,750 | 4 | 18,750 | |||||||||
$ | 0.62 | 18,750 | 4.2 | 18,750 | |||||||||
$ | 0.48 | 18,750 | 4.5 | 18,750 | |||||||||
$ | 0.41 | 18,750 | 4.8 | 18,750 | |||||||||
870,250 | 790,250 | ||||||||||||
Schedule Of Options Issued | ' | ||||||||||||
Options Issued to | Total Options Issued to | ||||||||||||
Each Non-executive | Non-executive Directors | Exercise Price | Grant Date | Expiration Date | |||||||||
Director | |||||||||||||
6,250 | 18,750 | $ | 0.64 | 1/2/13 | 1/1/18 | ||||||||
6,250 | 18,750 | $ | 0.62 | 4/1/13 | 3/31/18 | ||||||||
6,250 | 18,750 | $ | 0.48 | 7/1/13 | 6/30/18 | ||||||||
6,250 | 18,750 | $ | 0.41 | 10/2/13 | 10/1/18 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Reconciliation Of The Statutory U.S. Federal Income Tax And The Income Tax Provision | ' | |||||||||
Year Ended December 31, 2013 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 1,689 | $ | (5 | ) | $ | 1,684 | |||
State income tax (benefit) expense | 255 | - | 255 | |||||||
Permanent difference | 4 | - | 4 | |||||||
Other | 62 | (62 | ) | - | ||||||
Net change in deferred tax asset valuation allowance | - | 190 | 190 | |||||||
Total income tax provision (benefit) | $ | 2,010 | $ | 123 | $ | 2,133 | ||||
Year Ended December 31, 2012 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 2,229 | $ | (1,955 | ) | $ | 274 | |||
State income tax (benefit) expense | 43 | - | 43 | |||||||
Permanent difference | 35 | (84 | ) | (49 | ) | |||||
Other | 6 | 6 | ||||||||
Net change in deferred tax asset valuation allowance | - | 600 | 600 | |||||||
Total income tax provision (benefit) | $ | 2,313 | $ | (1,439 | ) | $ | 874 | |||
Year Ended December 31, 2011 | Continuing | Discontinued | Total | |||||||
Operations | Operations | |||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | ||||
Tax (benefit) expense at statutory rate | $ | 1,787 | $ | (141 | ) | $ | 1,646 | |||
State income tax (benefit) expense | 215 | - | 215 | |||||||
Permanent difference | 28 | 14 | 42 | |||||||
Net change in deferred tax asset valuation allowance | (1,741 | ) | - | (1,741 | ) | |||||
Total income tax provision (benefit) | $ | 289 | $ | (127 | ) | $ | 162 | |||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Net deferred tax assets - current: | ||||||||||
Charitable contribution | $ | 62 | $ | - | ||||||
Bad debt | $ | 68 | $ | - | ||||||
Total deferred tax assets – current | $ | 130 | $ | - | ||||||
Net deferred tax assets (liabilities) – noncurrent: | ||||||||||
Net operating loss carryforwards | $ | 7,723 | $ | 8,550 | ||||||
Oil and gas properties | 979 | (154 | ) | |||||||
Property, Plant and Equipment | (1,562 | ) | 963 | |||||||
Asset retirement obligation | 565 | 517 | ||||||||
Tax credits | 196 | 158 | ||||||||
Miscellaneous | 98 | - | ||||||||
Valuation allowance | (790 | ) | (600 | ) | ||||||
Total deferred tax assets – noncurrent | $ | 7,209 | $ | 9,434 | ||||||
Net deferred tax asset | $ | 7,339 | $ | 9,434 |
Quarterly_Data_And_Share_Infor1
Quarterly Data And Share Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Data And Share Information [Abstract] | ' | ||||||||||||
Schedule Of Quarterly Data | ' | ||||||||||||
Fiscal Year Ended 2013 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 4,314 | $ | 3,871 | $ | 4,034 | $ | 3,481 | |||||
Net income from continuing operations | 978 | 805 | 535 | 638 | |||||||||
Net (loss) from discontinued operations | (41 | ) | (33 | ) | (54 | ) | (9 | ) | |||||
Income per common share from continuing operations | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||
(Loss) per common share from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |
Fiscal Year Ended 2012 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 4,962 | $ | 5,222 | $ | 5,806 | $ | 4,567 | |||||
Net income from continuing operations | 954 | 1,152 | 1,279 | 859 | |||||||||
Net (loss) from discontinued operations | (81 | ) | (65 | ) | (60 | ) | (4,105 | ) | |||||
Income per common share from continuing operations | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||
(Loss) per common share from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.07 | ) |
Supplemental_Oil_And_Gas_Infor1
Supplemental Oil And Gas Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Oil And Gas Information [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Capitalized Costs Related To Oil And Gas Producing Activities | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Proved oil and gas properties | $ | 45,101 | $ | 43,351 | ||||||||||||||||||||
Unproved properties | 736 | 457 | ||||||||||||||||||||||
Total proved and unproved oil and gas properties | $ | 45,837 | $ | 43,808 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | (21,714 | ) | (19,108 | ) | ||||||||||||||||||||
Net oil and gas properties | $ | 24,123 | $ | 24,700 | ||||||||||||||||||||
Schedule Of Oil And Gas Property Acquisition, Exploration And Development | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Property acquisitions proved | $ | - | $ | - | $ | - | ||||||||||||||||||
Property acquisitions unproved | 488 | 188 | - | |||||||||||||||||||||
Exploration cost | 914 | 4,608 | 708 | |||||||||||||||||||||
Development cost | 998 | 2,649 | 8,278 | |||||||||||||||||||||
Total | $ | 2,400 | $ | 7,445 | $ | 8,986 | ||||||||||||||||||
Schedule Of Results Of Operations From Oil And Gas Producing Activities | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Revenues | $ | 15,325 | $ | 19,885 | $ | 16,862 | ||||||||||||||||||
Production costs and taxes | (4,854 | ) | (5,610 | ) | (5,310 | ) | ||||||||||||||||||
Depreciation, depletion and amortization | (2,606 | ) | (3,044 | ) | (2,195 | ) | ||||||||||||||||||
Income from oil and gas producing activities | $ | 7,865 | $ | 11,231 | $ | 9,357 | ||||||||||||||||||
Schedule Of Net Proved Oil And Gas Reserves And The Changes In Net Proved Oil And Gas Reserves | ' | |||||||||||||||||||||||
Oil (MBbl) | Gas (MMcf) | MBOE | ||||||||||||||||||||||
Proved reserves at December 31, 2010 | 2,496 | 27 | 2,500 | |||||||||||||||||||||
Revisions of previous estimates | 10 | 3 | 11 | |||||||||||||||||||||
Improved recovery | ||||||||||||||||||||||||
Purchase of reserves in place | ||||||||||||||||||||||||
Extensions and discoveries | 274 | - | 274 | |||||||||||||||||||||
Production | (189 | ) | (26 | ) | (193 | ) | ||||||||||||||||||
Sales of reserves in place | ||||||||||||||||||||||||
Proved reserves at December 31, 2011 | 2,591 | 4 | 2,592 | |||||||||||||||||||||
Revisions of previous estimates | (337 | ) | 61 | (327 | ) | |||||||||||||||||||
Improved recovery | - | - | - | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Extensions and discoveries | 186 | - | 186 | |||||||||||||||||||||
Production | (227 | ) | (43 | ) | (234 | ) | ||||||||||||||||||
Sales of reserves in place | - | - | - | |||||||||||||||||||||
Proved reserves at December 31, 2012 | 2,213 | 22 | 2,217 | |||||||||||||||||||||
Revisions of previous estimates | (153 | ) | 16 | (151 | ) | |||||||||||||||||||
Improved recovery | - | - | - | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Extensions and discoveries | 170 | - | 170 | |||||||||||||||||||||
Production | (166 | ) | (38 | ) | (172 | ) | ||||||||||||||||||
Sales of reserves in place | (24 | ) | - | (24 | ) | |||||||||||||||||||
Proved reserves at December 31, 2013 | 2,040 | - | 2,040 | |||||||||||||||||||||
Proved developed reserves at: | ||||||||||||||||||||||||
31-Dec-10 | 1,800 | 27 | 1,804 | |||||||||||||||||||||
31-Dec-11 | 1,939 | 4 | 1,940 | |||||||||||||||||||||
31-Dec-12 | 1,822 | 22 | 1,826 | |||||||||||||||||||||
31-Dec-13 | 1,575 | - | 1,575 | |||||||||||||||||||||
Proved undeveloped reserves at: | ||||||||||||||||||||||||
31-Dec-10 | 696 | - | 696 | |||||||||||||||||||||
31-Dec-11 | 652 | - | 652 | |||||||||||||||||||||
31-Dec-12 | 391 | - | 391 | |||||||||||||||||||||
31-Dec-13 | 465 | - | 465 | |||||||||||||||||||||
Schedule Of Reserve Value By Category And The Respective Present Values, Before Income Taxes, Discounted At 10% As A Percentage Of Total Proved Reserves | ' | |||||||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/11 | ||||||||||||||||||||||
Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total | ||||||||||||||||
Total proved reserves year-end | ||||||||||||||||||||||||
reserve report | $ | 47,856 | - | $ | 47,856 | $ | 53,906 | $ | 5 | $ | 53,911 | $ | 69,748 | $ | 15 | $ | 69,763 | |||||||
Proved developed producing | ||||||||||||||||||||||||
reserves (PDP) | $ | 34,440 | - | $ | 34,440 | $ | 42,621 | $ | 5 | $ | 42,626 | $ | 46,606 | $ | 15 | $ | 46,621 | |||||||
% of PDP reserves to total proved | ||||||||||||||||||||||||
reserves | 72 | % | - | 72 | % | 79 | % | - | 79 | % | 67 | % | - | 67 | % | |||||||||
Proved developed non-producing | ||||||||||||||||||||||||
reserves | $ | 4,868 | - | $ | 4,868 | $ | 3,234 | - | $ | 3,234 | $ | 3,977 | - | $ | 3,977 | |||||||||
% of PDNP reserves to total proved | ||||||||||||||||||||||||
reserves | 10 | % | - | 10 | % | 6 | % | - | 6 | % | 6 | % | - | 6 | % | |||||||||
Proved undeveloped reserves (PUD) | ||||||||||||||||||||||||
$ | 8,548 | - | $ | 8,548 | $ | 8,051 | - | $ | 8,051 | $ | 19,165 | - | $ | 19,165 | ||||||||||
% of PUD reserves to total proved | ||||||||||||||||||||||||
reserves | 18 | % | - | 18 | % | 15 | % | - | 15 | % | 27 | % | - | 27 | % | |||||||||
Schedule Of Standardized Measure Of Discounted Futures Net Cash Flows From Proved Oil And Gas Reserves | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Future cash inflows | $ | 183,801 | $ | 194,941 | $ | 229,366 | ||||||||||||||||||
Future production costs and taxes | (82,307 | ) | (82,069 | ) | (82,086 | ) | ||||||||||||||||||
Future development costs | (11,162 | ) | (7,894 | ) | (12,611 | ) | ||||||||||||||||||
Future income tax expenses | (18,910 | ) | (19,472 | ) | (34,750 | ) | ||||||||||||||||||
Future net cash flows | 71,422 | 85,506 | 99,919 | |||||||||||||||||||||
Discount at 10% for timing of cash flows | (32,714 | ) | (40,152 | ) | (48,010 | ) | ||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 38,708 | $ | 45,354 | $ | 51,909 | ||||||||||||||||||
Schedule Of Changes In The Standardized Measure Of Discounted Future Net Cash Flows From Proved Oil And Gas Reserves | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of year | $ | 45,354 | $ | 51,909 | $ | 48,344 | ||||||||||||||||||
Sales, net of production costs and taxes | (10,471 | ) | (14,275 | ) | (11,552 | ) | ||||||||||||||||||
Discoveries and extensions, net of costs | 4,047 | 6,967 | 10,923 | |||||||||||||||||||||
Purchase of reserves in place | - | - | - | |||||||||||||||||||||
Sale of reserves in place | (767 | ) | - | - | ||||||||||||||||||||
Net changes in prices and production costs | (1,277 | ) | (6,067 | ) | 15,428 | |||||||||||||||||||
Revisions of quantity estimates | (4,306 | ) | (9,883 | ) | 343 | |||||||||||||||||||
Previously estimated development cost incurred during the year | 3,149 | 8,760 | 5,346 | |||||||||||||||||||||
Changes in future development costs | (1,392 | ) | (1,919 | ) | (1,109 | ) | ||||||||||||||||||
Changes in production rates (timing) and other | 368 | (5,657 | ) | (2,336 | ) | |||||||||||||||||||
Accretion of discount | 4,593 | 6,223 | 4,376 | |||||||||||||||||||||
Net change in income taxes | (590 | ) | 9,296 | (17,854 | ) | |||||||||||||||||||
Balance, end of year | $ | 38,708 | $ | 45,354 | $ | 51,909 |
Description_Of_Business_And_Si3
Description Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
mi | Kansas | Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer C [Member] | Customer C [Member] | Two Customers [Member] | Two Customers [Member] | Customer D [Member] | Customer D [Member] | Methane Facilities [Member] | Methane Facilities [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
customer | customer | Other Property And Equipment [Member] | Other Property And Equipment [Member] | |||||||||||||||||||||
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of pipeline, miles | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certificate of Deposit to cover future asset retirement obligations | $120,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral for a bond to appeal a civil penalty | 386,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unevaluated properties | 736,000 | 457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current cost discount | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '32 years 9 months | ' | '2 years | ' | '7 years |
Book value of property | 558,000 | 1,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | 170,000 | 258,000 | 229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment in lieu of tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Period of ineligibility after tax credit incentive award date | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | 50,000 | 52,000 | 165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | 14,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of compensation expense | 59,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal net operating loss carryforwards | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal net operating loss carryforwards expiration between, years | '2019 and 2031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | ' | '2031 | ' |
Deferred tax asset | 7,339,000 | 9,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer's percentage of revenue | ' | ' | ' | ' | ' | 79.80% | 79.90% | 82.50% | 14.90% | 14.30% | 14.50% | 1.70% | 2.20% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer's percentage of accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.60% | 85.30% | 80.70% | 71.90% | ' | ' | ' | ' | ' | ' |
Customers | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Sale price of Swan Creek and Pipeline assets | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description_Of_Business_And_Si4
Description Of Business And Significant Accounting Policies (Schedule Of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Description Of Business And Significant Accounting Policies [Abstract] | ' | ' |
Oil - carried at cost | $765 | $650 |
Equipment and materials - carried at cost | 488 | 752 |
Total inventory | $1,253 | $1,402 |
Description_Of_Business_And_Si5
Description Of Business And Significant Accounting Policies (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
accounts receivable | $1,285,000 | $1,608,000 |
Allowance for doubtful accounts | -14,000 | 0 |
Revenue [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
accounts receivable | 1,179,000 | 1,517,000 |
Joint Interest [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
accounts receivable | 35,000 | 65,000 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
accounts receivable | $85,000 | $26,000 |
Description_Of_Business_And_Si6
Description Of Business And Significant Accounting Policies (Reconciliations Of The Numerators And Denominators Of Our Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | $638 | $535 | $805 | $978 | $859 | $1,279 | $1,152 | $954 | $2,956 | $4,244 | $4,966 |
Net loss from discontinued operations | -9 | -54 | -33 | -41 | -4,105 | -60 | -65 | -81 | -137 | -4,311 | -286 |
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 60,842,413 | 60,778,356 | 60,701,660 |
Dilution effect of share-based compensation, treasury method | ' | ' | ' | ' | ' | ' | ' | ' | $77,465 | $376,275 | $387,233 |
Weighted average shares - dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 60,919,878 | 61,154,631 | 61,088,983 |
Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.07 | $0.08 |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($0.07) | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 18, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 17, 2007 | Sep. 17, 2007 | Sep. 17, 2007 | Mar. 31, 2008 | Dec. 31, 2013 | Sep. 17, 2007 | Sep. 17, 2007 | Sep. 17, 2007 | Sep. 17, 2007 | Sep. 17, 2007 | |
Right-Of-Use And Easement Bonds [Member] | At Or Above Revenue Threshold [Member] | Up To Revenue Threshold [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Ten Well Program [Member] | Methane Project [Member] | |||||
item | item | Producing Well [Member] | Non-Productive Well [Member] | At Or Above Revenue Threshold [Member] | Up To Revenue Threshold [Member] | ||||||||||
Productive Wells [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wells in process of drilling | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' |
Number of wildcat wells | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of developmental wells | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Cost incurred, development costs | ' | $998,000 | $2,649,000 | $8,278,000 | ' | ' | ' | ' | ' | ' | $400,000 | $250,000 | ' | ' | ' |
Percent of working interest revenue, as a fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 25.00% | ' |
Payout point multiplier | ' | ' | ' | ' | ' | ' | ' | 1.35 | ' | ' | ' | ' | ' | ' | ' |
Oil producing wells | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' |
Producing levels (in barrels per day) | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' |
Payout point value | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' |
Related party transaction | ' | ' | ' | ' | ' | ' | ' | ' | 3,850,000 | ' | ' | ' | ' | ' | ' |
Percent of net profits, interest | ' | ' | ' | ' | ' | 7.50% | 75.00% | ' | ' | ' | ' | ' | ' | ' | 75.00% |
Percent of executive salary | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working interest percent | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond, face value | 10,700,000 | ' | ' | ' | 1,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in bond | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remianing bond | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management agreement term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash collateral | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related parties accounts payable | ' | 327,000 | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance For Doubtful Accounts, Due from Related Parties, Current | ' | 159,000 | 257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,150,000 | ' | ' | ' | ' | ' |
Amount until the Payout Point is reached | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000 | ' | ' | ' | ' | ' |
Accounts payable - related party | ' | $412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil_And_Gas_Properties_Details
Oil And Gas Properties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil And Gas Properties [Abstract] | ' | ' | ' |
Oil and gas properties, at cost | $45,101 | $43,351 | ' |
Unevaluated properties | 736 | 457 | ' |
Accumulated depreciation, depletion and amortization | -21,714 | -19,108 | ' |
Oil and gas properties, net | 24,123 | 24,700 | ' |
Depletion expense | $2,600 | $3,000 | $2,200 |
Methane_Project_Narrative_Deta
Methane Project (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Methane Project [Line Items] | ' | ' | ' | ' |
Depreciation expense | ' | $170,000 | $258,000 | $229,000 |
Methane Project [Member] | ' | ' | ' | ' |
Methane Project [Line Items] | ' | ' | ' | ' |
Depreciation expense | ' | 136,000 | 101,000 | 103,000 |
Cash payment in lieu of tax credits | $1,000,000 | ' | ' | ' |
Methane_Project_Schedule_Of_Th
Methane Project (Schedule Of The Methane Project) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Methane Project [Line Items] | ' | ' |
Methane project, at cost | $558 | $1,813 |
Accumulated depreciation | -311 | -1,492 |
Net | 247 | 321 |
Methane Project [Member] | ' | ' |
Methane Project [Line Items] | ' | ' |
Methane project, at cost | 4,945 | 4,865 |
Accumulated depreciation | -556 | -420 |
Net | $4,389 | $4,445 |
Other_Property_And_Equipment_D
Other Property And Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross Cost | $558,000 | $1,813,000 | ' |
Accumulated depreciation | 311,000 | 1,492,000 | ' |
Net | 247,000 | 321,000 | ' |
Depreciation expense | 170,000 | 258,000 | 229,000 |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross Cost | 20,000 | 978,000 | ' |
Accumulated depreciation | 13,000 | 878,000 | ' |
Net | 7,000 | 100,000 | ' |
Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross Cost | 475,000 | 772,000 | ' |
Accumulated depreciation | 235,000 | 551,000 | ' |
Net | 240,000 | 221,000 | ' |
Other [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciable Life | '5 years | ' | ' |
Gross Cost | 63,000 | 63,000 | ' |
Accumulated depreciation | $63,000 | $63,000 | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciable Life | '5 years | ' | ' |
Minimum [Member] | Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciable Life | '2 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciable Life | '7 years | ' | ' |
Maximum [Member] | Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciable Life | '5 years | ' | ' |
Assets_Held_For_Sale_And_Disco2
Assets Held For Sale And Discontinued Operations (Narrative) (Details) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Assets Held For Sale And Discontinued Operations [Abstract] | ' |
Assets held for sale | $1.40 |
Assets_Held_For_Sale_And_Disco3
Assets Held For Sale And Discontinued Operations (Schedule Of The Amounts In Net Loss From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets Held For Sale And Discontinued Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $22 | $30 | $23 |
Production costs and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -164 | -315 | -260 |
Depreciation, depletion, and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -223 | -176 |
Impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,242 | ' |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' |
Deferred income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -180 | 1,419 | 127 |
Current income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 57 | 20 | ' |
Net loss from discontinued operations, net of income tax | ($9) | ($54) | ($33) | ($41) | ($4,105) | ($60) | ($65) | ($81) | ($137) | ($4,311) | ($286) |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 17, 2014 | Mar. 16, 2014 | Oct. 24, 2013 |
In Millions, unless otherwise specified | Maximum [Member] | Minimum [Member] | F&M Bank [Member] | F&M Bank [Member] | F&M Bank [Member] | F&M Bank [Member] | F&M Bank [Member] |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | $40 |
Maximum line of credit | ' | ' | 40 | ' | ' | ' | ' |
Borrowing base | ' | ' | 17.5 | ' | ' | 17.5 | ' |
Decreased borrowing base | ' | ' | ' | ' | 14.3 | ' | ' |
Interest rate per annum | 8.25% | 5.50% | 3.75% | ' | ' | ' | ' |
Variable interest rate | ' | ' | 0.50% | ' | 0.50% | ' | ' |
Loans and letters of credit amount outstanding | ' | ' | $3.30 | $10.10 | ' | ' | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Note payable to financial institution, with interest only payment until maturity | $3,257 | $10,138 |
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $20,000 | 200 | 208 |
Total long-term debt | 3,457 | 10,346 |
Less current maturities | -82 | -100 |
Long-term debt, less current maturities | 3,375 | 10,246 |
Debt Instrument, Periodic Payments Including Insurance And Maintenance | $20 | ' |
Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate per annum | 8.25% | ' |
Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate per annum | 5.50% | ' |
LongTerm_Debt_Schedule_Of_Futu
Long-Term Debt (Schedule Of Future Debt Payments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Line Items] | ' | ' |
2014 | $82 | ' |
2015 | 59 | ' |
2016 | 3,316 | ' |
Total long-term debt | 3,457 | 10,346 |
Bank Credit Facility [Member] | ' | ' |
Long-Term Debt [Line Items] | ' | ' |
2016 | 3,257 | ' |
Total long-term debt | 3,257 | ' |
Company Vehicles [Member] | ' | ' |
Long-Term Debt [Line Items] | ' | ' |
2014 | 82 | ' |
2015 | 59 | ' |
2016 | 59 | ' |
Total long-term debt | $200 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Rent expense | $92,000 | $80,000 | $73,000 |
Minimum range of possible payment | 0 | ' | ' |
Maximum range of possible payment | 386,000 | ' | ' |
Knoxville Tennessee [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Leases rent due per month | 6,000 | ' | ' |
Denver Colorado [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Lease term | '38 years | ' | ' |
Number of free months in lease | '2 months | ' | ' |
Leases rent due per month | 2,700 | ' | ' |
Lease due in 2014 | 29,000 | ' | ' |
Lease due in 2015 | 30,000 | ' | ' |
Lease due in 2016 | 34,000 | ' | ' |
Lease due in 2017 | $6,000 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Nonfinancial Assets And Liabilities Are Measured At Fair Value On A Nonrecurring Basis Upon Impairment) (Details) (Discontinued Operations [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Carrying Value Prior to Impairment | $6,642 |
Pre-Tax Non-Cash Impairment | 5,242 |
Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Carrying Value Prior to Impairment | $1,400 |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset Retirement Obligation [Line Items] | ' | ' | ' |
Asset Retirement Obligation, Beginning Balance | $2,099,000 | $1,927,000 | ' |
Accretion expense | 120,000 | 132,000 | 96,000 |
Liabilities incurred | 26,000 | 92,000 | ' |
Liabilities settled | -417,000 | -52,000 | ' |
Revisions in estimated liabilities | -48,000 | ' | 502,000 |
Asset Retirement Obligation, Ending Balance | 1,780,000 | 2,099,000 | 1,927,000 |
Decrease in asset reitrement obligation | 26,000 | 92,000 | 559,000 |
Tennessee [Member] | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' |
Decrease in asset reitrement obligation | $348,000 | ' | ' |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
Feb. 01, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 25, 2000 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 03, 2014 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Voluntary Resignation [Member] | 10% Of Total Voting Power [Member] | Subsequent Event [Member] | ||||||
Stock Options [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that may be granted | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares that may be granted | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Incentive Plan exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '5 years | ' |
Purchase price floor of fair market value | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' |
Voting power | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted | ' | $0.25 | $0.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | $50,000 | $52,000 | $165,000 | ' | ($28,000) | $51,000 | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current year compensation expense | ' | ' | ' | ' | ' | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of compensation expense | ' | ' | ' | ' | ' | 59,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | ' | $9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs weighted average recognition period | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | ' | 47.60% | 65.00% | 59.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | 2.97% | 2.71% | 3.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
option life remaining | ' | ' | ' | ' | ' | ' | ' | ' | '1 month 6 days | '1 month 6 days | '1 year 1 month 6 days | '4 years 9 months 18 days | '4 years 9 months 18 days | '4 years 9 months 18 days | ' | ' | ' |
Options issued to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 |
Stock_Options_Schedule_Of_Stoc
Stock Options (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Abstract] | ' | ' | ' |
Shares, Outstanding beginning of year | 1,372,250 | 1,471,000 | 1,571,000 |
Shares, Granted | 75,000 | 87,500 | 186,745 |
Shares, Exercised | ' | -105,000 | -50,000 |
Shares, Expired/cancelled | -577,000 | -81,250 | -236,745 |
Shares, Outstanding end of year | 870,250 | 1,372,250 | 1,471,000 |
Weighted Average Exercise Price, Outstanding beginning of year | $0.61 | $0.61 | $0.60 |
Weighted Average Exercise Price, Granted | $0.54 | $0.85 | $1.01 |
Weighted Average Exercise Price, Exercised | $0.57 | $0.50 | $0.57 |
Weighted Average Exercise Price, Expired/cancelled | $0.72 | $1.12 | $0.82 |
Weighted Average Exercise Price, Outstanding end of year | $0.59 | $0.61 | $0.61 |
Excersiable, end of year, Shares | 790,250 | 1,212,250 | 1,231,000 |
Excersiable, end of year, Weighted Average Exercise Price | $0.60 | $0.62 | ' |
Stock_Options_Schedule_Of_Stoc1
Stock Options (Schedule Of Stock Options Outstanding And Exercisable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
$0.70 [Member] | $0.50 [Member] | $0.43 [Member] | $0.44 [Member] | $1.08 [Member] | $1.16 [Member] | $0.84 [Member] | $0.72 [Member] | $0.75 [Member] | $1.07 [Member] | $0.81 [Member] | $0.73 [Member] | $0.64 [Member] | $0.62 [Member] | $0.48 [Member] | $0.41 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | $0.59 | $0.61 | $0.61 | $0.60 | $0.70 | $0.50 | $0.43 | $0.44 | $1.08 | $1.16 | $0.84 | $0.72 | $0.75 | $1.07 | $0.81 | $0.73 | $0.64 | $0.62 | $0.48 | $0.41 |
Options Outstanding | 870,250 | 1,372,250 | 1,471,000 | 1,571,000 | 50,000 | 400,000 | 50,000 | 114,000 | 50,000 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' | '1 month 6 days | '1 year 9 months 18 days | '1 year 1 month 6 days | '1 year 8 months 12 days | '2 years 3 months 18 days | '2 years 3 months 18 days | '2 years 6 months | '2 years 9 months 18 days | '3 years | '3 years 2 months 12 days | '3 years 6 months | '3 years 9 months 18 days | '4 years | '4 years 2 months 12 days | '4 years 6 months | '4 years 9 months 18 days |
Options Exercisable | 790,250 | ' | ' | ' | 50,000 | 320,000 | 50,000 | 114,000 | 50,000 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 | 18,750 |
Stock_Options_Schedule_Of_Opti
Stock Options (Schedule Of Options Issued) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 75,000 | 87,500 | 186,745 | ' |
Exercise Price | $0.59 | $0.61 | $0.61 | $0.60 |
$0.64 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 18,750 | ' | ' | ' |
Exercise Price | $0.64 | ' | ' | ' |
Grant Date | 2-Jan-13 | ' | ' | ' |
Expiration Date | 1-Jan-18 | ' | ' | ' |
$0.64 [Member] | Non-Executive Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 6,250 | ' | ' | ' |
$0.62 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 18,750 | ' | ' | ' |
Exercise Price | $0.62 | ' | ' | ' |
Grant Date | 1-Apr-13 | ' | ' | ' |
Expiration Date | 31-Mar-18 | ' | ' | ' |
$0.62 [Member] | Non-Executive Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 6,250 | ' | ' | ' |
$0.48 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 18,750 | ' | ' | ' |
Exercise Price | $0.48 | ' | ' | ' |
Grant Date | 1-Jul-13 | ' | ' | ' |
Expiration Date | 30-Jun-18 | ' | ' | ' |
$0.48 [Member] | Non-Executive Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 6,250 | ' | ' | ' |
$0.41 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 18,750 | ' | ' | ' |
Exercise Price | $0.41 | ' | ' | ' |
Grant Date | 2-Oct-13 | ' | ' | ' |
Expiration Date | 1-Oct-18 | ' | ' | ' |
$0.41 [Member] | Non-Executive Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Issued | 6,250 | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' |
Decrease in valuation allowance | ' | $1,700,000 |
Valuation allowance | 790,000 | 600,000 |
Federal net operating loss carryforwards | $19,700,000 | ' |
Federal net operating loss carryforwards expiration between, years | '2019 and 2031 | ' |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Statutory U.S. Federal Income Tax And The Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory rate | 34.00% | 34.00% | 34.00% |
Tax (benefit) expense at statutory rate | $1,684 | $274 | $1,646 |
State income tax (benefit) expense | 255 | 43 | 215 |
Permanent difference | 4 | -49 | 42 |
Other | ' | 6 | ' |
Net change in deferred tax asset valuation allowance | 190 | 600 | -1,741 |
Total income tax provision (benefit) | 2,133 | 874 | 162 |
Continuing Operations [Member] | ' | ' | ' |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory rate | 34.00% | 34.00% | 34.00% |
Tax (benefit) expense at statutory rate | 1,689 | 2,229 | 1,787 |
State income tax (benefit) expense | 255 | 43 | 215 |
Permanent difference | 4 | 35 | 28 |
Other | 62 | 6 | ' |
Net change in deferred tax asset valuation allowance | ' | ' | -1,741 |
Total income tax provision (benefit) | 2,010 | 2,313 | 289 |
Discontinued Operations [Member] | ' | ' | ' |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory rate | 34.00% | 34.00% | 34.00% |
Tax (benefit) expense at statutory rate | -5 | -1,955 | -141 |
Permanent difference | ' | -84 | 14 |
Other | -62 | ' | ' |
Net change in deferred tax asset valuation allowance | 190 | 600 | ' |
Total income tax provision (benefit) | $123 | ($1,439) | ($127) |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Charitable contribution | $62 | ' |
Bad debt | 68 | ' |
Total deferred tax assets - current | 130 | ' |
Net operating loss carryforwards | 7,723 | 8,550 |
Oil and gas properties | 979 | -154 |
Property, Plant and Equipment | -1,562 | 963 |
Asset retirement obligation | 565 | 517 |
Tax credits | 196 | 158 |
Miscellaneous | 98 | ' |
Valuation allowance | -790 | -600 |
Total deferred tax assets - noncurrent | 7,209 | 9,434 |
Net deferred tax asset | $7,339 | $9,434 |
Quarterly_Data_And_Share_Infor2
Quarterly Data And Share Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Data And Share Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $3,481 | $4,034 | $3,871 | $4,314 | $4,567 | $5,806 | $5,222 | $4,962 | $15,700 | $20,557 | $17,062 |
Net income from continuing operations | 638 | 535 | 805 | 978 | 859 | 1,279 | 1,152 | 954 | 2,956 | 4,244 | 4,966 |
Net (loss) from discontinued operations | ($9) | ($54) | ($33) | ($41) | ($4,105) | ($60) | ($65) | ($81) | ($137) | ($4,311) | ($286) |
Income per common share from continuing operations | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.05 | $0.07 | $0.08 |
(Loss) per common share from discontinued operations | $0 | $0 | $0 | $0 | ($0.07) | $0 | $0 | $0 | $0 | ($0.07) | $0 |
Supplemental_Oil_And_Gas_Infor2
Supplemental Oil And Gas Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | ||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Proved undeveloped reserve locations | 29 | 23 | ' |
future development cost | $11,162 | $7,894 | $12,611 |
Barrel Of Oil [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Price | 90.11 | 88.08 | 88.53 |
MCF Of Gas [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Price | 0 | 2.76 | 4.16 |
Proved Undeveloped Reserves [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
future development cost | $9,600 | ' | ' |
Supplemental_Oil_And_Gas_Infor3
Supplemental Oil And Gas Information (Schedule Of Capitalized Costs Related To Oil And Gas Producing Activities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Oil And Gas Information [Abstract] | ' | ' |
Proved oil and gas properties | $45,101 | $43,351 |
Unproved properties | 736 | 457 |
Total proved and unproved oil and gas properties | 45,837 | 43,808 |
Less accumulated depreciation, depletion and amortization | -21,714 | -19,108 |
Net oil and gas properties | $24,123 | $24,700 |
Supplemental_Oil_And_Gas_Infor4
Supplemental Oil And Gas Information (Schedule Of Oil And Gas Property Acquisition, Exploration And Development) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Information [Abstract] | ' | ' | ' |
Property acquisitions proved | ' | ' | ' |
Property acquisitions unproved | 488 | 188 | ' |
Exploration cost | 914 | 4,608 | 708 |
Development cost | 998 | 2,649 | 8,278 |
Total | $2,400 | $7,445 | $8,986 |
Supplemental_Oil_And_Gas_Infor5
Supplemental Oil And Gas Information (Schedule Of Results Of Operations From Oil And Gas Producing Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Information [Abstract] | ' | ' | ' |
Revenues | $15,325 | $19,885 | $16,862 |
Production costs and taxes | -4,854 | -5,610 | -5,310 |
Depreciation, depletion and amortization | -2,606 | -3,044 | -2,195 |
Income from oil and gas producing activities | $7,865 | $11,231 | $9,357 |
Supplemental_Oil_And_Gas_Infor6
Supplemental Oil And Gas Information (Schedule Of Net Proved Oil And Gas Reserves And The Changes In Net Proved Oil And Gas Reserves) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MBbls | MBbls | MBbls | MBoe | |
MBoe | MBoe | MBoe | MBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved reserves | 2,217 | 2,592 | 2,500 | ' |
Revisions of previous estimates | -151 | -327 | 11 | ' |
Extensions and discoveries | 170 | 186 | 274 | ' |
Production | -172 | -234 | -193 | ' |
Sales of reserves in place | -24 | ' | ' | ' |
Proved reserves | 2,040 | 2,217 | 2,592 | 2,500 |
Proved developed reserves (equivalent) | 1,575 | 1,826 | 1,940 | 1,804 |
Proved undeveloped reserves (equivalent) | 465 | 391 | 652 | 696 |
Oil [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved reserves | 2,213 | 2,591 | 2,496 | ' |
Revisions of previous estimates | -153 | -337 | 10 | ' |
Extensions and discoveries | 170 | 186 | 274 | ' |
Production | -166 | -227 | -189 | ' |
Sales of reserves in place | -24 | ' | ' | ' |
Proved reserves | 2,040 | 2,213 | 2,591 | ' |
Proved developed reserves (volume) | 1,575 | 1,822 | 1,939 | 1,800 |
Proved undeveloped reserves (volume) | 465 | 391 | 652 | 696 |
Gas [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved reserves | 22 | 4 | 27 | ' |
Revisions of previous estimates | 16 | 61 | 3 | ' |
Production | -38 | -43 | -26 | ' |
Proved reserves | ' | 22 | 4 | ' |
Proved developed reserves (volume) | ' | 22 | 4 | 27 |
Supplemental_Oil_And_Gas_Infor7
Supplemental Oil And Gas Information (Schedule Of Reserve Value By Category And The Respective Present Values, Before Income Taxes, Discounted At 10% As A Percentage Of Total Proved Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve Quantities [Line Items] | ' | ' | ' |
Total proved reserves year-end reserve report | $47,856 | $53,911 | $69,763 |
Proved developed producing reserves (PDP) | 34,440 | 42,626 | 46,621 |
% of PDP reserves to total proved reserves | 72.00% | 79.00% | 67.00% |
Proved developed non-producing reserves | 4,868 | 3,234 | 3,977 |
% of PDNP reserves to total proved reserves | 10.00% | 6.00% | 6.00% |
Proved undeveloped reserves (PUD) | 8,548 | 8,051 | 19,165 |
% of PUD reserves to total proved reserves | 18.00% | 15.00% | 27.00% |
Oil [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Total proved reserves year-end reserve report | ' | 53,906 | 69,748 |
Proved developed producing reserves (PDP) | ' | 42,621 | 46,606 |
% of PDP reserves to total proved reserves | ' | 79.00% | 67.00% |
Proved developed non-producing reserves | ' | 3,234 | 3,977 |
% of PDNP reserves to total proved reserves | ' | 6.00% | 6.00% |
Proved undeveloped reserves (PUD) | ' | 8,051 | 19,165 |
% of PUD reserves to total proved reserves | ' | 15.00% | 27.00% |
Gas [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Total proved reserves year-end reserve report | ' | 5 | 15 |
Proved developed producing reserves (PDP) | ' | 5 | 15 |
% of PDP reserves to total proved reserves | ' | ' | ' |
Proved developed non-producing reserves | ' | ' | ' |
% of PDNP reserves to total proved reserves | ' | ' | ' |
Proved undeveloped reserves (PUD) | ' | ' | ' |
% of PUD reserves to total proved reserves | ' | ' | ' |
Supplemental_Oil_And_Gas_Infor8
Supplemental Oil And Gas Information (Schedule Of Standardized Measure Of Discounted Futures Net Cash Flows From Proved Oil And Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Information [Abstract] | ' | ' | ' |
Future cash inflows | $183,801 | $194,941 | $229,366 |
Future production costs and taxes | -82,307 | -82,069 | -82,086 |
Future development costs | -11,162 | -7,894 | -12,611 |
Future income tax expenses | -18,910 | -19,472 | -34,750 |
Future net cash flows | 71,422 | 85,506 | 99,919 |
Discount at 10% for timing of cash flows | -32,714 | -40,152 | -48,010 |
Standardized measure of discounted future net cash flows | $38,708 | $45,354 | $51,909 |
Supplemental_Oil_And_Gas_Infor9
Supplemental Oil And Gas Information (Schedule Of Changes In The Standardized Measure Of Discounted Future Net Cash Flows From Proved Oil And Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Information [Abstract] | ' | ' | ' |
Balance, beginning of year | $45,354 | $51,909 | $48,344 |
Sales, net of production costs and taxes | -10,471 | -14,275 | -11,552 |
Discoveries and extensions, net of costs | 4,047 | 6,967 | 10,923 |
Purchase of reserves in place | ' | ' | ' |
Sale of reserves in place | -767 | ' | ' |
Net changes in prices and production costs | -1,277 | -6,067 | 15,428 |
Revisions of quantity estimates | -4,306 | -9,883 | 343 |
Previously estimated development cost incurred during the year | 3,149 | 8,760 | 5,346 |
Changes in future development costs | -1,392 | -1,919 | -1,109 |
Changes in production rates (timing) and other | 368 | -5,657 | -2,336 |
Accretion of discount | 4,593 | 6,223 | 4,376 |
Net change in income taxes | -590 | 9,296 | -17,854 |
Balance, end of year | $38,708 | $45,354 | $51,909 |