Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 24, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TENGASCO INC | ||
Entity Central Index Key | 1001614 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $17.40 | ||
Entity Common Stock, Shares Outstanding | 60,842,413 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Cash and cash equivalents | $35,000 | $54,000 |
Accounts receivable, less allowance for doubtful accounts of $14 and $0 | 877,000 | 1,285,000 |
Accounts receivable-related party, less allowance for doubtful accounts of $159 and $257 | 168,000 | |
Inventory | 804,000 | 1,253,000 |
Deferred tax asset-current | 68,000 | 130,000 |
Other current assets | 311,000 | 312,000 |
Total current assets | 2,095,000 | 3,202,000 |
Restricted cash | 386,000 | 507,000 |
Loan fees, net | 18,000 | 35,000 |
Oil and gas properties, net (full cost accounting method) | 25,413,000 | 24,123,000 |
Manufactured Methane facilities, net | 1,634,000 | 4,389,000 |
Other property and equipment, net | 200,000 | 247,000 |
Deferred tax asset - noncurrent | 7,283,000 | 7,209,000 |
Total assets | 37,029,000 | 39,712,000 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 455,000 | 367,000 |
Accounts payable - other | 159,000 | 327,000 |
Accounts payable - related party | 590,000 | 412,000 |
Accrued liabilities | 759,000 | 444,000 |
Current maturities of long-term debt | 65,000 | 82,000 |
Total current liabilities | 2,028,000 | 1,632,000 |
Asset retirement obligation | 2,008,000 | 1,780,000 |
Long term debt, less current maturities | 824,000 | 3,375,000 |
Total liabilities | 4,860,000 | 6,787,000 |
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 | 55,703,000 | 55,671,000 |
Accumulated deficit | -23,595,000 | -22,807,000 |
Total stockholders' equity | 32,169,000 | 32,925,000 |
Total liabilities and stockholders' equity | $37,029,000 | $39,712,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, less allowance for doubtful accounts | $14 | $0 |
Accounts receivable-related party, allowance for doubtful accounts | $159 | $257 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations [Abstract] | |||
Revenues | $13,788 | $15,700 | $20,557 |
Cost and expenses | |||
Production costs and taxes | 5,994 | 5,524 | 7,182 |
Depreciation, depletion, and amortization | 3,030 | 2,912 | 3,403 |
General and administrative | 2,707 | 2,059 | 2,613 |
Impairment | 2,796 | ||
Total cost and expenses | 14,527 | 10,495 | 13,198 |
Income (loss) from operations | -739 | 5,205 | 7,359 |
Other income (expense) | |||
Net interest expense | -88 | -357 | -743 |
(Loss) on derivatives | -142 | ||
Gain on sale of assets | 33 | 118 | 83 |
Total other (expense) | -55 | -239 | -802 |
Income (loss) from continuing operations before income tax | -794 | 4,966 | 6,557 |
Deferred income tax expense | 12 | -1,915 | -2,226 |
Current income tax expense | -6 | -95 | -87 |
Net income (loss) from continuing operations | -788 | 2,956 | 4,244 |
(Loss) from discontinued operations, net of income tax benefit | -137 | -4,311 | |
Net income (loss) | ($788) | $2,819 | ($67) |
Net income (loss) per share - Basic | |||
Net income (loss) from continuing operations | ($0.01) | $0.05 | $0.07 |
Net loss from discontinued operations | $0 | ($0.07) | |
Net income (loss) per share - Diluted | |||
Net income (loss) from continuing operations | ($0.01) | $0.05 | $0.07 |
Net loss from discontinued operations | $0 | ($0.07) | |
Shares used in computing earnings per share | |||
Basic | 60,842,413 | 60,842,413 | 60,778,356 |
Diluted | 60,849,931 | 60,919,878 | 61,154,631 |
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, 2011 | $61 | $55,595 | ($25,559) | $30,097 |
Beginning 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 | |||
Net income (loss) | -788 | -788 | ||
Options and compensation expense | 32 | 32 | ||
Ending balance, value at Dec. 31, 2014 | $61 | $55,703 | ($23,595) | $32,169 |
Ending balance, shares at Dec. 31, 2014 | 60,842,413 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income (loss) from continuing operations | ($788) | $2,956 | $4,244 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation, depletion, and amortization | 3,030 | 2,912 | 3,403 |
Amortization of loan fees-interest expense | 17 | 32 | 55 |
Accretion of discount on asset retirement obligation | 114 | 120 | 132 |
Impairment | 2,796 | ||
Gain on sale of vehicles/equipment | -33 | -118 | -83 |
Compensation and services paid in stock options / equipment | 32 | 50 | 52 |
Deferred income tax expense | -12 | 1,915 | 2,226 |
Loss on derivatives | 142 | ||
Allowance for doubtful accounts | -84 | 257 | |
Changes in assets and liabilities | |||
Restricted cash | 121 | -386 | |
Accounts receivable | 576 | 307 | -89 |
Inventory and other assets | 450 | 31 | -694 |
Accounts payable | 58 | 103 | 196 |
Accrued liabilities | 323 | -184 | -95 |
Settlement on asset retirement obligation | -113 | -69 | -52 |
Net cash provided by operating activities - continuing operations | 6,571 | 7,971 | 9,308 |
Net cash (used in) in operating activities - discontinued operations | -85 | -265 | |
Net cash provided by operating activities | 6,571 | 7,886 | 9,043 |
Investing activities | |||
Net additions to oil and gas properties | -3,708 | -2,314 | -8,116 |
Additions to Manufactured Methane facilities | -282 | -2 | -464 |
Section 1603 refund Manufactured Methane facilities | 1,000 | ||
Additions to other property & equipment | -21 | -8 | -15 |
Proceeds from sale of other property & equipment | 17 | 106 | 22 |
Net cash (used in) investing activities - continuing operations | -3,994 | -2,218 | -7,573 |
Net cash provided by investing activities - discontinued operations | 1,395 | ||
Net cash (used in) investing activities | -3,994 | -823 | -7,573 |
Financing activities | |||
Proceeds from exercise of options/warrants | 52 | ||
Payment in lieu of exercise of options/warrants | -60 | ||
Proceeds from borrowings | 7,709 | 7,946 | 18,339 |
Repayments of borrowings | -10,305 | -13,606 | -20,133 |
Loan fees | -10 | -30 | |
Net cash provided by (used in) financing activities - continuing operations | -2,596 | -5,730 | -1,772 |
Net cash provided by (used in) financing activities - discontinued operations | -1,310 | 265 | |
Net cash provided by (used in) financing activities | -2,596 | -7,040 | -1,507 |
Net change in cash and cash equivalents - continuing operations | -19 | 23 | -37 |
Cash and cash equivalents, beginning of period | 54 | 31 | 68 |
Cash and cash equivalents, end of period | 35 | 54 | 31 |
Supplemental cash flow information: | |||
Cash interest payments | 71 | 325 | 688 |
Cash paid for taxes | 38 | 67 | |
Supplemental non-cash investing and financing activities: | |||
Financed company vehicles | 47 | 188 | 175 |
Asset retirement obligations incurred | 46 | 26 | 92 |
Revisions to asset retirement obligations | 138 | -48 | |
Capital expenditures included in accounts payable and accrued liabilities | $207 | $175 |
Description_Of_Business_And_Si
Description Of Business And Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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. (the Company) is a Delaware corporation. The Company is in the business of exploration for and production of oil and natural gas. The Companys primary area of oil exploration and production is in Kansas. The Companys 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 Companys wholly-owned subsidiary, Tengasco Pipeline Corporation, owned and operated a 65 mile intrastate pipeline which it constructed to transport natural gas from the Companys 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 Companys 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. There were no material natural gas imbalances at December 31, 2014, 2013 or 2012. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of electricity are billed each month. No methane gas was sold during 2014. | ||||||||||
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 Companys Tennessee wells. At December 31, 2013, this amount was recorded in the Consolidated Balance Sheets under Restricted cash. On August 11, 2014, the State of Tennessee notified the holder of the Certificate of Deposit that the Company had fulfilled its obligations to the State with regard to future asset retirement obligations and therefore the Certificate of Deposit could be released. The Company received these funds from the holder of the Certificate of Deposit in September 2014. In addition, during the 4th quarter of 2012, the Company placed $386,000 as collateral for a bond with RLI Insurance Company to appeal a civil penalty related to issuance of an Incident of Non-Compliance by the Bureau of Safety and Environmental Enforcement (BSEE) concerning one of the Hoactzin properties operated by the Company pursuant to the Management Agreement (see Note 4). At December 31, 2014 and 2013, this amount was recorded in the Consolidated Balance Sheets under Restricted cash (see Note 11). | ||||||||||
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 Companys 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, 2014 and 2013, inventory consisted of the following (in thousands): | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Oil carried at lower of cost or market | $ | 573 | $ | 765 | ||||||
Equipment and materials carried at cost | 231 | 488 | ||||||||
Total inventory | $ | 804 | $ | 1,253 | ||||||
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 $462,000 and $736,000 in unevaluated properties as of December 31, 2014 and 2013, 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 Manufactured Methane facilities were placed into service in April 2009 and are being depreciated using the straight-line method over the useful life based on the estimated landfill closure date of December 2041. | ||||||||||
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 $32,000 in 2014, $(28,000) in 2013, and $52,000 in 2012. 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, 2014 and 2013. At December 31, 2014 and 2013, accounts receivable consisted of the following (in thousands): | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Revenue | $ | 845 | $ | 1,179 | ||||||
Joint interest | 24 | 35 | ||||||||
Other | 22 | 85 | ||||||||
Allowance for doubtful accounts | (14 | ) | (14 | ) | ||||||
Total accounts receivable | $ | 877 | $ | 1,285 | ||||||
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, 2014, federal net operating loss carryforwards amounted to approximately $20.2 million which expire between 2019 and 2031. The total deferred tax asset was $7.35 million and $7.34 million at December 31, 2014 and 2013, 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 managements 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, 2014 and 2013 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 Companys primary business activities include oil and electricity 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. 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 Companys projected results of operations. | ||||||||||
Revenue from the top three purchasers accounted for 79.3%, 16.5%, and 3.8% of total revenues for year ended December 31, 2014. 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. As of December 31, 2014 and 2013, two of our oil purchasers accounted for 84.5% and 92.6%, respectively of our accounts receivable, of which one oil purchaser accounted for 67.8% and 80.7%, 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, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income (numerator): | ||||||||||
Net income (loss) from continuing operations | $ | (788 | ) | $ | 2,956 | $ | 4,244 | |||
Net loss from discontinued operations | - | $ | (137 | ) | $ | (4,311 | ) | |||
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,842,413 | 60,778,356 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 7,518 | 77,465 | 376,275 | |||||||
Weighted average shares - dilutive | 60,849,931 | 60,919,878 | 61,154,631 | |||||||
Earnings (loss) per share Basic and Dilutive: | ||||||||||
Continuing Operations | $ | (0.01 | ) | $ | 0.05 | $ | 0.07 | |||
Discontinued Operations | - | $ | (0.00 | ) | $ | (0.07 | ) | |||
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, 2014 and 2013. | ||||||||||
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, 2014 and 2013, 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 Companys Swan Creek and Pipeline assets for $1.5 million. Closing of this transaction occurred on August 16, 2013. 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 and 2012. 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 Companys 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, 2014 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements |
In April 2014, the FASB issued ASU 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organizations operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement user with more information about the assets, liabilities, income, and expenses of discontinued operations. This guidance is effective in the first quarter of 2015 for public companies with calendar year ends. The Company does not expect this to impact its operating results, financial position, or cash flows. | |
In June 2014, the FASB issued ASU 2014-12 Compensation Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provided That a Performance Target Could Be Achieved after the Requisite Service Period. This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption in permitted. The Company does not expect this to impact its operating results, financial position, or cash flows. | |
In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. This guidance is intended to define managements responsibility to evaluate whether there is substantial doubt about an organizations ability to continue as a going concern and to provide related footnote disclosures. This also provides guidance to a organizations management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This guidance is effective for annual periods beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption in permitted for annual and interim reporting periods for which the financial statements have not previously been issued. 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, 2014 | |
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 Companys 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 Companys 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 provided 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% if net revenues received by Hoactzin reached an agreed payout point of approximately 1.35 times Hoactzins purchase price (the Payout Point) for its interest in the Ten Well Program. | |
In March 2008, the Company drilled and completed the final well in the Ten Well Program. 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. | |
On September 17, 2007, Hoactzin, simultaneously with subscribing to participate in the Ten Well Program, 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 have been applied towards the determination of the Payout Point for the Ten Well Program. However, through December 31, 2014, no payments were made to Hoactzin for its 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, 2014 for payment to Hoactzin under the net profits interest conveyed. | |
In February 2014, net revenues earned by Hoactzin from the Ten Well Program had exceeded $5.2 million and thereby reached the Payout Point which increased the management fee due to the Company by Hoactzin from 25% to 85% and reduced the net profits interest in the Methane Project from 75% to 7.5%. | |
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, offshore Texas, and offshore Louisiana (the Management Agreement). | |
As part of the consideration for the Companys 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 Hoactzins managed properties during the term of the Management Agreement. The Management Agreement terminated by its own terms on December 18, 2012. The Company is assisting Hoactzin with becoming operator of record of these wells. 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 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 Hoactzins operated properties located in federal offshore waters in favor of the BSEE, 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. Dolphin Direct Equity Partners, L.P. is a private equity fund controlled by Peter E. Salas that has a significant economic interest in Hoactzin. Hoactzin had provided $6.6 million in cash to IndemCo as collateral for these potential obligations. As of May 15, 2014, all bonds issued by IndemCo and subject to the Payment and Indemnity Agreement have been released by the BSEE and have been cancelled by IndemCo. Accordingly, the exposure to the Company under any of the now cancelled IndemCo bonds or the indemnity agreement relating to those now cancelled bonds has decreased to zero. | |
As part of the transition process, Hoactzin secured new bonds from Argonaut Insurance Company to replace the IndemCo bonds. As noted above, all of the IndemCo bonds were replaced, and all IndemCo bonds were cancelled. Also as part of the transition to Hoactzin becoming operator of its own properties, right-of-use and easement (RUE) bonds in the amount of $1.55 million were required by the regulatory process to be issued by Argonaut in the Companys name as current operator. 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 the required collateral for the new Argonaut bonds, including 100% cash collateral for the RUE bonds issued in the Companys name. The Company is not party to the indemnity agreement with Argonaut and has not provided any collateral for any of the Argonaut bonds issued. When the transfer of the RUEs and associated bonds is approved, the transfer of operations to Hoactzin would be complete and the Companys involvement in the Hoactzin properties will be ended. | |
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 Companys 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 Companys balance sheet. Payables related to these past due and ongoing operations remained outstanding at December 31, 2014 and 2013 in the amount of $159,000 and $327,000, respectively. The decrease in payables was due to payment by Hoactzin of invoices received by the Company from IndemCo related to bond premiums, which invoices have been paid by Hoactzin in full and the IndemCo bonds cancelled. The Company has recorded the Hoactzin-related payables and the corresponding receivable from Hoactzin as of December 31, 2014 and 2013 in its Consolidated Balance Sheets under Accounts payable other and Accounts receivable related party. Since the second quarter of 2012, the only increase in the Hoactzin-related payables that have been recorded on the Companys Consolidated Balance Sheets relate to the IndemCo bond premiums. As all the IndemCo bonds have been cancelled, the outstanding balance of $159,000 should not increase in the future. However, Hoactzin has not made payments to reduce the $159,000 of past due balances from 2009 and 2010 since the second quarter of 2012. Based on these circumstances, the Company has elected to establish an allowance in the amount of $159,000 for the balances outstanding at December 31, 2014 and 2013. This allowance was recorded in the Companys Consolidated Balance Sheets under Accounts receivable related party. The resulting balances recorded in the Companys Consolidated Balance Sheets under Accounts receivable related party, less allowance for doubtful accounts of $159 and $257 are $0 and $168,000 at December 31, 2014 and 2013, respectively. | |
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, 2014 and 2013, the Company has suspended approximately $590,000 and $412,000 in payments, respectively. 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. | |
Oil_And_Gas_Properties
Oil And Gas Properties | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Oil And Gas Properties [Abstract] | |||||||
Oil And Gas Properties | 4. Oil and Gas Properties | ||||||
The following table sets forth information concerning the Companys oil and gas properties: (in thousands): | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Oil and gas properties, at cost | $ | 49,388 | $ | 45,101 | |||
Unevaluated properties, at cost | 462 | 736 | |||||
Accumulated depreciation, depletion and amortization | (24,437 | ) | (21,714 | ) | |||
Oil and gas properties, net | $ | 25,413 | $ | 24,123 | |||
During the years ended December 31, 2014, 2013, and 2012, the Company recorded depletion expense of $2.8 million, $2.6 million and $3.0 million, respectively. | |||||||
Manufactured_Methane_Facilitie
Manufactured Methane Facilities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Manufactured Methane Facilities [Abstract] | ||||||
Manufactured Methane Facilities | 5. Manufactured Methane Facilities | |||||
The following table sets forth information concerning the Manufactured Methane facilities: (in thousands): | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Manufactured Methane facilities, at cost | $ | 1,634 | $ | 4,945 | ||
Accumulated depreciation | - | (556 | ) | |||
Manufactured Methane facilities, net | $ | 1,634 | $ | 4,389 | ||
During each of the years ended December 31, 2014, 2013, and 2012, the Company recorded depreciation expense of $163,000, $136,000, and $101,000, respectively. In 2014, the Company recognized a non-cash impairment of the Manufactured Methane facilities in the amount of $2.8 million ($1.7 million net of tax effect). The impairment resulted from the Companys assessment that future cash flows, using historical costs and runtimes, were insufficient to recover the Manufactured Methane facilities net book value. The Manufactured Methane facilities were written down to fair value amount calculated from estimated discounted cash flows, as well as certain expressions of interest with regards to the purchase by outside parties of the Companys Manufactured Methane facilities. (See Note 10. Fair Value Measurements) | ||||||
Other_Property_And_Equipment
Other Property And Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, 2014: (in thousands) | ||||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 20 | $ | 17 | $ | 3 | |
Vehicles | 2-5 yrs | 430 | 233 | 197 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 513 | $ | 313 | $ | 200 | ||
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 | ||
The Company uses the straight-line method of depreciation for other property and equipment. During each of the years ended December 31, 2014, 2013, and 2012, the Company recorded depreciation expense of $101,000, $170,000, and $258,000, respectively. | ||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations [Abstract] | |||||||
Discontinued Operations | 7. Discontinued Operations | ||||||
Discontinued operations represent the income and expenses related to the Companys pipeline assets. The pipeline assets were sold in August 2013. 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 and 2012 (in thousands): | |||||||
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
Revenues | $ | 22 | $ | 30 | |||
Production costs and taxes | (164 | ) | (315 | ) | |||
Depreciation, depletion, and amortization | - | (223 | ) | ||||
Impairment | - | (5,242 | ) | ||||
Gain on sale of assets | 128 | - | |||||
Deferred income tax benefit | (180 | ) | 1,419 | ||||
Current income tax benefit | 57 | 20 | |||||
Net loss from discontinued operations, net of income tax | $ | (137 | ) | $ | (4,311 | ) | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Long-Term Debt | 8. Long-Term Debt | ||||||||
Long-term debt consisted of the following: (in thousands) | |||||||||
December 31, | 2014 | 2013 | |||||||
Revolving credit facility, with interest only payment until maturity. | $ | 734 | $ | 3,257 | |||||
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 $10 | 155 | 200 | |||||||
Total long-term debt | 889 | 3,457 | |||||||
Less current maturities | (65 | ) | (82 | ) | |||||
Long-term debt, less current maturities | $ | 824 | $ | 3,375 | |||||
Future debt payments to unrelated entities as of December 31, 2014 consisted of the following: (in thousands) | |||||||||
2015 | 2016 | 2017 | Total | ||||||
Bank Credit Facility | $ | - | $ | - | $ | 734 | $ | 734 | |
Company Vehicles | $ | 65 | $ | 56 | $ | 34 | $ | 155 | |
Total | $ | 65 | $ | 56 | $ | 768 | $ | 889 | |
At December 31, 2014, the Company had a revolving credit facility with Prosperity Bank (formerly F&M Bank & Trust Company). 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 Companys borrowing base in effect from time to time. As of December 31, 2014, the Companys borrowing base was $14.3 million and the interest rate of prime plus 0.50% per annum. The Companys interest rate at December 31, 2014 was 3.75%, and matures on January 27, 2017. 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 Companys producing and non-producing oil and gas properties and the Companys Manufactured Methane facilities. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, and minimum liquidity ratios. The Company is in compliance with all of the credit facility covenants. | |||||||||
On March 16, 2015, the Companys senior credit facility with Prosperity Bank was amended to decrease the Companys borrowing base from $14.3 million to $7.8 million and extend the term of the facility to January 27, 2017. 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 Prosperity Bank credit facility remained $40 million. | |||||||||
The total borrowing by the Company under the Prosperity Bank facility at December 31, 2014 and December 31, 2013 was $734,000 and $3.3 million, respectively. The next borrowing base review will take place in July 2015. | |||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
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 December 15, 2013, the Company entered into a 38 month lease (2 months free) for office space in Greenwood Village Colorado. The payment on this lease is approximately $2,700 per month and expired February 28, 2017. On May 14, 2014, the lease was amended to include additional leased space at the Greenwood Village Colorado office. The amendment extended the lease to expire on May 31, 2017. The monthly lease payments were amended as follows: $3,965.06 per month for the period June 2014 through May 2015; $4,090.94 per month for the period June 2015 through May 2016; $4,216.81 per month for the period June 2016 through May 2017. Future non-cancellable commitments related to this lease total approximately $48,000 due in 2015, $50,000 due in 2016, and $21,000 due in 2017. | |
Office rent expense for each of the three years ended December 31, 2014, 2013, and 2012 was $73,000, $92,000, and $80,000, respectively. | |
The Company as designated operator of the Hoactzin properties was administratively issued an Incident of Non-Compliance by BSEE during the quarter ended September 30, 2012 concerning one of Hoactzins operated properties. This action calls for payment of a civil penalty of $386,000 for failure to provide, upon request, documentation to the BSEE evidencing that certain safety inspections and tests had been conducted in 2011. In the 4th quarter of 2012, the Company filed an administrative appeal with the Interior Board of Land Appeals (IBLA) of this action in order to attempt to significantly reduce the civil penalty. This appeal required a fully collateralized appeal bond to postpone the payment obligation until the appeal was determined. 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 have become final. On June 23, 2014, the IBLA affirmed the civil penalty without reduction. On September 22, 2014, the Company sought judicial review of the June 23, 2014 agency action in the federal district court in the Eastern District of Louisiana at New Orleans. While the civil penalty could ultimately be reduced in the judicial review process, as a result of the determination by the IBLA, the Company recorded a liability of $386,000 in the Companys Consolidated Balance Sheets under Accrued and other current liabilities and an expense in its Consolidated Statements of Operations under Production costs and taxes for the year ended December 31, 2014. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
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 markets 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 Companys assets and liabilities at fair value on a recurring basis as of December 31, 2014 (in thousands): | |||||||
Level 1 | Level 2 | Level 3 | |||||
Maufacured Methane facilities | $ | - | $ | - | $ | 1,634 | |
The following table sets forth the reconciliation of the change in value of the Companys Manufactured Methane facilities from December 31, 2013 to December 31, 2014 (in thousands): | |||||||
Balance December 31, 2013 | $ | 4,389 | |||||
Additions | 204 | ||||||
Depreciation Expense | (163 | ) | |||||
Balance at December 31, 2014 prior to impairment | 4,430 | ||||||
Pre-tax non-cash impairment | (2,796 | ) | |||||
Balance December 31, 2014 | $ | 1,634 | |||||
Fair value of the Manufactured Methane facilities at December 31, 2014 was based on estimated discounted future net cash flows, as well as certain expressions of interest with regards to the purchase by outside parties of the Companys Manufactured Methane facilities. | |||||||
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, 2014 and December 31, 2013. | |||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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 Companys Asset Retirement Obligation transactions for the years ended December 31, 2013 and 2014 (in thousands): | ||||
Balance December 31, 2012 | $ | 2,099 | ||
Accretion expense | 120 | |||
Liabilities incurred | 26 | |||
Liabilities settled | (417 | ) | ||
Revision in estimated liabilities | (48 | ) | ||
Balance December 31, 2013 | $ | 1,780 | ||
Accretion expense | 114 | |||
Liabilities incurred | 46 | |||
Liabilities settled | (70 | ) | ||
Revisions in estimated liabilities | 138 | |||
Balance December 31, 2014 | $ | 2,008 | ||
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 2014 and 2013 resulted primarily from change in timing of wells to be plugged. | ||||
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 Companys Board of Directors on February 1, 2008 and approved by the Companys 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 Companys 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 2014, 2013, and 2012 is summarized below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted | Weighted | Weighted | |||||||||||
Average | Average | Average | |||||||||||
Exercise | Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||
Outstanding, | |||||||||||||
beginning of year | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | ||||
Granted | 100,000 | $ | 0.44 | 75,000 | $ | 0.54 | 87,500 | $ | 0.85 | ||||
Exercised | - | $ | - | - | $ | - | (105,000 | ) | $ | 0.5 | |||
Expired/cancelled | (70,000 | ) | $ | 0.63 | (577,000 | ) | $ | 0.72 | (81,250 | ) | $ | 1.12 | |
Outstanding, end of | |||||||||||||
year | 900,250 | $ | 0.57 | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | ||||
Exercisable, end of | |||||||||||||
year | 900,250 | $ | 0.57 | 790,250 | $ | 0.6 | 1,212,250 | $ | 0.62 | ||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2014: | |||||||||||||
Weighted Average | Options Outstanding | Weighted Average | Options | ||||||||||
Exercise Price | (shares) | Remaining Contractual | Exercisable | ||||||||||
Life (years) | (shares) | ||||||||||||
$ | 0.5 | 400,000 | 0.8 | 400,000 | |||||||||
$ | 0.43 | 50,000 | 0.1 | 50,000 | |||||||||
$ | 0.44 | 94,000 | 0.7 | 94,000 | |||||||||
$ | 1.08 | 50,000 | 1.3 | 50,000 | |||||||||
$ | 1.16 | 18,750 | 1.3 | 18,750 | |||||||||
$ | 0.84 | 18,750 | 1.5 | 18,750 | |||||||||
$ | 0.72 | 18,750 | 1.8 | 18,750 | |||||||||
$ | 0.75 | 18,750 | 2 | 18,750 | |||||||||
$ | 1.07 | 18,750 | 2.3 | 18,750 | |||||||||
$ | 0.81 | 18,750 | 2.5 | 18,750 | |||||||||
$ | 0.73 | 18,750 | 2.8 | 18,750 | |||||||||
$ | 0.64 | 18,750 | 3 | 18,750 | |||||||||
$ | 0.62 | 18,750 | 3.2 | 18,750 | |||||||||
$ | 0.48 | 18,750 | 3.5 | 18,750 | |||||||||
$ | 0.41 | 18,750 | 3.8 | 18,750 | |||||||||
$ | 0.41 | 25,000 | 4 | 25,000 | |||||||||
$ | 0.48 | 25,000 | 4.2 | 25,000 | |||||||||
$ | 0.44 | 25,000 | 4.5 | 25,000 | |||||||||
$ | 0.44 | 25,000 | 4.8 | 25,000 | |||||||||
900,250 | 900,250 | ||||||||||||
During 2014, the Company issued the following options to each of the non-executive directors that remain outstanding as of December 31, 2014. 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 | 25,000 | $ | 0.41 | 1/3/14 | 1/2/19 | ||||||||
6,250 | 25,000 | $ | 0.48 | 4/1/14 | 3/31/19 | ||||||||
6,250 | 25,000 | $ | 0.44 | 7/2/14 | 7/1/19 | ||||||||
6,250 | 25,000 | $ | 0.44 | 10/2/14 | 10/1/19 | ||||||||
The weighted average fair value per share of options granted in 2014 was $0.22 and 2013 was $0.25 calculated using the Black Scholes option pricing model. | |||||||||||||
Compensation expense related to stock options was $32,000 in 2014 and was $(28,000) in 2013 and $52,000 in 2012. 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. 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 2014 of expected volatility of 53.3%, a risk free interest rate of 3.27% and an expected option life remaining from 0.1 to 4.8 years. The weighted average assumptions for 2013 were 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 used for 2012 were expected volatility of 65.0%, a risk fee interest rate of 2.71% and an expected option life remaining for 0.1 years to 4.8 years. | |||||||||||||
On January 5, 2015, options to purchase 25,000 common shares at $0.25 per share were issued to the Companys non-executive directors. These options fully vested upon grant date and will expire on January 4, 2020. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | 13. Income Taxes | |||||||||
The Company had taxable income for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
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, 2014 | Total | |||||||||
Statutory rate | 34 | % | ||||||||
Tax (benefit) expense at statutory rate | $ | (270 | ) | |||||||
State income tax (benefit) expense | (40 | ) | ||||||||
Permanent difference | 304 | |||||||||
Total income tax provision (benefit) | $ | (6 | ) | |||||||
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 | |||
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. | ||||||||||
In 2013, 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, 2014 and 2013 was $790,000. | ||||||||||
As of December 31, 2014, the Company had net operating loss carry forwards of approximately $20.2 million which will expire between 2018 and 2031 if not utilized. The Company recognizes the excess income tax benefit associated with certain stock compensation deductions when such deductions produce a reduction in the Companys current tax liability under the with and without approach. Due to cumulative net operating loss carryforwards (NOLs) that exceeded the excess income tax benefits generated in prior reporting periods, the Company has not recognized the excess benefit of the tax deductions upon the exercise of stock options in any prior reporting period. As of December 31, 2014, the Companys estimated net operating losses for tax return filing purposes exceeds the gross amount for financial reporting purposes by $1.9M. The tax effect of this excess tax benefit will be recorded as a reduction to APIC in a future reporting period when the cash benefit is realized. Our open tax years include all returns filed for 2011 and later. In addition, any of the Companys 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 Companys deferred tax assets and liabilities are as follows: (in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Net deferred tax assets - current: | ||||||||||
Charitable contribution | $ | - | $ | 62 | ||||||
Bad debt | $ | 68 | $ | 68 | ||||||
Total deferred tax assets current | $ | 68 | $ | 130 | ||||||
Net deferred tax assets (liabilities) noncurrent: | ||||||||||
Net operating loss carryforwards | $ | 7,173 | $ | 7,723 | ||||||
Oil and gas properties | (894 | ) | 979 | |||||||
Property, Plant and Equipment | 711 | (1,562 | ) | |||||||
Asset retirement obligation | 786 | 565 | ||||||||
Tax credits | 202 | 196 | ||||||||
Miscellaneous | 95 | 98 | ||||||||
Valuation allowance | (790 | ) | (790 | ) | ||||||
Total deferred tax assets noncurrent | $ | 7,283 | $ | 7,209 | ||||||
Net deferred tax asset | $ | 7,351 | $ | 7,339 | ||||||
Quarterly_Data_And_Share_Infor
Quarterly Data And Share Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 2014 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 3,505 | $ | 3,985 | $ | 3,619 | $ | 2,679 | |||||
Net income from continuing operations | 424 | 377 | 425 | (2,014 | ) | ||||||||
Income per common share from continuing operations | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.03 | ) | ||||
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 | ) |
Supplemental_Oil_And_Gas_Infor
Supplemental Oil And Gas Information | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Supplemental Oil And Gas Information [Abstract] | |||||||||||||||||||||||
Supplemental Oil And Gas Information | 15. Supplemental Oil and Gas Information (unaudited) | ||||||||||||||||||||||
Information with respect to the Companys 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 Companys 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, 2014 and 2013 (in thousands): | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Proved oil and gas properties | $ | 49,388 | $ | 45,101 | |||||||||||||||||||
Unproved properties | 462 | 736 | |||||||||||||||||||||
Total proved and unproved oil and gas properties | $ | 49,850 | $ | 45,837 | |||||||||||||||||||
Less accumulated depreciation, depletion and amortization | (24,437 | ) | (21,714 | ) | |||||||||||||||||||
Net oil and gas properties | $ | 25,413 | $ | 24,123 | |||||||||||||||||||
Oil and Gas Related Costs | |||||||||||||||||||||||
The following table sets forth information concerning costs incurred, including accruals, related to the Companys oil and gas property acquisition, exploration and development activities (in thousands): | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Property acquisitions proved | $ | - | $ | - | $ | - | |||||||||||||||||
Property acquisitions unproved | 598 | 488 | 188 | ||||||||||||||||||||
Exploration cost | 2,367 | 914 | 4,608 | ||||||||||||||||||||
Development cost | 864 | 998 | 2,649 | ||||||||||||||||||||
Total | $ | 3,829 | $ | 2,400 | $ | 7,445 | |||||||||||||||||
Results of Operations from Oil and Gas Producing Activities | |||||||||||||||||||||||
The following table sets forth the Companys results of operations from oil and gas producing activities (in thousands): | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Revenues | $ | 13,260 | $ | 15,325 | $ | 19,885 | |||||||||||||||||
Production costs and taxes | (4,876 | ) | (4,854 | ) | (5,610 | ) | |||||||||||||||||
Depreciation, depletion and amortization | (2,766 | ) | (2,606 | ) | (3,044 | ) | |||||||||||||||||
Income from oil and gas producing activities | $ | 5,618 | $ | 7,865 | $ | 11,231 | |||||||||||||||||
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 Companys operating tax loss carry-forward position. | |||||||||||||||||||||||
Estimated Quantities of Oil and Gas Reserves | |||||||||||||||||||||||
The following table sets forth the Companys net proved oil and gas reserves and the changes in net proved oil and gas reserves for the years ended December 31, 2012, 2013 and 2014. All of the Companys proved reserves are located in the United States of America. | |||||||||||||||||||||||
Oil (MBbl) | Gas (MMcf) | MBOE | |||||||||||||||||||||
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 | ||||||||||||||||||||
Revisions of previous estimates | (253 | ) | - | (253 | ) | ||||||||||||||||||
Improved recovery | - | - | - | ||||||||||||||||||||
Purchase of reserves in place | - | - | - | ||||||||||||||||||||
Extensions and discoveries | 164 | - | 164 | ||||||||||||||||||||
Production | (154 | ) | - | (154 | ) | ||||||||||||||||||
Sales of reserves in place | - | - | - | ||||||||||||||||||||
Proved reserves at December 31, 2014 | 1,797 | - | 1,797 | ||||||||||||||||||||
Proved developed reserves at: | |||||||||||||||||||||||
31-Dec-11 | 1,939 | 4 | 1,940 | ||||||||||||||||||||
31-Dec-12 | 1,822 | 22 | 1,826 | ||||||||||||||||||||
31-Dec-13 | 1,575 | - | 1,575 | ||||||||||||||||||||
31-Dec-14 | 1,438 | - | 1,438 | ||||||||||||||||||||
Proved undeveloped reserves at: | |||||||||||||||||||||||
31-Dec-11 | 652 | - | 652 | ||||||||||||||||||||
31-Dec-12 | 391 | - | 391 | ||||||||||||||||||||
31-Dec-13 | 465 | - | 465 | ||||||||||||||||||||
31-Dec-14 | 359 | - | 359 | ||||||||||||||||||||
The Companys Proved Undeveloped Reserves at December 31, 2014 included 27 locations as compared to 29 locations at December 31, 2013. During 2014, one of the PUDs contributing reserves of 12 MBbl that existed at December 31, 2013 was drilled and moved into proved developed reserves, 9 PUDs contributing reserves of 155 MBbl were dropped from the PUD reserves at December 31, 2014, and there was a 50 MBbl downward revision in PUD reserves. These reductions were partially offset by the addition of 8 PUD locations which contributed 111 MBbl of reserves at December 31, 2014. The future development cost related to the Companys Proved Undeveloped locations at December 31, 2014 was approximately $8.7 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 Companys 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 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/12 | |||||||||||||||||||||
Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total | |||||||||||||||
Total proved reserves year-end | |||||||||||||||||||||||
reserve report | $ | 40,417 | - | $ | 40,417 | $ | 47,856 | - | $ | 47,856 | $ | 53,906 | $ | 5 | $ | 53,911 | |||||||
Proved developed producing | |||||||||||||||||||||||
reserves (PDP) | $ | 32,059 | - | $ | 32,059 | $ | 34,440 | - | $ | 34,440 | $ | 42,621 | $ | 5 | $ | 42,626 | |||||||
% of PDP reserves to total proved | |||||||||||||||||||||||
reserves | 79 | % | - | 79 | % | 72 | % | - | 72 | % | 79 | % | - | 79 | % | ||||||||
Proved developed non-producing | |||||||||||||||||||||||
reserves | $ | 2,956 | - | $ | 2,956 | $ | 4,868 | - | $ | 4,868 | $ | 3,234 | - | $ | 3,234 | ||||||||
% of PDNP reserves to total proved | |||||||||||||||||||||||
reserves | 7 | % | - | 7 | % | 10 | % | - | 10 | % | 6 | % | - | 6 | % | ||||||||
Proved undeveloped reserves (PUD) | |||||||||||||||||||||||
$ | 5,402 | - | $ | 5,402 | $ | 8,548 | - | $ | 8,548 | $ | 8,051 | - | $ | 8,051 | |||||||||
% of PUD reserves to total proved | |||||||||||||||||||||||
reserves | 14 | % | - | 14 | % | 18 | % | - | 18 | % | 15 | % | - | 15 | % | ||||||||
Standardized Measure of Discounted Future Net Cash Flows | |||||||||||||||||||||||
The standardized measure of discounted future net cash flows from the Companys proved oil and gas reserves is presented in the following table (in thousands): | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Future cash inflows | $ | 158,792 | $ | 183,801 | $ | 194,941 | |||||||||||||||||
Future production costs and taxes | (71,951 | ) | (82,307 | ) | (82,069 | ) | |||||||||||||||||
Future development costs | (10,014 | ) | (11,162 | ) | (7,894 | ) | |||||||||||||||||
Future income tax expenses | (13,092 | ) | (18,910 | ) | (19,472 | ) | |||||||||||||||||
Future net cash flows | 63,735 | 71,422 | 85,506 | ||||||||||||||||||||
Discount at 10% for timing of cash flows | (29,204 | ) | (32,714 | ) | (40,152 | ) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 34,531 | $ | 38,708 | $ | 45,354 | |||||||||||||||||
The following are the principal sources of change in the standardized measure of discounted future net cash flows from the Companys proved oil and gas reserves (in thousands): | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance, beginning of year | $ | 38,708 | $ | 45,354 | $ | 51,909 | |||||||||||||||||
Sales, net of production costs and taxes | (8,385 | ) | (10,471 | ) | (14,275 | ) | |||||||||||||||||
Discoveries and extensions, net of costs | 4,231 | 4,047 | 6,967 | ||||||||||||||||||||
Purchase of reserves in place | - | - | - | ||||||||||||||||||||
Sale of reserves in place | - | (767 | ) | - | |||||||||||||||||||
Net changes in prices and production costs | (829 | ) | (1,277 | ) | (6,067 | ) | |||||||||||||||||
Revisions of quantity estimates | (6,610 | ) | (4,306 | ) | (9,883 | ) | |||||||||||||||||
Previously estimated development cost incurred during the year | 508 | 3,149 | 8,760 | ||||||||||||||||||||
Changes in future development costs | (1,913 | ) | (1,392 | ) | (1,919 | ) | |||||||||||||||||
Changes in production rates (timing) and other | 1,312 | 368 | (5,657 | ) | |||||||||||||||||||
Accretion of discount | 4,247 | 4,593 | 6,223 | ||||||||||||||||||||
Net change in income taxes | 3,262 | (590 | ) | 9,296 | |||||||||||||||||||
Balance, end of year | $ | 34,531 | $ | 38,708 | $ | 45,354 | |||||||||||||||||
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 oil prices used for December 31, 2014, 2013, and 2012, were $88.34, $90.11, $88.08 per barrel of oil respectively. The gas price used in 2012 was $2.76. The Companys proved reserves as of December 31, 2014, 2013 and 2012 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, 2014 | ||||||||||
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. There were no material natural gas imbalances at December 31, 2014, 2013 or 2012. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of electricity are billed each month. No methane gas was sold during 2014. | ||||||||||
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 Companys Tennessee wells. At December 31, 2013, this amount was recorded in the Consolidated Balance Sheets under Restricted cash. On August 11, 2014, the State of Tennessee notified the holder of the Certificate of Deposit that the Company had fulfilled its obligations to the State with regard to future asset retirement obligations and therefore the Certificate of Deposit could be released. The Company received these funds from the holder of the Certificate of Deposit in September 2014. In addition, during the 4th quarter of 2012, the Company placed $386,000 as collateral for a bond with RLI Insurance Company to appeal a civil penalty related to issuance of an Incident of Non-Compliance by the Bureau of Safety and Environmental Enforcement (BSEE) concerning one of the Hoactzin properties operated by the Company pursuant to the Management Agreement (see Note 4). At December 31, 2014 and 2013, this amount was recorded in the Consolidated Balance Sheets under Restricted cash (see Note 11). | ||||||||||
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 Companys 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, 2014 and 2013, inventory consisted of the following (in thousands): | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Oil carried at lower of cost or market | $ | 573 | $ | 765 | ||||||
Equipment and materials carried at cost | 231 | 488 | ||||||||
Total inventory | $ | 804 | $ | 1,253 | ||||||
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 $462,000 and $736,000 in unevaluated properties as of December 31, 2014 and 2013, 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 Manufactured Methane facilities were placed into service in April 2009 and are being depreciated using the straight-line method over the useful life based on the estimated landfill closure date of December 2041. | ||||||||||
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 $32,000 in 2014, $(28,000) in 2013, and $52,000 in 2012. 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, 2014 and 2013. At December 31, 2014 and 2013, accounts receivable consisted of the following (in thousands): | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Revenue | $ | 845 | $ | 1,179 | ||||||
Joint interest | 24 | 35 | ||||||||
Other | 22 | 85 | ||||||||
Allowance for doubtful accounts | (14 | ) | (14 | ) | ||||||
Total accounts receivable | $ | 877 | $ | 1,285 | ||||||
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, 2014, federal net operating loss carryforwards amounted to approximately $20.2 million which expire between 2019 and 2031. The total deferred tax asset was $7.35 million and $7.34 million at December 31, 2014 and 2013, 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 managements 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, 2014 and 2013 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 Companys primary business activities include oil and electricity 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. 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 Companys projected results of operations. | ||||||||||
Revenue from the top three purchasers accounted for 79.3%, 16.5%, and 3.8% of total revenues for year ended December 31, 2014. 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. As of December 31, 2014 and 2013, two of our oil purchasers accounted for 84.5% and 92.6%, respectively of our accounts receivable, of which one oil purchaser accounted for 67.8% and 80.7%, 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, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income (numerator): | ||||||||||
Net income (loss) from continuing operations | $ | (788 | ) | $ | 2,956 | $ | 4,244 | |||
Net loss from discontinued operations | - | $ | (137 | ) | $ | (4,311 | ) | |||
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,842,413 | 60,778,356 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 7,518 | 77,465 | 376,275 | |||||||
Weighted average shares - dilutive | 60,849,931 | 60,919,878 | 61,154,631 | |||||||
Earnings (loss) per share Basic and Dilutive: | ||||||||||
Continuing Operations | $ | (0.01 | ) | $ | 0.05 | $ | 0.07 | |||
Discontinued Operations | - | $ | (0.00 | ) | $ | (0.07 | ) | |||
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, 2014 and 2013. | ||||||||||
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, 2014 and 2013, 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 Companys Swan Creek and Pipeline assets for $1.5 million. Closing of this transaction occurred on August 16, 2013. 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 and 2012. 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 Companys 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, 2014 | ||||||||||
Description Of Business And Significant Accounting Policies [Abstract] | ||||||||||
Schedule Of Inventory | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Oil carried at lower of cost or market | $ | 573 | $ | 765 | ||||||
Equipment and materials carried at cost | 231 | 488 | ||||||||
Total inventory | $ | 804 | $ | 1,253 | ||||||
Schedule Of Accounts Receivable | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Revenue | $ | 845 | $ | 1,179 | ||||||
Joint interest | 24 | 35 | ||||||||
Other | 22 | 85 | ||||||||
Allowance for doubtful accounts | (14 | ) | (14 | ) | ||||||
Total accounts receivable | $ | 877 | $ | 1,285 | ||||||
Reconciliations Of The Numerators And Denominators Of Our Basic And Diluted Earnings Per Share | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income (numerator): | ||||||||||
Net income (loss) from continuing operations | $ | (788 | ) | $ | 2,956 | $ | 4,244 | |||
Net loss from discontinued operations | - | $ | (137 | ) | $ | (4,311 | ) | |||
Weighted average shares (denominator): | ||||||||||
Weighted average shares - basic | 60,842,413 | 60,842,413 | 60,778,356 | |||||||
Dilution effect of share-based compensation, | ||||||||||
treasury method | 7,518 | 77,465 | 376,275 | |||||||
Weighted average shares - dilutive | 60,849,931 | 60,919,878 | 61,154,631 | |||||||
Earnings (loss) per share Basic and Dilutive: | ||||||||||
Continuing Operations | $ | (0.01 | ) | $ | 0.05 | $ | 0.07 | |||
Discontinued Operations | - | $ | (0.00 | ) | $ | (0.07 | ) |
Oil_And_Gas_Properties_Tables
Oil And Gas Properties (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Oil And Gas Properties [Abstract] | |||||||
Schedule Of Oil And Gas Properties | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
Oil and gas properties, at cost | $ | 49,388 | $ | 45,101 | |||
Unevaluated properties, at cost | 462 | 736 | |||||
Accumulated depreciation, depletion and amortization | (24,437 | ) | (21,714 | ) | |||
Oil and gas properties, net | $ | 25,413 | $ | 24,123 |
Manufactured_Methane_Facilitie1
Manufactured Methane Facilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Manufactured Methane Facilities [Abstract] | ||||||
Schedule Of The Manufactured Methane Facilities | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Manufactured Methane facilities, at cost | $ | 1,634 | $ | 4,945 | ||
Accumulated depreciation | - | (556 | ) | |||
Manufactured Methane facilities, net | $ | 1,634 | $ | 4,389 |
Other_Property_And_Equipment_T
Other Property And Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Property And Equipment [Abstract] | ||||||||
Schedule Of Other Property And Equipment | Other property and equipment consisted of the following as of December 31, 2014: (in thousands) | |||||||
Accumulated | Net Book | |||||||
Type | Depreciable Life | Gross Cost | Depreciation | Value | ||||
Machinery and equipment | 5-7 yrs | $ | 20 | $ | 17 | $ | 3 | |
Vehicles | 2-5 yrs | 430 | 233 | 197 | ||||
Other | 5 yrs | 63 | 63 | - | ||||
Total | $ | 513 | $ | 313 | $ | 200 | ||
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 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations [Abstract] | |||||||
Schedule Of The Amounts In Net Loss From Discontinued Operations | |||||||
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
Revenues | $ | 22 | $ | 30 | |||
Production costs and taxes | (164 | ) | (315 | ) | |||
Depreciation, depletion, and amortization | - | (223 | ) | ||||
Impairment | - | (5,242 | ) | ||||
Gain on sale of assets | 128 | - | |||||
Deferred income tax benefit | (180 | ) | 1,419 | ||||
Current income tax benefit | 57 | 20 | |||||
Net loss from discontinued operations, net of income tax | $ | (137 | ) | $ | (4,311 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Schedule Of Long-Term Debt To Unrelated Entities | |||||||||
December 31, | 2014 | 2013 | |||||||
Revolving credit facility, with interest only payment until maturity. | $ | 734 | $ | 3,257 | |||||
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 $10 | 155 | 200 | |||||||
Total long-term debt | 889 | 3,457 | |||||||
Less current maturities | (65 | ) | (82 | ) | |||||
Long-term debt, less current maturities | $ | 824 | $ | 3,375 | |||||
Schedule Of Future Debt Payments | |||||||||
2015 | 2016 | 2017 | Total | ||||||
Bank Credit Facility | $ | - | $ | - | $ | 734 | $ | 734 | |
Company Vehicles | $ | 65 | $ | 56 | $ | 34 | $ | 155 | |
Total | $ | 65 | $ | 56 | $ | 768 | $ | 889 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Fair Value Measurements [Abstract] | |||||||
Schedule Assets And Liabilities At Fair Value | |||||||
Level 1 | Level 2 | Level 3 | |||||
Maufacured Methane facilities | $ | - | $ | - | $ | 1,634 | |
Reconciliation Of The Change In Value | |||||||
Balance December 31, 2013 | $ | 4,389 | |||||
Additions | 204 | ||||||
Depreciation Expense | (163 | ) | |||||
Balance at December 31, 2014 prior to impairment | 4,430 | ||||||
Pre-tax non-cash impairment | (2,796 | ) | |||||
Balance December 31, 2014 | $ | 1,634 |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Asset Retirement Obligation [Abstract] | ||||
Asset Retirement Obligation Transactions | ||||
Balance December 31, 2012 | $ | 2,099 | ||
Accretion expense | 120 | |||
Liabilities incurred | 26 | |||
Liabilities settled | (417 | ) | ||
Revision in estimated liabilities | (48 | ) | ||
Balance December 31, 2013 | $ | 1,780 | ||
Accretion expense | 114 | |||
Liabilities incurred | 46 | |||
Liabilities settled | (70 | ) | ||
Revisions in estimated liabilities | 138 | |||
Balance December 31, 2014 | $ | 2,008 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stock Options [Abstract] | |||||||||||||
Schedule Of Stock Option Activity | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted | Weighted | Weighted | |||||||||||
Average | Average | Average | |||||||||||
Exercise | Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||
Outstanding, | |||||||||||||
beginning of year | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | 1,471,000 | $ | 0.61 | ||||
Granted | 100,000 | $ | 0.44 | 75,000 | $ | 0.54 | 87,500 | $ | 0.85 | ||||
Exercised | - | $ | - | - | $ | - | (105,000 | ) | $ | 0.5 | |||
Expired/cancelled | (70,000 | ) | $ | 0.63 | (577,000 | ) | $ | 0.72 | (81,250 | ) | $ | 1.12 | |
Outstanding, end of | |||||||||||||
year | 900,250 | $ | 0.57 | 870,250 | $ | 0.59 | 1,372,250 | $ | 0.61 | ||||
Exercisable, end of | |||||||||||||
year | 900,250 | $ | 0.57 | 790,250 | $ | 0.6 | 1,212,250 | $ | 0.62 | ||||
Schedule Of Stock Options Outstanding And Exercisable | |||||||||||||
Weighted Average | Options Outstanding | Weighted Average | Options | ||||||||||
Exercise Price | (shares) | Remaining Contractual | Exercisable | ||||||||||
Life (years) | (shares) | ||||||||||||
$ | 0.5 | 400,000 | 0.8 | 400,000 | |||||||||
$ | 0.43 | 50,000 | 0.1 | 50,000 | |||||||||
$ | 0.44 | 94,000 | 0.7 | 94,000 | |||||||||
$ | 1.08 | 50,000 | 1.3 | 50,000 | |||||||||
$ | 1.16 | 18,750 | 1.3 | 18,750 | |||||||||
$ | 0.84 | 18,750 | 1.5 | 18,750 | |||||||||
$ | 0.72 | 18,750 | 1.8 | 18,750 | |||||||||
$ | 0.75 | 18,750 | 2 | 18,750 | |||||||||
$ | 1.07 | 18,750 | 2.3 | 18,750 | |||||||||
$ | 0.81 | 18,750 | 2.5 | 18,750 | |||||||||
$ | 0.73 | 18,750 | 2.8 | 18,750 | |||||||||
$ | 0.64 | 18,750 | 3 | 18,750 | |||||||||
$ | 0.62 | 18,750 | 3.2 | 18,750 | |||||||||
$ | 0.48 | 18,750 | 3.5 | 18,750 | |||||||||
$ | 0.41 | 18,750 | 3.8 | 18,750 | |||||||||
$ | 0.41 | 25,000 | 4 | 25,000 | |||||||||
$ | 0.48 | 25,000 | 4.2 | 25,000 | |||||||||
$ | 0.44 | 25,000 | 4.5 | 25,000 | |||||||||
$ | 0.44 | 25,000 | 4.8 | 25,000 | |||||||||
900,250 | 900,250 | ||||||||||||
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 | 25,000 | $ | 0.41 | 1/3/14 | 1/2/19 | ||||||||
6,250 | 25,000 | $ | 0.48 | 4/1/14 | 3/31/19 | ||||||||
6,250 | 25,000 | $ | 0.44 | 7/2/14 | 7/1/19 | ||||||||
6,250 | 25,000 | $ | 0.44 | 10/2/14 | 10/1/19 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Reconciliation Of The Statutory U.S. Federal Income Tax And The Income Tax Provision | ||||||||||
Year Ended December 31, 2014 | Total | |||||||||
Statutory rate | 34 | % | ||||||||
Tax (benefit) expense at statutory rate | $ | (270 | ) | |||||||
State income tax (benefit) expense | (40 | ) | ||||||||
Permanent difference | 304 | |||||||||
Total income tax provision (benefit) | $ | (6 | ) | |||||||
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 | |||
Schedule Of Deferred Tax Assets And Liabilities | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Net deferred tax assets - current: | ||||||||||
Charitable contribution | $ | - | $ | 62 | ||||||
Bad debt | $ | 68 | $ | 68 | ||||||
Total deferred tax assets current | $ | 68 | $ | 130 | ||||||
Net deferred tax assets (liabilities) noncurrent: | ||||||||||
Net operating loss carryforwards | $ | 7,173 | $ | 7,723 | ||||||
Oil and gas properties | (894 | ) | 979 | |||||||
Property, Plant and Equipment | 711 | (1,562 | ) | |||||||
Asset retirement obligation | 786 | 565 | ||||||||
Tax credits | 202 | 196 | ||||||||
Miscellaneous | 95 | 98 | ||||||||
Valuation allowance | (790 | ) | (790 | ) | ||||||
Total deferred tax assets noncurrent | $ | 7,283 | $ | 7,209 | ||||||
Net deferred tax asset | $ | 7,351 | $ | 7,339 |
Quarterly_Data_And_Share_Infor1
Quarterly Data And Share Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Data And Share Information [Abstract] | |||||||||||||
Schedule Of Quarterly Data | |||||||||||||
Fiscal Year Ended 2014 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||
Revenues | $ | 3,505 | $ | 3,985 | $ | 3,619 | $ | 2,679 | |||||
Net income from continuing operations | 424 | 377 | 425 | (2,014 | ) | ||||||||
Income per common share from continuing operations | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | (0.03 | ) | ||||
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 | ) |
Supplemental_Oil_And_Gas_Infor1
Supplemental Oil And Gas Information (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Supplemental Oil And Gas Information [Abstract] | |||||||||||||||||||||||
Schedule Of Capitalized Costs Related To Oil And Gas Producing Activities | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Proved oil and gas properties | $ | 49,388 | $ | 45,101 | |||||||||||||||||||
Unproved properties | 462 | 736 | |||||||||||||||||||||
Total proved and unproved oil and gas properties | $ | 49,850 | $ | 45,837 | |||||||||||||||||||
Less accumulated depreciation, depletion and amortization | (24,437 | ) | (21,714 | ) | |||||||||||||||||||
Net oil and gas properties | $ | 25,413 | $ | 24,123 | |||||||||||||||||||
Schedule Of Oil And Gas Property Acquisition, Exploration And Development | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Property acquisitions proved | $ | - | $ | - | $ | - | |||||||||||||||||
Property acquisitions unproved | 598 | 488 | 188 | ||||||||||||||||||||
Exploration cost | 2,367 | 914 | 4,608 | ||||||||||||||||||||
Development cost | 864 | 998 | 2,649 | ||||||||||||||||||||
Total | $ | 3,829 | $ | 2,400 | $ | 7,445 | |||||||||||||||||
Schedule Of Results Of Operations From Oil And Gas Producing Activities | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Revenues | $ | 13,260 | $ | 15,325 | $ | 19,885 | |||||||||||||||||
Production costs and taxes | (4,876 | ) | (4,854 | ) | (5,610 | ) | |||||||||||||||||
Depreciation, depletion and amortization | (2,766 | ) | (2,606 | ) | (3,044 | ) | |||||||||||||||||
Income from oil and gas producing activities | $ | 5,618 | $ | 7,865 | $ | 11,231 | |||||||||||||||||
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, 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 | ||||||||||||||||||||
Revisions of previous estimates | (253 | ) | - | (253 | ) | ||||||||||||||||||
Improved recovery | - | - | - | ||||||||||||||||||||
Purchase of reserves in place | - | - | - | ||||||||||||||||||||
Extensions and discoveries | 164 | - | 164 | ||||||||||||||||||||
Production | (154 | ) | - | (154 | ) | ||||||||||||||||||
Sales of reserves in place | - | - | - | ||||||||||||||||||||
Proved reserves at December 31, 2014 | 1,797 | - | 1,797 | ||||||||||||||||||||
Proved developed reserves at: | |||||||||||||||||||||||
31-Dec-11 | 1,939 | 4 | 1,940 | ||||||||||||||||||||
31-Dec-12 | 1,822 | 22 | 1,826 | ||||||||||||||||||||
31-Dec-13 | 1,575 | - | 1,575 | ||||||||||||||||||||
31-Dec-14 | 1,438 | - | 1,438 | ||||||||||||||||||||
Proved undeveloped reserves at: | |||||||||||||||||||||||
31-Dec-11 | 652 | - | 652 | ||||||||||||||||||||
31-Dec-12 | 391 | - | 391 | ||||||||||||||||||||
31-Dec-13 | 465 | - | 465 | ||||||||||||||||||||
31-Dec-14 | 359 | - | 359 | ||||||||||||||||||||
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 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/12 | |||||||||||||||||||||
Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total | |||||||||||||||
Total proved reserves year-end | |||||||||||||||||||||||
reserve report | $ | 40,417 | - | $ | 40,417 | $ | 47,856 | - | $ | 47,856 | $ | 53,906 | $ | 5 | $ | 53,911 | |||||||
Proved developed producing | |||||||||||||||||||||||
reserves (PDP) | $ | 32,059 | - | $ | 32,059 | $ | 34,440 | - | $ | 34,440 | $ | 42,621 | $ | 5 | $ | 42,626 | |||||||
% of PDP reserves to total proved | |||||||||||||||||||||||
reserves | 79 | % | - | 79 | % | 72 | % | - | 72 | % | 79 | % | - | 79 | % | ||||||||
Proved developed non-producing | |||||||||||||||||||||||
reserves | $ | 2,956 | - | $ | 2,956 | $ | 4,868 | - | $ | 4,868 | $ | 3,234 | - | $ | 3,234 | ||||||||
% of PDNP reserves to total proved | |||||||||||||||||||||||
reserves | 7 | % | - | 7 | % | 10 | % | - | 10 | % | 6 | % | - | 6 | % | ||||||||
Proved undeveloped reserves (PUD) | |||||||||||||||||||||||
$ | 5,402 | - | $ | 5,402 | $ | 8,548 | - | $ | 8,548 | $ | 8,051 | - | $ | 8,051 | |||||||||
% of PUD reserves to total proved | |||||||||||||||||||||||
reserves | 14 | % | - | 14 | % | 18 | % | - | 18 | % | 15 | % | - | 15 | % | ||||||||
Schedule Of Standardized Measure Of Discounted Futures Net Cash Flows From Proved Oil And Gas Reserves | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Future cash inflows | $ | 158,792 | $ | 183,801 | $ | 194,941 | |||||||||||||||||
Future production costs and taxes | (71,951 | ) | (82,307 | ) | (82,069 | ) | |||||||||||||||||
Future development costs | (10,014 | ) | (11,162 | ) | (7,894 | ) | |||||||||||||||||
Future income tax expenses | (13,092 | ) | (18,910 | ) | (19,472 | ) | |||||||||||||||||
Future net cash flows | 63,735 | 71,422 | 85,506 | ||||||||||||||||||||
Discount at 10% for timing of cash flows | (29,204 | ) | (32,714 | ) | (40,152 | ) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 34,531 | $ | 38,708 | $ | 45,354 | |||||||||||||||||
Schedule Of Changes In The Standardized Measure Of Discounted Future Net Cash Flows From Proved Oil And Gas Reserves | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance, beginning of year | $ | 38,708 | $ | 45,354 | $ | 51,909 | |||||||||||||||||
Sales, net of production costs and taxes | (8,385 | ) | (10,471 | ) | (14,275 | ) | |||||||||||||||||
Discoveries and extensions, net of costs | 4,231 | 4,047 | 6,967 | ||||||||||||||||||||
Purchase of reserves in place | - | - | - | ||||||||||||||||||||
Sale of reserves in place | - | (767 | ) | - | |||||||||||||||||||
Net changes in prices and production costs | (829 | ) | (1,277 | ) | (6,067 | ) | |||||||||||||||||
Revisions of quantity estimates | (6,610 | ) | (4,306 | ) | (9,883 | ) | |||||||||||||||||
Previously estimated development cost incurred during the year | 508 | 3,149 | 8,760 | ||||||||||||||||||||
Changes in future development costs | (1,913 | ) | (1,392 | ) | (1,919 | ) | |||||||||||||||||
Changes in production rates (timing) and other | 1,312 | 368 | (5,657 | ) | |||||||||||||||||||
Accretion of discount | 4,247 | 4,593 | 6,223 | ||||||||||||||||||||
Net change in income taxes | 3,262 | (590 | ) | 9,296 | |||||||||||||||||||
Balance, end of year | $ | 34,531 | $ | 38,708 | $ | 45,354 |
Description_Of_Business_And_Si3
Description Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | |
mi | ||||
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 | 462,000 | 736,000 | ||
Current cost discount | 10.00% | |||
Allowance for doubtful accounts | 14,000 | 14,000 | ||
Reversal of compensation expense | 59,500 | |||
Federal net operating loss carryforwards | 20,200,000 | |||
Deferred tax asset | 7,351,000 | 7,339,000 | ||
Derivatives | 0 | 0 | ||
Sale price of Swan Creek and Pipeline assets | $1,500,000 | |||
Kansas | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customers | 2 | |||
Customer A [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 79.30% | 79.80% | 79.90% | |
Customer B [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 16.50% | 14.90% | 14.30% | |
Customer C [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 3.80% | 1.70% | 2.20% | |
Two Customers [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of accounts receivable | 84.50% | 92.60% | ||
Customer D [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of accounts receivable | 67.80% | 80.70% | ||
Minimum [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Federal net operating loss carryforwards expiration between, years | 31-Dec-19 | |||
Minimum [Member] | Other Property And Equipment [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 2 years | |||
Maximum [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Federal net operating loss carryforwards expiration between, years | 31-Dec-31 | |||
Maximum [Member] | Other Property And Equipment [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 7 years |
Description_Of_Business_And_Si4
Description Of Business And Significant Accounting Policies (Schedule Of Inventory) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Description Of Business And Significant Accounting Policies [Abstract] | ||
Oil carried at lower of cost or market | $573 | $765 |
Equipment and materials - carried at cost | 231 | 488 |
Total inventory | $804 | $1,253 |
Description_Of_Business_And_Si5
Description Of Business And Significant Accounting Policies (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
accounts receivable | $877 | $1,285 |
Allowance for doubtful accounts | -14 | -14 |
Revenue [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
accounts receivable | 845 | 1,179 |
Joint Interest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
accounts receivable | 24 | 35 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
accounts receivable | $22 | $85 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) from continuing operations | ($2,014) | $425 | $377 | $424 | $638 | $535 | $805 | $978 | ($788) | $2,956 | $4,244 |
Net loss from discontinued operations | -9 | -54 | -33 | -41 | -137 | -4,311 | |||||
Weighted average shares - basic | 60,842,413 | 60,842,413 | 60,778,356 | ||||||||
Dilution effect of share-based compensation, treasury method | $7,518 | $77,465 | $376,275 | ||||||||
Weighted average shares - dilutive | 60,849,931 | 60,919,878 | 61,154,631 | ||||||||
Continuing Operations | ($0.01) | $0.05 | $0.07 | ||||||||
Discontinued Operations | $0 | ($0.07) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 18, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 17, 2007 | Feb. 28, 2014 | Jan. 31, 2014 | Mar. 31, 2008 | 15-May-14 | |
item | |||||||||
Productive Wells [Line Items] | |||||||||
Cost incurred, development costs | $864,000 | $998,000 | $2,649,000 | ||||||
Percent of executive salary | 50.00% | ||||||||
Working interest percent | 15.00% | ||||||||
Bond, face value | 10,700,000 | 0 | |||||||
Cash collateral | 6,600,000 | ||||||||
Percent of cash collateral | 100.00% | ||||||||
Related parties accounts payable | 159,000 | 327,000 | |||||||
Allowance For Doubtful Accounts, Due from Related Parties, Current | 159,000 | 257,000 | |||||||
Accounts payable - related party | 590,000 | 412,000 | |||||||
Right-Of-Use And Easement Bonds [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Bond, face value | 1,550,000 | ||||||||
Ten Well Program [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Wells in process of drilling | 10 | ||||||||
Number of wildcat wells | 3 | ||||||||
Number of developmental wells | 7 | ||||||||
Percent of working interest revenue, as a fee | 85.00% | 25.00% | |||||||
Payout point multiplier | 1.35 | ||||||||
Payout point value | 5,200,000 | ||||||||
Related party transaction | 3,850,000 | ||||||||
Ten Well Program [Member] | Producing Well [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Cost incurred, development costs | 400,000 | ||||||||
Ten Well Program [Member] | Non-Productive Well [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Cost incurred, development costs | 250,000 | ||||||||
Ten Well Program [Member] | At Or Above Revenue Threshold [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Percent of working interest revenue, as a fee | 85.00% | ||||||||
Ten Well Program [Member] | Up To Revenue Threshold [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Percent of working interest revenue, as a fee | 25.00% | ||||||||
Methane Project [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Percent of net profits, interest | 75.00% | 7.50% | 75.00% | ||||||
Hoactzin [Member] | |||||||||
Productive Wells [Line Items] | |||||||||
Allowance For Doubtful Accounts, Due from Related Parties, Current | $159,000 |
Oil_And_Gas_Properties_Details
Oil And Gas Properties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil And Gas Properties [Abstract] | |||
Oil and gas properties, at cost | $49,388 | $45,101 | |
Unevaluated properties, at cost | 462 | 736 | |
Accumulated depreciation, depletion and amortization | -24,437 | -21,714 | |
Oil and gas properties, net | 25,413 | 24,123 | |
Depletion expense | $2,800 | $2,600 | $3,000 |
Manufactured_Methane_Facilitie2
Manufactured Methane Facilities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Methane Project [Line Items] | |||
Depreciation expense | $101,000 | $170,000 | $258,000 |
Asset Impairment Charges | 2,796,000 | ||
Methane Project [Member] | |||
Methane Project [Line Items] | |||
Depreciation expense | 163,000 | 136,000 | 101,000 |
Asset Impairment Charge Net Of Tax | $1,700,000 |
Manufactured_Methane_Facilitie3
Manufactured Methane Facilities (Schedule Of The Manufactured Methane Facilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Methane Project [Line Items] | ||
Manufactured Methane facilities, at cost | $513 | $558 |
Accumulated depreciation | -313 | -311 |
Net | 200 | 247 |
Methane Project [Member] | ||
Methane Project [Line Items] | ||
Manufactured Methane facilities, at cost | 1,634 | 4,945 |
Accumulated depreciation | -556 | |
Net | $1,634 | $4,389 |
Other_Property_And_Equipment_D
Other Property And Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Gross Cost | $513,000 | $558,000 | |
Accumulated depreciation | 313,000 | 311,000 | |
Net | 200,000 | 247,000 | |
Depreciation expense | 101,000 | 170,000 | 258,000 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Cost | 20,000 | 20,000 | |
Accumulated depreciation | 17,000 | 13,000 | |
Net | 3,000 | 7,000 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Cost | 430,000 | 475,000 | |
Accumulated depreciation | 233,000 | 235,000 | |
Net | 197,000 | 240,000 | |
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 |
Discontinued_Operations_Schedu
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, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations [Abstract] | ||||||
Revenues | $22 | $30 | ||||
Production costs and taxes | -164 | -315 | ||||
Depreciation, depletion, and amortization | -223 | |||||
Impairment | -5,242 | |||||
Gain on sale of assets | 128 | |||||
Deferred income tax benefit | -180 | 1,419 | ||||
Current income tax benefit | 57 | 20 | ||||
Net loss from discontinued operations, net of income tax | ($9) | ($54) | ($33) | ($41) | ($137) | ($4,311) |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Mar. 27, 2014 | Dec. 31, 2013 | Mar. 16, 2015 | Mar. 15, 2015 | |
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% | ||||
F&M Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum line of credit | $40,000,000 | ||||
Borrowing base | 14,300,000 | ||||
Interest rate per annum | 3.75% | ||||
Variable interest rate | 0.50% | ||||
Loans and letters of credit amount outstanding | 734,000 | 3,300,000 | |||
F&M Bank [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility current borrowing capacity | 40,000,000 | ||||
Borrowing base | $7,800,000 | $14,300,000 | |||
Variable interest rate | 0.50% |
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, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ||
Revolving credit facility, with interest only payment until maturity | $734 | $3,257 |
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 $10 | 155 | 200 |
Total long-term debt | 889 | 3,457 |
Less current maturities | -65 | -82 |
Long-term debt, less current maturities | 824 | 3,375 |
Debt Instrument, Periodic Payments Including Insurance And Maintenance | $10 | |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Line Items] | ||
2015 | $65 | |
2016 | 56 | |
2017 | 768 | |
Total long-term debt | 889 | 3,457 |
Bank Credit Facility [Member] | ||
Long-Term Debt [Line Items] | ||
2017 | 734 | |
Total long-term debt | 734 | |
Company Vehicles [Member] | ||
Long-Term Debt [Line Items] | ||
2015 | 65 | |
2016 | 56 | |
2017 | 34 | |
Total long-term debt | $155 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-17 | 31-May-16 | 31-May-15 | |
Commitments And Contingencies [Line Items] | ||||||
Rent expense | $73,000 | $92,000 | $80,000 | |||
Maximum range of possible payment | 386,000 | |||||
Denver Colorado [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Lease term | 38 months | |||||
Number of free months in lease | 2 months | |||||
Leases rent due per month | 2,700 | |||||
Lease due in 2015 | 48,000 | |||||
Lease due in 2016 | 50,000 | |||||
Lease due in 2017 | 21,000 | |||||
Scenario, Forecast [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Leases rent due per month | $4,216.81 | $4,090.94 | $3,965.06 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Assets And Liabilities At Fair Value) (Details) (Level 3 [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Maufacured Methane facilities | $1,634 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation Of The Change In Value) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance | $558,000 | ||
Depreciation Expense | -101,000 | -170,000 | -258,000 |
Balance | 513,000 | 558,000 | |
Manufactured Methane Facilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance | 4,389,000 | ||
Additions | 204,000 | ||
Depreciation Expense | -163,000 | ||
Balance prior to impairment | 4,430,000 | ||
Pre-tax non-cash impairment | -2,796,000 | ||
Balance | $1,634,000 |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation [Line Items] | |||
Asset Retirement Obligation, Beginning Balance | $1,780,000 | $2,099,000 | |
Accretion expense | 114,000 | 120,000 | 132,000 |
Liabilities incurred | 46,000 | 26,000 | |
Liabilities settled | -70,000 | -417,000 | |
Revisions in estimated liabilities | 138,000 | -48,000 | |
Asset Retirement Obligation, Ending Balance | 2,008,000 | 1,780,000 | 2,099,000 |
Decrease in asset reitrement obligation | 46,000 | 26,000 | 92,000 |
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 | 0 Months Ended | |||
Feb. 01, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 05, 2015 | Oct. 25, 2000 | |
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 | |||||
Purchase price floor of fair market value | 85.00% | |||||
Weighted average fair value of options granted | $0.22 | $0.25 | ||||
Compensation expense | $32,000 | $50,000 | $52,000 | |||
Expected volatility | 53.30% | 47.60% | 65.00% | |||
Risk free interest rate | 3.27% | 2.97% | 2.71% | |||
Stock Options [Member] | ||||||
Stock Options [Line Items] | ||||||
Compensation expense | 32,000 | -28,000 | 52,000 | |||
Current year compensation expense | 32,000 | |||||
Reversal of compensation expense | $59,500 | |||||
Minimum [Member] | ||||||
Stock Options [Line Items] | ||||||
Voting power | 10.00% | |||||
option life remaining | 1 month 6 days | 1 month 6 days | 1 month 6 days | |||
Maximum [Member] | ||||||
Stock Options [Line Items] | ||||||
option life remaining | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 9 months 18 days | |||
Voluntary Resignation [Member] | ||||||
Stock Options [Line Items] | ||||||
Stock Incentive Plan exercisable period | 3 months | |||||
10% Of Total Voting Power [Member] | ||||||
Stock Options [Line Items] | ||||||
Stock Incentive Plan exercisable period | 5 years | |||||
Purchase price floor of fair market value | 110.00% | |||||
Subsequent Event [Member] | ||||||
Stock Options [Line Items] | ||||||
Options issued to purchase | 25,000 | |||||
Price per share | $0.25 |
Stock_Options_Schedule_Of_Stoc
Stock Options (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Abstract] | |||
Shares, Outstanding beginning of year | 870,250 | 1,372,250 | 1,471,000 |
Shares, Granted | 100,000 | 75,000 | 87,500 |
Shares, Exercised | -105,000 | ||
Shares, Expired/cancelled | -70,000 | -577,000 | -81,250 |
Shares, Outstanding end of year | 900,250 | 870,250 | 1,372,250 |
Weighted Average Exercise Price, Outstanding beginning of year | $0.59 | $0.61 | $0.61 |
Weighted Average Exercise Price, Granted | $0.44 | $0.54 | $0.85 |
Weighted Average Exercise Price, Exercised | $0.50 | ||
Weighted Average Exercise Price, Expired/cancelled | $0.63 | $0.72 | $1.12 |
Weighted Average Exercise Price, Outstanding end of year | $0.57 | $0.59 | $0.61 |
Excersiable, end of year, Shares | 900,250 | 790,250 | 1,212,250 |
Excersiable, end of year, Weighted Average Exercise Price | $0.57 | $0.60 | $0.62 |
Stock_Options_Schedule_Of_Stoc1
Stock Options (Schedule Of Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.57 | $0.59 | $0.61 | $0.61 |
Options Outstanding | 900,250 | 870,250 | 1,372,250 | 1,471,000 |
Options Exercisable | 900,250 | |||
$0.50 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.50 | |||
Options Outstanding | 400,000 | |||
Weighted Average Remaining Contractual Life | 9 months 18 days | |||
Options Exercisable | 400,000 | |||
$0.43 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.43 | |||
Options Outstanding | 50,000 | |||
Weighted Average Remaining Contractual Life | 1 month 6 days | |||
Options Exercisable | 50,000 | |||
$0.44 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.44 | |||
Options Outstanding | 94,000 | |||
Weighted Average Remaining Contractual Life | 8 months 12 days | |||
Options Exercisable | 94,000 | |||
$1.08 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $1.08 | |||
Options Outstanding | 50,000 | |||
Weighted Average Remaining Contractual Life | 1 year 3 months 18 days | |||
Options Exercisable | 50,000 | |||
$1.16 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $1.16 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 1 year 3 months 18 days | |||
Options Exercisable | 18,750 | |||
$0.84 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.84 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 1 year 6 months | |||
Options Exercisable | 18,750 | |||
$0.72 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.72 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 1 year 9 months 18 days | |||
Options Exercisable | 18,750 | |||
$0.75 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.75 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 2 years | |||
Options Exercisable | 18,750 | |||
$1.07 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $1.07 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 2 years 3 months 18 days | |||
Options Exercisable | 18,750 | |||
$0.81 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.81 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 2 years 6 months | |||
Options Exercisable | 18,750 | |||
$0.73 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.73 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 2 years 9 months 18 days | |||
Options Exercisable | 18,750 | |||
$0.64 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.64 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 3 years | |||
Options Exercisable | 18,750 | |||
$0.62 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.62 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 3 years 2 months 12 days | |||
Options Exercisable | 18,750 | |||
$0.48 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.48 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 3 years 6 months | |||
Options Exercisable | 18,750 | |||
$0.41 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.41 | |||
Options Outstanding | 18,750 | |||
Weighted Average Remaining Contractual Life | 3 years 9 months 18 days | |||
Options Exercisable | 18,750 | |||
$0.41 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.41 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life | 4 years | |||
Options Exercisable | 25,000 | |||
$0.48 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.48 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | |||
Options Exercisable | 25,000 | |||
$0.44 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.44 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life | 4 years 6 months | |||
Options Exercisable | 25,000 | |||
$0.44 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $0.44 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life | 4 years 9 months 18 days | |||
Options Exercisable | 25,000 |
Stock_Options_Schedule_Of_Opti
Stock Options (Schedule Of Options Issued) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 100,000 | 75,000 | 87,500 | |
Exercise Price | $0.57 | $0.59 | $0.61 | $0.61 |
$0.41 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 25,000 | |||
Exercise Price | $0.41 | |||
Grant Date | 3-Jan-14 | |||
Expiration Date | 2-Jan-19 | |||
$0.41 [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 | 25,000 | |||
Exercise Price | $0.48 | |||
Grant Date | 1-Apr-14 | |||
Expiration Date | 31-Mar-19 | |||
$0.48 [Member] | Non-Executive Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 6,250 | |||
$0.44 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 25,000 | |||
Exercise Price | $0.44 | |||
Grant Date | 2-Jul-14 | |||
Expiration Date | 1-Jul-19 | |||
$0.44 [Member] | Non-Executive Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 6,250 | |||
$0.44 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 25,000 | |||
Exercise Price | $0.44 | |||
Grant Date | 2-Oct-14 | |||
Expiration Date | 1-Oct-19 | |||
$0.44 [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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Reconciliation, Permanent Difference | $304,000 | ($4,000) | $49,000 |
Valuation allowance | 790,000 | 790,000 | |
Federal net operating loss carryforwards | 20,200,000 | ||
Operating Loss Carryforwards | 20,200,000 | ||
Estimated Net Operating Losses Exceed Gross Financial Reporting Amount [Member] | |||
Federal net operating loss carryforwards | 1,900,000 | ||
Operating Loss Carryforwards | $1,900,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation [Line Items] | |||
Statutory rate | 34.00% | 34.00% | 34.00% |
Tax (benefit) expense at statutory rate | $270 | $1,684 | $274 |
State income tax (benefit) expense | 40 | 255 | 43 |
Permanent difference | -304 | 4 | -49 |
Other | 6 | ||
Net change in deferred tax asset valuation allowance | 190 | 600 | |
Total income tax provision (benefit) | 6 | 2,133 | 874 |
Continuing Operations [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Statutory rate | 34.00% | 34.00% | |
Tax (benefit) expense at statutory rate | 1,689 | 2,229 | |
State income tax (benefit) expense | 255 | 43 | |
Permanent difference | 4 | 35 | |
Other | 62 | 6 | |
Total income tax provision (benefit) | 2,010 | 2,313 | |
Discontinued Operations [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Statutory rate | 34.00% | 34.00% | |
Tax (benefit) expense at statutory rate | -5 | -1,955 | |
Permanent difference | -84 | ||
Other | -62 | ||
Net change in deferred tax asset valuation allowance | 190 | 600 | |
Total income tax provision (benefit) | $123 | ($1,439) |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Charitable contribution | $62,000 | |
Bad debt | 68,000 | 68,000 |
Total deferred tax assets - current | 68,000 | 130,000 |
Net operating loss carryforwards | 7,173,000 | 7,723,000 |
Oil and gas properties | -894,000 | 979,000 |
Property, Plant and Equipment | 711,000 | -1,562,000 |
Asset retirement obligation | 786,000 | 565,000 |
Tax credits | 202,000 | 196,000 |
Miscellaneous | 95,000 | 98,000 |
Valuation allowance | -790,000 | -790,000 |
Total deferred tax assets - noncurrent | 7,283,000 | 7,209,000 |
Net deferred tax asset | $7,351,000 | $7,339,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Data And Share Information [Abstract] | |||||||||||
Revenues | $2,679 | $3,619 | $3,985 | $3,505 | $3,481 | $4,034 | $3,871 | $4,314 | $13,788 | $15,700 | $20,557 |
Net income (loss) from continuing operations | -2,014 | 425 | 377 | 424 | 638 | 535 | 805 | 978 | -788 | 2,956 | 4,244 |
Net (loss) from discontinued operations | ($9) | ($54) | ($33) | ($41) | ($137) | ($4,311) | |||||
Income per common share from continuing operations | ($0.03) | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | ($0.01) | $0.05 | $0.07 |
(Loss) per common share from discontinued operations | $0 | $0 | $0 | $0 | $0 | ($0.07) |
Supplemental_Oil_And_Gas_Infor2
Supplemental Oil And Gas Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | item | ||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved undeveloped reserve locations | 27 | 29 | |
future development cost | ($10,014) | ($11,162) | ($7,894) |
Barrel Of Oil [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Price | 88.34 | 90.11 | 88.08 |
MCF Of Gas [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Price | 2.76 | ||
Proved Undeveloped Reserves [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
future development cost | $8,700 | ||
One Proved Undeveloped Reserves [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved undeveloped reserve locations | 1 | ||
One Proved Undeveloped Reserves [Member] | Barrel Of Oil [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved developed reserves (volume) | 12 | ||
Nine Proved Undeveloped Reserves [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved undeveloped reserve locations | 9 | ||
Proved developed reserves (volume) | 155 | ||
Eight Proved Undeveloped Reserves [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved undeveloped reserve locations | 8 | ||
Proved developed reserves (volume) | 111 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Oil And Gas Information [Abstract] | ||
Proved oil and gas properties | $49,388 | $45,101 |
Unproved properties | 462 | 736 |
Total proved and unproved oil and gas properties | 49,850 | 45,837 |
Less accumulated depreciation, depletion and amortization | -24,437 | -21,714 |
Net oil and gas properties | $25,413 | $24,123 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Oil And Gas Information [Abstract] | |||
Property acquisitions proved | |||
Property acquisitions unproved | 598 | 488 | 188 |
Exploration cost | 2,367 | 914 | 4,608 |
Development cost | 864 | 998 | 2,649 |
Total | $3,829 | $2,400 | $7,445 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Oil And Gas Information [Abstract] | |||
Revenues | $13,260 | $15,325 | $19,885 |
Production costs and taxes | -4,876 | -4,854 | -5,610 |
Depreciation, depletion and amortization | -2,766 | -2,606 | -3,044 |
Income from oil and gas producing activities | $5,618 | $7,865 | $11,231 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MBbls | MBbls | MBbls | MBoe | |
MBoe | MBoe | MBoe | MBbls | |
Reserve Quantities [Line Items] | ||||
Proved reserves | 2,040,000 | 2,217,000 | 2,592,000 | |
Revisions of previous estimates | -253,000 | -151,000 | -327,000 | |
Extensions and discoveries | 164,000 | 170,000 | 186,000 | |
Production | -154,000 | -172,000 | -234,000 | |
Sales of reserves in place | -24,000 | |||
Proved reserves | 1,797,000 | 2,040,000 | 2,217,000 | 2,592,000 |
Proved developed reserves (equivalent) | 1,438,000 | 1,575,000 | 1,826,000 | 1,940,000 |
Proved undeveloped reserves (equivalent) | 359,000 | 465,000 | 391,000 | 652,000 |
Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved reserves | 2,040 | 2,213 | 2,591 | |
Revisions of previous estimates | -253 | -153 | -337 | |
Extensions and discoveries | 164 | 170 | 186 | |
Production | -154 | -166 | -227 | |
Sales of reserves in place | -24 | |||
Proved reserves | 1,797 | 2,040 | 2,213 | |
Proved developed reserves (volume) | 1,438 | 1,575 | 1,822 | 1,939 |
Proved undeveloped reserves (volume) | 359 | 465 | 391 | 652 |
Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved reserves | 22 | 4 | ||
Revisions of previous estimates | 16 | 61 | ||
Production | -38 | -43 | ||
Proved reserves | 22 | |||
Proved developed reserves (volume) | 22 | 4 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve Quantities [Line Items] | |||
Total proved reserves year-end reserve report | $40,417 | $47,856 | $53,911 |
Proved developed producing reserves (PDP) | 32,059 | 34,440 | 42,626 |
% of PDP reserves to total proved reserves | 79.00% | 72.00% | 79.00% |
Proved developed non-producing reserves | 2,956 | 4,868 | 3,234 |
% of PDNP reserves to total proved reserves | 7.00% | 10.00% | 6.00% |
Proved undeveloped reserves (PUD) | 5,402 | 8,548 | 8,051 |
% of PUD reserves to total proved reserves | 14.00% | 18.00% | 15.00% |
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Total proved reserves year-end reserve report | 40,417 | 47,856 | 53,906 |
Proved developed producing reserves (PDP) | 32,059 | 34,440 | 42,621 |
% of PDP reserves to total proved reserves | 79.00% | 72.00% | 79.00% |
Proved developed non-producing reserves | 2,956 | 4,868 | 3,234 |
% of PDNP reserves to total proved reserves | 7.00% | 10.00% | 6.00% |
Proved undeveloped reserves (PUD) | 5,402 | 8,548 | 8,051 |
% of PUD reserves to total proved reserves | 14.00% | 18.00% | 15.00% |
Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Total proved reserves year-end reserve report | 5 | ||
Proved developed producing reserves (PDP) | 5 | ||
% 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Oil And Gas Information [Abstract] | |||
Future cash inflows | $158,792 | $183,801 | $194,941 |
Future production costs and taxes | -71,951 | -82,307 | -82,069 |
Future development costs | -10,014 | -11,162 | -7,894 |
Future income tax expenses | -13,092 | -18,910 | -19,472 |
Future net cash flows | 63,735 | 71,422 | 85,506 |
Discount at 10% for timing of cash flows | -29,204 | -32,714 | -40,152 |
Standardized measure of discounted future net cash flows | $34,531 | $38,708 | $45,354 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Oil And Gas Information [Abstract] | |||
Balance, beginning of year | $38,708 | $45,354 | $51,909 |
Sales, net of production costs and taxes | -8,385 | -10,471 | -14,275 |
Discoveries and extensions, net of costs | 4,231 | 4,047 | 6,967 |
Purchase of reserves in place | |||
Sale of reserves in place | -767 | ||
Net changes in prices and production costs | -829 | -1,277 | -6,067 |
Revisions of quantity estimates | -6,610 | -4,306 | -9,883 |
Previously estimated development cost incurred during the year | 508 | 3,149 | 8,760 |
Changes in future development costs | -1,913 | -1,392 | -1,919 |
Changes in production rates (timing) and other | 1,312 | 368 | -5,657 |
Accretion of discount | 4,247 | 4,593 | 6,223 |
Net change in income taxes | 3,262 | -590 | 9,296 |
Balance, end of year | $34,531 | $38,708 | $45,354 |