Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TENGASCO INC | ||
Entity Central Index Key | 1,001,614 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 3 | ||
Entity Common Stock, Shares Outstanding | 10,601,685 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 76 | $ 40 |
Accounts receivable, less allowance for doubtful accounts of $14 | 490 | 446 |
Accounts receivable-related party, less allowance for doubtful accounts of $159 | ||
Inventory | 627 | 542 |
Other current assets | 421 | 354 |
Total current assets | 1,614 | 1,382 |
Oil and gas properties, net (full cost accounting method) | 5,225 | 8,838 |
Manufactured Methane facilities, net | 1,559 | 1,573 |
Other property and equipment, net | 140 | 200 |
Total assets | 8,538 | 11,993 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 303 | 151 |
Accounts payable - other | 159 | 159 |
Accounts payable - related party | 634 | |
Accrued liabilities | 274 | 356 |
Current maturities of long-term debt | 55 | 65 |
Total current liabilities | 791 | 1,365 |
Asset retirement obligation | 2,046 | 2,222 |
Long term debt, less current maturities | 2,423 | 946 |
Total liabilities | 5,260 | 4,533 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Common stock, $.001 par value: authorized 100,000,000 Shares; 6,097,723 and 6,084,241shares issued and outstanding | 6 | 6 |
Additional paid in capital | 55,787 | 55,770 |
Accumulated deficit | (52,515) | (48,316) |
Total stockholders' equity | 3,278 | 7,460 |
Total liabilities and stockholders' equity | $ 8,538 | $ 11,993 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, less allowance for doubtful accounts | $ 14 | $ 14 |
Accounts receivable-related party, allowance for doubtful accounts | $ 159 | $ 159 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,097,723 | 6,084,241 |
Common stock, shares outstanding | 6,097,723 | 6,084,241 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Oil and gas properties | $ 4,113 | $ 5,631 | $ 13,264 |
Methane facility | 559 | 533 | 524 |
Total revenues | 4,672 | 6,164 | 13,788 |
Cost and expenses | |||
Production costs and taxes | 3,421 | 4,224 | 5,994 |
Depreciation, depletion, and amortization | 1,139 | 2,676 | 3,030 |
General and administrative | 1,405 | 2,069 | 2,707 |
Impairment | 2,805 | 14,526 | 2,796 |
Total cost and expenses | 8,770 | 23,495 | 14,527 |
Net loss from operations | (4,098) | (17,331) | (739) |
Other income (expense) | |||
Net interest expense | (102) | (80) | (88) |
Gain on sale of assets | 1 | 41 | 33 |
Total other (expense) | (101) | (39) | (55) |
Loss from operations before income tax | (4,199) | (17,370) | (794) |
Deferred income tax benefit (expense) | (7,351) | 12 | |
Current income tax expense | (6) | ||
Net loss | $ (4,199) | $ (24,721) | $ (788) |
Net loss per share [Abstract] | |||
Basic | $ (0.69) | $ (4.06) | $ (0.13) |
Fully diluted | $ (0.69) | $ (4.06) | $ (0.13) |
Shares used in computing earnings per share | |||
Basic | 6,091,028 | 6,084,241 | 6,084,241 |
Diluted | 6,091,028 | 6,084,241 | 6,084,993 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance, value at Dec. 31, 2013 | $ 6 | $ 55,726 | $ (22,807) | $ 32,925 |
Beginning balance, shares at Dec. 31, 2013 | 6,084,241 | |||
Net loss | (788) | (788) | ||
Compensation expense related to options issued | 32 | 32 | ||
Ending balance, shares at Dec. 31, 2014 | 6,084,241 | |||
Ending balance, value at Dec. 31, 2014 | $ 6 | 55,758 | (23,595) | 32,169 |
Net loss | (24,721) | (24,721) | ||
Compensation expense related to options issued | 12 | 12 | ||
Ending balance, shares at Dec. 31, 2015 | 6,084,241 | |||
Ending balance, value at Dec. 31, 2015 | $ 6 | 55,770 | (48,316) | 7,460 |
Net loss | (4,199) | (4,199) | ||
Compensation expense related to options issued | 3 | 3 | ||
Compensation expense related to stock issued | 14 | 14 | ||
Compensation expense related to stock issued, shares | 12,641 | |||
True up shares due to reverse stock split | 841 | |||
Ending balance, shares at Dec. 31, 2016 | 6,097,723 | |||
Ending balance, value at Dec. 31, 2016 | $ 6 | $ 55,787 | $ (52,515) | $ 3,278 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net loss from operations | $ (4,199,000) | $ (24,721,000) | $ (788,000) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation, depletion, and amortization | 1,139,000 | 2,676,000 | 3,030,000 |
Amortization of loan fees-interest expenses | 11,000 | 10,000 | 17,000 |
Accretion of discount on asset retirement obligation | 143,000 | 126,000 | 114,000 |
Impairment | 2,805,000 | 14,526,000 | 2,796,000 |
Gain on sale of vehicles/equipment | (41,000) | (33,000) | |
Compensation and services paid in stock options / equipment | 17,000 | 12,000 | 32,000 |
Deferred income tax expense | 7,351,000 | (12,000) | |
Changes in assets and liabilities | |||
Restricted cash | 386,000 | 121,000 | |
Accounts receivable | (46,000) | 432,000 | 576,000 |
Inventory and other assets | (238,000) | 198,000 | 450,000 |
Accounts payable | (482,000) | (58,000) | 58,000 |
Accrued liabilities | (89,000) | (398,000) | 323,000 |
Settlement on asset retirement obligations | (73,000) | (17,000) | (113,000) |
Net cash provided by (used in) operating activities | (1,012,000) | 482,000 | 6,571,000 |
Investing activities | |||
Additions to oil and gas properties | (397,000) | (570,000) | (3,708,000) |
Sales oil and gas properties | 44,000 | ||
Additions to Manufactured Methane facilities | (47,000) | (282,000) | |
Additions to other property & equipment | (5,000) | (1,000) | (21,000) |
Proceeds from sale of other property & equipment | 4,000 | 30,000 | 17,000 |
Net cash (used in) investing activities | (401,000) | (541,000) | (3,994,000) |
Financing activities | |||
Proceeds from borrowings | 3,850,000 | 4,300,000 | 7,709,000 |
Repayment of borrowings | (2,376,000) | (4,234,000) | (10,305,000) |
Loan fees | (25,000) | (2,000) | |
Net cash provided by (used in) financing activities | 1,449,000 | 64,000 | (2,596,000) |
Net change in cash and cash equivalents | 36,000 | 5,000 | (19,000) |
Cash and cash equivalents, beginning of period | 40,000 | 35,000 | 54,000 |
Cash and cash equivalents, end of period | 76,000 | 40,000 | 35,000 |
Supplemental cash flow information: | |||
Cash interest payments | 91,000 | 70,000 | 71,000 |
Supplemental non-cash investing and financing activities: | |||
Financed company vehicles | 23,000 | 140,000 | 47,000 |
Asset retirement obligations incurred | 2,000 | 46,000 | |
Revisions to asset retirement obligations | (210,000) | $ 112,000 | 138,000 |
Capital expenditures included in accounts payable and accrued liabilities | $ 7,000 | $ 207,000 |
Description Of Business And Sig
Description Of Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Description Of Business And Significant Accounting Policies [Abstract] | |
Description Of Business And Significant Accounting Policies | 1. Descr iption 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 Company’s primary area of exploration and production is in Kansas. The Company’s wholly-owned subsidiary, Tengasco Pipeline Corporation (“TPC”) owned and operated a pipeline which it constructed to transport natural gas from the Company’s Swan Creek Field to customers in Kingsport, Tennessee. The Company sold all its pipeline assets on August 16, 2013. The Company’s wholly-owned subsidiary, Manufactured Methane Corporation (“MMC”) operates treatment and delivery facilities in Church Hill, Tennessee for the extraction of methane gas from a landfill for eventual sale as natural gas and for the generation of electricity. 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, 2016 or 2015. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of electricity are recognized each month based on metered volumes. No methane gas was sold during 2016, 2015 or 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. Inventory Inventory consists of crude oil in tanks and is carried at lower of cost or market value. The cost component of the oil inventory is calculated using the average per barrel cost which includes production costs and taxes, allocated general and administrative costs, and allocated interest cost. The market component is calculated using the average December oil sales price for the Company’s Kansas properties. In addition, the Company also carried equipment and materials to be used in its Kansas operation and is carried at the lower of cost or market value. The cost component of the equipment and materials inventory represents the original cost paid for the equipment and materials. The market component is based on estimated sales value for similar equipment and materials at the end of each year. At December 31, 2016 and 2015, inventory consisted of the following (in thousands): December 31, 2016 2015 Oil – carried at market $ 505 $ 332 Equipment and materials – carried at market 122 210 Total inventory $ 627 $ 542 During 2016, the Company recorded an $88,000 impairment of its equipment and materials inventory. This impairment was a result of a 2016 decrease in the estimated sales value for similar equipment. 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 $106,000 and $552,000 in unevaluated properties as of December 31, 2016 and 2015, 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 $17,000 in 2016, $12,000 in 2015, and $32,000 in 2014. 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, 2016 and 2015. At December 31, 2016 and 2015, accounts receivable consisted of the following (in thousands): December 31, 2016 2015 Revenue $ 476 $ 417 Joint interest 21 21 Other 7 22 Allowance for doubtful accounts (14) (14) Total accounts receivable $ 490 $ 446 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, 2016, federal net operating loss carryforwards amounted to approximately $26.4 million which expire between 2019 and 2036 . The total deferred tax asset was $0 at December 31, 2016 and 2015. The Company recorded a full allowance of the deferred tax asset primarily due to cumulated losses incurred during the 3 years ended December 31, 2016 and 2015. Realization of deferred tax assets is contingent on the generation of future taxable income. As a result, management considers whether it is more likely than not that all or a portion of such assets will be realized during periods when they are available, and if not, management provides a valuation allowance for amounts not likely to be recognized. Management periodically evaluates tax reporting methods to determine if any uncertain tax positions exist that would require the establishment of a loss contingency. A loss contingency would be recognized if it were probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimates and management’s judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately incurred for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. 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. The Company has never experienced any losses related to these balances. The Company’s 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 Company’s projected results of operations. Revenue from the top three purchasers accounted for 73.9% , 13.1% , and 12.0% of total revenues for year ended December 31, 2016. Revenue from the top three purchasers accounted for 74.5% , 16.1% , and 8.6% of total revenues for year ended December 31, 2015. Revenue from the top three purchasers accounted for 79.3% , 16.5% , and 3.8% of total revenues for year ended December 31, 2014. As of December 31, 2016 and 2015, two of the Company’s oil purchasers accounted for 84.1% and 75.7% , respectively of accounts receivable, of which one oil purchaser accounted for 71.0% and 66.5% , respectively. Earnings per Common Share The Company reports 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 the Company’s basic and diluted earnings per share, ( in thousands except for share and per share amounts): For the years ended December 31, 2016 2015 2014 Income (numerator): Net loss $ (4,199) $ (24,721) $ (788) Weighted average shares (denominator): Weighted average shares - basic 6,091,028 6,084,241 6,084,241 Dilution effect of share-based compensation, treasury method — — 752 Weighted average shares - dilutive 6,091,028 6,084,241 6,084,993 Loss per share – Basic and Dilutive: Basic $ (0.69) $ (4.06) $ (0.13) Dilutive $ (0.69) $ (4.06) $ (0.13) Share and per share information has been adjusted to reflect the impact of the 1 for 10 reverse stock split approved at the shareholder meeting on March 21, 2016, effective with trading on March 24, 2016. The total number of shares issued and outstanding represent estimates after adjustments to reflect the impact of the reverse stock split. 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, 2016 and 2015. 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, 2016 and 2015, 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10 and ASU 2016-12, which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are currently assessing the potential impact, but the Company does not believe the adoption of the standard will have a significant impact on our consolidated financial statements and results of operations. In August 2014, the FASB issued Update No. 2014-15— Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This was issued to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. T he guidance is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. There was no impact on the Company’s operating results or cash flows. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This guidance eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not expect this to impact its operating results or cash flows. In February 2016, the FASB issued Update 2016-02— Leases (Topic 842). This guidance was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is e ffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this Update is permitted for all entities. The Company does not expect this to impact its operating results or cash flows. In March 2016, the FASB issued Update 2016-09 Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect this to impact operating results or cash flows. In August 2016, the FASB issued Update 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This amendment provides guidance on certain cash flow classification issues, thereby reducing the current and potential future diversity in practice . This guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect this to impact operating results or cash flows . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions On September 17, 2007, Hoactzin, simultaneously with subscribing to participate in the Program, and pursuant to a separate agreement with the Company, was conveyed a 75% net profits interest in the Company’s Methane Project. Because the Payout Point had been reached in February 2014 as described above in the Program, Hoactzin’s net profits interest in the Methane Project was simultaneously decreased from 75% to 7.5% . The agreed method of calculation of net profits takes into account specific costs and expenses as well as gross gas revenues for the project. As a result of the startup costs, ongoing operating expenses, and gas production levels experienced, no net profits as defined were realized during the period from the project startup in April, 2009 through December 31, 2016 for payment to Hoactzin under the net profits interest. Since the start of 2014, there have been no methane gas sales or revenues, and consequently no net profits attributable to Hoactzin’s net profits interest. In addition to the Program and Net Profits Interest above, one transaction of the type described above was entered into in 2007 but has expired by its own terms. On December 18, 2007, the Company entered into a Management Agreement with Hoactzin to manage on behalf of Hoactzin all of its working interest in certain oil and gas properties owned by Hoactzin and located in the onshore Texas Gulf Coast, and offshore Texas and offshore Louisiana. As part of the consideration for the Company’s agreement to enter into the Management Agreement, Hoactzin granted to the Company an option to participate in up to a 15% working interest on a dollar for dollar cost basis in any new drilling or workover activities undertaken on Hoactzin’s managed properties during the term of the Management Agreement. The Management Agreement expired on December 18, 2012. The Company has entered into a transition agreement with Hoactzin whereby the Company will no longer perform operations, but will administratively assist Hoactzin in becoming operator of record of these wells and administratively assist Hoactzin in the transfer of the corresponding bonds from the Company to Hoactzin. This assistance is primarily related to signing the necessary documents to effectuate this transition. Hoactzin and its controlling member are indemnifying 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. As of the date of this Report, the Company continues to administratively assist Hoactzin with this transition process. During the term of the Management Agreement, the Company became the operator of certain properties owned by Hoactzin. The Company obtained over time, bonds for the purpose of covering substantial plugging and abandonment obligations on Hoactzin’s properties located in federal offshore waters in favor of the BSEE, as well as certain private parties. As of May 15, 2014, all such operator bonds as to the Company have been released by the BSEE and have been cancelled by the issuer of the bonds. As of December 31, 2016, the transfer of all RUE’s and associated bonds and the transfer of operations to Hoactzin was completed. Accordingly, the exposure to the Company under any bonds or any indemnity agreements relating to all bonds has decreased to zero . As operator during the term of the Management Agreement that expired in 2012, the Company routinely contracted in its name for goods and services with vendors in connection with its operation of the Hoactzin properties. In practice, Hoactzin directly paid these invoices for goods and services that were contracted in the Company’s name. As a result of the operations performed in late 2009 and early 2010, Hoactzin had significant past due balances to several vendors, a portion of which were included on the Company’s balance sheet. Payables related to these past due and ongoing operations remained outstanding at December 31, 2016 and 2015 in the amount of $159,000 . The Company has recorded the Hoactzin-related payables and the corresponding receivable from Hoactzin as of December 31, 2016 and 2015 in its Consolidated Balance Sheets under “Accounts payable – other” and “Accounts receivable – related party”. 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, 2016 and 2015. This allowance was recorded in the Company’s Consolidated Balance Sheets under “Accounts receivable – related party”. The resulting balances recorded in the Company’s Consolidated Balance Sheets under “Accounts receivable – related party, less allowance for doubtful accounts of $159” are $0 at December 31, 2016 and 2015. |
Oil And Gas Properties
Oil And Gas Properties | 12 Months Ended |
Dec. 31, 2016 | |
Oil And Gas Properties [Abstract] | |
Oil And Gas Properties | 4. Oil and Gas Properties The following table sets forth information concerning the Company’s oil and gas properties: (in thousands): December 31, 2016 2015 Oil and gas properties $ 5,315 $ 8,286 Unevaluated properties 106 552 Accumulated depreciation, depletion and amortization (196) — Oil and gas properties, net $ 5,225 $ 8,838 During the years ended December 31, 2016, 2015, and 2014, the Company recorded depletion expense of $1.0 million, $2.5 million, and $2.8 million , respectively. In addition, as a result of the ceiling test impairments during 2015 and the first three quarters of 2016, the accumulated depreciation, depletion, and amortization was been netted against the cost to reflect the post impairment value of the oil and gas properties. As no ceiling test impairment was recorded during the quarter ended December 31, 2016, this amount was not netted against cost, but remained in accumulated depreciation, depletion, and amortization at December 31, 2016. |
Manufactured Methane Facilities
Manufactured Methane Facilities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Manufactured Methane facilities, net of impairment $ 1,681 $ 1,633 Accumulated depreciation (122) (60) Manufactured Methane facilities, net $ 1,559 $ 1,573 During each of the years ended December 31, 2016, 2015, and 2014, the Company recorded depreciation expense of $62,000 , $60,000 , and $163,000 , 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 Company’s 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 Company’s Manufactured Methane facilities. (See Note 10. Fair Value Measurements) |
Other Property And Equipment
Other Property And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016: (in thousands) Depreciable Accumulated Net Book Type Life Gross Cost Depreciation Value Machinery and equipment 5 -7 yrs $ 20 $ 20 $ — Vehicles 2 -5 yrs 339 199 140 Other 5 yrs 63 63 — Total $ 422 $ 282 $ 140 Other property and equipment consisted of the following as of December 31, 2015: (in thousands) Depreciable Accumulated Net Book Type Life Gross Cost Depreciation Value Machinery and equipment 5 -7 yrs $ 20 $ 20 $ — Vehicles 2 -5 yrs 362 162 200 Other 5 yrs 63 63 — Total $ 445 $ 245 $ 200 The Company uses the straight-line method of depreciation for other property and equipment. During each of the years ended December 31, 2016, 2015, and 2014, the Company recorded depreciation expense of $69,000 , $77,000 , and $101,000 , respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consisted of the following: (in thousands) December 31, 2016 2015 Note payable to a bank, with interest only payment until maturity. $ 2,400 $ 869 Less unamortized debt issuance cost (24) (10) Note payable to a financial institution, net of unamortized debt issuance cost 2,376 859 Installment notes bearing interest at the rate of 4.16% to 4.6% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $10 102 152 Future debt payments to unrelated entities as of December 31, 2016 consisted of the following: (in thousands) 2017 2018 Total Bank Credit Facility $ — $ 2,400 $ 2,400 Company Vehicles $ 55 $ 47 $ 102 Total $ 55 $ 2,447 $ 2,502 At December 31, 2016, the Company had a revolving credit facility with Prosperity Bank. This is the Company’s primary source to fund working capital and future capital spending. Under the credit facility, loans and letters of credit are available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $40 million or the Company’s borrowing base in effect from time to time. As of December 31, 2016, the Company’s borrowing base was $3.0 million . The borrowing base was reduced to approximately $1.25 million with the March 16 , 201 7 amendment to the credit agreement. This reduction was primarily related to limiting the borrow base to a level in which the Company would be in compliance with certain credit facility covenants. The credit facility is secured by substantially all of the Company’s producing and non-producing oil and gas properties and the Company’s Manufactured Methane facilities. The credit facility includes certain covenants with which the Company is required to comply. At December 31, 2016, t hese covenants include leverage, interest coverage, minimum liquidity ratios , and debt to equity ratios . During the quarter ended December 31, 2016, the Company was not in compliance with the minimum liquidity ratio. After the covenant modifications and waivers included in the March 16, 2017 amendment, the Company is now in compliance with all covenants. On March 16 , 201 7 , the Company’s senior credit facility with Prosperity Bank after Prosperity Bank’s most recent review of the Company’s currently owned producing properties was amended to decrease the Company’s borrowing base from $3.0 million to approximately $1.25 million, and extend the term of the facility to July 31, 2018 . In addition , all the covenants were removed and replaced with the following: (a) Current Ration > 1 :1; (b) Funded Debt to EBITDA < 3.5 x; and (c) Interest Coverage > 3.0 x . 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. This rate was 4.50% at the date of the amendment. The maximum line of credit of the Company under the Prosperity Bank credit facility remained $40 million and the Company had no outstanding borrowing under the facility as of March 30 , 201 7 . For the quarter ended December 31, 2016, the Company was in default on compliance with the minimum liquidity ratio. On March 16, 2017, the Company received a waiver from Prosperity Bank. Although the Company was in default of the minimum liquidity covenant for the quarter ended December 31, 2016, the Company is now in compliance as a result of the waiver. In addition, the Company also received a waiver from Prosperity Bank for an anticipated default on the debt to equity covenant. Had the Company not received this waiver, it would have been in default on the debt to equity covenant for the quarter ended December 31, 2016. In February 2017, the Company paid off the credit facility using proceeds from the Company’s rights offering which closed on February 2, 2017. The Company was able to record the credit facility balance as of December 31, 2016 as a non-current liability since the Company had the ability and the intent to repay this debt using proceeds from the equity offering. For the quarter ended December 31, 2015, the Company was in default on compliance with the Leverage Ratio covenant. On March 28, 2016, the credit facility was amended to delete the leverage ratio covenant. In addition, the amendment also added a Debt to Tangible Net Worth covenant, waived the default on the Interest Coverage ratio for the quarter ended December 31, 2015, waived the anticipated default for the quarter ended March 31, 2016, and waived compliance with the Interest Coverage ratio for all applicable periods through the maturity date. Although the Company was in default of the Leverage and Interest Coverage ratios for the quarter ended December 31, 2015, the Company was in compliance at March 28, 2016 as a result of the amendment and waivers. For the quarter ended June 30, 2016, the Company was in default on compliance with the Debt to Tangible Net Worth covenant. On August 10, 2016, the Company received a waiver of the covenant default for the quarter ended June 30, 2016 as well as a waiver for the anticipated default for the quarter ended September 30, 2016 . The total borrowing by the Company under the Prosperity Bank facility at December 31, 2016 and December 31, 2015 was $2.4 million and $869,000 , respectively. The next borrowing base review will take place in July 2017. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2016 | |
Liquidity [Abstract] | |
Liquidity | 8. Liquidity During 2016, the Company incurred a net loss of approximately $4.2 million. In addition as of December 31, 2016, as discussed in Note 7 Long-Term Debt, the Company was in default with various covenants included in its credit facility with Prosperity Bank. Each of these defaults was cured either through a waiver or an amendment to its credit facility. During 2017, the Company believes its revenues will be sufficient to fund operating and general and administrative expenses and to remain in compliance with its bank covenants. If revenues are not sufficient to fund these expenses or if the Company needs additional funds for capital spending, the Company could borrow funds against the credit facility as this facility currently has a $1.25 million borrowing base with no funds currently drawn. In addition, if required, the Company could also issue additional shares of stock and/or sell assets as needed to further fund operations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies 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 Hoactzin’s operated properties. This action called 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. On July 14, 2015, the federal district court in the Eastern District of Louisiana affirmed the determination by the IBLA without reduction. The Company did not further appeal. In the third quarter of 2015, the Company paid the civil penalty and statutory interest thereon from funds borrowed under its credit facility. In the fourth quarter of 2015, the Company received a return of the cash collateral previously provided to RLI Insurance Company. The Company has not advanced any funds to pay any obligations of Hoactzin and no borrowing capability of the Company has been used in connection with its obligations under the Management Agreement, except for those funds used to pay the civil penalty and interest thereon. During the second quarter of 2015, the Company received from Hoactzin a copy of an internal analysis prepared by Hoactzin setting out certain issues that Hoactzin may consider to form the basis of operational and other claims against the Company primarily under the Management Agreement. This analysis raised issues other than the “Incident of Non-Compliance” discussed above. The Company is discussing this analysis, as well as the civil penalty discussed above, with Hoactzin in an effort to determine whether there is possibility of a reasonable resolution of some or all of these matters on a negotiated basis. Cost Reduction Measures Commencing in the quarter ended March 31, 2015 and continuing through the quarter ended December 31, 2016, the Company implemented cost reduction measures including compensation reductions for each employee as well as members of the Board of Directors. These compensation reductions will remain in place until such time, if any, that the market price of crude oil, calculated as a thirty day trailing average of WTI postings as published by the U.S. Energy Information Administration meets or exceeds $70 per barrel when compensation shall revert to the levels in place before the reductions became effective. At such time, if any, that the market price of crude oil, calculated as a thirty day trailing average of WTI postings as published by the U.S. Energy Information Administration meets or exceeds $85 per barrel, all previous reductions made will be reimbursed, a portion which may be paid in stock, to each employee and members of the Board of Directors if is still employed by the Company or still a member of the Board of Directors. As of December 31, 2016, the reductions were approximately $243,000 . The Company has not accrued any liabilities associated with these compensation reductions. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 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, 2016 and December 31, 2015. |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation | 11 . Asset Retirement Obligation Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company’s Asset Retirement Obligation transactions for the years ended December 31, 201 5 and 201 6 (in thousands): Balance December 31, 2014 $ 2,008 Accretion expense 126 Liabilities incurred — Liabilities settled (24) Revision in estimated liabilities 112 Balance December 31, 2015 $ 2,222 Accretion expense 143 Liabilities incurred 2 Liabilities settled (86) Liabilities sold properties (25) Revisions in estimated liabilities (210) Balance December 31, 2016 $ 2,046 The revisions in estimated liabilities in 201 5 resulted primarily from change in timing of wells to be plugged. The revision in estimated liabilities in 2016 resulted from change in timing of wills to be plugged, change in inflation factor, and change in current plugging costs. |
Stock And Stock Options
Stock And Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Stock And Stock Options [Abstract] | |
Stock And Stock Options | 12. Stock and 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 . An amendment to the Plan increasing the number of shares that may be issued under the Plan by 3,500,000 shares and extending the Plan for another ten years was approved by the Company’s Board of Directors on February 1, 2008 and approved by the Company’s shareholders at the Annual Meeting of Stockholders held on June 2, 2008. On March 21, 2016 at a special meeting of the shareholders, the Plan was amended to permit grant of common stock. 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. On March 21, 2016, the Company’s shareholders approved a 1 for 10 reverse stock split, effective with trading on March 24, 2016. All share and per share information in the following tables has been adjusted to reflect the impact of this reverse stock split. The following table summarizes stock option activity in 2016, 2015, and 2014: 2016 2015 2014 Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding, beginning of year 45,625 $ 6.10 90,025 $ 5.70 87,025 $ 5.90 Granted 2,500 $ 1.20 10,000 $ 2.40 10,000 $ 4.40 Exercised — $ — — $ — — $ — Expired/cancelled (10,625) $ 9.88 (54,400) $ 4.80 (7,000) $ 6.30 Outstanding, end of year 37,500 $ 4.70 45,625 $ 6.10 90,025 $ 5.70 Exercisable, end of year 37,500 $ 4.70 45,625 $ 6.10 90,025 $ 5.70 The following table summarizes information about stock options outstanding and exercisable at December 31, 2016: Weighted Average Exercise Price Options Outstanding (shares) Weighted Average Remaining Contractual Life (years) Options Exercisable (shares) $ 7.50 1,875 — 1,875 $ 10.70 1,875 0.3 1,875 $ 8.10 1,875 0.5 1,875 $ 7.30 1,875 0.8 1,875 $ 6.40 1,875 1.0 1,875 $ 6.20 1,875 1.2 1,875 $ 4.80 1,875 1.5 1,875 $ 4.10 1,875 1.8 1,875 $ 4.10 2,500 2.0 2,500 $ 4.80 2,500 2.2 2,500 $ 4.40 2,500 2.5 2,500 $ 4.40 2,500 2.8 2,500 $ 2.50 2,500 3.0 2,500 $ 2.30 2,500 3.2 2,500 $ 2.70 2,500 3.5 2,500 $ 2.20 2,500 3.8 2,500 $ 1.20 2,500 4.0 2,500 37,500 37,500 During 2016, the Company issued the following options to each of the four non-executive directors that remain outstanding as of December 31, 2016. These options vested upon grant date. Options Issued to Each Non-executive Total Options Issued to Director Non-executive Directors Exercise Price Grant Date Expiration Date 625 2,500 $ 1.20 1/4/2016 1/3/2021 The weighted average fair value per share of options granted in 2016 was $1.01 and 2015 was $2.40 calculated using the Black Scholes option pricing model. Compensation expense related to stock options was $3,000 in 2016, $12,000 in 2015 and $32,000 in 2014. 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 201 6 were an expected volatility of 122.7% ; a risk free interest rate of 2.67% ; and an expected option life remaining from 0.3 to 4.8 years. The weighted average assumptions for 2015 were an expected volatility of 61.7%; a risk free interest rate of 2.53%; and an expected option life remaining from 0.3 to 4.8 years. The weighted average assumptions for 2014 were an 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 . In addition, during 2016, the Company issued 12,641 shares of common stock to the Directors and to the CEO. The shares issued to Directors was in lieu of stock options. The shares issued to the CEO was in lieu of a portion of the quarter cash payment paid for service as the Company’s CEO. The company recorded compensation expense of $14,000 as a result of the stock issuances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 1 3 . Income Taxes The Company did not have taxable income for the years ended December 31, 2016, 2015, and 2014. 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, 2016 Total Statutory rate 34 % Tax (benefit) expense at statutory rate $ (1,428) State income tax (benefit) expense (216) Permanent difference 1 Other — Net change in deferred tax asset valuation allowance 1,643 Total income tax provision (benefit) $ — Year Ended December 31, 2015 Total Statutory rate 34 % Tax (benefit) expense at statutory rate $ (5,906) State income tax (benefit) expense (893) Permanent difference 3 Other — Net change in deferred tax asset valuation allowance 14,147 Total income tax provision (benefit) $ 7,351 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 Other — Net change in deferred tax asset valuation allowance — Total income tax provision (benefit) $ (6) 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. At December 31, 2015 and 2016, the Company recorded a full allowance of the deferred tax asset primarily due to cumulated losses incurred during the 3 years ended December 31, 2015 and 2016. The total valuation allowance at December 31, 2015 was $16.6 million, $15.0 million at December 31, 2015, and $790,000 at December 31, 2014. As of December 31, 2016, the Company had net operating loss carry forwards of approximately $26.4 million which will expire between 2018 and 2036 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 Company’s 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, 2016 and 2015, the Company’s estimated net operating losses for tax return filing purposes exceeds the gross amount for financial reporting purposes by $1.8 million. 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 Company’s NOLs for tax reporting purposes are still subject to review and adjustment by both the Company and the IRS to the extent such NOLs should be carried forward into an open tax year. The Company’s deferred tax assets and liabilities are as follows: (in thousands) Year Ended December 31, 2016 2015 Net deferred tax assets – current : Bad debt $ 68 $ 68 Valuation allowance (68) (68) Total deferred tax assets – current $ — $ — Net deferred tax assets (liabilities) – noncurrent: Net operating loss carryforwards $ 10,339 $ 8,963 Oil and gas properties 4,445 4,112 Property, Plant and Equipment 646 668 Asset retirement obligation 801 870 Tax credits 260 260 Miscellaneous 78 53 Valuation allowance (16,569) (14,926) Total deferred tax assets – noncurrent $ — $ — Net deferred tax asset $ — $ — |
Quarterly Data And Share Inform
Quarterly Data And Share Information | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Revenues $ 932 $ 1,282 $ 1,242 $ 1,216 Net loss from continuing operations (1,404) (1,627) (908) (260) Loss per common share from continuing operations $ (0.23) $ (0.27) $ (0.15) $ (0.04) Fiscal Year Ended 2015 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Revenues $ 1,634 $ 1,899 $ 1,425 $ 1,206 Net income (loss) from continuing operations (515) (76) (4,963) (19,167) Loss per common share from continuing operations $ (0.08) $ (0.01) $ (0.82) $ (3.15) |
Supplemental Oil And Gas Inform
Supplemental Oil And Gas Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Oil And Gas Information [Abstract] | |
Supplemental Oil And Gas Information | 15. Supplemental Oil and Gas Information (unaudited) Information with respect to the Company’s oil and gas producing activities is presented in the following tables. Estimates of reserves quantities, as well as future production and discounted cash flows before income taxes, were determined by LaRoche Petroleum Consultants Ltd. All of the Company’s reserves were located in the United States. Capitalized Costs Related to Oil and Gas Producing Activities The table below reflects our capitalized costs related to our oil and gas producing activities at December 31, 2016 and 2015 (in thousands): Years Ended December 31, 2016 2015 Proved oil and gas properties $ 5,315 $ 8,286 Unproved properties 106 552 Total proved and unproved oil and gas properties $ 5,421 $ 8,838 Less accumulated depreciation, depletion and amortization (196) — Net oil and gas properties $ 5,225 $ 8,838 As a result of the ceiling test impairments during 2015 and the first three quarters of 2016, the accumulated depreciation, depletion, and amortization was been netted against the cost to reflect the post impairment value of the oil and gas properties. As no ceiling test impairment was recorded during the quarter ended December 31, 2016, this amount was not netted against cost, but remained in accumulated depreciation, depletion, and amortization at December 31, 2106. Oil and Gas Related Costs The following table sets forth information concerning costs incurred, including accruals, related to the Company’s oil and gas property acquisition, exploration and development activities (in thousands): Years Ended December 31, 2016 2015 2014 Property acquisitions proved $ — $ — $ — Property acquisitions unproved 8 90 598 Exploration cost 396 22 2,367 Development cost — 252 864 Total $ 404 $ 364 $ 3,829 Results of Operations from Oil and Gas Producing Activities The following table sets forth the Company’s results of operations from oil and gas producing activities (in thousands): Years Ended December 31, 2016 2015 2014 Revenues $ 4,113 $ 5,631 $ 13,260 Production costs and taxes (3,064) (3,360) (4,876) Depreciation, depletion and amortization (1,009) (2,538) (2,766) Impairment (2,805) (14,526) — Income (loss) from oil and gas producing activities $ (2,765) $ (14,793) $ 5,618 In the presentation above, no deduction has been made for indirect costs such as general corporate overhead or interest expense. No income taxes are reflected above due to the Company’s operating tax loss carry-forward position. Estimated Quantities of Oil and Gas Reserves The following table sets forth the Company’s net proved oil and gas reserves and the changes in net proved oil and gas reserves for the years ended December 31, 2014, 2015 and 2016. All of the Company’s proved reserves are located in the United States of America. Oil (MBbl) Gas (MMcf) MBOE Proved reserves at December 31, 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 Revisions of previous estimates (790) — (790) Improved recovery — — — Purchase of reserves in place — — — Extensions and discoveries 1 — 1 Production (131) — (131) Sales of reserves in place — — — Proved reserves at December 31, 2015 877 — 877 Revisions of previous estimates (36) — (36) Improved recovery — — — Purchase of reserves in place — — — Extensions and discoveries 3 — 3 Production (108) — (108) Sales of reserves in place (6) — (6) Proved reserves at December 31, 2016 730 — 730 Proved developed reserves at: December 31, 2013 1,575 — 1,575 December 31, 2014 1,438 — 1,438 December 31, 2015 877 — 877 December 31, 2016 730 — 730 Proved undeveloped reserves at: December 31, 2013 465 — 465 December 31, 2014 359 — 359 December 31, 2015 — — — December 31, 2016 — — — The Company’s Proved Undeveloped Reserves at December 31, 2016 and 2015 included no locations as compared to 27 locations at December 31, 2014. During 2016 and 2015 , all Proved Undeveloped locations were remove d from the Company’s Proved Reserves primarily due to the low oil prices experienced during these years . 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 12/31/2016 Year Ended 12/31/2015 Year Ended 12/31/2014 Oil Gas Total Oil Gas Total Oil Gas Total Total proved reserves year-end reserve report $ 5,815 — $ 5,815 $ 8,287 — $ 8,287 $ 40,417 — $ 40,417 Proved developed producing reserves (PDP) $ 5,397 — $ 5,397 $ 7,686 — $ 7,686 $ 32,059 — $ 32,059 % of PDP reserves to total proved reserves 93% — 93% 93% — 93% 79% — 79% Proved developed non- producing reserves $ 418 — $ 418 $ 601 — $ 601 $ 2,956 — $ 2,956 % of PDNP reserves to total proved reserves 7% — 7% 7% — 7% 7% — 7% Proved undeveloped reserves (PUD) $ — — $ — $ — — $ — $ 5,402 — $ 5,402 % of PUD reserves to total proved reserves — — — — — — 14% — 14% S tandardized Measure of Discounted Future Net Cash Flows The standardized measure of discounted future net cash flows from the Company’s proved oil and gas reserves is presented in the following table (in thousands): Years Ended December 31, 2016 2015 2014 Future cash inflows $ 27,253 $ 38,566 $ 158,792 Future production costs and taxes (16,270) (23,500) (71,951) Future development costs (553) (951) (10,014) Future income tax expenses — — (13,092) Future net cash flows 10,430 14,115 63,735 Discount at 10% for timing of cash flows (4,615) (5,828) (29,204) Standardized measure of discounted future net cash flows $ 5,815 $ 8,287 $ 34,531 The following are the principal sources of change in the standardized measure of discounted future net cash flows from the Company’s proved oil and gas reserves (in thousands): Years Ended December 31, 2016 2015 2014 Balance, beginning of year $ 8,287 $ 34,531 $ 38,708 Sales, net of production costs and taxes (2,037) (1,901) (8,385) Discoveries and extensions, net of costs 35 5 4,231 Purchase of reserves in place — — — Sale of reserves in place (10) — — Net changes in prices and production costs (863) (16,009) (829) Revisions of quantity estimates (412) (22,431) (6,610) Previously estimated development cost incurred during the year — — 508 Changes in future development costs 196 4,890 (1,913) Changes in timing and other (20) (56) 1,312 Accretion of discount 639 3,373 4,247 Net change in income taxes — 5,885 3,262 Balance, end of year $ 5,815 $ 8,287 $ 34,531 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, 2016, 2015, and 2014 were $37.35 , and $43.98 , and $88.34 per barrel of oil, respectively. The Company’s proved reserves as of December 31, 2016, 2015 and 2014 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On January 4, 2017, 5,264 common shares were issued in the aggregate to the Company’s four directors and CFO and interim CEO. This issuance will result in compensation expense of approximately $4,000 to be recorded during the quarter ended March 31, 2017. On February 13, 2017, 4,498,698 common shares were issued to participants of the Company’s rights offering which closed on February 2, 2017. Of the 4,498,698 common shares issued, 3,293,407 were issued to the Company’s directors, management, and affiliates. The Company received approximately $2.7 million in proceed from this offering. The proceeds were used primarily to pay off the Company’s credit facility As included in Note 7. Long-Term Debt, on March 16, 2017, the Company amended its credit facility with Prosperity Bank. Also included in Note 7, the Company paid down the credit facility and as of March 30, 2017 has no amounts drawn on this facility. On March 17, 2017, the Company announced the adoption of a Rights Plan intended to help preserve assets related to the Company’s net operating losses. As of December 31, 2016, the Company had cumulative net operating loss carryforwards of approximately $ 28.2 million, which are usable in certain circumstances to offset future U.S. taxable income. Tengasco’s ability to use these tax benefits would be limited if it were to experience an “ownership change” under Section 382 of the Internal Revenue Code. This would occur if stockholders that own at least 5% of outstanding common stock increased their ownership in the Company by more than 50 percentage points within a rolling three-year period . After considering the estimated value of the Company’s tax benefits and the potential for limitations to the NOL’s occurring upon an “ownership change,” the Board adopted the Rights Plan. To implement the Rights Plan, the Board declared a dividend of one preferred share purchase right for each outstanding share of its common stock to shareholders of record on March 27, 2017. The rights are further described in a Registration Statement on Form 8-A filed with the Securities and Exchange Commission. The rights will become exercisable if a person acquires 4.95% or more of Tengasco common stock or if a person that already owns 4.95% or more of common stock acquires additional shares above the percentage currently owned. Tengasco’s stockholders that currently own more than 4.95% of the common stock will be “grandfathered” at their current ownership level. If the rights become exercisable, all holders of rights, other than the person triggering the exercisability of the rights, would become entitled to purchase Tengasco stock at an approximate 50% discount. Rights held by the person triggering the rights will become void and will not be exercisable. Unless the rights are triggered in this manner, the rights will not be exercisable and no stock would be issued under the Rights Plan. The rights will trade with Tengasco’s common stock, will not be evidenced by any separate rights certificate, and will expire on the day after the 2017 annual shareholders meeting unless ratified at the meeting, in which case they would expire in three years. The Board may terminate the plan at any time or redeem the rights prior to the time they are exercisable. The Rights Plan will be administered by Continental Stock Transfer & Trust Company as Rights Agent under a Rights Agreement between the Company and the Rights Agent, dated March 16, 2017. The Rights Agreement described all details of the Rights Plan and is attached in full as an exhibit to the Company’s Form 8-K filed with SEC on March 17, 2017. |
Description Of Business And S23
Description Of Business And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 or 2015. Methane gas and electricity sales meters are located at the Carter Valley landfill site and sales of electricity are recognized each month based on metered volumes. No methane gas was sold during 2016, 2015 or 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. |
Inventory | Inventory Inventory consists of crude oil in tanks and is carried at lower of cost or market value. The cost component of the oil inventory is calculated using the average per barrel cost which includes production costs and taxes, allocated general and administrative costs, and allocated interest cost. The market component is calculated using the average December oil sales price for the Company’s Kansas properties. In addition, the Company also carried equipment and materials to be used in its Kansas operation and is carried at the lower of cost or market value. The cost component of the equipment and materials inventory represents the original cost paid for the equipment and materials. The market component is based on estimated sales value for similar equipment and materials at the end of each year. At December 31, 2016 and 2015, inventory consisted of the following (in thousands): December 31, 2016 2015 Oil – carried at market $ 505 $ 332 Equipment and materials – carried at market 122 210 Total inventory $ 627 $ 542 During 2016, the Company recorded an $88,000 impairment of its equipment and materials inventory. This impairment was a result of a 2016 decrease in the estimated sales value for similar equipment. |
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 $106,000 and $552,000 in unevaluated properties as of December 31, 2016 and 2015, 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 $17,000 in 2016, $12,000 in 2015, and $32,000 in 2014. |
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, 2016 and 2015. At December 31, 2016 and 2015, accounts receivable consisted of the following (in thousands): December 31, 2016 2015 Revenue $ 476 $ 417 Joint interest 21 21 Other 7 22 Allowance for doubtful accounts (14) (14) Total accounts receivable $ 490 $ 446 |
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, 2016, federal net operating loss carryforwards amounted to approximately $26.4 million which expire between 2019 and 2036 . The total deferred tax asset was $0 at December 31, 2016 and 2015. The Company recorded a full allowance of the deferred tax asset primarily due to cumulated losses incurred during the 3 years ended December 31, 2016 and 2015. Realization of deferred tax assets is contingent on the generation of future taxable income. As a result, management considers whether it is more likely than not that all or a portion of such assets will be realized during periods when they are available, and if not, management provides a valuation allowance for amounts not likely to be recognized. Management periodically evaluates tax reporting methods to determine if any uncertain tax positions exist that would require the establishment of a loss contingency. A loss contingency would be recognized if it were probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimates and management’s judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately incurred for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. |
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. The Company has never experienced any losses related to these balances. The Company’s 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 Company’s projected results of operations. Revenue from the top three purchasers accounted for 73.9% , 13.1% , and 12.0% of total revenues for year ended December 31, 2016. Revenue from the top three purchasers accounted for 74.5% , 16.1% , and 8.6% of total revenues for year ended December 31, 2015. Revenue from the top three purchasers accounted for 79.3% , 16.5% , and 3.8% of total revenues for year ended December 31, 2014. As of December 31, 2016 and 2015, two of the Company’s oil purchasers accounted for 84.1% and 75.7% , respectively of accounts receivable, of which one oil purchaser accounted for 71.0% and 66.5% , respectively. |
Earnings Per Common Share | Earnings per Common Share The Company reports 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 the Company’s basic and diluted earnings per share, ( in thousands except for share and per share amounts): For the years ended December 31, 2016 2015 2014 Income (numerator): Net loss $ (4,199) $ (24,721) $ (788) Weighted average shares (denominator): Weighted average shares - basic 6,091,028 6,084,241 6,084,241 Dilution effect of share-based compensation, treasury method — — 752 Weighted average shares - dilutive 6,091,028 6,084,241 6,084,993 Loss per share – Basic and Dilutive: Basic $ (0.69) $ (4.06) $ (0.13) Dilutive $ (0.69) $ (4.06) $ (0.13) Share and per share information has been adjusted to reflect the impact of the 1 for 10 reverse stock split approved at the shareholder meeting on March 21, 2016, effective with trading on March 24, 2016. The total number of shares issued and outstanding represent estimates after adjustments to reflect the impact of the reverse stock split. |
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, 2016 and 2015. |
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, 2016 and 2015, 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. |
Description Of Business And S24
Description Of Business And Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Description Of Business And Significant Accounting Policies [Abstract] | |
Schedule Of Inventory | December 31, 2016 2015 Oil – carried at market $ 505 $ 332 Equipment and materials – carried at market 122 210 Total inventory $ 627 $ 542 |
Schedule Of Accounts Receivable | December 31, 2016 2015 Revenue $ 476 $ 417 Joint interest 21 21 Other 7 22 Allowance for doubtful accounts (14) (14) Total accounts receivable $ 490 $ 446 |
Reconciliations Of The Numerators And Denominators Of Our Basic And Diluted Earnings Per Share | For the years ended December 31, 2016 2015 2014 Income (numerator): Net loss $ (4,199) $ (24,721) $ (788) Weighted average shares (denominator): Weighted average shares - basic 6,091,028 6,084,241 6,084,241 Dilution effect of share-based compensation, treasury method — — 752 Weighted average shares - dilutive 6,091,028 6,084,241 6,084,993 Loss per share – Basic and Dilutive: Basic $ (0.69) $ (4.06) $ (0.13) Dilutive $ (0.69) $ (4.06) $ (0.13) |
Oil And Gas Properties (Tables)
Oil And Gas Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Oil And Gas Properties [Abstract] | |
Schedule Of Oil And Gas Properties | December 31, 2016 2015 Oil and gas properties $ 5,315 $ 8,286 Unevaluated properties 106 552 Accumulated depreciation, depletion and amortization (196) — Oil and gas properties, net $ 5,225 $ 8,838 |
Manufactured Methane Faciliti26
Manufactured Methane Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Manufactured Methane Facilities [Abstract] | |
Schedule Of The Manufactured Methane Facilities | December 31, 2016 2015 Manufactured Methane facilities, net of impairment $ 1,681 $ 1,633 Accumulated depreciation (122) (60) Manufactured Methane facilities, net $ 1,559 $ 1,573 |
Other Property And Equipment (T
Other Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Property And Equipment [Abstract] | |
Schedule Of Other Property And Equipment | Other property and equipment consisted of the following as of December 31, 2016: (in thousands) Depreciable Accumulated Net Book Type Life Gross Cost Depreciation Value Machinery and equipment 5 -7 yrs $ 20 $ 20 $ — Vehicles 2 -5 yrs 339 199 140 Other 5 yrs 63 63 — Total $ 422 $ 282 $ 140 Other property and equipment consisted of the following as of December 31, 2015: (in thousands) Depreciable Accumulated Net Book Type Life Gross Cost Depreciation Value Machinery and equipment 5 -7 yrs $ 20 $ 20 $ — Vehicles 2 -5 yrs 362 162 200 Other 5 yrs 63 63 — Total $ 445 $ 245 $ 200 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, 2016 2015 Note payable to a bank, with interest only payment until maturity. $ 2,400 $ 869 Less unamortized debt issuance cost (24) (10) Note payable to a financial institution, net of unamortized debt issuance cost 2,376 859 Installment notes bearing interest at the rate of 4.16% to 4.6% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $10 102 152 |
Schedule Of Future Debt Payments | 2017 2018 Total Bank Credit Facility $ — $ 2,400 $ 2,400 Company Vehicles $ 55 $ 47 $ 102 Total $ 55 $ 2,447 $ 2,502 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Transactions | Balance December 31, 2014 $ 2,008 Accretion expense 126 Liabilities incurred — Liabilities settled (24) Revision in estimated liabilities 112 Balance December 31, 2015 $ 2,222 Accretion expense 143 Liabilities incurred 2 Liabilities settled (86) Liabilities sold properties (25) Revisions in estimated liabilities (210) Balance December 31, 2016 $ 2,046 |
Stock And Stock Options (Tables
Stock And Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock And Stock Options [Abstract] | |
Schedule Of Stock Option Activity | 2016 2015 2014 Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding, beginning of year 45,625 $ 6.10 90,025 $ 5.70 87,025 $ 5.90 Granted 2,500 $ 1.20 10,000 $ 2.40 10,000 $ 4.40 Exercised — $ — — $ — — $ — Expired/cancelled (10,625) $ 9.88 (54,400) $ 4.80 (7,000) $ 6.30 Outstanding, end of year 37,500 $ 4.70 45,625 $ 6.10 90,025 $ 5.70 Exercisable, end of year 37,500 $ 4.70 45,625 $ 6.10 90,025 $ 5.70 |
Schedule Of Stock Options Outstanding And Exercisable | Weighted Average Exercise Price Options Outstanding (shares) Weighted Average Remaining Contractual Life (years) Options Exercisable (shares) $ 7.50 1,875 — 1,875 $ 10.70 1,875 0.3 1,875 $ 8.10 1,875 0.5 1,875 $ 7.30 1,875 0.8 1,875 $ 6.40 1,875 1.0 1,875 $ 6.20 1,875 1.2 1,875 $ 4.80 1,875 1.5 1,875 $ 4.10 1,875 1.8 1,875 $ 4.10 2,500 2.0 2,500 $ 4.80 2,500 2.2 2,500 $ 4.40 2,500 2.5 2,500 $ 4.40 2,500 2.8 2,500 $ 2.50 2,500 3.0 2,500 $ 2.30 2,500 3.2 2,500 $ 2.70 2,500 3.5 2,500 $ 2.20 2,500 3.8 2,500 $ 1.20 2,500 4.0 2,500 37,500 37,500 |
Schedule Of Options Issued | Options Issued to Each Non-executive Total Options Issued to Director Non-executive Directors Exercise Price Grant Date Expiration Date 625 2,500 $ 1.20 1/4/2016 1/3/2021 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Reconciliation Of The Statutory U.S. Federal Income Tax And The Income Tax Provision | Year Ended December 31, 2016 Total Statutory rate 34 % Tax (benefit) expense at statutory rate $ (1,428) State income tax (benefit) expense (216) Permanent difference 1 Other — Net change in deferred tax asset valuation allowance 1,643 Total income tax provision (benefit) $ — Year Ended December 31, 2015 Total Statutory rate 34 % Tax (benefit) expense at statutory rate $ (5,906) State income tax (benefit) expense (893) Permanent difference 3 Other — Net change in deferred tax asset valuation allowance 14,147 Total income tax provision (benefit) $ 7,351 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 Other — Net change in deferred tax asset valuation allowance — Total income tax provision (benefit) $ (6) |
Schedule Of Deferred Tax Assets And Liabilities | Year Ended December 31, 2016 2015 Net deferred tax assets – current : Bad debt $ 68 $ 68 Valuation allowance (68) (68) Total deferred tax assets – current $ — $ — Net deferred tax assets (liabilities) – noncurrent: Net operating loss carryforwards $ 10,339 $ 8,963 Oil and gas properties 4,445 4,112 Property, Plant and Equipment 646 668 Asset retirement obligation 801 870 Tax credits 260 260 Miscellaneous 78 53 Valuation allowance (16,569) (14,926) Total deferred tax assets – noncurrent $ — $ — Net deferred tax asset $ — $ — |
Quarterly Data And Share Info32
Quarterly Data And Share Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Data And Share Information [Abstract] | |
Schedule Of Quarterly Data | Fiscal Year Ended 2016 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Revenues $ 932 $ 1,282 $ 1,242 $ 1,216 Net loss from continuing operations (1,404) (1,627) (908) (260) Loss per common share from continuing operations $ (0.23) $ (0.27) $ (0.15) $ (0.04) Fiscal Year Ended 2015 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Revenues $ 1,634 $ 1,899 $ 1,425 $ 1,206 Net income (loss) from continuing operations (515) (76) (4,963) (19,167) Loss per common share from continuing operations $ (0.08) $ (0.01) $ (0.82) $ (3.15) |
Supplemental Oil And Gas Info33
Supplemental Oil And Gas Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Oil And Gas Information [Abstract] | |
Schedule Of Capitalized Costs Related To Oil And Gas Producing Activities | Years Ended December 31, 2016 2015 Proved oil and gas properties $ 5,315 $ 8,286 Unproved properties 106 552 Total proved and unproved oil and gas properties $ 5,421 $ 8,838 Less accumulated depreciation, depletion and amortization (196) — Net oil and gas properties $ 5,225 $ 8,838 |
Schedule Of Oil And Gas Property Acquisition, Exploration And Development | Years Ended December 31, 2016 2015 2014 Property acquisitions proved $ — $ — $ — Property acquisitions unproved 8 90 598 Exploration cost 396 22 2,367 Development cost — 252 864 Total $ 404 $ 364 $ 3,829 |
Schedule Of Results Of Operations From Oil And Gas Producing Activities | Years Ended December 31, 2016 2015 2014 Revenues $ 4,113 $ 5,631 $ 13,260 Production costs and taxes (3,064) (3,360) (4,876) Depreciation, depletion and amortization (1,009) (2,538) (2,766) Impairment (2,805) (14,526) — Income (loss) from oil and gas producing activities $ (2,765) $ (14,793) $ 5,618 |
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, 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 Revisions of previous estimates (790) — (790) Improved recovery — — — Purchase of reserves in place — — — Extensions and discoveries 1 — 1 Production (131) — (131) Sales of reserves in place — — — Proved reserves at December 31, 2015 877 — 877 Revisions of previous estimates (36) — (36) Improved recovery — — — Purchase of reserves in place — — — Extensions and discoveries 3 — 3 Production (108) — (108) Sales of reserves in place (6) — (6) Proved reserves at December 31, 2016 730 — 730 Proved developed reserves at: December 31, 2013 1,575 — 1,575 December 31, 2014 1,438 — 1,438 December 31, 2015 877 — 877 December 31, 2016 730 — 730 Proved undeveloped reserves at: December 31, 2013 465 — 465 December 31, 2014 359 — 359 December 31, 2015 — — — December 31, 2016 — — — |
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 12/31/2016 Year Ended 12/31/2015 Year Ended 12/31/2014 Oil Gas Total Oil Gas Total Oil Gas Total Total proved reserves year-end reserve report $ 5,815 — $ 5,815 $ 8,287 — $ 8,287 $ 40,417 — $ 40,417 Proved developed producing reserves (PDP) $ 5,397 — $ 5,397 $ 7,686 — $ 7,686 $ 32,059 — $ 32,059 % of PDP reserves to total proved reserves 93% — 93% 93% — 93% 79% — 79% Proved developed non- producing reserves $ 418 — $ 418 $ 601 — $ 601 $ 2,956 — $ 2,956 % of PDNP reserves to total proved reserves 7% — 7% 7% — 7% 7% — 7% Proved undeveloped reserves (PUD) $ — — $ — $ — — $ — $ 5,402 — $ 5,402 % of PUD reserves to total proved reserves — — — — — — 14% — 14% |
Schedule Of Standardized Measure Of Discounted Futures Net Cash Flows From Proved Oil And Gas Reserves | Years Ended December 31, 2016 2015 2014 Future cash inflows $ 27,253 $ 38,566 $ 158,792 Future production costs and taxes (16,270) (23,500) (71,951) Future development costs (553) (951) (10,014) Future income tax expenses — — (13,092) Future net cash flows 10,430 14,115 63,735 Discount at 10% for timing of cash flows (4,615) (5,828) (29,204) Standardized measure of discounted future net cash flows $ 5,815 $ 8,287 $ 34,531 |
Schedule Of Changes In The Standardized Measure Of Discounted Future Net Cash Flows From Proved Oil And Gas Reserves | Years Ended December 31, 2016 2015 2014 Balance, beginning of year $ 8,287 $ 34,531 $ 38,708 Sales, net of production costs and taxes (2,037) (1,901) (8,385) Discoveries and extensions, net of costs 35 5 4,231 Purchase of reserves in place — — — Sale of reserves in place (10) — — Net changes in prices and production costs (863) (16,009) (829) Revisions of quantity estimates (412) (22,431) (6,610) Previously estimated development cost incurred during the year — — 508 Changes in future development costs 196 4,890 (1,913) Changes in timing and other (20) (56) 1,312 Accretion of discount 639 3,373 4,247 Net change in income taxes — 5,885 3,262 Balance, end of year $ 5,815 $ 8,287 $ 34,531 |
Description Of Business And S34
Description Of Business And Significant Accounting Policies (Narrative) (Details) | Mar. 21, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Material natural gas imbalances | $ 0 | $ 0 | ||
Methane gas revenue | 0 | 0 | $ 0 | |
Impairment of equipment and materials inventory | 88,000 | |||
Unevaluated properties | $ 106,000 | 552,000 | ||
Current cost discount | 10.00% | |||
Allowance for doubtful accounts | $ 14,000 | 14,000 | ||
Compensation expense | 17,000 | 12,000 | $ 32,000 | |
Federal net operating loss carryforwards | 26,400,000 | |||
Deferred tax asset | $ 0 | $ 0 | ||
Reverse stock split | 0.1 | |||
Customer A [Member] | Revenue [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 73.90% | 74.50% | 79.30% | |
Customer B [Member] | Revenue [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 13.10% | 16.10% | 16.50% | |
Customer C [Member] | Revenue [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 12.00% | 8.60% | 3.80% | |
Two Customers [Member] | Accounts Receivable [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 84.10% | 75.70% | ||
Customer D [Member] | Accounts Receivable [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Customer's percentage of revenue | 71.00% | 66.50% | ||
Minimum [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Federal net operating loss carryforwards expiration between, years | Dec. 31, 2019 | |||
Maximum [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Federal net operating loss carryforwards expiration between, years | Dec. 31, 2036 | |||
Stock Options [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Compensation expense | $ 3,000 | $ 12,000 | $ 32,000 |
Description Of Business And S35
Description Of Business And Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Description Of Business And Significant Accounting Policies [Abstract] | ||
Oil - carried at market | $ 505 | $ 332 |
Equipment and materials - carried at market | 122 | 210 |
Total inventory | $ 627 | $ 542 |
Description Of Business And S36
Description Of Business And Significant Accounting Policies (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 490 | $ 446 |
Allowance for doubtful accounts | (14) | (14) |
Revenue [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 476 | 417 |
Joint Interest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 21 | 21 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 7 | $ 22 |
Description Of Business And S37
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 | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss per share [Abstract] | |||||||||||
Net loss | $ (260,000) | $ (908,000) | $ (1,627,000) | $ (1,404,000) | $ (19,167,000) | $ (4,963,000) | $ (76,000) | $ (515,000) | $ (4,199,000) | $ (24,721,000) | $ (788,000) |
Weighted average shares - basic | 6,091,028 | 6,084,241 | 6,084,241 | ||||||||
Dilution effect of share-based compensation, treasury method | $ 752 | ||||||||||
Weighted average shares - dilutive | 6,091,028 | 6,084,241 | 6,084,993 | ||||||||
Basic | $ (0.04) | $ (0.15) | $ (0.27) | $ (0.23) | $ (3.15) | $ (0.82) | $ (0.01) | $ (0.08) | $ (0.69) | $ (4.06) | $ (0.13) |
Dilutive | $ (0.69) | $ (4.06) | $ (0.13) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Dec. 18, 2007 | Sep. 17, 2007 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 15, 2014 |
Productive Wells [Line Items] | ||||||||
Working interest percent | 15.00% | |||||||
Bond, face value | $ 0 | |||||||
Allowance For Doubtful Accounts, Due from Related Parties, Current | $ 159,000 | $ 159,000 | ||||||
Accounts receivable-related party, less allowance for doubtful accounts of $159 | ||||||||
Methane gas revenue | 559,000 | 533,000 | $ 524,000 | |||||
Related Party [Member] | ||||||||
Productive Wells [Line Items] | ||||||||
Allowance For Doubtful Accounts, Due from Related Parties, Current | 159,000 | 159,000 | ||||||
Methane Project [Member] | ||||||||
Productive Wells [Line Items] | ||||||||
Percent of net profits, interest | 75.00% | 7.50% | 75.00% | |||||
Hoactzin [Member] | ||||||||
Productive Wells [Line Items] | ||||||||
Related parties accounts payable | 159,000 | 159,000 | ||||||
Past due related parties accounts payable | 159,000 | |||||||
Hoactzin [Member] | Related Party [Member] | ||||||||
Productive Wells [Line Items] | ||||||||
Accounts receivable-related party, less allowance for doubtful accounts of $159 | 0 | $ 0 | ||||||
Hoactzin [Member] | Methane Project [Member] | ||||||||
Productive Wells [Line Items] | ||||||||
Net profits | 0 | |||||||
Methane gas revenue | $ 0 |
Oil And Gas Properties (Details
Oil And Gas Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2005 | Dec. 31, 2015 | |
Oil And Gas Properties [Abstract] | ||||
Oil and gas properties | $ 5,315 | $ 8,286 | ||
Unevaluated properties | 106 | 552 | ||
Accumulated depreciation, depletion and amortization | (196) | |||
Oil and gas properties, net | 5,225 | $ 8,838 | ||
Depletion expense | $ 1,000 | $ 2,800 | $ 2,500 |
Manufactured Methane Faciliti40
Manufactured Methane Facilities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Methane Project [Line Items] | |||
Depreciation expense | $ 69,000 | $ 77,000 | $ 101,000 |
Methane Project [Member] | |||
Methane Project [Line Items] | |||
Depreciation expense | $ 62,000 | $ 60,000 | 163,000 |
Asset impairment charges | 2,800,000 | ||
Asset impairment charge, net of tax effect | $ 1,700,000 |
Manufactured Methane Faciliti41
Manufactured Methane Facilities (Schedule Of The Manufactured Methane Facilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Methane Project [Line Items] | ||
Manufactured Methane facilities, net of impairment | $ 422 | $ 445 |
Accumulated depreciation | (282) | (245) |
Manufactured Methane facilities, net | 140 | 200 |
Methane Project [Member] | ||
Methane Project [Line Items] | ||
Manufactured Methane facilities, net of impairment | 1,681 | 1,633 |
Accumulated depreciation | (122) | (60) |
Manufactured Methane facilities, net | $ 1,559 | $ 1,573 |
Other Property And Equipment (D
Other Property And Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Gross Cost | $ 422,000 | $ 445,000 | |
Accumulated depreciation | 282,000 | 245,000 | |
Manufactured Methane facilities, net | 140,000 | 200,000 | |
Depreciation expense | 69,000 | 77,000 | $ 101,000 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Cost | 20,000 | 20,000 | |
Accumulated depreciation | 20,000 | 20,000 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Cost | 339,000 | 362,000 | |
Accumulated depreciation | 199,000 | 162,000 | |
Manufactured Methane facilities, net | $ 140,000 | $ 200,000 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Life | 5 years | 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 | 5 years | |
Minimum [Member] | Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Life | 2 years | 2 years | |
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Life | 7 years | 7 years | |
Maximum [Member] | Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Life | 5 years | 5 years |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Mar. 16, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 30, 2017USD ($) | Mar. 15, 2017USD ($) | Dec. 31, 2015USD ($) |
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate per annum | 4.60% | ||||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate per annum | 4.16% | ||||
F&M Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans outstanding | $ 2,400,000 | $ 869,000 | |||
Prosperity Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility current borrowing capacity | $ 3,000,000 | ||||
Rate above prime | 0.50% | ||||
Credit facility maturity date | Jul. 31, 2018 | ||||
Prosperity Bank [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility current borrowing capacity | $ 1,250,000 | $ 3,000,000 | |||
Maximum line of credit | $ 40,000,000 | ||||
Loans outstanding | $ 0 | ||||
Interest rate | 4.50% | ||||
Prosperity Bank [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Funded debt to EBITDA | 3.5 | ||||
Prosperity Bank [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Current ratio | 1 | ||||
Interest coverage | 3 | ||||
Prosperity Bank [Member] | Loans And Letters Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum line of credit | $ 40,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Note payable to a bank, with interest only payment until maturity | $ 2,400 | $ 869 |
Less unamortized debt issuance cost | (24) | (10) |
Note payable to a financial instituion, net of unamortized debt issuance cost | 2,376 | 859 |
Installment notes bearing interest at the rate of 4.16% to 4.6% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $10 | 102 | $ 152 |
Interest, insurance and maintenance | $ 10 | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate per annum | 4.60% | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate per annum | 4.16% |
Long-Term Debt (Schedule Of Fut
Long-Term Debt (Schedule Of Future Debt Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long-Term Debt [Line Items] | |
2,017 | $ 55 |
2,018 | 2,447 |
Total long-term debt | 2,502 |
Bank Credit Facility [Member] | |
Long-Term Debt [Line Items] | |
2,018 | 2,400 |
Total long-term debt | 2,400 |
Company Vehicles [Member] | |
Long-Term Debt [Line Items] | |
2,017 | 55 |
2,018 | 47 |
Total long-term debt | $ 102 |
Liquidity (Details)
Liquidity (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 16, 2017 | Mar. 15, 2017 | |
Net loss | $ (4,199,000) | $ (24,721,000) | $ (788,000) | ||
Prosperity Bank [Member] | |||||
Credit facility current borrowing capacity | $ 3,000,000 | ||||
Subsequent Event [Member] | Prosperity Bank [Member] | |||||
Credit facility current borrowing capacity | $ 1,250,000 | $ 3,000,000 | |||
Current funds drawn | $ 0 |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)item$ / bbl | Sep. 30, 2015USD ($) | |
Commitments And Contingencies [Line Items] | ||
Decrease in compensation | $ | $ 243,000 | |
Incidence Of Non-Compliance [Member] | ||
Commitments And Contingencies [Line Items] | ||
Wells issued incidence of non-compliance | item | 1 | |
Maximum range of possible payment | $ | $ 386,000 | |
Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Compensation reduction until WTI posting | $ / bbl | 70 | |
Compensation reimbursement at WTI posting | $ / bbl | 85 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation [Abstract] | |||
Asset Retirement Obligation, Beginning Balance | $ 2,222 | $ 2,008 | |
Accretion expense | 143 | 126 | $ 114 |
Liabilities incurred | 2 | ||
Liabilities settled | (86) | (24) | |
Liabilities sold properties | (25) | ||
Revision in estimated liabilities | (210) | 112 | 138 |
Asset Retirement Obligation, Ending Balance | $ 2,046 | $ 2,222 | $ 2,008 |
Stock And Stock Options (Narrat
Stock And Stock Options (Narrative) (Details) | Mar. 21, 2016 | Feb. 01, 2008shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Oct. 25, 2000shares |
Stock Options [Line Items] | ||||||
Number of shares that may be granted | 7,000,000 | |||||
Number of additional shares that may be granted | 3,500,000 | |||||
Stock Incentive Plan term | 10 years | |||||
Purchase price floor of fair market value | 85.00% | |||||
Weighted average fair value of options granted | $ / shares | $ 1.01 | $ 2.40 | ||||
Compensation expense | $ | $ 17,000 | $ 12,000 | $ 32,000 | |||
Expected volatility | 122.70% | 61.70% | 53.30% | |||
Risk free interest rate | 2.67% | 2.53% | 3.27% | |||
Reverse stock split | 0.1 | |||||
Common stock, shares issued | 6,097,723 | 6,084,241 | ||||
Stock Options [Member] | ||||||
Stock Options [Line Items] | ||||||
Compensation expense | $ | $ 3,000 | $ 12,000 | $ 32,000 | |||
Directors And CEO [Member] | ||||||
Stock Options [Line Items] | ||||||
Compensation expense | $ | $ 14,000 | |||||
Common stock, shares issued | 12,641 | |||||
Minimum [Member] | ||||||
Stock Options [Line Items] | ||||||
Option life remaining | 3 months 18 days | 3 months 18 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 |
Stock And Stock Options (Schedu
Stock And Stock Options (Schedule Of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock And Stock Options [Abstract] | |||
Shares, Outstanding beginning of year | 45,625 | 90,025 | 87,025 |
Shares, Granted | 2,500 | 10,000 | 10,000 |
Shares, Exercised | |||
Shares, Expired/cancelled | (10,625) | (54,400) | (7,000) |
Shares, Outstanding end of year | 37,500 | 45,625 | 90,025 |
Weighted Average Exercise Price, Outstanding beginning of year | $ 6.10 | $ 5.70 | $ 5.90 |
Weighted Average Exercise Price, Granted | 1.20 | 2.40 | 4.40 |
Weighted Average Exercise Price, Exercised | |||
Weighted Average Exercise Price, Expired/cancelled | 9.88 | 4.80 | 6.30 |
Weighted Average Exercise Price, Outstanding end of year | $ 4.70 | $ 6.10 | $ 5.70 |
Excersiable, end of year, Shares | 37,500 | 45,625 | 90,025 |
Excersiable, end of year, Weighted Average Exercise Price | $ 4.70 | $ 6.10 | $ 5.70 |
Stock And Stock Options (Sche51
Stock And Stock Options (Schedule Of Stock Options Outstanding And Exercisable) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.70 | $ 6.10 | $ 5.70 | $ 5.90 |
Options Outstanding | 37,500 | 45,625 | 90,025 | 87,025 |
Options Exercisable | 37,500 | |||
$10.70 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 10.70 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 3 months 18 days | |||
Options Exercisable | 1,875 | |||
$8.10 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 8.10 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 6 months | |||
Options Exercisable | 1,875 | |||
$7.30 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 7.30 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 9 months 18 days | |||
Options Exercisable | 1,875 | |||
$6.40 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 6.40 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 1 year | |||
Options Exercisable | 1,875 | |||
$6.20 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 6.20 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 1 year 2 months 12 days | |||
Options Exercisable | 1,875 | |||
$4.80 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.80 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 1 year 6 months | |||
Options Exercisable | 1,875 | |||
$4.10 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.10 | |||
Options Outstanding | 1,875 | |||
Weighted Average Remaining Contractual Life | 1 year 9 months 18 days | |||
Options Exercisable | 1,875 | |||
$4.10 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.10 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 2 years | |||
Options Exercisable | 2,500 | |||
$4.80 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.80 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 2 years 2 months 12 days | |||
Options Exercisable | 2,500 | |||
$4.40 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.40 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 2 years 6 months | |||
Options Exercisable | 2,500 | |||
$4.40 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.40 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 2 years 9 months 18 days | |||
Options Exercisable | 2,500 | |||
$2.50 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.50 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 3 years | |||
Options Exercisable | 2,500 | |||
$2.30 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.30 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 3 years 2 months 12 days | |||
Options Exercisable | 2,500 | |||
$2.70 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.70 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 3 years 6 months | |||
Options Exercisable | 2,500 | |||
$2.20 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.20 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 3 years 9 months 18 days | |||
Options Exercisable | 2,500 | |||
$1.20 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 1.20 | |||
Options Outstanding | 2,500 | |||
Weighted Average Remaining Contractual Life | 4 years | |||
Options Exercisable | 2,500 |
Stock And Stock Options (Sche52
Stock And Stock Options (Schedule Of Options Issued) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 2,500 | 10,000 | 10,000 | |
Exercise Price | $ 4.70 | $ 6.10 | $ 5.70 | $ 5.90 |
$1.20 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | $ 1.20 | |||
Grant Date | Jan. 4, 2016 | |||
Expiration Date | Jan. 3, 2021 | |||
$1.20 [Member] | Non-Executive Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 625 | |||
$1.20 [Member] | Four Non-Executive Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Issued | 2,500 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax reconciliation, Permanent difference | $ (1,000) | $ (3,000) | $ (304,000) |
Valuation allowance | 16,569,000 | 14,926,000 | $ 790,000 |
Federal net operating loss carryforwards | 26,400,000 | ||
Estimated Net Operating Losses Exceed Gross Financial Reporting Amount [Member] | |||
Federal net operating loss carryforwards | $ 1,800,000 | $ 1,800,000 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory U.S. Federal Income Tax And The Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Statutory rate | 34.00% | 34.00% | 34.00% |
Tax (benefit) expense at statutory rate | $ (1,428) | $ (5,906) | $ (270) |
State income tax (benefit) expense | (216) | (893) | (40) |
Permanent difference | 1 | 3 | 304 |
Net change in deferred tax asset valuation allowance | $ 1,643 | 14,147 | |
Total income tax provision (benefit) | $ 7,351 | $ (6) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | |||
Bad debt | $ 68,000 | $ 68,000 | |
Valuation allowance | (68,000) | (68,000) | |
Total deferred tax assets - current | |||
Net operating loss carryforwards | 10,339,000 | 8,963,000 | |
Oil and gas properties | 4,445,000 | 4,112,000 | |
Property, Plant and Equipment | 646,000 | 668,000 | |
Asset retirement obligation | 801,000 | 870,000 | |
Tax credits | 260,000 | 260,000 | |
Miscellaneous | 78,000 | 53,000 | |
Valuation allowance | (16,569,000) | (14,926,000) | $ (790,000) |
Total deferred tax assets - noncurrent | |||
Net deferred tax asset | $ 0 | $ 0 |
Quarterly Data And Share Info56
Quarterly Data And Share Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Data And Share Information [Abstract] | |||||||||||
Revenues | $ 1,216 | $ 1,242 | $ 1,282 | $ 932 | $ 1,206 | $ 1,425 | $ 1,899 | $ 1,634 | $ 4,672 | $ 6,164 | $ 13,788 |
Net income (loss) from continuing operations | $ (260) | $ (908) | $ (1,627) | $ (1,404) | $ (19,167) | $ (4,963) | $ (76) | $ (515) | $ (4,199) | $ (24,721) | $ (788) |
Loss per common share from continuing operations | $ (0.04) | $ (0.15) | $ (0.27) | $ (0.23) | $ (3.15) | $ (0.82) | $ (0.01) | $ (0.08) | $ (0.69) | $ (4.06) | $ (0.13) |
Supplemental Oil And Gas Info57
Supplemental Oil And Gas Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016item$ / bbl | Dec. 31, 2015item$ / bbl | Dec. 31, 2014item$ / bbl | |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Proved undeveloped reserve locations | item | 0 | 0 | 27 |
Barrel Of Oil [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Price | $ / bbl | 37.35 | 43.98 | 88.34 |
Supplemental Oil And Gas Info58
Supplemental Oil And Gas Information (Schedule Of Capitalized Costs Related To Oil And Gas Producing Activities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Supplemental Oil And Gas Information [Abstract] | ||
Proved oil and gas properties | $ 5,315 | $ 8,286 |
Unproved properties | 106 | 552 |
Total proved and unproved oil and gas properties | 5,421 | 8,838 |
Less accumulated depreciation, depletion and amortization | (196) | |
Net oil and gas properties | $ 5,225 | $ 8,838 |
Supplemental Oil And Gas Info59
Supplemental Oil And Gas Information (Schedule Of Oil And Gas Property Acquisition, Exploration And Development) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Oil And Gas Information [Abstract] | |||
Property acquisitions unproved | $ 8 | $ 90 | $ 598 |
Exploration cost | 396 | 22 | 2,367 |
Development cost | 252 | 864 | |
Total | $ 404 | $ 364 | $ 3,829 |
Supplemental Oil And Gas Info60
Supplemental Oil And Gas Information (Schedule Of Results Of Operations From Oil And Gas Producing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Oil And Gas Information [Abstract] | |||
Revenues | $ 4,113 | $ 5,631 | $ 13,260 |
Production costs and taxes | (3,064) | (3,360) | (4,876) |
Depreciation, depletion and amortization | (1,009) | (2,538) | (2,766) |
Impairment | (2,805) | (14,526) | |
Income (loss) from oil and gas producing activities | $ (2,765) | $ (14,793) | $ 5,618 |
Supplemental Oil And Gas Info61
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, 2016MBoeMBbls | Dec. 31, 2015MBoeMBbls | Dec. 31, 2014MBoeMBbls | Dec. 31, 2013MBoeMBbls | |
Reserve Quantities [Line Items] | ||||
Proved reserves | 877 | 1,797 | 2,040 | |
Revisions of previous estimates | (36) | (790) | (253) | |
Extensions and discoveries | 3 | 1 | 164 | |
Production | (108) | (131) | (154) | |
Sales of reserves in place | (6) | |||
Proved reserves | 730 | 877 | 1,797 | 2,040 |
Proved developed reserves (equivalent) | MBoe | 730 | 877 | 1,438 | 1,575 |
Proved undeveloped reserves (equivalent) | MBoe | 359 | 465 | ||
Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved reserves | 877 | 1,797 | 2,040 | |
Revisions of previous estimates | (36) | (790) | (253) | |
Extensions and discoveries | 3 | 1 | 164 | |
Production | (108) | (131) | (154) | |
Sales of reserves in place | (6) | |||
Proved reserves | 730 | 877 | 1,797 | 2,040 |
Proved developed reserves (volume) | 730 | 877 | 1,438 | 1,575 |
Proved undeveloped reserves (volume) | 359 | 465 |
Supplemental Oil And Gas Info62
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reserve Quantities [Line Items] | |||
Total proved reserves year-end reserve report | $ 5,815 | $ 8,287 | $ 40,417 |
Proved developed producing reserves (PDP) | $ 5,397 | $ 7,686 | $ 32,059 |
% of PDP reserves to total proved reserves | 93.00% | 93.00% | 79.00% |
Proved developed non-producing reserves | $ 418 | $ 601 | $ 2,956 |
% of PDNP reserves to total proved reserves | 7.00% | 7.00% | 7.00% |
Proved undeveloped reserves (PUD) | $ 5,402 | ||
% of PUD reserves to total proved reserves | 14.00% | ||
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Total proved reserves year-end reserve report | $ 5,815 | $ 8,287 | $ 40,417 |
Proved developed producing reserves (PDP) | $ 5,397 | $ 7,686 | $ 32,059 |
% of PDP reserves to total proved reserves | 93.00% | 93.00% | 79.00% |
Proved developed non-producing reserves | $ 418 | $ 601 | $ 2,956 |
% of PDNP reserves to total proved reserves | 7.00% | 7.00% | 7.00% |
Proved undeveloped reserves (PUD) | $ 5,402 | ||
% of PUD reserves to total proved reserves | 14.00% |
Supplemental Oil And Gas Info63
Supplemental Oil And Gas Information (Schedule Of Standardized Measure Of Discounted Futures Net Cash Flows From Proved Oil And Gas Reserves) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Supplemental Oil And Gas Information [Abstract] | ||||
Future cash inflows | $ 27,253 | $ 38,566 | $ 158,792 | |
Future production costs and taxes | (16,270) | (23,500) | (71,951) | |
Future development costs | (553) | (951) | (10,014) | |
Future income tax expenses | (13,092) | |||
Future net cash flows | 10,430 | 14,115 | 63,735 | |
Discount at 10% for timing of cash flows | (4,615) | (5,828) | (29,204) | |
Standardized measure of discounted future net cash flows | $ 5,815 | $ 8,287 | $ 34,531 | $ 38,708 |
Supplemental Oil And Gas Info64
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Oil And Gas Information [Abstract] | |||
Balance, beginning of year | $ 8,287 | $ 34,531 | $ 38,708 |
Sales, net of production costs and taxes | (2,037) | (1,901) | (8,385) |
Discoveries and extensions, net of costs | 35 | 5 | 4,231 |
Purchase of reserves in place | |||
Sale of reserves in place | (10) | ||
Net changes in prices and production costs | (863) | (16,009) | (829) |
Revisions of quantity estimates | (412) | (22,431) | (6,610) |
Previously estimated development cost incurred during the year | 508 | ||
Changes in future development costs | 196 | 4,890 | (1,913) |
Changes in timing and other | (20) | (56) | 1,312 |
Accretion of discount | 639 | 3,373 | 4,247 |
Net change in income taxes | 5,885 | 3,262 | |
Balance, end of year | $ 5,815 | $ 8,287 | $ 34,531 |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 27, 2017$ / shares | Feb. 13, 2017USD ($)shares | Jan. 04, 2017USD ($)itemshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | ||||||
Compensation expense | $ | $ 17,000 | $ 12,000 | $ 32,000 | |||
Accumulated net operating loss carryforwards | $ | 28,200,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of directors | item | 4 | |||||
Subsequent Event [Member] | Rights Plan [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of preferred share purchase right for each outstanding share of its common stock to shareholder | $ / shares | $ 1 | |||||
Common stock, Threshold for exercise of rights percentage | 4.95% | |||||
Common stock, Threshold for exercise of rights grandfathered percentage | 4.95% | |||||
Stock discount | 50.00% | |||||
Subsequent Event [Member] | Rights [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Options issued to purchase | 4,498,698 | |||||
Comm stock, New shares issued | 4,498,698 | |||||
Proceeds from issuance of stocks | $ | $ 2,700,000 | |||||
Directors And CEO [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Compensation expense | $ | $ 14,000 | |||||
Directors, CFO And Interim CEO [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Options issued to purchase | 5,264 | |||||
Comm stock, New shares issued | 5,264 | |||||
Compensation expense | $ | $ 4,000 | |||||
Directors, Management, And Affiliates [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Options issued to purchase | 3,293,407 | |||||
Comm stock, New shares issued | 3,293,407 |