| Document and Entity Information | 3 Months Ended | |
| Mar. 31, 2014 | 8-May-14 | |
| Document And Entity Information Abstract | ' | ' |
| Document Type | '10-Q | ' |
| Amendment Flag | 'false | ' |
| Document Period End Date | 31-Mar-14 | ' |
| Entity Registrant Name | 'Ridgewood Energy P Fund LLC | ' |
| Entity Central Index Key | '0001325703 | ' |
| Current Fiscal Year End Date | '--12-31 | ' |
| Document Fiscal Year Focus | '2014 | ' |
| Document Fiscal Period Focus | 'Q1 | ' |
| Entity Filer Category | 'Smaller Reporting Company | ' |
| Entity Common Stock, Shares Outstanding | ' | 933.06 |
| UNAUDITED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Current assets: | ' | ' |
| Cash and cash equivalents | $2,199 | $894 |
| Production receivable | 150 | 267 |
| Asset held for sale | ' | 317 |
| Other current assets | 22 | 35 |
| Total current assets | 2,371 | 1,513 |
| Salvage fund | 1,330 | 1,328 |
| Oil and gas properties: | ' | ' |
| Advances to operators for working interests and expenditures | ' | 84 |
| Proved properties | 22,519 | 22,434 |
| Less: accumulated depletion and amortization | -19,195 | -19,086 |
| Total oil and gas properties, net | 3,324 | 3,432 |
| Total assets | 7,025 | 6,273 |
| Current liabilities: | ' | ' |
| Due to operators | 460 | 423 |
| Raven settlement payable | 115 | ' |
| Accrued expenses | 43 | 41 |
| Liability held for sale | ' | 171 |
| Total current liabilities | 618 | 635 |
| Asset retirement obligations | 1,292 | 1,292 |
| Total liabilities | 1,910 | 1,927 |
| Commitments and contingencies (Note 4) | ' | ' |
| Members' capital: | ' | ' |
| Distributions | -6,460 | -6,417 |
| Retained earnings | 3,949 | 3,951 |
| Manager's total | -2,511 | -2,466 |
| Capital contributions (1,335 shares authorized; 933.06 issued and outstanding) | 138,344 | 138,344 |
| Syndication costs | -15,898 | -15,898 |
| Distributions | -37,847 | -36,368 |
| Accumulated deficit | -76,973 | -79,266 |
| Shareholders' total | 7,626 | 6,812 |
| Total members' capital | 5,115 | 4,346 |
| Total liabilities and members' capital | $7,025 | $6,273 |
| UNAUDITED CONDENSED BALANCE SHEETS (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
| UNAUDITED CONDENSED BALANCE SHEETS [Abstract] | ' | ' |
| Shares authorized | 1,335 | 1,335 |
| Shares issued | 933.06 | 933.06 |
| Shares outstanding | 933.06 | 933.06 |
| UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
| In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
| Revenue | ' | ' |
| Oil and gas revenue | $580 | $2,094 |
| Expenses | ' | ' |
| Depletion and amortization | 109 | 781 |
| Management fees to affiliate (Note 3) | 272 | 304 |
| Operating expenses | 118 | 310 |
| Workover expense | 329 | 54 |
| General and administrative expenses | 48 | 55 |
| Total expenses | 876 | 1,504 |
| Gain on sale of oil and gas properties | 2,585 | ' |
| Income from operations | 2,289 | 590 |
| Interest income | 2 | 5 |
| Net income | 2,291 | 595 |
| Manager Interest | ' | ' |
| Net (loss) income | -2 | 198 |
| Shareholder Interest | ' | ' |
| Net income | $2,293 | $397 |
| Net income per share | $2,458 | $426 |
| UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
| Cash flows from operating activities | ' | ' |
| Net income | $2,291 | $595 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
| Depletion and amortization | 109 | 781 |
| Gain on sale of oil and gas properties | -2,585 | ' |
| Changes in assets and liabilities: | ' | ' |
| Decrease in production receivable | 117 | 232 |
| Decrease in other current assets | 13 | 30 |
| Increase in due to operators | 37 | 98 |
| Increase in Raven settlement payable & related liabilities | 139 | ' |
| Increase in accrued expenses | 2 | ' |
| Net cash provided by operating activities | 123 | 1,736 |
| Cash flows from investing activities | ' | ' |
| Proceeds from sale of oil and gas properties | 2,706 | ' |
| Capital expenditures for oil and gas properties | ' | -6 |
| Interest reinvested in salvage fund | -2 | -5 |
| Net cash provided by (used in) investing activities | 2,704 | -11 |
| Cash flows from financing activities | ' | ' |
| Distributions | -1,522 | -1,825 |
| Net cash used in financing activities | -1,522 | -1,825 |
| Net increase (decrease) in cash and cash equivalents | 1,305 | -100 |
| Cash and cash equivalents, beginning of period | 894 | 2,525 |
| Cash and cash equivalents, end of period | 2,199 | 2,425 |
| Supplemental schedule of non-cash investing activities | ' | ' |
| Advances used for capital expenditures in oil and gas properties reclassified to proved properties | $84 | ' |
| Organization and Summary of Significant Accounting Policies | 3 Months Ended |
| Mar. 31, 2014 | |
| Organization and Summary of Significant Accounting Policies [Abstract] | ' |
| Organization and Summary of Significant Accounting Policies | ' |
| 1. Organization and Summary of Significant Accounting Policies | |
| Organization | |
| The Ridgewood Energy P Fund, LLC (the "Fund"), a Delaware limited liability company, was formed on March 21, 2005 and operates pursuant to a limited liability company agreement (the "LLC Agreement") dated as of May 16, 2005 by and among Ridgewood Energy Corporation (the "Manager") and the shareholders of the Fund, which addresses matters such as the authority and voting rights of the Manager and shareholders, capitalization, transferability of membership interests, participation in costs and revenues, distribution of assets and dissolution and winding up. The Fund was organized to primarily acquire interests in oil and gas properties located in the United States offshore waters of Texas, Louisiana and Alabama in the Gulf of Mexico. | |
| The Manager has direct and exclusive control over the management of the Fund's operations. With respect to project investments, the Manager locates potential projects, conducts due diligence, and negotiates and completes the transactions in which the investments are made. The Manager performs, or arranges for the performance of, the management, advisory and administrative services required for Fund operations. Such services include, without limitation, the administration of shareholder accounts, shareholder relations and the preparation, review and dissemination of tax and other financial information. In addition, the Manager provides office space, equipment and facilities and other services necessary for Fund operations. The Manager also engages and manages the contractual relations with unaffiliated custodians, depositories, accountants, attorneys, broker-dealers, corporate fiduciaries, insurers, banks and others as required. See Notes 3 and 4. | |
| Basis of Presentation | |
| These unaudited interim condensed financial statements have been prepared by the Fund's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Fund's financial position, results of operations and cash flows for the periods presented. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in these unaudited interim condensed financial statements. The results of operations, financial position, and cash flows for the periods presented herein are not necessarily indicative of future financial results. These unaudited interim condensed financial statements should be read in conjunction with the Fund's December 31, 2013 financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. | |
| Use of Estimates | |
| The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates. | |
| Fair Value Measurements | |
| The fair value measurement guidance provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consists of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. Cash and cash equivalents approximate fair value based on Level 1 inputs. Mortgage-backed securities are recorded based on Level 2 inputs, as such instruments trade in over-the-counter markets. | |
| Cash and Cash Equivalents | |
| All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which are $250 thousand per insured financial institution. At March 31, 2014, the Fund's bank balances exceeded federally insured limits by $3.0 million. | |
| Salvage Fund | |
| The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives in accordance with applicable federal and state laws and regulations. At March 31, 2014 and December 31, 2013, the Fund had investments in federal agency mortgage-backed securities within its salvage fund that are classified as available-for-sale of $0.2 million and $0.3 million, respectively, which mature in January 2042. Available-for-sale securities are carried in the financial statements at fair value. At March 31, 2014 and December 31, 2013, the fair market value approximated the Fund's carrying value, therefore there was no unrealized gain or loss related to the Fund's available-for-sale investments. | |
| For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income. Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund. | |
| Oil and Gas Properties | |
| The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund's portion of exploration, drilling, operating and capital equipment expenditures is billed by operators. | |
| Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers' fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred. All costs related to production activity and workover efforts are expensed as incurred. | |
| Upon the sale, retirement or abandonment of a property, the cost and related accumulated depletion and amortization, if any, is eliminated from the property accounts, and the resultant gain or loss is recognized. | |
| At March 31, 2014 and December 31, 2013, amounts recorded in due to operators totaling $20 thousand related to capital expenditures for oil and gas properties. | |
| Advances to Operators for Working Interests and Expenditures | |
| The Fund's acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund's rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month's operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties. | |
| Asset Retirement Obligations | |
| For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations. | |
| Syndication Costs | |
| Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund's shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund's balance sheet as a reduction of shareholders' capital. | |
| Revenue Recognition and Imbalances | |
| Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties' estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund's recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production. | |
| Derivative Instruments | |
| The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The estimated fair value of such contracts is based upon various factors, including reported prices on the New York Mercantile Exchange ("NYMEX") and the Intercontinental Exchange ("ICE"), volatility, and the time value of options. The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis on the statement of operations within other income or loss. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions. | |
| Impairment of Long-Lived Assets | |
| The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of proved properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund's estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur. | |
| Depletion and Amortization | |
| Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs. | |
| Income Taxes | |
| No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund's income or loss is passed through and included in the tax returns of the Fund's shareholders. | |
| Income and Expense Allocation | |
| Profits and losses are allocated to shareholders and the Manager in accordance with the LLC agreement. | |
| Distributions | |
| Distributions to shareholders are allocated in proportion to the number of shares held. The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement. | |
| Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager. During the three months ended March 31, 2014, the Fund made distributions of available cash from dispositions related to the sale of the Raven Project totaling $1.3 million. There were no such dispositions during the three months ended March 31, 2013. | |
| Recent Accounting Pronouncements | |
| The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund's financial statements. |
| Oil and Gas Properties | 3 Months Ended |
| Mar. 31, 2014 | |
| Oil and Gas Properties [Abstract] | ' |
| Oil and Gas Properties | ' |
| 2. Oil and Gas Properties | |
| On January 17, 2014, the Fund, along with its affiliates, Ridgewood Energy Gulf of Mexico Oil and Gas Fund, L.P., Ridgewood Energy A-1 Fund, LLC, Ridgewood Energy W Fund, LLC, and Ridgewood Energy Y Fund, LLC, (when used with the Fund the "Ridgewood Funds") entered into a purchase and sale agreement to sell the Ridgewood Funds' leasehold interests in the Raven Project, located in the state waters of Louisiana, to Castex Energy Partners, L.P. ("Castex") for cash consideration totaling approximately $21.7 million. The closing of the sale transaction occurred on January 30, 2014. Certain post-closing adjustments, currently estimated at $0.1 million, which are included on the balance sheet within "Raven settlement payable", will be finalized and settled with Castex during second quarter 2014. Such amount principally relates to revenue and operating expenses received or paid during January 2014. | |
| At December 31, 2013, the Fund's balance sheet reflects the Raven Project's cost and accumulated depletion classified as "Asset held for sale" and the Raven Project's asset retirement obligation classified as "Liability held for sale". Such asset was monetized and obligation was relieved upon the closing of the Raven Project's sale. | |
| The Fund had a 6.25% working interest in the Raven Project and received $2.7 million in cash proceeds from the sale. The net carrying value for the Raven Project on the date of the sale was $0.1 million, thereby resulting in a gain to the Fund of $2.6 million, which was recognized during the three months ended March 31, 2014. There was no such amount recorded during the three months ended March 31, 2013. | |
| Capitalized exploratory well costs are expensed as dry-hole costs in the event that reserves are not found or are not in sufficient quantities to complete the well and develop the field. At times, the Fund receives adjustments to certain wells from their respective operators upon review and audit of the wells' costs. | |
| Workover expense during the three months ended March 31, 2014 and 2013, totaling $0.3 million and $54 thousand respectively, related to the Carrera Project and Eugene Island 354. |
| Related Parties | 3 Months Ended |
| Mar. 31, 2014 | |
| Related Parties [Abstract] | ' |
| Related Parties | ' |
| 3. Related Parties | |
| In accordance with the LLC Agreement, the Manager is entitled to an annual management fee equal to 2.5% of total shareholder contributions. Management fees for each of the three months ended March 31, 2014 and 2013 were $0.3 million. Effective April 1, 2014, the Manager waived its management fee for the remaining life of the Fund. Upon waiver of the management fee, the Fund will record costs relating to services provided by the Manager for accounting and investor relations. | |
| The Manager is entitled to receive a 15% interest in cash distributions from operations made by the Fund. Distributions paid to the Manager for the three months ended March 31, 2014 and 2013 were $43 thousand and $0.3 million, respectively. In addition, the Manager is entitled to receive a 1% interest in cash distributions from dispositions. Distributions from the sale of the Raven project paid to the Manager during the three months ended March 31, 2014 were $13 thousand. | |
| At times, short-term payables and receivables, which do not bear interest, arise from transactions with affiliates in the ordinary course of business. | |
| None of the amounts paid to the Manager have been derived as a result of arm's length negotiations. | |
| The Fund has working interest ownership in certain projects to acquire and develop oil and natural gas projects with other entities that are likewise managed by the Manager. |
| Commitments and Contingencies | 3 Months Ended |
| Mar. 31, 2014 | |
| Commitments and Contingencies [Abstract] | ' |
| Commitments and Contingencies | ' |
| 4. Commitments and Contingencies | |
| Capital Commitments | |
| The Fund has entered into multiple agreements for the drilling and development of its investment properties. The estimated capital expenditures associated with these agreements vary depending on the stage of development on a property-by-property basis. As of March 31, 2014, the Fund had committed to spend an additional $1.2 million related to its investments in oil and gas properties, of which $0.1 million is expected to be spent during the next twelve months. | |
| Environmental Considerations | |
| The exploration for and development of oil and natural gas involves the extraction, production and transportation of materials which, under certain conditions, can be hazardous or cause environmental pollution problems. The Manager and operators of the Fund's properties are continually taking action they believe appropriate to satisfy applicable federal, state and local environmental regulations and do not currently anticipate that compliance with federal, state and local environmental regulations will have a material adverse effect upon capital expenditures, results of operations or the competitive position of the Fund in the oil and gas industry. However, due to the significant public and governmental interest in environmental matters related to those activities, the Manager cannot predict the effects of possible future legislation, rule changes, or governmental or private claims. At March 31, 2014 and December 31, 2013, there were no known environmental contingencies that required the Fund to record a liability. | |
| Effective October 22, 2012, the United States Department of Interior, acting through the Bureau of Safety and Environmental Enforcement, implemented the Final Drilling Safety Rule (the "Final Rule") which refined certain interim rules imposed in the immediate wake of the 2010 Deepwater Horizon oil spill. The Final Rule was promulgated for the prevention of waste and for the conservation of natural resources of the Outer Continental Shelf under the rulemaking authority of the Outer Continental Shelf Lands Act. The United States Congress continues to consider a number of legislative proposals relating to the upstream oil and gas industry both onshore and offshore, in addition to the Final Rule. Such proposals could result in significant additional laws or regulations governing the Fund's operations in the United States, including a proposal to raise or eliminate the cap on liability for oil spill cleanups under the Oil Pollution Act of 1990. Although it is not possible at this time to predict whether proposed legislation or regulations will be adopted as initially written, if at all, or how legislation or new regulation that may be adopted would impact the Fund's business, any such future laws and regulations could result in increased compliance costs or additional operating restrictions, which could have a material adverse effect on the Fund's operating results and cash flows. | |
| Insurance Coverage | |
| The Fund is subject to all risks inherent in the exploration for and development of oil and natural gas. Insurance coverage as is customary for entities engaged in similar operations is maintained, but losses may occur from uninsurable risks or amounts in excess of existing insurance coverage. The occurrence of an event that is not insured or not fully insured could have a material adverse impact upon earnings and financial position. Moreover, insurance is obtained as a package covering all of the funds managed by the Manager. Claims made by other funds managed by the Manager can reduce or eliminate insurance for the Fund. | |
| Organization and Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
| Mar. 31, 2014 | |
| Organization and Summary of Significant Accounting Policies [Abstract] | ' |
| Basis of Presentation | ' |
| Basis of Presentation | |
| These unaudited interim condensed financial statements have been prepared by the Fund's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Fund's financial position, results of operations and cash flows for the periods presented. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in these unaudited interim condensed financial statements. The results of operations, financial position, and cash flows for the periods presented herein are not necessarily indicative of future financial results. These unaudited interim condensed financial statements should be read in conjunction with the Fund's December 31, 2013 financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. | |
| Use of Estimates | ' |
| Use of Estimates | |
| The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Manager reviews its estimates, including those related to the fair value of financial instruments, property balances, determination of proved reserves, impairments and asset retirement obligations. Actual results may differ from those estimates. | |
| Fair Value Measurements | ' |
| Fair Value Measurements | |
| The fair value measurement guidance provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consists of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. Cash and cash equivalents approximate fair value based on Level 1 inputs. Mortgage-backed securities are recorded based on Level 2 inputs, as such instruments trade in over-the-counter markets. | |
| Cash and Cash Equivalents | ' |
| Cash and Cash Equivalents | |
| All highly liquid investments with maturities, when purchased, of three months or less, are considered cash and cash equivalents. At times, deposits may be in excess of federally insured limits, which are $250 thousand per insured financial institution. At March 31, 2014, the Fund's bank balances exceeded federally insured limits by $3.0 million. | |
| Salvage Fund | ' |
| Salvage Fund | |
| The Fund deposits in a separate interest-bearing account, or salvage fund, money to provide for the dismantling and removal of production platforms and facilities and plugging and abandoning its wells at the end of their useful lives in accordance with applicable federal and state laws and regulations. At March 31, 2014 and December 31, 2013, the Fund had investments in federal agency mortgage-backed securities within its salvage fund that are classified as available-for-sale of $0.2 million and $0.3 million, respectively, which mature in January 2042. Available-for-sale securities are carried in the financial statements at fair value. At March 31, 2014 and December 31, 2013, the fair market value approximated the Fund's carrying value, therefore there was no unrealized gain or loss related to the Fund's available-for-sale investments. | |
| For all investments, interest income is accrued as earned and amortization of premium or discount, if any, is included in interest income. Interest earned on the account will become part of the salvage fund. There are no restrictions on withdrawals from the salvage fund. | |
| Oil and Gas Properties | ' |
| Oil and Gas Properties | |
| The Fund invests in oil and gas properties, which are operated by unaffiliated entities that are responsible for drilling, administering and producing activities pursuant to the terms of the applicable operating agreements with working interest owners. The Fund's portion of exploration, drilling, operating and capital equipment expenditures is billed by operators. | |
| Exploration, development and acquisition costs are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and natural gas leasehold acreage, including lease bonuses, brokers' fees and other related costs are capitalized. Costs of drilling and equipping productive wells and related production facilities are capitalized. Exploratory costs are capitalized pending determination of whether proved reserves have been found. If proved commercial reserves are not found, exploratory drilling costs are expensed as dry-hole costs. Annual lease rentals and exploration expenses are expensed as incurred. All costs related to production activity and workover efforts are expensed as incurred. | |
| Upon the sale, retirement or abandonment of a property, the cost and related accumulated depletion and amortization, if any, is eliminated from the property accounts, and the resultant gain or loss is recognized. | |
| At March 31, 2014 and December 31, 2013, amounts recorded in due to operators totaling $20 thousand related to capital expenditures for oil and gas properties. | |
| Advances to Operators for Working Interests and Expenditures | ' |
| Advances to Operators for Working Interests and Expenditures | |
| The Fund's acquisition of a working interest in a well or a project requires it to make a payment to the seller for the Fund's rights, title and interest. The Fund may be required to advance its share of estimated cash expenditures for the succeeding month's operation. The Fund accounts for such payments as advances to operators for working interests and expenditures. As drilling costs are incurred, the advances are reclassified to unproved or proved properties. | |
| Asset Retirement Obligations | ' |
| Asset Retirement Obligations | |
| For oil and gas properties, there are obligations to perform removal and remediation activities when the properties are retired. When a project reaches drilling depth and is determined to be either proved or dry, an asset retirement obligation is incurred. Plug and abandonment costs associated with unsuccessful projects are expensed as dry-hole costs. As indicated above, the Fund maintains a salvage fund to provide for the funding of future asset retirement obligations. | |
| Syndication Costs | ' |
| Syndication Costs | |
| Syndication costs are direct costs incurred by the Fund in connection with the offering of the Fund's shares, including professional fees, selling expenses and administrative costs payable to the Manager, an affiliate of the Manager and unaffiliated broker-dealers, which are reflected on the Fund's balance sheet as a reduction of shareholders' capital. | |
| Revenue Recognition and Imbalances | ' |
| Revenue Recognition and Imbalances | |
| Oil and gas revenues are recognized when oil and gas is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Fund uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which the Fund is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties' estimated remaining reserves net to the Fund will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The Fund's recorded liability, if any, would be reflected in other liabilities. No receivables are recorded for those wells where the Fund has taken less than its share of production. | |
| Derivative Instruments | ' |
| Derivative Instruments | |
| The Fund may periodically utilize derivative instruments to manage the price risk attributable to its oil and gas production. Derivative instruments are carried on the balance sheet at fair value and recorded as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless specific hedge accounting criteria are met. At this time, the Fund has elected not to use hedge accounting for its derivatives and, accordingly, the derivatives are marked-to-market each quarter with fair value gains and losses recognized currently as other income on the statement of operations. The estimated fair value of such contracts is based upon various factors, including reported prices on the New York Mercantile Exchange ("NYMEX") and the Intercontinental Exchange ("ICE"), volatility, and the time value of options. The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis on the statement of operations within other income or loss. The related cash flow impact of the derivative activities are reflected as cash flows from operating activities on the statement of cash flows. The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions. | |
| Impairment of Long-Lived Assets | ' |
| Impairment of Long-Lived Assets | |
| The Fund reviews the value of its oil and gas properties whenever management determines that events and circumstances indicate that the recorded carrying value of properties may not be recoverable. Impairments of proved properties are determined by comparing future net undiscounted cash flows to the net book value at the time of the review. If the net book value exceeds the future net undiscounted cash flows, the carrying value of the property is written down to fair value, which is determined using net discounted future cash flows from the property. The Fund provides for impairments on unproved properties when it determines that the property will not be developed or a permanent impairment in value has occurred. The fair value determinations require considerable judgment and are sensitive to change. Different pricing assumptions, reserve estimates or discount rates could result in a different calculated impairment. Given the volatility of oil and natural gas prices, it is reasonably possible that the Fund's estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term. If oil and natural gas prices decline significantly, even if only for a short period of time, it is possible that write-downs of oil and gas properties could occur. | |
| Depletion and Amortization | ' |
| Depletion and Amortization | |
| Depletion and amortization of the cost of proved oil and gas properties are calculated using the units-of-production method. Proved developed reserves are used as the base for depleting capitalized costs associated with successful exploratory well costs, development costs and related facilities. The sum of proved developed and proved undeveloped reserves is used as the base for depleting or amortizing leasehold acquisition costs. | |
| Income Taxes | ' |
| Income Taxes | |
| No provision is made for income taxes in the financial statements. The Fund is a limited liability company, and as such, the Fund's income or loss is passed through and included in the tax returns of the Fund's shareholders. | |
| Income and Expense Allocation | ' |
| Income and Expense Allocation | |
| Profits and losses are allocated to shareholders and the Manager in accordance with the LLC agreement. | |
| Distributions | ' |
| Distributions | |
| Distributions to shareholders are allocated in proportion to the number of shares held. The Manager determines whether available cash from operations, as defined in the LLC Agreement, will be distributed. Such distributions are allocated 85% to the shareholders and 15% to the Manager, as required by the LLC Agreement. | |
| Available cash from dispositions, as defined in the LLC Agreement, will be paid 99% to shareholders and 1% to the Manager until the shareholders have received total distributions equal to their capital contributions. After shareholders have received distributions equal to their capital contributions, 85% of available cash from dispositions will be distributed to shareholders and 15% to the Manager. During the three months ended March 31, 2014, the Fund made distributions of available cash from dispositions related to the sale of the Raven Project totaling $1.3 million. There were no such dispositions during the three months ended March 31, 2013. | |
| Recent Accounting Pronouncements | ' |
| Recent Accounting Pronouncements | |
| The Fund has considered recent accounting pronouncements and believes that these recent pronouncements will not have a material effect on the Fund's financial statements. |
| Organization and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended |
| Mar. 31, 2014 | Dec. 31, 2013 | |
| Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
| Maximum cash balance federally insured per financial institution | $250,000 | ' |
| Total cash balance not insured by the FDIC | 3,000,000 | ' |
| Value of available-for-sale securities included in salvage fund | 200,000 | 300,000 |
| Available-for-sale securities included in salvage fund maturity date | 1-Jan-42 | 1-Jan-42 |
| Value of capital expenditures for oil and gas properties owed to operators | 20,000 | 20,000 |
| Percentage of cash from operations allocated to shareholders | 85.00% | ' |
| Percentage of cash from operations allocated to fund manager | 15.00% | ' |
| Percentage of available cash from dispositions allocated to shareholders | 99.00% | ' |
| Percentage of available cash from dispositions allocated to fund manager | 1.00% | ' |
| Percentage of available cash from dispositions allocated to shareholders after distributions have equaled capital contributions | 85.00% | ' |
| Percentage of available cash from dispositions allocated to fund manager after distributions have equaled capital contributions | 15.00% | ' |
| Distributions related to Raven Project | $1,300,000 | ' |
| Oil and Gas Properties (Details) (USD $) | 3 Months Ended | ||
| Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
| Oil and Gas Properties [Abstract] | ' | ' | ' |
| Cash consideration | $21,700,000 | ' | ' |
| Raven settlement payable | 115,000 | ' | ' |
| Working interest percentage | 6.25% | ' | ' |
| Proceeds from sale of oil and gas properties | 2,706,000 | ' | ' |
| Carrying value of oil and gas properties at date of sale | 100,000 | ' | ' |
| Gain on sale of oil and gas properties | 2,585,000 | ' | ' |
| Workover expense | $329,000 | $54,000 | ' |
| Related Parties (Details) (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
| Related Party Transaction [Line Items] | ' | ' |
| Annual management fee percentage rate | 2.50% | ' |
| Annual management fees paid to Fund Manager | $272 | $304 |
| Percentage of total distributions allocated to Fund Manager | 15.00% | ' |
| Fund Manager [Member] | ' | ' |
| Related Party Transaction [Line Items] | ' | ' |
| Distributions | -43 | -300 |
| Fund Manager [Member] | Raven Project [Member] | ' | ' |
| Related Party Transaction [Line Items] | ' | ' |
| Percentage of total distributions allocated to Fund Manager | 1.00% | ' |
| Distributions | ($13) | ' |
| Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
| In Millions, unless otherwise specified | Mar. 31, 2014 |
| Commitments and Contingencies [Abstract] | ' |
| Commitments for the drilling and development of investment properties | $1.20 |
| Commitments for the drilling and development of investment properties expected to be incurred in the next 12 months | $0.10 |
