Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Rare Element Resources Ltd | |
Entity Central Index Key | 1,419,806 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 79,591,880 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 544 | $ 927 |
Prepaid expenses and other | 78 | 81 |
Total Current Assets | 622 | 1,008 |
Equipment, net | 92 | 106 |
Investment in land | 600 | 600 |
Total assets | 1,314 | 1,714 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 76 | 65 |
Asset retirement obligation, current portion | 0 | 152 |
Total Current Liabilities | 76 | 217 |
Asset retirement obligation, non-current portion | 241 | 205 |
Repurchase option | 600 | 600 |
Total liabilities | 917 | 1,022 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2017 and December 31, 2016 - 52,941,880 | 104,140 | 103,640 |
Additional paid in capital | 23,657 | 23,626 |
Accumulated deficit | (127,400) | (126,574) |
Total Shareholders' Equity | 397 | 692 |
Total Liabilities and Shareholders' Equity | $ 1,314 | $ 1,714 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | Unlimited | Unlimited |
Common Stock, Shares Outstanding | 52,941,880 | 52,941,880 |
CONSOLIDATED UNAUDITED STATEMEN
CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Exploration and evaluation | $ (208) | $ (176) | $ (228) | $ (338) |
Corporate administration | (150) | (235) | (723) | (2,345) |
Asset retirement obligation revision | 0 | 0 | 116 | 0 |
Impairment of land | 0 | (380) | 0 | (380) |
Depreciation | (4) | (8) | (14) | (31) |
Total operating expenses | (362) | (799) | (849) | (3,094) |
Non-operating income/(expenses): | ||||
Interest income | 0 | 0 | 0 | 1 |
Gain/(loss) on currency translation | 1 | (1) | 23 | 16 |
Gain on sale of equipment | 0 | 1 | 0 | 8 |
Total non-operating income (expense) | 1 | 0 | 23 | 25 |
Net loss | $ (361) | $ (799) | $ (826) | $ (3,069) |
LOSS PER SHARE - BASIC AND DILUTED | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.06) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 52,941,880 | 52,941,880 | 52,941,880 | 52,941,880 |
CONSOLIDATED UNAUDITED STATEME5
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (826) | $ (3,069) |
Adjustments to reconcile net loss for the period to net cash and cash equivalents used in operating activities: | ||
Depreciation | (14) | (31) |
Gain on sale of equipment | 0 | (8) |
Impairment of land | 0 | (380) |
Asset retirement obligation revision | (116) | 0 |
Stock-based compensation | 31 | 67 |
Total adjustments | (897) | (2,599) |
Changes in working capital | ||
Prepaid expenses and other | 3 | 169 |
Accounts payable and accrued liabilities | 11 | (845) |
Net cash and cash equivalents used in operating activities | (883) | (3,275) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of equipment | 0 | 91 |
Net cash and cash equivalents provided by investing activities | 0 | 91 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance payment for common share issuance | 500 | 0 |
Net cash and cash equivalents provided by financing activities | 500 | 0 |
Decrease in cash and cash equivalents | (383) | (3,184) |
Cash and cash equivalents - beginning of the period | 927 | 3,881 |
Cash and cash equivalents - end of the period | $ 544 | $ 697 |
1. NATURE OF OPERATIONS
1. NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | Rare Element Resources Ltd. (“we,” “us,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999. Rare Element has historically been focused on advancing the Bear Lodge REE Project and the Sundance Gold Project both located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The Sundance Gold Project contains an inferred mineral resource primarily composed of three main gold targets within the area of the Bear Lodge property. Because of the more recent focus on the REE deposit’s potential and volatile economic conditions for gold, no drilling or exploration on the Sundance Gold Project has been conducted since the end of 2011. The Company previously announced extensive cost-cutting measures and the placement of the Bear Lodge REE Project on care-and-maintenance to enable us to move the Bear Lodge REE Project forward when market conditions improve. The Company is considering an updated work plan to (i) further progress pilot plant testing of our proprietary technology for rare earth processing and separation, (ii) progress engineering work on an alternative high-grade mine plan, and (iii) determine the timing for the resumption of permitting efforts following receipt of the proceeds from the Synchron investment on October 2, 2017 (discussed in Note 4). In 2017, the Company began to further review the gold potential of the Bear Lodge property. The area with gold potential is mostly separate from the known rare earth deposits, including the Bull Hill deposit. There may be, however, significant gold occurrences in some of the identified satellite rare earth deposits. Only further exploration will define the extent of overlapping occurrences, if any. The Company previously reported a going concern doubt in its Form 10-K for the year ended December 31, 2016 and subsequent quarterly filings in 2017. Due to the Synchron investment, the Company no longer has a significant doubt as to its ability to continue as a going concern. However, even with the Synchron investment, we do not have sufficient funds to fully complete feasibility studies, permitting, development and construction of the Bear Lodge REE Project. Therefore, the achievement of these activities will be dependent upon future financings, off-take agreements, joint ventures, strategic transactions, or sales of various assets. There is no assurance, however, that we will be successful in completing such a financing or transaction. |
2. BASIS OF PRESENTATION
2. BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2016, which were included in our Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2017, and the results of our operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016 in conformity with U.S. GAAP. Interim results of operations for the three and nine months ended September 30, 2017 may not be indicative of results that will be realized for the full year ending December 31, 2017. |
3. EQUIPMENT
3. EQUIPMENT | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT | September 30, 2017 December 31, 2016 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Computer equipment $ 61 $ 61 $ - $ 61 $ 61 $ – Furniture 13 13 - 13 13 – Geological equipment 437 354 83 437 344 93 Vehicles 87 78 9 87 74 13 $ 598 $ 506 $ 92 $ 598 $ 492 $ 106 |
4. SHAREHOLDERS' EQUITY
4. SHAREHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | Strategic Investment On August 18, 2017, the Company and General Atomics Uranium Resources, LLC, executed a term sheet for the purchase of common shares of the Company and the grant of an option to purchase common shares, and intellectual property rights (the “Term Sheet”). The Term Sheet provided that, upon the terms and subject to the conditions set forth in the Term Sheet, among other things, (i) General Atomics Uranium Resources, LLC or one or more of its affiliates (“General Atomics”) would pay $500 in cash (the “Preliminary Payment”) to the Company within three business days of the execution of the Term Sheet; (ii) the Company and General Atomics would enter into an investment agreement (the “Investment Agreement”), an option agreement (“Option Agreement”) and an intellectual property rights Agreement (“IP Rights Agreement), all discussed below, for $4,752 in cash, less the Preliminary Payment, at the closing of the transaction. On October 2, 2017, the Company and Synchron, a subsidiary of General Atomics Technologies Corporation (“Synchron”) completed the transaction in accordance with the following terms. Pursuant to an Investment Agreement the Company: (i) issued to Synchron 26,650,000 common shares of the Company, which constitute approximately 33.5% of the issued and outstanding common shares of the Company, (ii) received $4,752 in cash less the Preliminary Payment; and (iii) granted Synchron an option (the “Option”) to purchase approximately an additional 15.49% of the Company’s fully diluted common shares immediately after the exercise for an aggregate exercise price of an additional $5,040. Synchron’s ownership percentage after exercising the Option is limited to 49.9% of the Company’s common shares issued and outstanding. The Option is exercisable for a period up to four years from the initial investment. Additionally, the parties executed an IP Rights Agreement, whereby Synchron received rights to use and improve the Company’s intellectual property relating to our patents-pending and related technical information. The Company made customary representations and warranties in the Investment Agreement. The representations and warranties of the parties survive the closing of the transactions contemplated by the Investment Agreement until the earliest to occur of (i) the fourth anniversary of such closing and (ii) the exercise date of the Option Pursuant to and subject to the terms and conditions of the Investment Agreement, Synchron is entitled to nominate two directors for appointment or election to the Company’s board of directors, where the board is comprised of six or seven directors following such appointment. If the Option is exercised in full and Synchron continues to own the Acquired Shares, then Synchron is entitled to nominate one additional director for appointment or election to the Company’s board of directors. Synchron has not yet designated any persons for appointment or election to the Company’s board of directors. Pursuant to and subject to the terms and conditions of the Investment Agreement, absent a waiver approved by the Company’s board of directors with the concurrence of a majority of Synchron’s director designees, the Company may not take the following major actions without the approval of the holders of a majority of the common shares then outstanding: (i) authorizing the issuance of additional shares of capital stock of the Company; (ii) incurring indebtedness in excess of $1,000; (iii) entering into any transaction or series of related transactions involving the acquisition of any assets or equity interests or the disposition of the Company’s assets, in each case involving consideration in excess of $1,000; or (iv) authorizing any dividend or distribution. In addition, pursuant to and subject to the terms and conditions of the Investment Agreement, Synchron has (A) the right to purchase its pro rata share of any common shares that are issued by the Company in connection with any financing, (B) certain customary piggyback registration rights for the common shares of the Company held by Synchron and (C) certain information and indemnification rights. Pursuant to the IP Rights Agreement, Synchron was granted certain rights to the Company’s intellectual property relating to our patents-pending and related technical information. Subject to the terms and conditions of the IP Rights Agreement, Synchron was granted a perpetual non-exclusive license in the Company’s intellectual property which, upon exercise of the Option, will become exclusive to Synchron and its affiliates, subject to all rights in the intellectual property retained by the Company. The Company made certain representations and warranties as to the current status of its intellectual property at the time of the license grant. In addition, pursuant to and subject to the terms and conditions of the IP Rights Agreement, Synchron (i) will receive a royalty-free exclusive right to the Company’s intellectual property if the Option is exercised in full but (ii) will be required to pay a commercially reasonable royalty to the Company for its intellectual property if Synchron does not exercise the Option prior to its expiration. Outstanding Warrants In connection with a registered direct offering of the Company shares that closed on April 29, 2015, the Company issued warrants each exercisable for one of the Company’s common shares. In addition, the Company issued warrants to a placement agent in connection with the offering, under the same terms as those issued to investors. The exercise price and exercise period are outlined below: Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18 The value of the warrants issued to the placement agent (non-employee) for its services in connection with the April 29, 2015 offering was recorded as a cost of equity. The Company used a Black-Scholes option pricing model with inputs including a market price of the Company’s common shares of $0.72, an exercise price of $0.85, a three-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91. |
5. ADDITIONAL PAID IN CAPITAL
5. ADDITIONAL PAID IN CAPITAL | 9 Months Ended |
Sep. 30, 2017 | |
Additional Paid in Capital [Abstract] | |
ADDITIONAL PAID IN CAPITAL | Stock-based compensation As of September 30, 2017, we have 3,591,400 options outstanding and exercisable that were issued under the 10% Rolling Stock Option Plan (“RSOP”). The fair value of each employee stock option award is estimated at the grant date using a Black-Scholes option pricing model and the price of our common shares on the date of grant. The significant assumptions used to estimate the fair value of stock options awarded during the nine months ended September 30, 2017, using a Black-Scholes option pricing model are as follows: Risk-free interest rate 0.8% Expected volatility 133.37% Expected dividend yield nil Expected term in years 5.0 Estimated forfeiture rate nil The compensation expense recognized in our consolidated financial statements for the three months ended September 30, 2017 and 2016 for stock option awards was $nil and $11, respectively, and $31 and $67 for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, all outstanding stock options were vested and all related compensation expense was recognized. The following table summarizes our stock option activity for each of the nine months ended September 30, 2017 and 2016: 2017 2016 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of period 3,694,900 $ 0.94 4,578,700 $ 3.99 Granted 150,000 0.15 – – Cancelled/Expired (253,500) 2.98 (1,938,300) 6.70 Outstanding, end of period 3,591,400 $ 0.76 2,640,400 $ 2.25 Exercisable, end of period 3,591,400 $ 0.76 2,440,360 $ 2.39 Weighted-average fair value per share of options granted during period $ 0.15 n/a |
6. COMMITMENTS AND CONTINGENCIE
6. COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Our commitments and contingencies include the following item: Potential environmental contingency Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive over time. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain. |
7. ASSET RETIREMENT OBLIGATION
7. ASSET RETIREMENT OBLIGATION REVISION | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION REVISION | During the nine months ended September 30, 2017, we reduced our asset retirement obligation by $116 based on a revision of our previous estimate. The Wyoming Department of Environmental Quality concurred that the completed reclamation work was in compliance with its standards and the estimated amount for the remainder of the reclamation activities was $241. As we do not expect to incur any asset retirement obligation activities which would further reduce our obligation during the next 12 months, we have reclassified the current portion of our asset retirement obligation to long-term. |
8. IMPAIRMENT OF LAND
8. IMPAIRMENT OF LAND | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LAND | During the three months ended September 30, 2016, due to the ongoing discussions regarding valuation subsequently reflected in the Asset Purchase Agreement (the “Asset Purchase Agreement”) between Rare Element Resources, Inc., a Wyoming corporation and a wholly owned subsidiary of the Company, and Whitelaw Creek, a Wyoming limited liability company (“Whitelaw Creek”), we evaluated the carrying value of our Section 16 real property at the Bear Lodge REE Project located in Wyoming based on the sale price of $600 per the Asset Purchase Agreement. As a result, we reduced the carrying value of the land by $380 to $600. Subsequent to September 30, 2016, on October 26, 2016, the asset sale to Whitelaw Creek was consummated, and the Company received proceeds of approximately $595, representing the purchase price less closing costs and fees. See Note 5 to the consolidated financial statements for the year ended December 31, 2016 for completed discussion of this transaction. |
9. SUBSEQUENT EVENT
9. SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | On October 2, 2017, we closed a strategic investment with Synchron whereby we received a total of $4,752 by issuing 26,650,000 common shares and executing an Investment Agreement, Option Agreement and IP Rights Agreement. See Note 4 for a complete discussion of this transaction. |
3. EQUIPMENT (Tables)
3. EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF EQUIPMENT | September 30, 2017 December 31, 2016 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Computer equipment $ 61 $ 61 $ - $ 61 $ 61 $ – Furniture 13 13 - 13 13 – Geological equipment 437 354 83 437 344 93 Vehicles 87 78 9 87 74 13 $ 598 $ 506 $ 92 $ 598 $ 492 $ 106 |
4. SHAREHOLDERS' EQUITY (Tables
4. SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT ACTIVITY | Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18 |
5. ADDITIONAL PAID-IN CAPITAL (
5. ADDITIONAL PAID-IN CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Additional Paid in Capital [Abstract] | |
Fair value assumptions | Risk-free interest rate 0.8% Expected volatility 133.37% Expected dividend yield nil Expected term in years 5.0 Estimated forfeiture rate nil |
Stock option activity | 2017 2016 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of period 3,694,900 $ 0.94 4,578,700 $ 3.99 Granted 150,000 0.15 – – Cancelled/Expired (253,500) 2.98 (1,938,300) 6.70 Outstanding, end of period 3,591,400 $ 0.76 2,640,400 $ 2.25 Exercisable, end of period 3,591,400 $ 0.76 2,440,360 $ 2.39 Weighted-average fair value per share of options granted during period $ 0.15 n/a |
3. EQUIPMENT (Details)
3. EQUIPMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cost | $ 598 | $ 598 |
Accumulated depreciation | 506 | 492 |
Net book value | 92 | 106 |
Computer equipment | ||
Cost | 61 | 61 |
Accumulated depreciation | 61 | 61 |
Net book value | 0 | 0 |
Furniture | ||
Cost | 13 | 13 |
Accumulated depreciation | 13 | 13 |
Net book value | 0 | 0 |
Geological equipment | ||
Cost | 437 | 437 |
Accumulated depreciation | 354 | 344 |
Net book value | 83 | 93 |
Vehicles | ||
Cost | 87 | 87 |
Accumulated depreciation | 78 | 74 |
Net book value | $ 9 | $ 13 |
4. SHAREHOLDERS' EQUITY (Detail
4. SHAREHOLDERS' EQUITY (Details) - April 29, 2015 offering [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Warrants Outstanding | 2,876,924 |
Warrants Exercise Price | $ / shares | $ 0.85 |
Warrants Expiration Date | Apr. 29, 2018 |
Investor Warrants [Member] | |
Warrants Outstanding | 2,615,385 |
Placement Agent Warrants [Member] | |
Warrants Outstanding | 261,539 |
5. ADDITIONAL PAID-IN CAPITAL20
5. ADDITIONAL PAID-IN CAPITAL (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Risk free interest rate | 80.00% |
Expected volatility | 133.37% |
Expected dividend yield | 0.00% |
Expected term in years | 5 years |
Estimated forfeiture rate | 0.00% |
5. ADDITIONAL PAID-IN CAPITAL21
5. ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Number of Stock Options | ||
Outstanding, beginning of period | 3,694,900 | 4,578,700 |
Granted | 150,000 | 0 |
Cancelled/expired | (253,500) | (1,938,300) |
Outstanding, end of period | 3,591,400 | 2,640,400 |
Exercisable, end of period | 3,591,400 | 2,440,360 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period | $ 0.94 | $ 3.99 |
Granted | 0.15 | 0 |
Cancelled/expired | 2.98 | 6.70 |
Outstanding, end of period | 0.76 | 2.25 |
Exercisable, end of period | 0.76 | $ 2.39 |
Weighted-average fair value per share of options granted during period | $ 0.15 |
5. ADDITIONAL PAID IN CAPITAL (
5. ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Compensation Related Costs [Abstract] | ||||
Compensation Expense | $ 0 | $ 11 | $ 31 | $ 67 |
7. ASSET RETIREMENT OBLIGATIO23
7. ASSET RETIREMENT OBLIGATION REVISION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligation revision | $ 0 | $ 0 | $ 116 | $ 0 |