SEGMENT INFORMATION (Tables)

6 Months Ended

Mar. 31, 2013

Schedule of financial information related to reporting segments

	Three months ended								Six months ended
	March 31,								March 31,
	2013				2012				2013				2012
Revenues:
Oil and natural gas		$	5,605,000			$	6,408,000			$	11,245,000			$	14,197,000
Land investment		282,000				353,000				282,000				353,000
Contract drilling		703,000				281,000				1,420,000				706,000
Other		178,000				121,000				344,000				397,000
Total before interest income		6,768,000				7,163,000				13,291,000				15,653,000
Interest income		1,000				3,000				29,000				15,000
Total revenues		$	6,769,000			$	7,166,000			$	13,320,000			$	15,668,000

Depletion, depreciation, and amortization:
Oil and natural gas		$	2,195,000			$	2,649,000			$	4,730,000			$	5,402,000
Contract drilling		108,000				128,000				223,000				257,000
Other		29,000				29,000				58,000				56,000
Total depletion, depreciation, and amortization		$	2,332,000			$	2,806,000			$	5,011,000			$	5,715,000

Reduction of carrying value of assets:
Oil and natural gas		$	2,179,000			$	-			$	4,506,000			$	-
Residential real estate		-				1,854,000				-				1,854,000
Total reduction of carrying value of assets		$	2,179,000			$	1,854,000			$	4,506,000			$	1,854,000

Operating (loss) profit (before general and administrative expenses):
Oil and natural gas		$	(1,818,000	)		$	967,000			$	(3,033,000	)		$	3,262,000
Land investment		282,000				353,000				282,000				353,000
Contract drilling		(58,000		)		(307,000		)		(64,000		)		(648,000		)
Residential real estate		-				(1,854,000		)		-				(1,854,000		)
Other		149,000				92,000				286,000				341,000
Total operating (loss) profit		(1,445,000		)		(749,000		)		(2,529,000		)		1,454,000

General and administrative expenses		(2,107,000		)		(2,367,000		)		(4,249,000		)		(4,213,000		)
Interest expense		(144,000		)		(219,000		)		(296,000		)		(438,000		)
Interest income		1,000				3,000				29,000				15,000
Loss before income taxes		$	(3,695,000	)		$	(3,332,000	)		$	(7,045,000	)		$	(3,182,000	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details