FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of recurring measurements of the fair value of assets and liabilities

Recurring measurements of the fair value of assets and liabilities as of September 30, 2016 and December 31, 2015 are as follows:

	September 30, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable equity securities:
Sutter Gold Mining Company	$	19	$	-	$	-	$	19	$	-	$	13	$	-	$	13
Anfield Resources, Inc. (1)		1,903		-		-		1,903		-		-		238		238
Crude oil price risk derivatives		-		174		-		174		-		1,634		-		1,634
Total	$	1,922	$	174	$	-	$	2,096	$	-	$	1,647	$	238	$	1,885
Executive retirement liability	$	-	$	-	$	-	$	-	$	-	$	-	$	584	$	584

⁽¹⁾ For the period from September 1, 2015 when the Company acquired its investment in Anfield Resources, Inc. (“Anfield”) through March 31, 2016, average daily trading volume was approximately 10,000 shares and management concluded that the quoted marked price was not an accurate indicator of fair value. Accordingly, alternative methods were used to determine fair value upon receipt of the shares in September 2015, which required classification under Level 3 of the fair value hierarchy. During the second quarter of 2016, average daily trading volume increased to more than 240,000 shares and management now classifies its investment in Anfield under Level 1 of the fair value hierarchy. Primarily as a result of the reclassification of Anfield to Level 1, the Company recognized an unrealized gain of $921 during the nine months ended September 30, 2016. See Note 15 for changes in the fair value of the investment in Anfield after September 30, 2016.