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Note 6 - Inventory

12 Months Ended

Dec. 31, 2014

Note 6— Inventory

Inventories consist of crude oil, tubular goods, accessories and spare parts for production equipment, stated at the lower of average cost or market.

The Company maintains crude oil inventories in storage vessels until the inventory quantities are at a sufficient level to make a delivery to the refinery in Talara. Crude oil inventory is stated at the lower of average cost or market value. Cost is determined on a weighted average basis based on production costs.

Below is a summary of inventory as of December 31, 2014 and 2013:

	December 31, 2014		December 31, 2013
	(in thousands)
Tubular goods, accessories and spare parts	$	9,854	$	15,534
Crude oil		2,024		1,834
Inventory	$	11,878	$	17,368

December 31,

2014

December 31,

2013

Crude oil (barrels)

42,087

24,866

Crude oil (cost per barrel)

$

48.09

$

73.77

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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