Marketable Securities

At June 30, 2015, securities classified as available-for-sale consisted of the following (in thousands):



	June 30, 2015
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Average Contractual Maturities
									(in days)
Money market funds (1)	$	12,612	$	—	$	—	$	12,612	n/a
Common shares of CO2 Solutions (2)	563		1,379		—		1,942		n/a
Total	$	13,175	$	1,379	$	—	$	14,554

(1) Money market funds are classified in cash and cash equivalents on our condensed consolidated balance sheets.

(2) Common shares of CO2 Solutions are classified as marketable securities on our condensed consolidated balance sheets.

We estimated the value of our investment in 10,000,000 common shares of CO2 Solutions using the market value of common shares as determined by trading on the TSX Venture Exchange. As of June 30, 2015, the fair value of our investment in CO2 Solutions was $1.9 million which includes an unrealized gain of $1.4 million.

There were no marketable securities in an unrealized loss position at June 30, 2015.

At December 31, 2014, securities classified as available-for-sale consisted of the following (in thousands):



	December 31, 2014
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Average Contractual Maturities
									(in days)
Money market funds (1)	$	14,602	$	—	$	—	$	14,602	n/a
Common shares of CO2 Solutions (2)	563		125		—		688		n/a
Total	$	15,165	$	125	$	—	$	15,290

(1) Money market funds are classified in cash and cash equivalents on our condensed consolidated balance sheets.

(2) Common shares of CO2 Solutions are classified in marketable securities on our condensed consolidated balance sheets.