Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Oil and Gas Producing Activities (Unaudited) [Abstract]

Cost incurred in oil and gas exploration and development activities

Total costs incurred in oil and gas exploration and development activities, all incurred within the United States, were as follows (in thousands):

	Years Ended December 31,
	2012		2011		2010
Property acquisition costs
Unproved	$	1,965	$	3,591	$	2,295
Proved		-		-		-
Exploration costs
Expensed		1,151		9,166		3,233
Capitalized		-		-		-
Development costs		20,219		12,133		6,233
Total costs incurred	$	23,335	$	24,890	$	11,761

Capitalized costs relating to oil and gas producing activities

The aggregate capitalized costs relative to oil and gas producing activities are as follows (in thousands):

	December 31,
	2012			2011
Unproved oil and gas properties	$	8,349		$	7,291
Proved oil and gas properties		82,083			74,376
		90,432			81,667
Accumulated depreciation, depletion
and amortization		(57,833	)		(55,061	)
Net capitalized cost	$	32,599		$	26,606

Proved developed and undeveloped oil and gas reserves

Proved developed and undeveloped reserves are presented as follows (in thousands):

	Years Ended December 31,
	2012						2011						2010
	Natural						Natural						Natural
	Gas			Oil			Gas			Oil			Gas			Oil
	(Mcf's)			(Bbls.)			(Mcf's)			(Bbls.)			(Mcf's)			(Bbls.)
Total proved reserves-
Beginning of year		9,661			292			7,794			267			7,248			242
Revisions of previous estimates		(507	)		29			(520	)		(24	)		(832	)		-
Oil and gas reserves sold		(104	)		(54	)		(2,148	)		(26	)		-			-
Extensions, discoveries and
other reserve additions		2,395			138			6,430			137			2,743			79
Production		(2,608	)		(98	)		(1,895	)		(62	)		(1,365	)		(54	)
End of year		8,837			307			9,661			292			7,794			267

Components of proved oil and gas reserves

The components of proved oil and gas reserves for the three years ended December 31, 2012 is presented below.  All reserves are in the United States (in thousands):

	Years Ended December 31,
	2012				2011				2010
	Natural				Natural				Natural
	Gas		Oil		Gas		Oil		Gas		Oil
	(Mcf's)		(Bbls.)		(Mcf's)		(Bbls.)		(Mcf's)		(Bbls.)
Proved developed reserves		8,708		306		9,433		277		7,134		240
Proved undeveloped reserves		129		1		228		15		660		27
Total proved reserves		8,837		307		9,661		292		7,794		267

Standardized measure of discounted future net cash flows

The standardized measure of discounted future net cash flows was determined based on the economic conditions in effect at the end of the years presented, except in those instances where fixed and determinable gas price escalations are included in contracts.  The disclosures below do not purport to present the fair market value of the Company's oil and gas reserves.  An estimate of the fair market value would also take into account, among other things, the recovery of reserves in excess of proved reserves, anticipated future changes in prices and costs, a discount factor more representative of the time value of money and risks inherent in reserve estimates.  The standardized measure of discounted future net cash flows is presented as follows (in thousands):

	Years Ended December 31,
	2012			2011			2010
Future gross revenues	$	59,793		$	73,626		$	61,311
Future costs -
Lease operating expenses		(16,357	)		(19,788	)		(17,288	)
Development costs		(299	)		(2,198	)		(1,596	)
Future net cash flows before income taxes		43,137			51,640			42,427
Discount at 10% per annum		(17,976	)		(19,439	)		(16,777	)
Discounted future net cash flows
before income taxes		25,161			32,201			25,650
Future income taxes, net of discount at
10% per annum		(8,806	)		(11,270	)		(8,978	)
Standardized measure of discounted
future net cash flows	$	16,355		$	20,931		$	16,672

Affect of income taxes and discounting on the standardized measure of discounted future net cash flows

The reserve estimates provided at December 31, 2012, 2011 and 2010 are based on aggregate prices of $93.85, $95.85 and $76.14 per barrel for crude oil and $3.51, $4.69 and $5.26 per mcf for natural gas, respectively.  Such prices were based on the unweighted arithmetic average of the prices in effect on the first day of the month for each month of the respective twelve month periods as required by SEC regulations.  The price reported in the reserve disclosure for natural gas for 2012 includes the value of associated natural gas liquids.  The effect of income taxes and discounting on the standardized measure of discounted future net cash flows is presented as follows (in thousands):

	Years ended December 31,
	2012			2011			2010
Future net cash flows before income taxes	$	43,137		$	51,640		$	42,427
Future income taxes		(15,098	)		(18,074	)		(14,849	)
Future net cash flows		28,039			33,566			27,578
Discount at 10% per annum		(11,684	)		(12,635	)		(10,906	)
Standardized measure of discounted
future net cash flows	$	16,355		$	20,931		$	16,672

Principal sources of changes in the standardized measure of discounted future net flows

The principal sources of changes in the standardized measure of discounted future net flows are as follows (in thousands):

	Years Ended December 31,
	2012			2011			2010
Beginning of year	$	20,931		$	16,672		$	9,305
Sale of oil and gas reserves		(3,802	)		(7,429	)		-
Net change in prices and production costs		(5,313	)		791			9,435
New field discoveries and extensions, net of future
production costs		9,513			18,769			9,068
Sales of oil and gas produced, net of production costs		(8,953	)		(7,723	)		(7,084	)
Net change due to revisions in quantity estimates		(940	)		(1,739	)		(1,369	)
Accretion of discount		1,944			1,678			1,072
Production rate changes and other		511			2,204			213
Net change in income taxes		2,464			(2,292	)		(3,968	)
End of year	$	16,355		$	20,931		$	16,672

Results of operations for oil and gas producing activities

The results of oil and gas producing activities, excluding corporate overhead and interest costs, are as follows (in thousands):

	Years Ended December 31,
	2012			2011			2010
Revenues	$	15,954		$	14,060		$	11,021
Costs and expenses -
Production		(7,091	)		(6,337	)		(3,937	)
Producing property impairment		(4,699	)		(7,105	)		(946	)
Exploration		(1,151	)		(9,166	)		(3,233	)
Oil and natural gas property sale gain		2,203			2,923			-
Depreciation, depletion and amortization		(8,817	)		(8,246	)		(4,662	)
Operating income (loss) before income taxes		(3,601	)		(13,871	)		(1,757	)
Income tax (expense) benefit		1,060			4,854			615
Operating income (loss)	$	(2,541	)	$	(9,017	)	$	(1,142	)