Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Components of prepayments and other

The components of prepayments and other are as follows (in thousands):

	December 31,
	2014		2013
Cash collateral deposits for commodity purchases	$	7,872	$	13,705
Insurance premiums		2,316		2,490
Rents, license and other		752		584
	$	10,940	$	16,779

Fair value measurements for producing oil and gas properties that were subject to fair value impairment

Fair value measurements for producing oil and gas properties that were subject to fair value impairment for the years ended December 31, 2014 and 2013 summarized as follows (in thousands):

	Producing Properties Subject to Fair Value Impairment
	2014			2013
Net book value at January 1	$	10,180		$	13,180
Property additions		469			5,661
Depletion taken		(1,792	)		(3,727	)
Impairment valuation loss		(4,001	)		(1,373	)
Net book value at December 31	$	4,856		$	13,741

Capitalized costs for non-producing oil and gas leasehold interests

Capitalized costs for non-producing oil and gas leasehold interests currently represent approximately four percent of remaining unamoritized oil and gas property carrying costs and categorize as follows (in thousands):

	December 31,		December 31,
	2014		2013
South Texas Project acreage	$	357	$	4,217
West Texas Project		-		116
Napoleonville Louisiana acreage		48		162
Other acreage areas		554		411
Total Non-producing Leasehold Costs	$	959	$	4,906

Capitalized cost activity on the other acreage areas

Capitalized cost activity on the ‟Other Acreage Areas” was as follows (in thousands):

	Leasehold Costs
	2014			2013
Net book value January 1	$	411		$	329
Property additions		580			304
Property sale		-			-
Impairments		(437	)		(222	)
Net book value December 31	$	554		$	411

Components of cash deposits and other assets

Components of cash deposits and other assets are as follows (in thousands):

	December 31,
	2014		2013
Insurance collateral deposits	$	4,536	$	3,718
State collateral deposits		155		160
Materials and supplies		307		609
	$	4,998	$	4,487

Derivatives reflected in the Consolidated Balance Sheet

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying Consolidated Balance Sheet as of December 31, 2014 as follows (in thousands):

	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset Derivatives
- Fair Value Commodity
Contracts at Gross Valuation	$	1,332		$	-	$	-		$	-
Liability Derivatives
- Fair Value Commodity
Contracts at Gross Valuation		-			-		1,339			-
Less Counterparty Offsets		(396	)		-		(396	)		-
As Reported Fair Value Contracts	$	936		$	-	$	943		$	-

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying Consolidated Balance Sheet as of December 31, 2013 as follows (in thousands):

	Balance Sheet Location and Amount
	Current			Other		Current			Other
	Assets			Assets		Liabilities			Liabilities
Asset Derivatives
- Fair Value Commodity
Contracts at Gross Valuation	$	449		$	-	$	-		$	-
Liability Derivatives
- Fair Value Commodity
Contracts at Gross Valuation		-			-		54			-
Less Counterparty Offsets		(54	)		-		(54	)		-
As Reported Fair Value Contracts	$	395		$	-	$	-		$	-

Derivatives reflected in the Consolidated Statement of Operations

Forward month commodity contracts (derivatives) are reflected in the accompanying Consolidated Statement of Operations for the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):

	Gain (Loss)
Location	2014		2013			2012
Revenues – marketing	$	312	$	(193	)	$	(1,365	)

Fair value assets and liabilities

As of December 31, 2014, the Company’s fair value assets and liabilities are summarized and categorized as follows (in thousands):

	Market Data Inputs
	Gross Level 1		Gross Level 2			Gross Level 3		Counterparty
	Quoted Prices		Observable			Unobservable		Offsets			Total
Derivatives
- Current assets	$	-	$	1,332		$	-	$	(396	)	$	936
- Current liabilities		-		(1,339	)		-		396			(943	)
Net Value	$	-	$	(7	)	$	-	$	-		$	(7	)

As of December 31, 2013, the Company’s fair value assets and liabilities are summarized and categorized as follows (in thousands):

	Market Data Inputs
	Gross Level 1		Gross Level 2			Gross Level 3		Counterparty
	Quoted Prices		Observable			Unobservable		Offsets			Total
Derivatives
- Current assets	$	-	$	449		$	-	$	(54	)	$	395
- Current liabilities		-		(54	)		-		54			-
Net Value	$	-	$	395		$	-	$	-		$	395

Factors impacting the change in the net value of the Company's fair value contracts

The following table illustrates the factors impacting the change in the net value of the Company’s fair value contracts for the year ended December 31, 2014 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1,	$	-	$	395		$	395
- Net realized (gains) losses		-		220			220
- Option gain		-		99			99
- Option collateral		-		(714	)		(714	)
- Net unrealized gains (losses)		-		(7	)		(7	)
Net Fair Value December 31,	$	-	$	(7	)	$	(7	)

The following table illustrates the factors impacting the change in the net value of the Company’s fair value contracts for the year ended December 31, 2013 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1,	$	-	$	(27	)	$	(27	)
- Net realized (gains) losses		-		27			27
- Option deposit		-		615			615
- Net unrealized gains (losses)		-		(220	)		(220	)
Net Fair Value December 31,	$	-	$	395		$	395

Company's asset retirement obligations

A summary of the Company’s asset retirement obligations is presented as follows (in thousands):

	2014			2013
Balance on January 1	$	2,564		$	1,886
-Liabilities incurred		111			431
-Accretion of discount		94			85
-Liabilities settled		(305	)		(138	)
-Revisions to estimates		-			300
Balance on December 31	$	2,464		$	2,564