Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies [Abstract]

Components of prepayments and other

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

	December 31,
	2016		2015
Cash collateral deposits for commodity purchases	$	-	$	167
Insurance premiums		1,403		1,609
Rents, license and other		694		813
	$	2,097	$	2,589

Fair value of impairment provisions

Impairment provisions including in oil and gas segment operating losses were as follows (in thousands):

	2016		2015		2014
Producing property impairments	$	30	$	10,324	$	4,001
Non-producing property impairments	$	283	$	1,758	$	4,008
	$	313	$	12,082	$	8,009

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, 2016 and 2015 summarize as follows (in thousands):

	Producing Properties
	Subject to Fair
	Value Impairment
	2016			2015
Net book value at January 1	$	70		$	18,744
Property additions		2			2,117
Depletion taken		(15	)		(4,454	)
Impairment valuation loss		(30	)		(10,324	)
Net book value at December 31	$	27		$	6,083

Capitalized costs for non-producing oil and gas leasehold interests

Capitalized costs for non-producing oil and gas leasehold interests are categorized as follows (in thousands):

	December 31,		December 31,
	2016		2015
Napoleonville Louisiana acreage	$	-	$	49
South Texas project acreage		-		-
Wyoming and other acreage		-		182
Total Non-producing Leasehold Costs	$	-	$	231

Capitalized cost activity on the other acreage areas

Capitalized cost activity on non-producing leasehold were as follows (in thousands):

	Leasehold Costs
	2016			2015
Net book value January 1	$	231		$	959
Leasehold additions		52			106
Advanced royalty payment		-			529
In-process wells suspended		-			395
Property sales		-			-
Impairments valuation loss		(283	)		(1,758	)
Net book value December 31	$	-		$	231

Pre-tax gain on the sale of equipment

The Company sold certain used trucks and equipment from its marketing and transportation segments and recorded net pre-tax gains as follows (in thousands):

	2016		2015		2014
Sales of used trucks and equipment	$	1,966	$	535	$	1,028

Components of cash deposits and other assets

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

	As of December 31,
	2016		2015
Insurance collateral deposits	$	5,032	$	6,531
State collateral deposits		143		140
Materials and supplies		354		292
	$	5,529	$	6,963

Reporting revenue of crude oil contracts on a gross revenue basis

Reporting such crude oil contracts on a gross revenue basis would increase the Company’s reported revenues as follows (in thousands):

	2016		2015		2014
Revenue gross-up	$	314,270	$	480,111	$	1,272,034

Stand-by letters of credit issued

Stand-by letters of credit issued were as follows (in thousands):

	As of December 31,
	2016		2015
Stand-by letters of credit	$	-	$	1,000

Non-cash financing activities

There were no significant non-cash financing activities in any of the periods reported.  Statement of cash flow items include the following (in thousands):

	2016		2015		2014
Interest paid	$	2	$	13	$	2
Federal and state tax paid	$	2,589	$	6,197	$	8,169
State tax refund	$	-	$	-	$	18

Capitalized costs included in property plant and equipment

Capitalized amounts included in property and equipment that were not included in amounts reported for cash additions in the Statements of Cash Flows for the applicable report dates were as follows (in thousands):

	As of December 31,
	2016		2015		2014
Property and equipment additions	$	679	$	1,707	$	1,137

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, 2016 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	$	378		$	-	$	-		$	-
Liability Derivatives
- Fair Value Commodity
Contracts at Gross Valuation		-			-		330			-
Less Counterparty Offsets		(266	)		-		(266	)		-
As Reported Fair Value Contracts	$	112		$	-	$	64		$	-

The estimated fair value of forward month commodity contracts (derivatives) is reflected in the accompanying Consolidated Balance Sheet as of December 31, 2015 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	$	-	$	-	$	-	$	-
Liability Derivatives
- Fair Value Commodity
Contracts at Gross Valuation		-		-		195		-
Less Counterparty Offsets		-		-		-		-
As Reported Fair Value Contracts	$	-	$	-	$	195	$	-

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, 2016, 2015 and 2014 as follows (in thousands):

	Gain (Loss)
Location	2016		2015			2014
Revenues – marketing	$	243	$	(188	)	$	312

Fair value assets and liabilities

As of December 31, 2016, 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 (fair value contracts)
- Current assets	$	-	$	378		$	-	$	(266	)	$	112
- Current liabilities		-		(330	)		-		266			(64	)
Net Value	$	-	$	48		$	-	$	-		$	48

As of December 31, 2015, 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 (fair value contracts)
- Current assets	$	-	$	-		$	-	$	-	$	-
- Current liabilities		-		(195	)		-		-		(195	)
Net Value	$	-	$	(195	)	$	-	$	-	$	(195	)

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, 2016 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1	$	-	$	(195	)	$	(195	)
- Net realized (gains) losses		-		195			195
- Net unrealized gains (losses)		-		48			48
Net Fair Value December 31	$	-	$	48		$	48

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, 2015 (in thousands):

	Level 1		Level 2
	Quoted Prices		Observable			Total
Net Fair Value January 1	$	-	$	(7	)	$	(7	)
- Net realized (gains) losses		-		7			7
- Net unrealized gains (losses)		-		(195	)		(195	)
Net Fair Value December 31	$	-	$	(195	)	$	(195	)

Company's asset retirement obligations

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

	2016			2015
Balance on January 1	$	2,469		$	2,464
-Liabilities incurred		162			39
-Accretion of discount		92			93
-Liabilities settled		(394	)		(127	)
Balance on December 31	$	2,329		$	2,469