Note 6 - PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2011

Property, Plant and Equipment Disclosure [Text Block]

(6) PROPERTY AND EQUIPMENT

A summary of property and equipment follows (in thousands):

	September 30,			December 31,
	2011			2010
Unevaluated properties:
Unevaluated coalbed methane prospects	$	-		$	5,301

Evaluated oil and gas properties		203,948			205,572
BWI OHSOL equipment		6,236			6,236
BWI construction in progress		308			83
Facilities and other property		1,746			1,726
Less accumulated depreciation, depletion, and amortization		(176,034	)		(174,439	)

	$	36,204		$	44,479

Coalbed Methane prospects – Based on the current industry conditions, including the low commodity pricing and our evaluation of the economic viability of our coalbed methane prospects, we are no longer participating in the development of these prospects. As a result, these costs were reclassified from unevaluated properties to evaluated during the third quarter of 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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