Note 6 - DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(6)           DISCONTINUED OPERATIONS

As a result of the sales of our oil and gas properties and the abandonment of our coalbed methane projects during 2011, all related coalbed methane and oil and gas assets and liabilities and revenues and expenses are included as discontinued operations on the consolidated condensed balance sheets and consolidated condensed statements of operations, respectively, for all periods presented.

The carrying amounts of the major classes of assets and liabilities for our discontinued oil and gas operations are summarized below (in thousands):

	March 31,		December 31,
	2012		2011
Current Assets:
Accounts receivable, net	$	387	$	594
Total Current Assets		387		594
Other assets		-		2
Total Assets of Discontinued Operations	$	387	$	596
Current Liabilities:
Trade payables	$	12	$	19
Revenues and royalties payable		30		323
Accrued liabilities and other		1,044		1,050
Total Current Liabilities		1,086		1,392
Total Liabilities of Discontinued Operations	$	1,086	$	1,392

Included in our accrued liabilities and other at March 31, 2012 are $296 thousand for plugging and abandonment projects for three wells at our Lake Raccourci field which were retained because they started before the field was sold in November 2011, as well as estimated plugging and abandonment costs for the pilot wells in our abandoned Coalbed Methane prospects.

The revenues and net income before income tax associated with our discontinued oil and gas operations are as follows (in thousands):

	Three Months Ended March 31,
	2012			2011
Revenues and other:
Oil and gas operations	$	-		$	2,359
Oil and gas processing and handling income		-			326
Total revenues from discontinued operations	$	-		$	2,685
Income (loss) from discontinued operations before taxes	$	(177	)	$	239