DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2014

DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) [Abstract]

Change in Estimates of Net Interest in Total Proved Reserves of Crude Oil and Condensate and Natural Gas and Liquids

The following table summarizes changes in the estimates of the Company’s net interest in total proved reserves of crude oil and condensate and natural gas and liquids, all of which are domestic reserves.  There can be no assurance that such estimates will not be materially revised in subsequent periods.

	Oil (Barrels)			Gas (MCF)
Balance, January 1, 2013		1,224,926			2,348,335
Revisions of previous estimates		(202,450	)		(322,413	)
Extensions and discoveries		99,988			143,343
Sale of reserves		-			-
Purchase of minerals in place		-			-
Production		(101,752	)		(179,737	)
Balance, December 31, 2013		1,020,712			1,989,528
Revisions of previous estimates		(25,391	)		(51,075	)
Extensions and discoveries		216,930			118,880
Sale of reserves		-			-
Purchase of minerals in place		-			-
Production		(97,630	)		(148,086	)
Balance, December 31, 2014		1,114,621			1,909,247
Proved developed reserves, December 31, 2014		937,416			1,652,014
Proved developed reserves, December 31, 2013		916,139			1,834,899

Estimated Cash Flows from Future Production of Proved Reserves

Future income tax expenses give effect to permanent differences, tax credits and loss carryforwards relating to the proved oil and natural gas reserves.  Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows.  This calculation procedure does not necessarily result in an estimate of the fair market value of our oil and natural gas properties.

	Years Ended December 31,
	(in thousands)
	2014			2013
Future cash inflows	$	111,664		$	101,289
Future production costs		(41,322	)		(38,667	)
Future development cost		(6,733	)		(3,681	)
Future income taxes		(20,712	)		(18,115	)
Future net cash flows		42,897			40,826
10% annual discount		(19,908	)		(20,455	)
,
Standardized measure of discounted future net cash flows	$	22,989		$	20,371

Principal Sources of Change in Standardized Measure of Discounted Future Net Cash Flows

The following are the principal sources of change in the standardized measure of discounted future net cash flows, in thousands:

	Years Ended December 31,
	2014			2013
Balance, beginning of year	$	20,371		$	25,100
Sales of oil and natural gas produced, net of production costs		(5,181	)		(6,416	)
Sale of reserves		-			-
Extensions and discoveries		6,477			3,040
Net changes in prices and production costs		2,139			525
Net changes in future development costs		(2,209	)		(1,227	)
Revisions and other changes		551			(6,556	)
Accretion of discount		3,210			3,736
Net change in income taxes		(2,369	)		2,169
Balance, end of year	$	22,989		$	20,371