Investment in Unconsolidated Affiliate

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Note 7 - Investment in Unconsolidated Affiliate

The Company’s EWR subsidiary owns a 24.5% interest in Kykuit, a developer and operator of oil, gas and mineral leasehold estates located in Montana. The Company is accounting for the investment in Kykuit using the equity method. The Company has invested approximately $2.2 million in Kykuit as it could provide a supply of natural gas in close proximity to our natural gas operations in Montana. Our obligations to make additional investments in Kykuit are limited under our agreement with the other Kykuit investors. At December 31, 2014, we are obligated to invest no more than an additional $0.1 million over the life of the venture. Other investors in Kykuit include Richard M. Osborne, father of the Company’s chief executive officer and the Company’s former chairman and chief executive officer; John D. Oil and Gas Company, a publicly held gas exploration company, which is also the managing member of Kykuit; Thomas J. Smith, a former director of the Company and its former chief financial officer and a director of John D. Oil and Gas Company; and Gregory J. Osborne, chief executive officer and a director of the Company and the former president and director of John D. Oil and Gas Company. Due to significant doubts regarding the recoverability of Kykuit’s leaseholds on unproven oil and gas properties coupled with the bankruptcy of the managing member, the Company believes its investment in Kykuit to be completely impaired. As a result, an impairment expense was recorded reducing the investments value to $0 at December 31, 2014. This expense is included in the Loss from unconsolidated affiliate line of the Consolidated Statement of Comprehensive Income.