Business Segments

12 Months Ended

Dec. 31, 2011

Business Segments [Abstract]

Business Segments

13. Business Segments

The Company has operations in only one industry segment, the oil and gas exploration and production industry; however, beginning in 2010, the Company was organizationally structured along geographic operating segments or regions. The Company has reportable operations in the United States and Canada.

In 2011, three customers accounted for approximately 28% of our consolidated oil and natural gas production revenue. Two customers accounted for approximately 26% of United States revenue and one customer accounted for 100% of revenue in Canada.

The following tables provide the Company's geographic operating segment data as of and for the year ended December 31, 2010 and 2011:

	Year Ended December 31, 2010
	U.S.		Canada			Corporate			Total
	(In thousands)
Revenues:
Oil and gas production	$	57,990	$	60		$	-		$	58,050
Other		-		-			10			10
		57,990		60			10			58,060
Costs and expenses:
Lease operating		19,460		16			-			19,475
Production taxes		5,909		-			-			5,910
Depreciation, depletion and amortization		15,603		66			543			16,212
Impairment		-		4,787			-			4,787
General and administrative		1,635		688			6,546			8,869
Net interest		-		-			9,098			9,098
Amortization of deferred financing fees		-		-			2,479			2,479
Equity in loss of joint venture		-		-			473			473
Other		-		-			(11,009	)		(11,009	)
Income (loss) from operations	$	15,383	$	(5,497	)	$	(8,120	)	$	1,766

	Year Ended December 31, 2011
	U.S.		Canada			Corporate			Total
	(In thousands)
Revenues:
Oil and gas production	$	63,105	$	1,510		$	-		$	64,615
Other		-		-			7			7
		63,105		1,510			7			64,622
Costs and expenses:
Lease operating		20,788		793			-			21,581
Production taxes		5,764		2			-			5,766
Depreciation, depletion and amortization		15,236		709			249			16,194
General and administrative		1,698		654			7,081			9,433
Net interest		448		4			4,439			4,891
Amortization of deferred financing fees		-		-			1,762			1,762
Equity in (income) of joint venture		-		-			(2,187	)		(2,187	)
Other		-		-			(6,561	)		(6,561	)
Income (loss) from operations	$	19,171	$	(652	)	$	(4,776	)	$	13,743

The following table provides the Company's geographic asset data as of December 31, 2010 and December 31, 2011:

Segment Assets:	December 31, 2010		December 31, 2011
	(In thousands)
United States	$	152,599	$	167,739
Canada		4,393		19,379
Corporate		25,917		54,032
	$	182,909	$	241,150