OIL AND GAS RESERVE DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2013

OIL AND GAS RESERVE DATA (UNAUDITED)

Schedule of Summary of Changes in Proved Reserves

	Year ended December 31,
	2013						2012						2011
	Mbbls			Mmcf			Mbbls			Mmcf			Mbbls			Mmcf
Proved reserves
Beginning of year		16,380			51,236			14,963			43,860			10,250			68,200
Purchase of reserves in place		128			—			—			20,649			—			—
Discoveries and extensions		500			46,532			3,337			2,054			3,744			—
Revisions of previous estimates		171			14,492			(811	)		(9,813	)		1,880			(19,320	)
Production		(1,105	)		(6,232	)		(1,109	)		(5,514	)		(911	)		(5,020	)
End of year		16,074			106,028			16,380			51,236			14,963			43,860
Proved developed reserves
Beginning of year		8,064			51,236			8,348			28,515			7,518			49,300
End of year		8,512			78,038			8,064			51,236			8,348			28,515
Proved undeveloped reserves
Beginning of year		8,316			—			6,615			15,345			2,732			18,900
End of year		7,562			27,990			8,316			—			6,615			15,345

(a)

Undeveloped reserves transferred to developed reserves were 1.1 MMBoe for the year ended December 31, 2013. Capital costs incurred to convert these proved undeveloped reserves to proved developed reserves were $32.8 million.

(b)

Positive revisions increased 2013 proved natural gas reserves by a net amount of 61.0 Bcf, of which 9.0 Bcf was due to pricing, 5.5 Bcf due to performance, and the remainder due to extensions and discoveries.

(c)

The Company revised its 2013 year-end proved oil reserves upward by 0.8 MMbbls. In 2013, total extensions and discoveries of 0.5 MMbbls resulted from the Company's drilling and completion activities in the Wilmington Townlot and North Wilmington Units in California. Positive revisions of 0.2 MMbbls were made based on production performance and an additional 0.1 MMbbls was relating to the acquisition of the Leroy Pine Project in California.

Schedule of standardized measure of discounted future net cash flows related to proved oil and gas reserves

	December 31,
	2013			2012			2011
	(Amounts in thousands)
Future cash inflows	$	1,928,019		$	1,836,212		$	1,708,079
Future production costs and taxes		(688,056	)		(574,959	)		(514,968	)
Future development costs(1)		(314,091	)		(303,062	)		(254,982	)
Future income tax expenses		(82,576	)		(105,078	)		(108,977	)
Net future cash flows		843,296			853,113			829,152
Discounted at 10% for estimated timing of cash flows		(368,295	)		(393,233	)		(343,146	)
Standardized measure of discounted future net cash flows	$	475,001		$	459,880		$	486,006

(1)

Includes future estimated asset retirement obligations of $64.4 million in 2013, $79.9 million in 2012 and $66.3 million in 2011.

Schedule of changes in standardized measure of discounted future net cash flows related to proved oil and gas reserves

	Year ended December 31,
	2013			2012			2011
	(Amounts in thousands)
Sales, net of production costs and taxes	$	(91,146	)	$	(88,725	)	$	(72,734	)
Discoveries and extensions		52,189			108,438			152,973
Purchases of reserves in place		2,823			4,966			—
Changes in prices and production costs		(109	)		(17,286	)		196,010
Revisions of quantity estimates		22,911			(39,172	)		56,710
Development costs incurred		(39,233	)		36,539			30,892
Net changes in development costs		(10,502	)		(90,392	)		(149,662	)
Interest factor—accretion of discount		49,491			48,601			28,763
Net change in income taxes		6,328			5,037			(40,070	)
Changes in production rates (timing) and other		22,369			5,868			(4,504	)
Net (decrease) increase		15,121			(26,126	)		198,378
Balance at beginning of year		459,880			486,006			287,628
Balance at end of year	$	475,001		$	459,880		$	486,006