Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2014
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 18     SUBSEQUENT EVENTS

The Company reviews the value of its oil and gas properties whenever management judges that events and circumstances indicate that the recorded carrying value of properties may not be recoverable.  At December 31, 2014, the Company performed an impairment review using prices that reflect an average of 2014’s monthly prices as prescribed pursuant to the SEC’s guidelines.  These average prices used in the December 31, 2014 impairment review are significantly higher than the actual and currently forecasted prices in 2015.  Different pricing assumptions or discount rates could result in a different calculated impairment.  As lower average monthly pricing is reflected in the trailing 12-month average pricing calculation, the present value of the Company’s future net revenues is expected to decline and impairment could be recognized.