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SUBSEQUENT EVENTS
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12 Months Ended |
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Dec. 31, 2014
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| 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.
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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