| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures |
The adjusted carrying amounts of the major classes of assets and liabilities included in discontinued operations are as follows:
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June 30, |
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2016 |
|
2015 |
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CO2 Business |
|
Weald Basin |
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Total |
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CO2 Business |
|
Weald Basin |
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Total |
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(in thousands) |
Carrying amounts of major classes of assets included as part of assets held for sale: |
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Cash |
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$ |
141 |
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$ |
— |
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$ |
141 |
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$ |
282 |
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$ |
— |
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$ |
282 |
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Accounts receivable |
|
249 |
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— |
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|
249 |
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|
504 |
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— |
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|
504 |
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Inventories |
|
232 |
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|
301 |
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|
533 |
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|
297 |
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|
354 |
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|
651 |
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Other classes of current assets that are not major |
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34 |
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— |
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34 |
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|
77 |
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— |
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|
77 |
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Property and equipment, net |
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23,941 |
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|
812 |
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24,753 |
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|
35,593 |
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|
953 |
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|
36,546 |
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Other classes of assets that are not major |
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332 |
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— |
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|
332 |
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|
376 |
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— |
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|
376 |
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Total assets of the disposal group classified as held for sale in the balance sheet |
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$ |
24,929 |
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$ |
1,113 |
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$ |
26,042 |
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$ |
37,129 |
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$ |
1,307 |
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$ |
38,436 |
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Carrying amounts of major classes of liabilities included as part of liabilities held for sale: |
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Accounts payable |
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$ |
1,594 |
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$ |
670 |
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$ |
2,264 |
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$ |
1,752 |
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$ |
485 |
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$ |
2,237 |
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Note payable |
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5,500 |
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— |
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5,500 |
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|
5,500 |
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— |
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|
5,500 |
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Asset retirement obligations |
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2,818 |
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— |
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|
2,818 |
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|
2,647 |
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— |
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|
2,647 |
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Other classes of liabilities that are not major |
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56 |
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— |
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|
56 |
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|
104 |
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— |
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|
104 |
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Total liabilities of the disposal group classified as held for sale in the balance sheet |
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$ |
9,968 |
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$ |
670 |
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$ |
10,638 |
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$ |
10,003 |
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$ |
485 |
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$ |
10,488 |
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Summarized results of the Company's discontinued operations are as follows:
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June 30, |
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2016 |
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2015 |
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|
CO2 Business |
|
Weald Basin |
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Total |
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CO2 Business |
|
Weald Basin |
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Total |
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(in thousands) |
Revenue |
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$ |
1,990 |
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$ |
— |
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$ |
1,990 |
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$ |
4,459 |
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$ |
— |
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$ |
4,459 |
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Operating, exploration and general and administrative expenses |
|
3,070 |
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|
361 |
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|
3,431 |
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|
6,708 |
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|
370 |
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|
7,078 |
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Depletion, depreciation, amortization and accretion |
|
651 |
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|
— |
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|
651 |
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|
1,001 |
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— |
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|
1,001 |
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Exploration |
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— |
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— |
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— |
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— |
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— |
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|
— |
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Impairment expense |
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11,280 |
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— |
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|
11,280 |
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|
18,027 |
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— |
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|
18,027 |
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General and administrative |
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— |
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— |
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— |
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— |
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— |
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— |
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Interest expense and other disposal costs |
|
926 |
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— |
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|
926 |
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|
168 |
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— |
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|
168 |
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Total expenses |
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$ |
15,927 |
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$ |
361 |
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$ |
16,288 |
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|
25,904 |
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|
370 |
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|
26,274 |
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Non-controlling interest |
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49 |
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— |
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|
49 |
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|
411 |
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— |
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|
411 |
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Loss from discontinued operations before tax |
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$ |
(13,888 |
) |
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$ |
(361 |
) |
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$ |
(14,249 |
) |
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$ |
(21,034 |
) |
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$ |
(370 |
) |
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$ |
(21,404 |
) |
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| Asset Retirement Obligations Roll-Forward |
The following table summarizes the asset retirement obligation activity included in liabilities held for sale for the fiscal years ended:
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June 30, |
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2016 |
|
2015 |
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(In thousands) |
Fiscal year opening balance |
$ |
2,647 |
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|
$ |
2,476 |
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Accretion expense |
171 |
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|
171 |
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Fiscal year closing balance |
2,818 |
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|
2,647 |
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Less current asset retirement obligations |
— |
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|
— |
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Long-term asset retirement obligations |
$ |
2,818 |
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$ |
2,647 |
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The following table summarizes the asset retirement obligation activity for the fiscal years ended:
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June 30, |
|
2016 |
|
2015 |
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(In thousands) |
Fiscal year opening balance |
$ |
— |
|
|
$ |
397 |
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Sale of assets (1)
|
— |
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|
(346 |
) |
Effect of exchange rate changes |
— |
|
|
(51 |
) |
Fiscal year closing balance |
— |
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|
— |
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Less current asset retirement obligations |
— |
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|
— |
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Long-term asset retirement obligations |
$ |
— |
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|
$ |
— |
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(1) In fiscal 2015, the Company sold its 40% interest in PEDL 126, the exploration license that contains the Markwells Wood-1 wellbore. By selling the license and the wellbore, the Company was able to eliminate its current asset retirement obligation related to the wellbore.
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