COMMITMENTS & CONTINGENCIES
|9 Months Ended|
Sep. 30, 2015
|COMMITMENTS & CONTINGENCIES [Abstract]|
|COMMITMENTS & CONTINGENCIES||
NOTE 8 COMMITMENTS & CONTINGENCIES
The Company is engaged in proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company’s opinion that the outcome of the various legal actions and claims that are incidental to its business will not have a material impact on the financial position, results of operations or cash flows. Such matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable with assurance.
The Company is party to a quiet title action in North Dakota that relates to its interest in certain crude oil and natural gas leases. In the event the action results in a final judgment that is adverse to the Company, the Company would be required to reverse approximately $1.7 million in revenue (net of accrued taxes) that has been accrued since the second quarter of 2008 based on the Company’s purported interest in the crude oil and natural gas leases at issue, approximately $47,000 of which relates to the nine-month period ended September 30, 2015. The Company fully maintains the validity of its interest in the crude oil and natural gas leases, and is vigorously defending such interest.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef