Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

INVESTMENT IN AMAK (Tables)

3 Months Ended

Mar. 31, 2017

Summarized Results of Operation and Financial Position for AMAK

The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

	Three Months Ended March 31,
	2017			2016
	( thousands of dollars)
Sales	$	2,256		$	8,992
Gross profit (loss)		(1,307	)		191
General, administrative and other expenses		2,589			2,147
Loss from operations	$	(3,896	)	$	(1,956	)
Gain on settlement with former operator		-			16,225
Net income (loss)	$	(3,896	)	$	14,269

Equity in Income or Loss of AMAK Reflected on Consolidated Statements

Therefore, net income (loss) before depreciation and amortization was as follows:

	Three Months Ended March 31,
	2017			2016
	( thousands of dollars)
Net income (loss) before depreciation and amortization	$	(3,369	)	$	16,978

Financial Position

	March 31,		December 31,
	2017		2016
	(Thousands of Dollars)
Current assets	$	17,333	$	22,860
Noncurrent assets		257,715		251,741
Total assets	$	275,048	$	274,601

Current liabilities	$	10,326	$	8,005
Long term liabilities		84,567		82,546
Shareholders' equity		180,155		184,050
	$	275,048	$	274,601

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three months ended March 31, 2017, and 2016, is comprised of the following:

	Three months ended March 31,
	2017			2016
AMAK Net income (loss)	$	(3,896	)	$	14,269

Company’s share of income (loss) reported by AMAK	$	(1,303	)	$	5,030
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK		337			337
Equity in earnings (loss) of AMAK	$	(966	)	$	5,367