Investment in Dalea Investment Group, LLC
In June 2012, we cancelled an $11 million note receivable (see Note 13) in exchange for a 7.66% non-controlling membership interest in Dalea, an international oilfield services company formed in March 2012. Since the membership interests in Dalea are privately-held and are not traded in an active market, our investment in Dalea is carried at cost of $11 million. As of December 31, 2013, we have performed a qualitative assessment and determined there has been no indication of any impairment of our investment in Dalea.
