Quarterly report pursuant to Section 13 or 15(d)

EQUITY INVESTMENTS

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EQUITY INVESTMENTS
 3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY INVESTMENTS EQUITY INVESTMENTS
Investments accounted for by the equity method consist of the following as of March 31, 2021 and December 31, 2020:
Carrying value Loss from equity method investments
Approximate ownership % March 31, 2021 December 31, 2020 Three months ended March 31,
2021 2020
(In thousands)
Investment in Grizzly Oil Sands ULC 24.5  % $ 27,044  $ 24,816  $ (342) $ (143)
Investment in Mammoth Energy Services, Inc. 21.5  % —  —  —  (10,646)
$ 27,044  $ 24,816  $ (342) $ (10,789)

The tables below summarize financial information for the Company’s equity investments as of March 31, 2021 and December 31, 2020.
Summarized balance sheet information:
March 31, 2021 December 31, 2020
(In thousands)
Current assets $ 462,478  $ 483,303 
Noncurrent assets $ 1,079,557  $ 1,092,495 
Current liabilities $ 125,359  $ 132,978 
Noncurrent liabilities $ 124,628  $ 148,240 
Summarized results of operations:    
  Three months ended March 31,
  2021 2020
(In thousands)
Gross revenue $ 66,805  $ 97,383 
Net loss $ (13,606) $ (85,031)
Grizzly Oil Sands ULC
The Company, through its wholly owned subsidiary Grizzly Holdings, owns an approximate 24.5% interest in Grizzly, a Canadian unlimited liability company. As of March 31, 2021, Grizzly had approximately 830,000 acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. The Company reviewed its investment in Grizzly for impairment at March 31, 2021 and 2020 and determined no impairment was required. The Company has not paid any cash calls since its election to cease funding further capital calls in 2019. Grizzly’s functional currency is the Canadian dollar. The Company’s investment in Grizzly increased by $2.6 million as a result of a foreign currency translation gain and decreased by $14.7 million as a result of a foreign currency translation loss for the three months ended March 31, 2021 and 2020, respectively.
Mammoth Energy Services, Inc.
At March 31, 2021, the Company owned 9,829,548 shares, or approximately 21.5%, of the outstanding common stock of Mammoth Energy Services, Inc. ("Mammoth Energy"). The approximate fair value of the Company's investment in Mammoth Energy at March 31, 2021 was $52.3 million based on the quoted market price of Mammoth Energy's common stock.
At March 31, 2020, the Company's share of net loss of Mammoth was in excess of the carrying value of its investment. As such, the Company's investment value was reduced to zero at March 31, 2020. During the first quarter of 2021, the Company's
share of net loss of Mammoth continued to be in excess of the carrying value of its investment and, therefore, the Company's investment value remained at zero at March 31, 2021. The Company received no distributions from Mammoth Energy during the three months ended March 31, 2021 and 2020, respectively. The loss from equity method investments presented in the table above reflects any intercompany profit eliminations.