Quarterly report pursuant to Section 13 or 15(d)

EQUITY INVESTMENTS

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EQUITY INVESTMENTS
 6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
Carrying value Loss from equity method investments
Successor Predecessor Successor Predecessor Successor Predecessor
June 30, 2021 December 31, 2020 Period from May 18, 2021 through June 30, 2021 Period from April 1, 2021 through May 17, 2021 Three months ended June 30, 2020 Period from May 18, 2021 through June 30, 2021 Period from January 1, 2021 through May 17, 2021 Six months ended June 30, 2020
Investment in Grizzly Oil Sands ULC 24.5  % $ —  $ 24,816  $ —  $ —  $ (45) $ —  $ (342) $ (188)
Investment in Mammoth Energy —  % —  —  —  —  —  —  —  (10,646)
$ —  $ 24,816  $ —  $ —  $ (45) $ —  $ (342) $ (10,834)
The tables below summarize financial information for the Company’s equity investments as of June 30, 2021 and December 31, 2020.
Summarized balance sheet information:
June 30, 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 June 30, Six months ended June 30,
  2021 2020 2021 2020
(In thousands)
Gross revenue $ 66,805  $ 60,109  151,855  157,492 
Net loss $ (13,606) $ (14,922) (22,533) (99,953)
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 June 30, 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 June 30, 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 $6.9 million and decreased by $7.8 million as a result of foreign currency translation gains and losses for the Prior Predecessor Quarter and the Prior Predecessor YTD Period, respectively.
Effective as of the Emergence Date, the Company elected to begin reporting its proportionate share of Grizzly's earnings on a one-quarter lag as permitted under FASB ASC Topic 323 - Equity Method and Joint Ventures. This change in accounting policy did not have a material impact on any periods presented in the accompanying consolidated financial statements.
As discussed in Note 3, the Company reduced its carrying value of its investment in Grizzly to zero upon the Emergence Date. The reduction in valuation was based upon the Company's new management's assessment of the investment and its priority for future funding in its portfolio. In particular, Grizzly’s operations remained suspended, even with improvements in the pricing environment since its initial suspension in 2015. Additionally, the Company does not anticipate funding future capital calls which will lead to further dilution of our equity ownership interest.
Mammoth Energy Services, Inc.
As discussed in Note 2, the Company's previously owned shares of the outstanding common stock of Mammoth Energy were used to settle Class 4A claims. The Company's investment carrying value was reduced to zero in the first quarter of 2020 due to the Company's share of cumulative net loss and impairments and the carrying value remained at zero through the Emergence Date.