Property and Equipment

3 Months Ended

Mar. 31, 2014

4. Property and Equipment

Property, plant and equipment is comprised of the following:

	March 31,			December 31,
	2014			2013
	(In thousands)
Wells and production facilities	$	28,874		$	28,874
Proved properties		386,196			386,196
Warehouse inventory		25,429			25,429
Work in progress		63,958			62,208
Oilfield assets		504,457			502,707
Accumulated depletion		(78,976	)		(74,476	)
Oilfield assets, net		425,481			428,231
Unevaluated leaseholds		8,240			8,240
Oil and gas properties, net		433,721			436,471

Other property and equipment		1,866			1,590
Accumulated depreciation		(911	)		(838	)
Other property and equipment, net		955			752

Total property, plant and equipment, net	$	434,676		$	437,223

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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