Property and Equipment

9 Months Ended

Sep. 30, 2011

4. PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


	September 30,			December 31,
	2011			2010
	(unaudited)
	(dollars in thousands)
OIL AND NATURAL GAS PROPERTIES
Unproved properties	$	36,923		$	12,020
Accumulated impairment		(5,246	)		(2,686	)

Unproved properties, net		31,677			9,334

Proved oil and natural gas properties		876,286			707,364
Accumulated depreciation, depletion, amortization and impairment		(352,606	)		(273,818	)

Proved oil and natural gas properties, net		523,680			433,546

TOTAL OIL AND NATURAL GAS PROPERTIES, net		555,357			442,880

LAND		1,185			1,185

DRILLING RIG		10,500			10,500
Accumulated depreciation		(969	)		(444	)

TOTAL DRILLING RIG, net		9,531			10,056

OTHER PROPERTY AND EQUIPMENT
Office furniture and equipment, vehicles		6,393			3,844
Accumulated depreciation		(1,080	)		(1,701	)

OTHER PROPERTY AND EQUIPMENT, net		5,313			2,143

TOTAL PROPERTY AND EQUIPMENT, net	$	571,386		$	456,264

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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