ACQUISITION AND DISPOSITION OF PROPERTIES

The following table details held for sale properties by major classes of assets and liabilities. These property sales do not qualify for discontinued operations:



(in thousands)							March 31, 2016
	Permian Basin			San Juan Basin			Total
Oil and natural gas properties	$	260,253		$	311,282		$	571,535
Less accumulated depreciation, depletion and amortization	(166,254		)	(222,047		)	(388,301		)
Total assets held for sale	93,999			89,235			183,234
Other long-term liabilities	(1,086		)	(13,016		)	(14,102		)
Total liabilities held for sale	(1,086		)	(13,016		)	(14,102		)
Total net assets held for sale	$	92,913		$	76,219		$	169,132



(in thousands)	December 31, 2015
	San Juan Basin
Inventories	$	3,651
Oil and natural gas properties	305,386
Less accumulated depreciation, depletion and amortization	(219,059		)
Other property and equipment, net	3,761
Total assets held for sale	93,739
Other long-term liabilities	(12,789		)
Total liabilities held for sale	(12,789		)
Total net assets held for sale	$	80,950

On March 31, 2015, Energen completed the sale of the majority of its natural gas assets in the San Juan Basin in New Mexico and Colorado (effective as of January 1, 2015) for an aggregate purchase price of $395 million. The sales proceeds were reduced by purchase price adjustments of approximately $11 million related to the operations of the San Juan Basin properties subsequent to December 31, 2014 and one-time adjustments related primarily to liabilities assumed by the buyer, which resulted in pre-tax proceeds to Energen of approximately $384 million before consideration of transaction costs of approximately $2.8 million. Energen recognized a pre-tax gain of $27.0 million on the sale. Energen used proceeds from the sale to reduce long-term indebtedness. At December 31, 2014, proved reserves associated with these San Juan Basin properties totaled 69,038 MBOE.

Energen completed an estimated $7.6 million in various purchases of unproved leasehold largely in the Permian Basin during the first quarter of 2016. During 2015, Energen completed an estimated total of $85.7 million in various purchases of unproved leasehold largely in the Permian Basin.