Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

(5) DISCONTINUED OPERATIONS

     The following table presents the components of our Barnett Shale operations as discontinued operations for the three months and the nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011		2010
Revenues and other income
Natural gas, NGL and oil sales	$	723		$	31,803		$	53,757	$	114,521
Transportation and gathering		—			6			6		29
Gain on the sale of assets		1,032			—			4,852		955
Other		—			(3	)		4		(3	)
Total revenues and other income		1,755			31,806			58,619		115,502
Costs and expenses
Direct operating		(611	)		8,752			9,835		26,560
Production and ad valorem taxes		(44	)		1,970			1,206		5,925
Exploration		—			11			37		560
Abandonment and impairment of unproved properties		—			6,099			—		15,725
Interest expense		—			10,443			14,791		29,307
Depletion, depreciation and amortization		—			22,038			8,894		69,041
Total costs and expenses		(655	)		49,313			34,763		147,118
Income (loss) from discontinued operations before income taxes		2,410			(17,507	)		23,856		(31,616	)
Income tax expense (benefit)
Current		—			—			—		—
Deferred		841			(6,686	)		8,372		(12,074	)
Total income tax expense (benefit)		841			(6,686	)		8,372		(12,074	)
Net income (loss) from discontinued operations	$	1,569		$	(10,821	)	$	15,484	$	(19,542	)

     The carrying values of our Barnett Shale operations are included in discontinued operations in the accompanying consolidated balance sheets which are comprised of the following (in thousands):

	September 30,		December 31,
	2011		2010
Composition of assets of discontinued operations:
Natural gas and oil properties, net	$	—	$	838,044
Transportation and field assets, net		—		684
Accounts receivable		2,626		29,300
Unrealized derivative gain		—		8,195
Inventory and other		—		81
Total assets of discontinued operations	$	2,626	$	876,304
Composition of liabilities of discontinued operations:
Account payable	$	1,064	$	23,366
Accrued liabilities		—		9,596
Total current liabilities of discontinued operations	$	1,064	$	32,962
Asset retirement obligations	$	—	$	1,980
Other liabilities		—		1,921
Total long-term liabilities of discontinued operations	$	—	$	3,901