Summary of Signigicant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013



(in thousands)	March 31, 2013			December 31, 2012
Property and Equipment
Proved oil and gas properties	$	5,201,142		$	5,058,524
Unproved oil and gas properties	94,223			92,579
Furniture, fixtures, and other equipment	41,907			41,690
Less – Accumulated depreciation, depletion, and amortization	(2,908,302		)	(2,847,773		)
Property and Equipment, Net	$	2,428,970		$	2,345,020

Accounts Payable and Accrued Liabilities



	March 31, 2013		December 31, 2012
Trade accounts payable (1)	$	23,073	$	31,128
Accrued operating expenses	20,401		14,647
Accrued payroll costs	6,842		12,297
Asset retirement obligation – current portion	8,779		7,134
Accrued taxes	7,285		5,373
Other payables	3,276		4,799
Total accounts payable and accrued liabilities	$	69,656	$	75,378

(1) Included in “trade accounts payable” are liabilities of approximately $11.3 million and $13.3 million at March 31, 2013 and December 31, 2012, respectively, for outstanding checks.

Roll-forward of our asset retirement obligations



	2013
Asset Retirement Obligation recorded as of January 1	$	86,777
Accretion expense	1,775
Liabilities incurred for new wells and facilities construction	563
Reductions due to abandoned wells and facilities	(884		)
Revisions in estimates	71
Asset Retirement Obligation as of March 31,	$	88,302

- Definition

Tabular disclosure of the useful life and salvage value of 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.

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