Summary of Signigicant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Property and Equipment

The following is a detailed breakout of our “Property and Equipment” balances.

(in thousands)	December 31, 2013			December 31, 2012
Property and Equipment
Proved oil and gas properties	$	5,600,279		$	5,058,524
Unproved oil and gas properties	71,452			92,579
Furniture, fixtures, and other equipment	42,368			41,690
Less – Accumulated depreciation, depletion, and amortization	(3,174,453		)	(2,847,773		)
Property and Equipment, Net	$	2,539,646		$	2,345,020

Schedule of Derivative Instruments

The following tables summarize the weighted average prices and future production volumes for various derivative contracts the Company had in place as of December 31, 2013.

						Collars
Oil Derivatives (NYMEX WTI Settlements)	Total Volumes (Bbls)	Swap Fixed Price		Purchased Call Price		Floor Price		Ceiling Price
2014 Contracts
Swaps	462,000	$	98.19
Calls	87,000			$	116.60
Collars	87,000					$	95.00	$	107.30

				Collars
Natural Gas Derivatives (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Swap Fixed Price		Floor Price		Ceiling Price
2014 Contracts
Swaps	7,460,000	$	4.10
Collars	3,075,000			$	4.13	$	4.44
2015 Contracts
Swaps	900,000	$	4.42

Natural Gas Basis Derivatives (East Texas Houston Ship Channel Settlements)	Total Volumes (MMBtu)	Swap Fixed Price
2014 Contracts
Swaps	2,030,000	$	0.085

Accounts Payable and Accrued Liabilities

The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands):

	December 31, 2013		December 31, 2012
Trade accounts payable (1)	$	30,769	$	31,128
Accrued operating expenses	17,059		14,647
Accrued payroll costs	10,938		12,297
Asset retirement obligation – current portion	15,859		7,134
Accrued taxes	5,845		5,373
Other payables	2,891		4,799
Total accounts payable and accrued liabilities	$	83,361	$	75,378

(1) Included in “trade accounts payable” are liabilities of approximately $26.1 million and $13.3 million at December 31, 2013 and 2012, respectively, for outstanding checks.

Roll-forward of our asset retirement obligations

The following provides a roll-forward of our asset retirement obligation (in thousands):

Asset Retirement Obligation as of December 31, 2011	$	76,393
Accretion expense	5,121
Liabilities incurred for new wells and facilities construction	2,195
Reductions due to sold and abandoned wells and facilities	(2,824		)
Revisions in estimates	5,892
Asset Retirement Obligation as of December 31, 2012	$	86,777
Accretion expense	6,181
Liabilities incurred for new wells and facilities construction	1,588
Reductions due to sold and abandoned wells and facilities	(16,394		)
Revisions in estimates	932
Asset Retirement Obligation as of December 31, 2013	$	79,084