Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Property and Equipment

The following is a detailed breakout of our “Property and Equipment” balances (in thousands):

	June 30, 2014 (As Restated)			December 31, 2013 (As Restated)
Property and Equipment
Proved oil and gas properties	$	5,817,395		$	5,600,279
Unproved oil and gas properties	63,662			71,452
Furniture, fixtures, and other equipment	42,400			42,368
Less – Accumulated depreciation, depletion, and amortization	(3,261,672		)	(3,125,282		)
Property and Equipment, Net	$	2,661,785		$	2,588,817

Schedule of Derivative Instruments

The following tables summarize the weighted average prices and future production volumes for our unsettled derivative contracts in place as of June 30, 2014:

Oil Derivatives (NYMEX WTI Settlements)	Total Volumes (Bbls)	Swap Fixed Price
2014 Contracts
Swaps	197,500	$	101.76

				Collars
Natural Gas Derivatives (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Swap Fixed Price		Floor Price		Ceiling Price
2014 Contracts
Swaps	7,020,000	$	4.29
Collars	2,100,000			$	4.13	$	4.46
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	8,850,000	$	(0.09	)
2015 Contracts
Swaps	8,200,000	$	(0.02	)

Accounts Payable and Accrued Liabilities

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

	June 30, 2014		December 31, 2013 (As Restated)
Trade accounts payable (1)	$	39,240	$	30,769
Accrued operating expenses	15,988		16,016
Accrued payroll costs	8,655		10,938
Asset retirement obligation – current portion	13,717		15,859
Accrued taxes	7,533		5,845
Escrow deposit liability (2)	12,500		—
Other payables	6,890		2,891
Total accounts payable and accrued liabilities	$	104,523	$	82,318

(1) Included in “trade accounts payable” are liabilities of approximately $7.5 million and $26.1 million at June 30, 2014 and December 31, 2013, respectively, for outstanding checks.

Roll-forward of our asset retirement obligations

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

	2014
Asset Retirement Obligation recorded as of January 1	$	79,084
Accretion expense	2,801
Liabilities incurred for new wells and facilities construction	180
Reductions due to sold and abandoned wells and facilities	(2,643		)
Revisions in estimates	258
Asset Retirement Obligation as of June 30	$	79,680