Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Property and Equipment

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

	September 30, 2014			December 31, 2013 (As Restated)
Property and Equipment
Proved oil and gas properties	$	5,755,886		$	5,600,279
Unproved oil and gas properties	65,767			71,452
Furniture, fixtures, and other equipment	41,997			42,368
Less – Accumulated depreciation, depletion, and amortization	(3,326,908		)	(3,125,282		)
Property and Equipment, Net	$	2,536,742		$	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 September 30, 2014:

				Collars
Natural Gas Derivatives (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Swap Fixed Price		Floor Price		Ceiling Price
2014 Contracts
Swaps	3,330,000	$	4.32
Collars	1,035,000			$	4.15	$	4.55
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	4,200,000	$	(0.11	)
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):

	September 30, 2014		December 31, 2013 (As Restated)
Trade accounts payable (1)	$	25,624	$	30,769
Accrued operating expenses	14,451		16,016
Accrued payroll costs	11,212		10,938
Asset retirement obligation – current portion	13,292		15,859
Accrued taxes	9,626		5,845
Deposit liability (2)	22,685		—
Other payables	3,603		2,891
Total accounts payable and accrued liabilities	$	100,493	$	82,318

(1) Included in “trade accounts payable” are liabilities of approximately $9.6 million and $26.1 million at September 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	4,246
Liabilities incurred for new wells and facilities construction	470
Reductions due to sold and abandoned wells and facilities	(2,914		)
Revisions in estimates	(439		)
Asset Retirement Obligation as of September 30	$	80,447