Summary of Signigicant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Property and Equipment

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

(in thousands)	December 31, 2014			December 31, 2013
Property and Equipment
Proved oil and gas properties	$	5,826,995		$	5,600,279
Unproved oil and gas properties	64,903			71,452
Furniture, fixtures, and other equipment	42,257			42,368
Less – Accumulated depreciation, depletion, and amortization	(3,839,118		)	(3,125,282		)
Property and Equipment, Net	$	2,095,037		$	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 December 31, 2014.

				Collars
Natural Gas Derivatives (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Swap Fixed Price		Floor Price		Ceiling Price
2015 Contracts
Swaps	600,000	$	4.42
Collars	1,280,000			$	4.05	$	4.88

Natural Gas Basis Derivatives (East Texas Houston Ship Channel Settlements)	Total Volumes (MMBtu)	Swap Fixed Price
2015 Contracts
Swaps	7,280,000	$	(0.02	)

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, 2014		December 31, 2013
Trade accounts payable (1)	$	31,153	$	30,769
Accrued operating expenses	10,784		16,016
Accrued payroll costs	8,100		10,938
Asset retirement obligations – current portion	10,709		15,859
Accrued taxes	2,957		5,845
Other payables	4,541		2,891
Total accounts payable and accrued liabilities	$	68,244	$	82,318

(1) Included in “trade accounts payable” are liabilities of approximately $13.7 million and $26.1 million at December 31, 2014 and 2013, respectively, for outstanding checks.

Roll-forward of our asset retirement obligations

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

Asset Retirement Obligations 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 Obligations as of December 31, 2013	$	79,084
Accretion expense	5,712
Liabilities incurred for new wells and facilities construction	469
Reductions due to sold and abandoned wells and facilities	(8,253		)
Revisions in estimates	(4,181		)
Asset Retirement Obligations as of December 31, 2014	$	72,831