Summary of Signigicant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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



(in thousands)	December 31, 2015			December 31, 2014
Property and Equipment
Proved oil and gas properties	$	5,972,666		$	5,826,995
Unproved oil and gas properties	18,839			64,903
Furniture, fixtures, and other equipment	44,252			42,257
Less – Accumulated depreciation, depletion, and amortization	(5,577,854		)	(3,839,118		)
Property and Equipment, Net	$	457,903		$	2,095,037

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, 2015		December 31, 2014
Trade accounts payable ⁽¹⁾⁽²⁾	$	—	$	31,153
Accrued operating expenses ⁽²⁾	—		10,784
Accrued payroll costs ⁽²⁾	—		8,100
Asset retirement obligations – current portion	7,165		10,709
Accrued taxes ⁽²⁾	—		2,957
Other payables ⁽²⁾⁽³⁾	498		4,541
Total Accounts payable and accrued liabilities	$	7,663	$	68,244

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

(2) Classified as Liabilities Subject to Compromise as of December 31, 2015.

(3) Total balance at December 31, 2015 was $5.3 million of which $4.8 million was classified as Liabilities Subject to Compromise with the remaining portion classified as "Other payables".