Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

The “Property and Equipment” balances on the accompanying condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands):



	March 31, 2016			December 31, 2015
Property and Equipment
Proved oil and gas properties	$	5,997,030		$	5,972,666
Unproved oil and gas properties	18,839			18,839
Furniture, fixtures, and other equipment	44,252			44,252
Less – Accumulated depreciation, depletion, and amortization	(5,673,015		)	(5,577,854		)
Property and Equipment, Net	$	387,106		$	457,903

Accounts Payable and Accrued Liabilities

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



	March 31, 2016		December 31, 2015
Trade accounts payable ⁽¹⁾⁽²⁾	$	24,731	$	—
Accrued operating expenses ⁽¹⁾	3,775		—
Accrued compensation costs ⁽¹⁾	4,059		—
Asset retirement obligation – current portion	7,719		7,165
Accrued taxes ⁽¹⁾	3,022		—
Other payables ⁽³⁾⁽⁴⁾	17,320		498
Total accounts payable and accrued liabilities	$	60,626	$	7,663

(1) Total balance classified as Liabilities subject to compromise as of December 31, 2015.

(2) Total balance at March 31, 2016 was $26.3 million, of which $1.6 million was classified as Liabilities subject to compromise with the remaining portion classified as "Trade accounts payable".

(3) Total balance at March 31, 2016 and December 31, 2015 was $18.3 million and $5.3 million, respectively, of which $1.0 million and $4.8 million were classified as Liabilities subject to compromise with the remaining portion classified as "Other payables".

(4) Total balance at March 31, 2016 includes $7.1 million in accrued legal and professional fees primarily related to the company's bankruptcy proceedings.