Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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):



	Successor As of June 30, 2016			Predecessor As of December 31, 2015
Property and Equipment
Proved oil and gas properties	$	510,819		$	5,972,666
Unproved oil and gas properties	47,603			18,839
Furniture, fixtures, and other equipment	3,701			44,252
Less – Accumulated depreciation, depletion, amortization & impairment	(146,830		)	(5,577,854		)
Property and Equipment, Net	$	415,293		$	457,903

Accounts Payable and Accrued Liabilities

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



	Successor As of June 30, 2016		Predecessor As of December 31, 2015
Trade accounts payable ⁽¹⁾	$	13,519	$	—
Accrued operating expenses ⁽¹⁾	3,441		—
Accrued compensation costs ⁽¹⁾	2,919		—
Asset retirement obligation – current portion	5,058		7,165
Accrued taxes ⁽¹⁾	4,028		—
Accrued price risk liabilities ⁽¹⁾	8,770		—
Accrued corporate and legal fees ⁽¹⁾	9,922		—
Other payables ⁽¹⁾⁽²⁾	1,039		498
Total accounts payable and accrued liabilities	$	48,696	$	7,663

(1) Classified as Liabilities subject to compromise as of December 31, 2015. Total Liabilities subject to compromise were $984.4 million as of December 31, 2015.

(2) 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".