Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30, 2016			Predecessor As of December 31, 2015
Property and Equipment
Proved oil and gas properties	$	518,289		$	5,972,666
Unproved oil and gas properties	47,310			18,839
Furniture, fixtures, and other equipment	3,726			44,252
Less – Accumulated depreciation, depletion, amortization & impairment	(160,117		)	(5,577,854		)
Property and Equipment, Net	$	409,208		$	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 September 30, 2016		Predecessor As of December 31, 2015
Trade accounts payable ⁽¹⁾	$	5,056	$	—
Accrued operating expenses ⁽¹⁾	3,126		—
Accrued compensation costs ⁽¹⁾	3,513		—
Asset retirement obligation – current portion	2,922		7,165
Accrued non-income based taxes ⁽¹⁾	6,505		—
Accrued price risk liabilities ⁽¹⁾	5,373		—
Accrued corporate and legal fees ⁽¹⁾	4,472		—
Other payables ⁽¹⁾⁽²⁾	2,427		498
Total accounts payable and accrued liabilities	$	33,394	$	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".