Summary of Signigicant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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



	Successor			Predecessor
(in thousands)	December 31, 2016			December 31, 2015
Property and Equipment
Proved oil and gas properties	$	480,499		$	5,972,666
Unproved oil and gas properties	33,354			18,839
Furniture, fixtures, and other equipment	3,221			44,252
Less – Accumulated depreciation, depletion, amortization and impairment	(169,879		)	(5,577,854		)
Property and Equipment, Net	$	347,195		$	457,903

Accounts Payable and Accrued Liabilities

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



	Successor		Predecessor
	December 31, 2016		December 31, 2015
Trade accounts payable ⁽¹⁾	$	10,563	$	—
Accrued operating expenses ⁽¹⁾	2,990		—
Accrued compensation costs ⁽¹⁾	4,730		—
Asset retirement obligations – current portion	9,965		7,165
Accrued non-income based taxes ⁽¹⁾	3,937		—
Accrued price risk management liabilities	17,632		—
Accrued corporate and legal fees ⁽¹⁾	3,075		—
Other payables ⁽¹⁾⁽²⁾	3,365		498
Total Accounts payable and accrued liabilities	$	56,257	$	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".