Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017			December 31, 2016
Property and Equipment
Proved oil and gas properties	$	512,290		$	480,499
Unproved oil and gas properties	34,345			33,354
Furniture, fixtures, and other equipment	3,082			3,221
Less – Accumulated depreciation, depletion, amortization & impairment	(179,551		)	(169,879		)
Property and Equipment, Net	$	370,166		$	347,195

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, 2017		December 31, 2016
Trade accounts payable	$	16,469	$	10,563
Accrued operating expenses	2,604		2,990
Accrued compensation costs	2,105		4,730
Asset retirement obligation – current portion	9,039		9,965
Accrued non-income based taxes	3,787		3,937
Accrued price risk management liabilities	6,796		17,632
Accrued corporate and legal fees	3,410		3,075
Other payables	3,345		3,365
Total accounts payable and accrued liabilities	$	47,555	$	56,257