BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENTS

We separate our operating activities into two segments: Oil and Gas Exploration and Production and Gas Marketing. All material inter-company accounts and transactions between segments have been eliminated.

Oil and Gas Exploration and Production. Our Oil and Gas Exploration and Production segment includes all of our natural gas and crude oil properties. The segment represents revenues and expenses from the production and sale of natural gas, NGLs and crude oil. Segment revenue includes natural gas, NGL and crude oil sales, commodity price risk management, net and well operation and pipeline income. Segment income (loss) consists of segment revenue less production cost, exploration expense, impairment of natural gas and crude oil properties, direct general and administrative expense and DD&A expense. Segment DD&A expense was $122.2 million in 2011, $105.9 million in 2010 and $123.2 million in 2009.

Gas Marketing. Our Gas Marketing segment purchases, aggregates and resells natural gas produced by us and others. Segment income (loss) primarily represents sales from natural gas marketing and direct interest income less costs of natural gas marketing and direct general and administrative expense.

Unallocated amounts. Unallocated income includes unallocated other revenue less corporate general administrative expense, corporate DD&A expense, interest income and interest expense.

The following tables present our segment information.

	2011			2010			2009
	(in thousands)
Year Ended December 31,
Revenues:
Oil and Gas Exploration and Production	$	329,541		$	273,950		$	171,262
Gas Marketing	66,419			69,071			59,595
Unallocated	—			—			19
Total Revenues	$	395,960		$	343,021		$	230,876
Segment income (loss) from continuing operations before income taxes:
Oil and Gas Exploration and Production	$	106,832		$	84,387		$	(34,382	)
Gas Marketing	954			1,063			1,967
Unallocated	(104,891		)	(78,760		)	(92,757		)
Total	$	2,895		$	6,690		$	(125,172	)
Expenditures for segment long-lived assets:
Oil and Gas Exploration and Production	$	479,027		$	319,268		$	140,431
Unallocated	1,363			1,506			2,602
Total	$	480,390		$	320,774		$	143,033
As of December 31,
Segment assets:
Oil and Gas Exploration and Production	$	1,461,130		$	1,202,474
Gas Marketing	14,713			16,338
Unallocated	73,913			53,701
Assets held for sale	148,249			116,522
Total Assets	$	1,698,005		$	1,389,035