Property and Equipment

12 Months Ended

Dec. 31, 2011

6. Property and Equipment

The major components of property and equipment, at cost, are as follows:

	Estimated			December 31,
	Useful Life			2010			2011
	Years			(In thousands)
Oil and gas properties		-			$	435,943		$	492,008
Equipment and other		3-39				11,536			16,330
Drilling rig		(1	)			-			17,453
					$	447,479		$	525,791
(1) Not yet in service, includes capitalized interest of $205,034

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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