Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property Plant And Equipment Disclosure [Abstract]

PROPERTY, PLANT AND EQUIPMENT

4. PROPERTY, PLANT AND EQUIPMENT:

		December 31,
		2014						2013
		Cost		Accumulated Depreciation		Net Book Value		Net Book Value
Gathering systems(1)(2)	$	-	$	-	$	-	$	189,110
Computer equipment		2,967		(2,050)		917		892
Office equipment		467		(410)		57		41
Leasehold improvements		471		(360)		111		136
Land(3)		5,778		-		5,778		22,359
Other		13,656		(8,333)		5,323		4,371
Property, plant and equipment, net	$	23,339	$	(11,153)	$	12,186	$	216,909

⁽¹⁾Historically, gathering system expenditures were recorded at cost and depreciated separately from proven oil and gas properties using the straight-line method due to the expectation that they would be used to transport production from probable and possible reserves, as well as from third parties.  However, subsequent to the SWEPI Transaction (See Note 13), the Company’s remaining gathering systems are expected to only be used to transport the Company’s proved volumes and as a result, $91.8 million has been transferred to proven oil and gas properties.

⁽²⁾On September 25, 2014, a wholly owned subsidiary of Ultra Petroleum Corp. completed the acquisition of all producing and non-producing properties (including gathering systems) in the Pinedale field in Sublette County, Wyoming in exchange for certain of the Company’s producing and non-producing properties (including gathering systems) in Pennsylvania and a cash payment (See Note 13 for further details).

⁽³⁾During November 2014, the Company sold certain real property in El Paso County, Colorado for proceeds of $27.9 million.