Oil and Gas Properties

12 Months Ended

Dec. 31, 2014

Oil and Gas Properties And Equipment Tables [Abstract]

3. OIL AND GAS PROPERTIES:

		December 31,		December 31,
		2014		2013
Proven Properties:
Acquisition, equipment, exploration, drilling and environmental costs(2), (3)	$	9,731,407	$	7,817,374
Less: Accumulated depletion, depreciation and amortization		(6,094,764)		(5,808,836)
		3,636,643		2,008,538
Unproven Properties:
Acquisition and exploration costs not being amortized (1), (2)		242,294		413,073
Net capitalized costs - oil and gas properties	$	3,878,937	$	2,421,611

On a unit basis, DD&A from continuing operations was $1.18, $1.05 and $1.51 per Mcfe for the years ended December 31, 2014, 2013 and 2012, respectively.

⁽¹⁾Interest is capitalized on the cost of unevaluated oil and natural gas properties that are excluded from amortization and actively being evaluated as well as on work in process relating to gathering systems that are not currently in service. For the years ended December 31, 2014 and 2013, total interest on outstanding debt was $146.6 million and $103.5 million, respectively, of which $20.4 million and $2.0 million, respectively, was capitalized on the cost of unevaluated oil and natural gas properties and work in process relating to gathering systems that are not currently in service.

⁽²⁾ On December 12, 2013 the Company, through its subsidiary, UPL Three Rivers Holdings, LLC, closed on the acquisition of crude oil assets located in Three Rivers Field in Uintah County, Utah. The assets consist of producing wells, undeveloped acreage and water and gas gathering assets.

⁽³⁾ 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 (the “SWEPI Properties”) from SWEPI, LP, an affiliate of Royal Dutch Shell, plc in exchange for certain of the Company’s producing and non-producing properties (including gathering systems) in Pennsylvania (the “Pennsylvania Properties”) and a cash payment. See Note 13.

Unproven Properties

The Company holds interests in domestic projects in which costs related to these interests are not being depleted pending determination of existence of estimated proved reserves. For the years ended December 31, 2014 and 2013, the Company did not determine any impairment related to unevaluated properties or major development projects excluded from capitalized costs being amortized.

		Total		2014		2013		2012		Prior
Acquisition costs	$	228,516	$	(191,184)	$	419,700	$	(481,689)	$	481,689
Exploration costs		(7,708)		173		(7,881)		(9,962)		9,962
Capitalized interest		21,486		20,232		1,254		(45,875)		45,875
Unproven properties	$	242,294	$	(170,779)	$	413,073	$	(537,526)	$	537,526