Property And Equipment, Net

6 Months Ended

Jun. 30, 2012

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

At June 30, 2012 and December 31, 2011, property and equipment, net consisted of the following:



	June 30, 2012			December 31, 2011
	(In thousands)
Proved oil and gas properties	$	1,433,319		$	1,239,778
Accumulated depreciation, depletion and amortization	(471,714		)	(397,737		)
Proved oil and gas properties, net	961,605			842,041
Unproved properties and significant development projects, not being amortized
Unevaluated leasehold and seismic costs	292,310			277,425
Significant development projects	90,280			65,306
Exploratory wells in progress	59,063			70,533
Capitalized interest	49,445			46,471
Total costs not subject to amortization	491,098			459,735
Other property and equipment	16,269			12,835
Accumulated depreciation	(4,825		)	(4,097		)
Other property and equipment, net	11,444			8,738
Total property and equipment, net	$	1,464,147		$	1,310,514

Sale of Barnett Shale Properties

During the second quarter of 2012, the Company sold a significant portion of its Barnett Shale properties to an affiliate of Atlas Resource Partners, L.P. ("Atlas") for an agreed upon price of $190.0 million. Net proceeds received from the sale were approximately $187.0 million, subject to final post-closing adjustments. Purchase price adjustments primarily relate to proceeds received by the Company for sales of hydrocarbons from such properties between the effective date of January 1, 2012 and the closing date of April 30, 2012. The proceeds from such sale were recognized as a reduction of proved oil and gas properties.

- 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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