Property And Equipment, Net

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

4. Property and Equipment, Net

At September 30, 2013 and December 31, 2012, property and equipment, net consisted of the following:



	September 30, 2013			December 31, 2012
	(In thousands)
Proved oil and gas properties	$	2,207,220		$	1,713,827
Accumulated depreciation, depletion and amortization	(711,239		)	(561,279		)
Proved oil and gas properties, net	1,495,981			1,152,548
Unproved properties, not being amortized
Unevaluated leasehold and seismic costs	302,391			238,833
Exploratory wells in progress	41,926			43,803
Capitalized interest	50,974			41,052
Total unproved properties, not being amortized	395,291			323,688
Other property and equipment	16,323			17,079
Accumulated depreciation	(6,523		)	(5,641		)
Other property and equipment, net	9,800			11,438
Total property and equipment, net	$	1,901,072		$	1,487,674

Utica Shale Joint Venture. On January 15, 2013, we exercised our option for an additional 40% in the remaining properties held through our joint venture with ACP II Marcellus LLC (“ACP II”), which is also one of our joint venture partners in the Marcellus Shale, and ACP III Utica LLC (“ACP III”), both affiliates of Avista Capital Holdings, LP, a private equity firm (collectively with ACP II and ACP III, “Avista”) by paying $63.1 million. Following the option exercise, the Company elected to acquire additional properties on an equal basis with Avista. In connection with the January 2013 exercise of the Company's option to increase its participating interest in the Avista Utica joint venture properties, its right to receive distributions associated with properties owned by ACP III through “B Units” interest in ACP III that the Company acquired at the formation of the Utica joint venture was terminated.

- 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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