Property And Equipment, Net

3 Months Ended

Mar. 31, 2012

Property And Equipment, Net [Abstract]

Property And Equipment, Net

3. PROPERTY AND EQUIPMENT, NET

At March 31, 2012 and December 31, 2011, property and equipment consisted of the following:

	March 31,			December 31,
	2012			2011
	(In thousands)
Proved oil and gas properties	$	1,496,489		$	1,305,084
Accumulated depreciation, depletion and amortization		(428,848	)		(397,737	)
Proved oil and gas properties, net		1,067,641			907,347
Costs not subject to amortization
Unevaluated leasehold and seismic costs		291,424			277,425
Capitalized interest		50,998			46,471
Exploratory wells in progress		64,447			70,533
Total costs not subject to amortization		406,869			394,429
Other property and equipment		15,235			12,835
Accumulated depreciation		(4,426	)		(4,097	)
Other property and equipment, net		10,809			8,738
Total property and equipment, net	$	1,485,319		$	1,310,514

Sale of Barnett Shale Properties

On April 30, 2012, the Company sold a substantial portion of its Barnett Shale properties to an affiliate of Atlas Resource Partners, L.P and received net proceeds of approximately $187 million, subject to final post-closing adjustments. Proceeds from the sale will be recognized as a reduction of proved oil and gas properties, net.