COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

Schedule of approximate future minimum lease payments for the remainder of 2012 and subsequent annual periods for all non-cancelable operating leases

Approximate future minimum lease payments for the remainder of 2012 and subsequent annual periods for all non-cancelable operating leases at September 30, 2012 are as follows (in thousands):

2012	$	1,567
2013	6,226
2014	5,306
2015	5,160
2016 and thereafter	23,196
	$	41,455

Schedule of the entity's obligation under contracts for drilling rigs and related equipment

The Company is also obligated under contracts for drilling rigs and related equipment for its drilling operations as followings (in thousands):

2012	$	22,061
2013	20,858
2014	10,038
2015	4,978
2016 and thereafter	—
	$	57,935