Property and Equipment

12 Months Ended

Dec. 31, 2013

Property and Equipment

Property and Equipment

5. Property and Equipment

        The Company's property and equipment as of December 31, 2013 and 2012 was as follows (in thousands):

	December 31, 2013			December 31, 2012
	(in thousands)
Oil and gas properties, on the basis of full-cost accounting:
Proved properties	$	2,817,062		$	1,522,723
Unevaluated properties		243,599			313,941
Other property and equipment		11,113			5,038
Less accumulated depreciation, depletion, amortization and impairment		(976,880	)		(274,294	)
Net property and equipment	$	2,094,894		$	1,567,408

        For the years ended December 31, 2013, 2012 and 2011, depletion expense related to oil and gas properties was $248.2 million, $125.1 million and $91.4 million, respectively and $28.42, $34.17 and $33.40 per barrel of oil equivalent ("Boe"), respectively. For the years ended December 31, 2013, 2012 and 2011, depreciation expense related to other property and equipment was $2.2 million, $0.5 million and $0.3 million, respectively.

        For the years ended December 31, 2013, 2012 and 2011, interest capitalized to unevaluated properties was $32.2 million, $11.2 million and $2.6 million, respectively. For the years ended December 31, 2013 and 2012, the Company capitalized $8.4 million and $1.5 million, respectively, of internal costs to oil and gas properties, including $1.4 million and $0.2 million, respectively, of qualifying share based compensation expense (see Note 10).