Property and Equipment, Net

Property and equipment at September 30, 2013, and December 31, 2012, consisted of the following:



	September 30, 2013			December 31, 2012
	(in thousands)
Rigs and other equipment	$	71,845		$	68,404
Buildings and improvements	13,295			12,019
Land	1,068			1,068
Vehicles	1,742			1,639
Furniture and fixtures	289			289
Assets in progress	3,233			2,342
	91,472			85,761
Accumulated depreciation	(15,604		)	(7,993		)
Property and equipment, net	$	75,868		$	77,768

Depreciation expense was $2.6 million and $2.5 million for the three months ended September 30, 2013 and 2012, respectively. Depreciation expense was $7.8 million and $5.3 million for the nine months ended September 30, 2013 and 2012, respectively.

During the nine months ended September 30, 2012, the Company wrote off $0.1 million of property and equipment related to the shutdown of The Show (see Note 5). This write-off is included in “Income (loss) from discontinued operations" in the consolidated statements of operations.