Property and Equipment

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

The following table summarizes our property and equipment as of the dates presented:



	As of
	June 30,			December 31,
	2014			2013
Oil and gas properties:
Proved	$	440,606		$	460,255
Unproved	102,492			101,520
Total oil and gas properties	543,098			561,775
Other property and equipment:
Wells equipment and facilities	2,575,966			2,593,700
Support equipment	22,591			21,513
Total other property and equipment	2,598,557			2,615,213
	3,141,655			3,176,988
Accumulated depreciation, depletion and amortization	(933,901		)	(939,684		)
	$	2,207,754		$	2,237,304

In June 2014, we recognized a $117.9 million impairment of our Selma Chalk assets in Mississippi triggered by the expected disposition of these properties. The fair value of these properties, after the impairment, has been reclassified from Property and equipment to Assets held for sale which is presented as a component of current assets on our Condensed Consolidated Balance Sheets. In addition, liabilities associated with these assets representing asset retirement obligations (“AROs”), have been reclassified from Other liabilities (noncurrent) to Accounts payable and accrued expenses which is presented as a component of current liabilities.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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