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Impairments
12 Months Ended
Dec. 31, 2011
Impairments
16. Impairments

 

The following table summarizes impairment charges recorded during the periods presented:

 

    Year Ended December 31,  
    2011     2010     2009  
Oil and gas properties   $ 104,688     $ 43,067     $ 102,332  
Other - tubular inventory and well materials     -       2,892       4,083  
    $ 104,688     $ 45,959     $ 106,415  

 

During 2011, we recognized an impairment of our Arkoma Basin assets for $71.1 million, which was triggered by the expected disposition of these high-cost gas properties. As disclosed in Note 3, we completed the sale of these properties in August 2011. Also during 2011, we recognized an impairment of our horizontal coal bed methane properties in the Appalachian region for $26.6 million and certain dry-gas properties in Mississippi for $7.0 million due primarily to market declines in gas prices. During 2010, we incurred impairment charges related to our Mid-Continent coal bed methane properties as a result of market declines in gas prices and to an area in the Anadarko Basin of the Mid-Continent region where we drilled an uneconomic well. In addition, we recorded impairment charges attributable to certain oil and gas inventory assets triggered primarily by declines in asset quality. During 2009, we incurred impairment charges in connection with the initial classification of our Gulf Coast properties as assets held for sale at their fair value less costs to sell, as well as impairments attributable to tubular inventory and other oil and gas properties.