BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2012

BUSINESS SEGMENTS [Abstract]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENTS

We separate our operating activities into two segments: Oil and Gas Exploration and Production and Gas Marketing. All material inter-company accounts and transactions between segments have been eliminated.

Oil and Gas Exploration and Production. Our Oil and Gas Exploration and Production segment includes all of our natural gas and crude oil properties. The segment represents revenues and expenses from the production and sale of natural gas, NGLs and crude oil. Segment revenue includes natural gas, NGL and crude oil sales, commodity price risk management, net and well operation and pipeline income. Segment income (loss) consists of segment revenue less production cost, exploration expense, impairment of natural gas and crude oil properties, direct general and administrative expense and DD&A expense.

Gas Marketing. Our Gas Marketing segment purchases, aggregates and resells natural gas produced by us and others. Segment income (loss) represents sales from natural gas marketing less costs of natural gas marketing.

Unallocated amounts. Unallocated income includes unallocated other revenue less corporate general administrative expense, corporate DD&A expense, interest income and interest expense.

The following tables present our segment information.

	Three Months Ended March 31,
	2012			2011
	(in thousands)
Revenues:
Oil and Gas Exploration and Production	$	88,512		$	36,771
Gas Marketing	11,834			15,202
Total	$	100,346		$	51,973
Segment income (loss) before income taxes:
Oil and Gas Exploration and Production	$	28,627		$	(14,044	)
Gas Marketing	342			209
Unallocated	(26,830		)	(23,690		)
Total	$	2,139		$	(37,525	)

	March 31, 2012		December 31, 2011
	(in thousands)
Segment assets:
Oil and Gas Exploration and Production	$	1,509,577	$	1,461,130
Gas Marketing	7,171		14,713
Unallocated	48,821		73,913
Assets held for sale	—		148,249
Total	$	1,565,569	$	1,698,005