Exploratory Well Costs

6 Months Ended

Jun. 30, 2012

EOG RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

7. Exploratory Well Costs

EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2012 are presented below (in thousands):

	Six Months Ended
	June 30, 2012

Balance at December 31, 2011	$	61,111
Additions Pending the Determination of Proved Reserves		60,885
Reclassifications to Proved Properties		(23,572	)
Charged to Dry Hole Costs		(9,671	)
Foreign Currency Translations		266
Balance at June 30, 2012	$	89,019

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The following table provides an aging of capitalized exploratory well costs at June 30, 2012 (in thousands, except well count):

	At
	June 30,
	2012

Capitalized exploratory well costs that have been capitalized for a period less than one year	$	63,017
Capitalized exploratory well costs that have been capitalized for a period greater than one year		26,002	⁽¹⁾
Total	$	89,019
Number of exploratory wells that have been capitalized for a period greater than one year		2

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(1)

Consists of costs related to an outside operated, offshore Central North Sea project in the United Kingdom (U.K.) ($20 million) and a shale project in the Horn River area of British Columbia, Canada (B.C.) ($6 million). In the Central North Sea Columbus project, during the second quarter of 2012, a revised commercial arrangement for transportation and an updated project schedule necessitated the filing of a revised field development plan with the U.K. Department of Energy and Climate Change (DECC). The revised plan is expected to be submitted during the third quarter of 2012. DECC approval of the revised plan is expected during the first quarter of 2013. In the B.C. shale project, EOG drilled seven wells in the first half of 2012 to retain land and further evaluate the project. The related well completion activities for the B.C. shale project are not expected to commence until 2013 or later.