Exploratory Well Costs

3 Months Ended

Mar. 31, 2013

7.	Exploratory Well Costs

EOG's net changes in capitalized exploratory well costs for the three-month period ended March 31, 2013 are presented below (in thousands):

	Three Months Ended
	March 31, 2013

Balance at December 31, 2012	$	49,116
Additions Pending the Determination of Proved Reserves		51,797
Reclassifications to Proved Properties		-
Costs Charged to Expense ⁽¹⁾		(1,616	)
Foreign Currency Translations		(1,546	)
Balance at March 31, 2013	$	97,751

(1)

Includes capitalized exploratory well costs charged to either dry hole costs or impairments.

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

The following table provides an aging of capitalized exploratory well costs at March 31, 2013 (in thousands, except well count):

	At
	March 31,
	2013

Capitalized exploratory well costs that have been capitalized for a period less than one year	$	70,633
Capitalized exploratory well costs that have been capitalized for a period greater than one year		27,118	⁽¹⁾
Total	$	97,751
Number of exploratory wells that have been capitalized for a period greater than one year		2

(1)

Consists of costs related to an outside operated, offshore Central North Sea natural gas project in the United Kingdom ($19 million) and costs associated with evaluation of a project in Central Alberta, Canada ($8 million). In the Central North Sea Columbus project, the operator and partners are currently re-evaluating export route options as a result of an announced change in plans by the export infrastructure owners. In the Central Alberta project, EOG is currently evaluating alternatives for the well and surrounding acreage.