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Acquisitions and Divestitures
3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Acquisitions and Divestitures
Acquisitions and Divestitures
Divestitures:
In March 2016, the Company sold certain non-producing assets in East Texas for $7 million to a potential joint venture partner. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties. After determining it would not pursue a joint venture with this party, the Company repurchased the non-producing assets for $5.0 million in December 2016 pursuant to the terms of the purchase and sale agreement related to this sale. The Company subsequently entered into a new drilling joint venture in East Texas with another group of partners.
On April 20, 2016, the Company completed the sale of a majority of its remaining Woodford Shale assets in the East Hoss field for approximately $18 million. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties.
On October 31, 2016, the Company completed the sale of its remaining Oklahoma assets for approximately $0.7 million. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties.