Impairment of Proved and Unproved Properties

9 Months Ended

Sep. 30, 2012

Impairment of Proved and Unproved Properties [Abstract]

Asset Impairment Charges [Text Block]

Note 13 - Impairment of Proved and Unproved Properties

Proved Properties    

For the nine months ended September 30, 2012, the Company recorded $38.5 million of proved property impairments on the Company's Haynesville shale assets, due to a decline in natural gas prices during the second quarter of 2012. For the nine months ended September 30, 2011, the Company recorded $48.5 million of proved property impairments on the Company's James Lime assets, due primarily to low natural gas prices.

Unproved Properties

For the nine months ended September 30, 2012, the Company recorded $11.3 million of abandonment and impairment of unproved properties related to acreage that the Company no longer intends to develop within its Rocky Mountain region. For the nine months ended September 30, 2011, the Company recorded $4.3 million of abandonment and impairment of unproved properties associated with lease expirations in its Mid-Continent region.