Unevaluated Property

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Unevaluated Property

Note 7. Unevaluated Property

A summary of the unevaluated property costs excluded from oil and natural gas properties being amortized at December 31, 2020, and the year in which the costs were incurred follows:

	December 31, 2020
	Costs Incurred During:
In thousands	Successor 2020		Fresh Start Adjustments (Sept. 18, 2020)(1)		Total
Property acquisition costs	$	—	$	84,019	$	84,019
Exploration and development	46		—		46
Capitalized interest	1,239		—		1,239
Total	$	1,285	$	84,019	$	85,304

(1)Reflects the carrying values of our unevaluated properties as a result of the application of fresh start accounting upon emergence from bankruptcy (see Note 2, Fresh Start Accounting, for additional information) that remain in unevaluated properties as of December 31, 2020.

Our property acquisition costs reflected in the table above relate to fair values assigned during fresh start accounting and are primarily associated with our Cedar Creek Anticline fields and CO2 tertiary potential at Tinsley, Oyster Bayou and Salt Creek fields. Exploration and development costs shown as unevaluated properties are primarily associated with our tertiary oil field projects that are under development but did not have associated proved reserves at December 31, 2020.

Costs are transferred into the amortization base on an ongoing basis as projects are evaluated and proved reserves established or impairment determined.  We review the excluded properties for impairment at least annually.  We currently estimate that evaluation of the majority of these properties and the inclusion of their costs in the amortization base is expected to be completed within five to ten years.  Until we are able to determine whether there are any proved reserves attributable to the above costs, we are not able to assess the future impact on the amortization rate of the full cost pool.