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Assets Held for Sale and Divestiture
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale and Divestiture
Assets Held for Sale and Divestiture
Net assets held for sale represent the assets that were expected to be sold, net of liabilities, which were expected to be assumed by the purchaser. As of December 31, 2013, assets in the Company’s exploration and production segment in its Sanish project area and other non-operated leases adjacent to its Sanish position in North Dakota were held for sale. The Company did not have assets classified as held for sale as of December 31, 2014. The following table presents balance sheet data related to the assets held for sale:
 
December 31, 2013
 
(In thousands)
Assets:
 
Oil and gas properties
$
191,384

Less: accumulated depreciation, depletion, amortization and impairment
(54,318
)
Total assets
$
137,066

Liabilities:
 
Asset retirement obligation
$
1,973

Total liabilities
$
1,973

Net assets
$
135,093


On March 5, 2014, the Company completed the sale of certain non-operated properties in its Sanish project area and other non-operated leases adjacent to its Sanish position (the “Sanish Divestiture”) for cash proceeds of approximately $324.9 million, which includes customary post close adjustments. The Company recognized a $187.0 million gain on sale of properties in its Consolidated Statement of Operations for the year ended December 31, 2014. The transaction was structured as an Internal Revenue Code Section 1031 like-kind exchange for tax purposes and as such did not give rise to any current taxable gain.