XML 31 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Assets Held for Sale
 12 Months Ended
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale
Assets Held for Sale
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, 2015, certain legacy wells that have been producing from conventional reservoirs such as the Madison, Red River and other formations in the Williston Basin other than the Bakken or Three Forks formations were held for sale. These assets are in the Company’s exploration and production segment. The Company recorded a loss of $9.4 million, which was included in impairment of oil and gas properties on the Company’s Consolidated Statement of Operations for the year ended December 31, 2015, to adjust the carrying value of these assets to their estimated fair value, determined based on the expected sales price as negotiated with potential buyers, less costs to sell. The Company expects to sell these assets within one year. 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, 2015
 
(In thousands)
Assets:
 
Oil and gas properties
$
120,926

Less: accumulated depreciation, depletion, amortization and impairment
94,198

Total assets
$
26,728

Liabilities:
 
Asset retirement obligation
$
(10,228
)
Total liabilities
$
(10,228
)
Net assets
$
16,500