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Assets Held for Sale
3 Months Ended
Mar. 31, 2016
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 March 31, 2016 and 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 primarily consist of oil and gas properties in the Company’s exploration and production segment and include certain other property and equipment in the Company’s midstream segment. For the three months ended March 31, 2016 and the year ended December 31, 2015, the Company recorded losses of $3.6 million and $9.4 million, respectively, which were included in impairment on the Company’s Condensed Consolidated Statement of Operations, to adjust the carrying value of these assets to their estimated fair value, determined based on the expected sales price, less costs to sell. The Company sold these assets on April 1, 2016 (see Note 17 – Subsequent Events). The following table presents balance sheet data related to the assets held for sale:
 
March 31, 2016
 
(In thousands)
Assets:
 
Oil and gas properties
$
121,137

Other property and equipment
34

Less: accumulated depreciation, depletion, amortization and impairment
(95,326
)
Total assets
$
25,845

Liabilities:
 
Asset retirement obligation
$
(10,155
)
Total liabilities
$
(10,155
)
Net assets
$
15,690