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Assets Held for Sale Assets Held for Sale | 3 Months Ended
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Mar. 31, 2014
Assets held for sale [Abstract] |
Assets Held-for-sale | Note 3 – Acquisitions, Divestitures, and Assets Held for Sale Acquisitions Subsequent to March 31, 2014, the Company entered into separate agreements to acquire acreage in its Rocky Mountain region for total cash consideration of approximately $100.0 million plus approximately 7,000 net acres. These agreements are expected to close during the second quarter 2014 and are subject to standard closing conditions and normal closing and post-closing adjustments. No assurance can be given that the Company will successfully close any of these acquisitions. Assets Held for Sale Assets are classified as held for sale when the Company commits to a plan to sell the assets and there is reasonable certainty the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to identify and expense any excess of carrying value over fair value less estimated costs to sell. Subsequent decreases to the estimated fair value less the costs to sell will impact the measurement of assets held for sale. As of March 31, 2014, the accompanying condensed consolidated balance sheets (“accompanying balance sheets”) present $42.3 million of oil and gas properties held for sale, net of accumulated depletion, depreciation, and amortization expense. A corresponding asset retirement obligation liability of $4.5 million is separately presented. The assets held for sale include the Company’s Marcellus shale assets located in Pennsylvania and other non-strategic assets in the Company’s Rocky Mountain region, all of which are recorded at the lesser of their carrying values or their respective fair value less estimated costs to sell. When write-downs to fair value less estimated costs to sell occur, they are reflected in gain (loss) on divestiture activity, which is included within the other operating revenues line item in the accompanying condensed consolidated statements of operations (“accompanying statements of operations”). The Company determined that these planned asset sales do not qualify for discontinued operations accounting under financial statement presentation authoritative guidance.

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- Definition A description of the Company's assets that are held for sale at the end of the period. This could include a description of the assets being sold or acquired, the location, and net book value of the assets held for sale. + References No definition available. + Details
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