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Assets Held for Sale Assets Held for Sale | 6 Months Ended
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Jun. 30, 2014
Assets held for sale [Abstract] |
Assets Held-for-sale | Note 3 – Acquisitions, Divestitures, and Assets Held for Sale Acquisitions During the second quarter of 2014, the Company acquired acreage in the Powder River Basin for cash consideration of approximately $100.0 million, plus approximately 7,000 net non-core acres in the Company’s Rocky Mountain region. Subsequent to June 30, 2014, the Company entered into multiple agreements to acquire producing and non-producing properties in its Rocky Mountain region for a total of approximately $345.0 million. Divestitures During the second quarter of 2014, the Company divested certain non-strategic assets in the Williston Basin located in its Rocky Mountain region. Total cash proceeds received at closing (referred throughout this report as “divestiture proceeds”) were $50.2 million and the estimated net gain is $27.8 million. This divestiture is subject to normal post-closing adjustments, which are expected to be completed during the second half of 2014. 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 June 30, 2014, the accompanying condensed consolidated balance sheets (“accompanying balance sheets”) present $23.9 million of oil and gas properties held for sale, net of accumulated depletion, depreciation, and amortization expense. A corresponding asset retirement obligation liability of $2.8 million is separately presented. Assets held for sale are recorded at the lesser of their carrying values or their respective fair value less estimated costs to sell. For the six months ended June 30, 2014, certain assets classified as held for sale were written down to fair value less estimated costs to sell, which is recorded as a loss on divestiture activity and 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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