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Oil and Gas Properties

9 Months Ended

Sep. 30, 2014

Extractive Industries [Abstract]

Oil and Gas Properties

Oil and Gas Properties and Equipment, net

Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities follows:

	Third Quarter-End				Year-End
	2014				2013
	(In thousands)
Unproved oil and gas properties	$	97,824			$	100,320
Proved oil and gas properties	201,905				155,262
Total capitalized costs	299,729				255,582
Less: accumulated depreciation, depletion and amortization	(39,974		)		(22,941		)
	$	259,755			$	232,641

In first nine months 2014, we recorded gains of $9,041,000 principally related to the sale of 102 gross (7 net) producing oil and gas wells in Oklahoma for a gain of $4,758,000 and the sale of 571 net mineral acres leased from others in North Dakota for a gain of $4,283,000.

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- Definition

The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.

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