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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2017
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands):
| March 31, 2017 |  | December 31, 2016
Oil and natural gas properties |  |  |
Proved | $ | 882,946 |  |  | $ | 840,201 |
Unproved | 110,941 |  |  | 74,937 |
Total oil and natural gas properties | 993,887 |  |  | 915,138 |
Less accumulated depreciation, depletion and impairment | (377,280 | ) |  | (353,030 | )
Net oil and natural gas properties capitalized costs | 616,607 |  |  | 562,108 |
Land | 5,200 |  |  | 5,100 |
Non-oil and natural gas equipment | 159,178 |  |  | 166,010 |
Buildings and structures | 88,503 |  |  | 88,603 |
Total | 252,881 |  |  | 259,713 |
Less accumulated depreciation and amortization | (7,063 | ) |  | (3,889 | )
Other property, plant and equipment, net | 245,818 |  |  | 255,824 |
Total property, plant and equipment, net | $ | 862,425 |  |  | $ | 817,932 |
The Company recorded an impairment on its oil and natural gas properties of $108.4 million during the three-month period ended March 31, 2016 as a result of its quarterly full cost ceiling analysis. At March 31, 2017, the Company classified its remaining drilling and oilfield services assets as held for sale in the other current assets line of the unaudited condensed consolidated balance sheet. The net realizable value of the assets was determined to be $4.4 million based on expected sales prices obtained from a third party. The carrying value of these assets exceeded the net realizable value by $2.5 million, resulting in an impairment for the three-month period ended March 31, 2017. The Company expects to dispose of these assets prior to the fourth quarter of 2017. Drilling Carry Commitments. Under the terms of an agreement with Repsol E&P USA, Inc. (“Repsol”), the Predecessor Company had agreed to carry Repsol’s drilling and completion costs totaling up to approximately $31.0 million for wells drilled in an area of mutual interest. The Predecessor Company incurred $5.2 million toward this obligation during the three-month period ended March 31, 2016. Repsol filed a bankruptcy claim for this commitment, which was settled by the Company in the fourth quarter of 2016 for approximately $1.2 million. The Company was released from the remaining obligation by the Bankruptcy Court in conjunction with its bankruptcy proceedings.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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