Property And Equipment

3 Months Ended

Mar. 31, 2012

(5) Property and Equipment:

Property and equipment at March 31, 2012 and December 31, 2011 consisted of the following:


(Thousands of dollars)	March 31, 2012		December 31, 2011
Proved oil and gas properties, at cost	$	511,769	$	492,393
Less: Accumulated depletion and depreciation		362,209		355,643

Oil and Gas Properties, Net	$	149,560	$	136,750


Field and office equipment	$	21,665	$	21,553
Less: Accumulated depreciation		13,849		13,608

Field and Office Equipment, Net	$	7,816	$	7,945

Total Property and Equipment, Net	$	157,376	$	144,695

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment 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, income statement disclosures, assets held for sale and public utility disclosures.

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