Property and Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

(5) Property and Equipment:

Property and equipment at March 31, 2015 and December 31, 2014 consisted of the following:


(Thousands of dollars)	March 31, 2015			December 31, 2014
Proved oil and gas properties, at cost	$	400,527		$	396,588
Less: Accumulated depletion and depreciation		(193,530	)		(188,988	)

Oil and Gas Properties, Net	$	206,997		$	207,600

Field and office equipment	$	27,800		$	27,403
Less: Accumulated depreciation		(15,444	)		(14,702	)

Field and Office Equipment, Net	$	12,356		$	12,701

Total Property and Equipment, Net	$	219,353		$	220,301

- 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.

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