Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.6.0.2
Property and Equipment
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
The following table summarizes our property and equipment as of the dates presented: 
 
Successor
 
 
Predecessor
 
December 31,
 
2016
 
 
2015
Oil and gas properties:
 

 
 
 

Proved
$
251,083

 
 
$
2,678,415

Unproved 1
4,719

 
 
6,881

Total oil and gas properties
255,802

 
 
2,685,296

Other property and equipment
3,575

 
 
31,365

Total property and equipment
259,377

 
 
2,716,661

Accumulated depreciation, depletion and amortization 1
(11,904
)
 
 
(2,372,266
)
 
$
247,473

 
 
$
344,395

______________________
1 See Note 19 for information regarding impairments to our property and equipment while we applied the successful efforts method of accounting.
As discussed in Note 3, we adopted the full cost method of accounting for oil and gas properties on the Effective Date. Our unproved property costs of $4.7 million as of December 31, 2016 have been excluded from amortization. These costs are anticipated to be included in the full cost pool for amortization in 2017. These unproved property costs, excluding capitalized interest, were incurred during the Predecessor periods and were adjusted to their fair value in connection with the application of Fresh Start Accounting. During the Successor period in 2016, we transferred $3.8 million of undeveloped leasehold costs, including capitalized interest, from unproved properties to the full cost pool due primarily to expiring acreage. We capitalized internal costs of $0.5 million and interest of less than $0.1 million during the Successor period in 2016 in accordance with our accounting policies. Average DD&A per BOE of proved oil and gas properties was $11.20 for the Successor period ended December 31, 2016, $10.04 for the Predecessor period ended September 12, 2016 and $42.22 and $37.85 for the years ended December 31, 2015 and 2014, respectively.