Annual report pursuant to Section 13 and 15(d)

Property And Equipment (Tables)

v2.4.0.8
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2013 and 2012 are as follows:
 
 
December 31,
 
2013
 
2012
 
(In thousands)
Oil and natural gas properties
$
2,477,178

 
$
1,611,090

Office furniture and fixtures
6,093

 
4,476

Building
4,626

 
3,926

Land
412

 
260

Total property and equipment
2,488,309

 
1,619,752

Accumulated depletion, depreciation, amortization and impairment
(784,717
)
 
(665,884
)
Property and equipment, net
$
1,703,592

 
$
953,868

Summary Of Oil And Gas Properties Not Subject To Amortization
The following is a summary of Gulfport’s oil and gas properties not subject to amortization as of December 31, 2013:
 
 
Costs Incurred in
 
2013
 
2012
 
2011
 
Prior to 2011
 
Total
 
(in thousands)
Acquisition costs
$
342,857

 
$
493,981

 
$
106,704

 
$
1,068

 
$
944,610

Exploration costs
—

 
—

 
—

 
—

 
—

Development costs
—

 
—

 
—

 
—

 
—

Capitalized interest
5,980

 
—

 
—

 
—

 
5,980

Total oil and gas properties not subject to amortization
$
348,837

 
$
493,981

 
$
106,704

 
$
1,068

 
$
950,590

The following table summarizes the Company’s non-producing properties excluded from amortization by area at December 31, 2013:
 
December 31, 2013
 
(In thousands)
Colorado
$
6,054

Bakken
295

Southern Louisiana
542

Ohio
943,654

Other
45

 
$
950,590

Schedule Of Asset Retirement Obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2013 and 2012 is as follows:
 
 
December 31,
 
2013
 
2012
 
(In thousands)
Asset retirement obligation, beginning of period
$
13,275

 
$
12,653

Liabilities incurred
3,556

 
2,195

Liabilities settled
(2,465
)
 
(2,271
)
Accretion expense
717

 
698

Asset retirement obligation as of end of period
15,083

 
13,275

Less current portion
795

 
60

Asset retirement obligation, long-term
$
14,288

 
$
13,215