Annual report pursuant to Section 13 and 15(d)

Property And Equipment (Tables)

v2.4.0.6
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2012
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, 2012 and 2011 are as follows:
 
 
December 31,
 
2012
 
2011
Oil and natural gas properties
$
1,611,090,000

 
$
1,035,754,000

Office furniture and fixtures
4,476,000

 
3,692,000

Building
3,926,000

 
4,049,000

Land
260,000

 
283,000

Total property and equipment
1,619,752,000

 
1,043,778,000

Accumulated depletion, depreciation, amortization and impairment
(665,884,000
)
 
(575,142,000
)
Property and equipment, net
$
953,868,000

 
$
468,636,000

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, 2012:
 
 
Costs Incurred in
 
2012
 
2011
 
2010
 
Prior to 2010
 
Total
Acquisition costs
$
512,636,000

 
$
112,591,000

 
$
661,000

 
$
407,000

 
$
626,295,000

Exploration costs
—

 
—

 
—

 
—

 
—

Development costs
—

 
—

 
—

 
—

 
—

Total oil and gas properties not subject to amortization
$
512,636,000

 
$
112,591,000

 
$
661,000

 
$
407,000

 
$
626,295,000

Schedule Of Asset Retirement Obligation
A reconciliation of the asset retirement obligation for the years ended December 31, 2012 and 2011 is as follows:
 
 
December 31,
 
2012
 
2011
Asset retirement obligation, beginning of period
$
12,653,000

 
$
10,845,000

Liabilities incurred
2,195,000

 
1,390,000

Liabilities settled
(2,271,000
)
 
(248,000
)
Accretion expense
698,000

 
666,000

Asset retirement obligation as of end of period
13,275,000

 
12,653,000

Less current portion
60,000

 
620,000

Asset retirement obligation, long-term
$
13,215,000

 
$
12,033,000