6. Property and Equipment
|9 Months Ended|
Sep. 30, 2016
|Property and equipment:|
|Property and Equipment||
Property and equipment at September 30, 2016 and December 31, 2015, consisted of the following:
All of the oil and gas assets have been classified as non-current assets from discontinued operations on the balance sheet as of December 31, 2015 as the Company effectively disposed of those assets as part of the restructuring discussed in Note 4 – Debt Restructuring.
The following table shows depreciation, depletion, and amortization expense by type of asset:
(1)Presented as an element of loss from discontinued operations, net of income taxes.
Impairment of Oil and Gas Properties
As a result of currently prevailing low commodity prices and their effect on the proved reserve values of properties in 2016, we recorded non-cash ceiling test impairments of $5,219,000 and $52,634,000 for the nine months ended September 30, 2016 and 2015, respectively. The expense associated with the impairments is presented as part of loss from discontinued operations, net of income taxes. The impairment charges affected our reported net income but did not reduce our cash flow.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef