Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

v3.10.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
NOTE 5 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is comprised of fixed assets and oil and natural gas properties, as shown below (in thousands):
 
December 31,
 
2018
 
2017
Land
$
13,276

 
$
9,491

Proved properties
101,459

 
90,869

Unproved properties
10,204

 
13,000

Wells in progress
4,660

 
345

Corporate and other
2,905

 
2,693

Total fixed assets, at cost
132,504

 
116,398

Accumulated depreciation and depletion
(1,924
)
 
(542
)
Total property, plant and equipment, net
$
130,580

 
$
115,856


Depreciation and depletion expense for the years ended December 31, 2018, 2017 and 2016 was approximately $1.5 million, $0.5 million and $0.1 million, respectively.
Land
We own land in Louisiana for the purpose of constructing the Driftwood Project.
Proved Properties
We own producing and non-producing acreage in northern Louisiana. In September 2018, we identified indicators of impairment related to certain non-producing acreage that led to an impairment charge of approximately $2.7 million.
Unproved Properties
We own interests in unproved properties in the Weald Basin, United Kingdom through our holding of non-operating interests in two licenses which expire in June and September 2021. We previously held an operating interest in an exploration permit in the Bonaparte Basin, Australia; however, in May 2018, we transferred the permit to a third party for consideration of approximately $0.2 million in cash and the release of approximately $1.3 million in liabilities incurred in connection with a canceled 2017 seismic survey. As a result, we have recognized, within our Consolidated Statement of Operations, a loss on the transfer of the permit of approximately $1.0 million during the current year.