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This excerpt taken from the PINN 10-Q filed Jun 23, 2009. Impairment.
At March 31, 2009, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by approximately $23.6 million based upon a natural gas price of approximately $2.52 per Mcf (based on the CIG Rocky Mountain Index) in effect at that date. Based on the subsequent price increase to $3.31 per Mcf on May 12, 2009, the capitalized cost exceeded the full cost ceiling limitation by $16.8 million. Therefore, an impairment of approximately $16.8 million was taken for the quarter ended March 31, 2009. For further information regarding this impairment, please see Note 2 — “Basis of Presentation” in the Notes to the unaudited financial statements appearing elsewhere in this quarterly report. A decline in natural gas prices or an increase in operating costs in economically recoverable quantities could result in the recognition of additional impairments of our oil and gas properties in future periods.
This excerpt taken from the PINN 10-Q filed May 15, 2009. Impairment.
At March 31, 2009, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by approximately $23.6 million based upon a natural gas price of approximately $2.52 per Mcf (based on the CIG Rocky Mountain Index) in effect at that date. Based on the subsequent price increase to $3.31 per Mcf on May 12, 2009, the capitalized cost exceeded the full cost ceiling limitation by $16.8 million. Therefore, an impairment of approximately $16.8 million was taken for the quarter ended March 31, 2009. For further information regarding this impairment, please see Note 2 — “Basis of Presentation” in the Notes to the unaudited financial statements appearing elsewhere in this quarterly report. A decline in natural gas prices or an increase in operating costs in economically recoverable quantities could result in the recognition of additional impairments of our oil and gas properties in future periods.
These excerpts taken from the PINN 10-K filed Apr 15, 2009. Impairment. At December 31, 2008, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by approximately $21.5 million based upon a natural gas price of approximately $4.61 per Mcf (based on the CIG index) in effect at that date. The full impairment was taken in the fourth quarter of 2008. This compares to a $18.2 million impairment which was primarily taken in the first 56 quarter of 2007. For further information regarding this impairment, please see Note 1 in the notes to the audited financial statements appearing elsewhere in this report. A decline in natural gas prices or an increase in operating costs subsequent to the measurement date or reductions in economically recoverable quantities could result in the recognition of additional impairments of our oil and gas properties in future periods. Impairment. At December 31, 2007, the full cost ceiling of our oil and gas properties exceeded the capitalized cost basis by approximately $10.6 million, based upon a natural gas price of approximately $6.04 per Mcf in effect at that date. An impairment was recorded for the nine months ended September 30, 2007 of approximately $18.2 million, resulting in a total impairment for the year ended December 31, 2007 of approximately $18.2 million. The impairment of our oil and gas properties resulted from low commodity prices throughout the year. For further information regarding this impairment, please see Note 1 of the notes to our audited financial statements appearing elsewhere in this report. Impairment. At December 31, 2008, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by 56 quarter Impairment. At December 31, 2007, the full cost ceiling of our oil and gas properties exceeded the capitalized cost basis by approximately This excerpt taken from the PINN 10-Q filed Nov 14, 2008. Impairment
The Company did not record an impairment for the nine months ended September 30, 2008.
This excerpt taken from the PINN 10-Q filed Aug 14, 2008. Impairment.
At June 30, 2008, the full cost ceiling of our oil and gas properties exceeded the capitalized cost by approximately $35.0 million based upon a natural gas price of approximately $8.73 per Mcf (based on the CIG Rocky Mountain Index) in effect at that date. As a result, we were not required to record an impairment for the six months ended June 30, 2008. An impairment of approximately $18.2 million was recorded for the six months ended June 30, 2007. The impairment of our oil and gas properties resulted from low commodity prices throughout the year, specifically at the end of the first, second and third quarters of 2007. For further information regarding this impairment, please see “Note 2 — Basis of Presentation” in the notes to the unaudited financial statements appearing elsewhere in this quarterly report. A decline in gas prices or an increase in operating costs subsequent to the measurement date or reductions in economically recoverable quantities could result in the recognition of additional impairments of our oil and gas properties in future periods.
These excerpts taken from the PINN 10-K filed Mar 19, 2008. Impairment.
At December 31, 2007, the full cost ceiling of our oil and
gas properties exceeded the capitalized cost basis by
approximately $10.6 million, based upon a natural gas price
of approximately $6.04 per Mcf in effect at that date. An
impairment was recorded for the nine months ended
September 30, 2007 of approximately $18.2 million,
resulting in a total impairment for the year ended
December 31, 2007 of approximately $18.2 million. The
impairment of our oil and gas properties resulted from low
commodity prices throughout the year. For further information
regarding this impairment, please see Note 1 of the notes
to our audited financial statements appearing elsewhere in this
annual report.
Impairment. At December 31, 2007, the full cost ceiling of our oil and gas properties exceeded the capitalized cost basis by approximately $10.6 million, based upon a natural gas price of approximately $6.04 per Mcf in effect at that date. An impairment was recorded for the nine months ended September 30, 2007 of approximately $18.2 million, resulting in a total impairment for the year ended December 31, 2007 of approximately $18.2 million. The impairment of our oil and gas properties resulted from low commodity prices throughout the year. For further information regarding this impairment, please see Note 1 of the notes to our audited financial statements appearing elsewhere in this annual report. This excerpt taken from the PINN 10-Q filed Nov 14, 2007. Impairment. At September 30, 2007, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by approximately $37.5 million, based upon a natural gas price of approximately $0.35 per Mcf in effect at that date. Based upon subsequent price increases to approximately $4.10 per Mcf at the measurement date of November 12, 2007, the capitalized cost of our oil and gas properties exceeded the full cost ceiling limitation by approximately $70,000 and we recorded an impairment of this amount. This impairment, along with the impairment recorded for the six months ended June 30, 2007 of approximately $18.2 million, resulted in a total impairment for the nine months ended September 30, 2007 of approximately $18.2 million. The impairment of our oil and gas properties resulted from low commodity prices at September 30, 2007. For further information regarding this impairment, please see note 2 included in the accompanying unaudited Notes to Financial Statements. This excerpt taken from the PINN 10-Q filed Aug 14, 2007. Impairment. At June 30, 2007, the carrying amount of oil and gas properties exceeded the full cost ceiling limitation by approximately $1.2 million, based upon a natural gas price of approximately $3.98 per Mcf in effect at that date. This impairment, along with the impairment recorded for the three months ended March 31, 2007 of $17.0 million, resulted in a total impairment for the six months ended June 30, 2007 of $18.2 million. The impairment of our oil and gas properties resulted from low commodity prices at June 30, 2007. For further information regarding this impairment, please see note 2 included in the accompanying unaudited Notes to Financial Statements. This excerpt taken from the PINN 10-Q filed May 30, 2007. Impairment. At March 31, 2007, the carrying amount of oil and gas properties exceeded the full cost ceiling limitation by approximately $17.0 million, based upon a natural gas price of approximately $4.37 per Mcf in effect at that date. The impairment of our oil and gas properties resulted from low commodity prices at March 31, 2007. For further information regarding this impairment, please see note 2 included in the accompanying unaudited Notes to Financial Statements. | EXCERPTS ON THIS PAGE:
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