text: For the Denver-Julesburg Basin sales proceeds, the Company elected to apply Section 1031 “like-kind exchange” 
  treatment under the US tax rules, which allow deferral of the gain if the proceeds are used to acquire “like-kind 
  property” within six months of the closing date of the transaction. In addition, the US tax rules allow the deduction 
  of all intangible drilling costs (“IDCs”) in the period incurred. In January 2015, the Company deferred majority of the 
  taxable gain on the sale of the Denver-Julesburg Basin by acquiring qualified replacement properties. 