| Property, Plant and Equipment |
Property, Plant and Equipment
Property, plant and equipment include the following:
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September 30, |
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December 31, |
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Useful Life |
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2016 |
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2015 |
Land |
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$ |
2,010,555 |
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$ |
2,010,555 |
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Land improvements |
15 years or life of lease |
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3,640,976 |
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3,734,178 |
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Buildings |
15-20 years |
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42,833,301 |
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41,218,431 |
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Drilling rigs and related equipment |
3-15 years |
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138,860,809 |
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139,619,078 |
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Pressure pumping equipment |
3-5 years |
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96,500,592 |
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93,956,896 |
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Coil tubing equipment |
4-10 years |
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28,019,217 |
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30,190,216 |
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Other machinery and equipment |
7-20 years |
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35,714,982 |
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37,829,135 |
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Vehicles, trucks and trailers |
5-10 years |
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29,467,399 |
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29,542,164 |
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Other property and equipment |
3-12 years |
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11,952,677 |
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11,169,306 |
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389,000,508 |
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389,269,959 |
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Deposits on equipment and equipment in process of assembly |
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727,197 |
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2,072,278 |
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389,727,705 |
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391,342,237 |
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Less: accumulated depreciation |
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161,344,485 |
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118,315,572 |
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Property, plant and equipment, net |
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$ |
228,383,220 |
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$ |
273,026,665 |
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Depreciation expense was $46,014,480 and $46,859,648 for the nine months ended September 30, 2016 and 2015, respectively.
Deposits on equipment and equipment in process of assembly represents deposits placed with vendors for equipment that is in the process of assembly and purchased equipment that is being outfitted for its intended use. The equipment is not yet placed in service.
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