Earthstone Energy (ESTE) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ESTE
Entity Registrant Name	EARTHSTONE ENERGY INC
Entity Central Index Key	10,254
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		13,835,128

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 5,684	$ 23,264
Accounts receivable:
Oil, natural gas, and natural gas liquids revenues	12,161	13,529
Joint interest billings and other	3,034	4,924
Current derivative assets	2,460	3,694
Prepaid expenses and other current assets	721	498
Total current assets	24,060	45,909
Oil and gas properties, successful efforts method:
Proved properties	287,683	283,644
Unproved properties	32,926	34,609
Total oil and gas properties	320,609	318,253
Accumulated depreciation, depletion, and amortization	(125,294)	(119,920)
Net oil and gas properties	195,315	198,333
Other noncurrent assets:
Goodwill	17,532	17,532
Office and other equipment, less accumulated depreciation of $1,174 and $1,028 at March 31, 2016 and December 31, 2015	1,808	1,934
Other noncurrent assets	1,192	1,236
Noncurrent derivative assets	7
TOTAL ASSETS	239,914	264,944
Current liabilities:
Accounts payable	11,381	11,580
Accrued expenses	8,598	12,975
Revenues and royalties payable	5,672	8,576
Advances	4,213	15,447
Total current liabilities	29,864	48,578
Noncurrent liabilities:
Long-term debt	11,191	11,191
Asset retirement obligations	5,195	5,075
Other noncurrent liabilities	212	227
Total noncurrent liabilities	16,598	16,493
Total liabilities	$ 46,462	$ 65,071
Commitments and Contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized; none issued or outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized; 13,835,128 shares issued and outstanding at March 31, 2016 and December 31, 2015	$ 14	$ 14
Additional paid-in capital	358,086	358,086
Accumulated deficit	(164,188)	(157,767)
Treasury stock, 15,357 shares at March 31, 2016 and December 31, 2015	(460)	(460)
Total equity	193,452	199,873
TOTAL LIABILITIES AND EQUITY	$ 239,914	$ 264,944

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Office and other equipment, accumulated depreciation	$ 1,174	$ 1,028
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,835,128	13,835,128
Common stock, shares outstanding	13,835,128	13,835,128
Treasury stock, shares	15,357	15,357

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Oil, natural gas, and natural gas liquids revenues:
Oil	$ 5,539,000	$ 9,038,000
Natural gas	943,000	1,530,000
Natural gas liquids	328,000	674,000
Total oil, natural gas, and natural gas liquids revenues	6,810,000	11,242,000
Gathering income	54,000	78,000
Total revenues	6,864,000	11,320,000
Production costs:
Lease operating expense	3,066,000	4,374,000
Severance taxes	382,000	630,000
Rig idle expense	1,269,000
Depreciation, depletion, and amortization	5,505,000	5,924,000
Re-engineering and workovers	275,000	119,000
Exploration expense	5,000
General and administrative expense	3,198,000	2,571,000
Total operating costs and expenses	13,700,000	13,618,000
Loss from operations	(6,836,000)	(2,298,000)
OTHER INCOME (EXPENSE)
Interest expense, net	(223,000)	(169,000)
Net gain on derivative contracts	765,000	674,000
Other (expense) income, net	(127,000)	94,000
Total other income (expense)	415,000	599,000
Loss before income taxes	(6,421,000)	(1,699,000)
Income tax expense (benefit)	0	(585,000)
Net loss	$ (6,421,000)	$ (1,114,000)
Net loss per common share:
Basic	$ (0.46)	$ (0.08)
Diluted	$ (0.46)	$ (0.08)
Weighted average common shares outstanding:
Basic	13,858,128	13,858,128
Diluted	13,858,128	13,858,128

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (6,421,000)	$ (1,114,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, and amortization	5,505,000	5,924,000
Unrealized loss on derivative contracts	1,226,000	820,000
Accretion of asset retirement obligations	128,000	145,000
Deferred income taxes		(585,000)
Amortization of deferred financing costs	70,000	65,000
Settlement of asset retirement obligations		(46,000)
Changes in assets and liabilities:
Decrease in accounts receivable	3,258,000	7,754,000
(Increase) decrease in prepaid expenses and other	(244,000)	387,000
Decrease in accounts payable and accrued expenses	(4,576,000)	(21,690,000)
Decrease in revenue and royalties payable	(2,904,000)	(8,730,000)
Decrease in advances	(11,234,000)	(4,436,000)
Net cash used in operating activities	(15,192,000)	(21,506,000)
Cash flows from investing activities:
Additions to oil and gas property and equipment	(2,365,000)	(19,040,000)
Additions to other property and equipment	(20,000)	(138,000)
Net cash used in investing activities	(2,385,000)	(19,178,000)
Cash flows from financing activities:
Deferred financing costs	(3,000)	(73,000)
Net cash used in financing activities	(3,000)	(73,000)
Net decrease in cash and cash equivalents	(17,580,000)	(40,757,000)
Cash and cash equivalents at beginning of period	23,264,000	100,447,000
Cash and cash equivalents at end of period	5,684,000	59,690,000
Cash paid for:
Interest	142,000	52,000
Non-cash investing and financing activities:
Asset retirement obligations	$ (8,000)	$ 43,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation Earthstone Energy, Inc., a Delaware corporation (“Earthstone” or the “Company”) is an independent oil and gas exploration and production company focused on the acquisition, development, exploration and production of onshore, crude oil and natural gas reserves, with a current focus on the Eagle Ford trend of south Texas and the Williston Basin of North Dakota and Montana. The accompanying Unaudited Condensed Consolidated Financial Statements of Earthstone and our wholly-owned subsidiaries, which we refer to as “we,” “our” or “us,” have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. The Company’s Condensed Consolidated Balance Sheet at December 31, 2015 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with the generally accepted accounting principles of the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. For further information, see Note 2 Interim period results are not necessarily indicative of results of operations or cash flows for the full year and accordingly, certain information normally included in financial statements and the accompanying notes prepared in accordance with GAAP, has been condensed or omitted. These financial statements should be read in conjunction with the 2015 Form 10-K, and the Company’s other filings with the SEC. The Company has evaluated events or transactions through the date of issuance of these Unaudited Condensed Consolidated Financial Statements. Recently Adopted and Issued Accounting Standards Revenue Recognition - In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance for recognizing revenue from contracts with customers. The objective of this guidance is to establish principles for reporting information about the nature, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and change in judgments, and assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued guidance deferring the effective date of this standards update for one year, to be effective for interim and annual periods after December 15, 2017. In March 2016, the FASB issued guidance which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued further guidance on identifying performance obligations and clarification of the licensing implementation guidance. Early adoption of this updated guidance is permitted as of the original effective date of December 31, 2016. The Company will adopt this standards update, as required, beginning with the first quarter of 2018. The Company is in the process of evaluating the impact, if any, of the adoption of this guidance on its Condensed Consolidated Financial Statements. Debt Issuance Costs – In April 2015, the FASB issued updated guidance which changes the presentation of debt issuance costs in the financial statements. Under this updated guidance, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. In August 2015, the FASB subsequently issued a clarification as to the handling of debt issuance costs related to line-of-credit arrangements that allows the presentation of these costs as an asset. The standards update is effective for interim and annual periods beginning after December 15, 2015. The Company adopted this standards update, as required, effective January 1, 2016. The adoption of this standards update did not affect the Company’s method of amortizing debt issuance costs and did not have a material impact on its Condensed Consolidated Financial Statements. Measurement-Period Adjustments – In September 2015, the FASB issued updated guidance that eliminates the requirement to restate prior periods to reflect adjustments made to provisional amounts recognized in a business combination. The updated guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standards update is effective prospectively for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this standard update, as required, effective January 1, 2016, which did not have a material impact on its Condensed Consolidated Financial Statements. Leases – In February 2016, the FASB issued updated guidance on accounting for leases. This update requires that a lessee recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Similar to current guidance, the update continues to differentiate between finance leases and operating leases; however, this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. The standards update is effective for interim and annual periods after December 15, 2018 with early adoption permitted. Entities are required to use a modified retrospective adoption, with certain relief provisions, for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements when adopted. The Company will adopt this standards update, as required, beginning with the first quarter of 2019. The Company is in the process of evaluating the impact, if any, of the adoption of this guidance on its Condensed Consolidated Financial Statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 2. Acquisitions and Divestitures In June 2015, the Company acquired a 50% operated working interest in approximately 1,000 gross acres in southern Gonzales County, Texas. The acreage, acquired for future Eagle Ford development, is 100% held-by-production, from two gross Austin Chalk wells with gross production of 44 barrels of oil equivalent per day as of the time of acquisition. The Gonzales County acreage is expected to provide for 13 gross Eagle Ford locations. Also during June 2015, the Company acquired 400 gross acres in northern Karnes County, Texas, which is adjacent to the 1,000 gross acre in southern Gonzales County, Texas. Subsequent trades in Karnes County reduced the gross acreage from 400 gross acres to 350 gross acres (117 net acres) which has allowed for longer laterals and more efficient development. The Company initiated drilling on this acreage during the fourth quarter of 2015, with the completion of the four wells expected during the second half of 2016. The following table summarizes the consideration paid to acquire the properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands) Purchase price $ 4,066 Estimated fair value of assets acquired: Proved oil and natural gas properties $ 588 Unproved oil and natural gas properties 3,496 Total assets acquired $ 4,084 Estimated fair value of liabilities assumed: Asset retirement obligations $ 13 Other liabilities 5 Total liabilities assumed $ 18 Consideration paid $ 4,066 Pro forma financial information, assuming the acquisition occurred at the beginning of each period presented, has not been presented because the effect on the Company’s results for each of those periods is not material. The results of the above acquisitions have been included in the Company’s Condensed Consolidated Financial Statements since the date of each acquisition. In June 2015, the Company acquired additional acreage and increased the Company’s working interest in wells in existing Bakken spacing units primarily located in the Banks Field of McKenzie County, North Dakota, for $1.4 million plus purchase price adjustments of $2.0 million for the revenues, net of production taxes and operating expenses and capital costs incurred for the existing wells. The acquisition included 164 net acres which allowed the Company to increase its working interest in approximately 41 producing wells and 21 wells that are in the drilling and completion phase. In August 2015, the Company acquired a 33% working interest in approximately 1,650 gross acres, in southern Gonzales County, Texas for $3.3 million. This acreage is anticipated to support 16 additional gross Eagle Ford locations. Divestitures In April 2015, the Company sold substantially all of its Louisiana properties located primarily in DeSoto and Caddo Parishes for cash consideration of $3.4 million, recording a gain of $1.6 million. The effective date of the transaction was March 1, 2015.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 3. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations, such as commodity price risk. Derivative contracts are utilized to economically hedge the Company’s exposure to price fluctuations and reduce the variability in the Company’s cash flows associated with anticipated sales of future oil and natural gas production. The Company follows FASB ASC Topic 815 Derivatives and Hedging The Company’s crude oil and natural gas derivative positions consist of swaps. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for crude oil and natural gas. The Company has elected to not designate any of its derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these derivative contracts, as well as all payments and receipts on settled derivative contracts, in “ Net gain on derivative contracts With an individual derivative counterparty, the Company may have multiple hedge positions that expire at various points in the future and result in fair value asset and liability positions. At the end of each reporting period, those positions are offset to a single fair value asset or liability for each commodity, and the netted balance is reflected in the Condensed Consolidated Balance Sheets as an asset or a liability. The Company nets its derivative instrument fair value amounts executed with each counterparty pursuant to an International Swap Dealers Association Master Agreement (“ISDA”), which provides for net settlement over the term of the contract. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency. The Company had the following open crude oil and natural gas derivative contracts as of March 31, 2016: Period Instrument Commodity Volume in MMBtu / Bbls Fixed Price April 2016 - March 2017 Swap Crude Oil 60,000 $ 42.30 April 2016 - March 2017 Swap Crude Oil 60,000 $ 42.30 April 2016 - June 2016 Swap Crude Oil 30,000 $ 58.00 April 2016 - December 2016 Swap Crude Oil 45,000 $ 60.80 April 2016 - December 2016 Swap Crude Oil 45,000 $ 60.80 April 2016 - December 2016 Swap Natural Gas 630,000 $ 2.530 January 2017 - December 2017 Swap Natural Gas 480,000 $ 2.785 In April 2016, the Company entered in the following commodity derivative contracts: Period Instrument Commodity Volume in MMBtu / Bbls Fixed Price May 2016 - December 2016 Swap Crude Oil 80,000 45.17 January 2017 - December 2017 Swap Crude Oil 120,000 46.75 May 2016 - December 2016 Swap Natural Gas 80,000 2.380 January 2017 - December 2017 Swap Natural Gas 240,000 2.860 The following table summarizes the location and fair value amounts of all derivative instruments in the Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands) March 31, 2016 December 31, 2015 Derivatives not designated as hedging contracts under ASC Topic 815 Balance Sheet Location Gross Recognized Assets / Liabilities Gross Amounts Offset Net Recognized Assets / Liabilities Gross Recognized Assets / Liabilities Gross Amounts Offset Net Recognized Assets / Liabilities Commodity contracts Current derivative assets $ 2,460 $ — $ 2,460 $ 3,694 $ — $ 3,694 Commodity contracts Noncurrent derivative assets $ 7 $ — $ 7 $ — $ — $ — The follow table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative instruments in the Company’s Condensed Consolidated Statements of Operations (in thousands) Three months ended March 31, Derivatives not designated as hedging contracts under ASC Topic 815 Statement of Operations Location 2016 2015 Unrealized loss on commodity contracts Net gain on derivative contracts $ (1,226 ) $ (820 ) Realized gain on commodity contracts Net gain on derivative contracts $ 1,991 $ 1,494 $ 765 $ 674

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosure The three-level fair value hierarchy for disclosure of fair value measurements defined by ASC Topic 820 is as follows: Level 1 – Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs, other than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 – Prices or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the three months ended March 31, 2016. Fair Value on a Recurring Basis Derivative financial instruments are carried at fair value and measured on a recurring basis. The derivative financial instruments consist of swaps for crude oil and natural gas. The Company’s swaps are valued based on a discounted future cash flow model. The primary input for the model is published forward commodity price curves. The Company’s model is validated by the counterparty’s marked-to-market statements. The swaps are also designated as Level 2 within the valuation hierarchy. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial Statements. The following table summarizes the fair value of the Company’s financial assets and liabilities, by level within the fair-value hierarchy (in thousands) March 31, 2016 Level 1 Level 2 Level 3 Total Financial assets Current derivative assets $ — $ 2,460 $ — $ 2,460 Noncurrent derivative assets — 7 — 7 Total financial assets $ — $ 2,467 $ — $ 2,467 December 31, 2015 Financial assets Current derivative assets $ — $ 3,694 $ — $ 3,694 Total financial assets $ — $ 3,694 $ — $ 3,694 Other financial instruments include cash, accounts receivable and payable, and revenue royalties. The carrying amount of these instruments approximates fair value because of their short-term nature. The Company’s long-term debt obligation bears interest at floating market rates, therefore carrying amounts and fair value are approximately equal. Fair Value on a Nonrecurring Basis The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and goodwill. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company did not recognize any impairment write-downs with respect to its oil and natural gas properties or goodwill during the three months ended March 31, 2016 or 2015.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Note 5. Earnings (Loss) Per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to shares of Common Stock by the basic weighted-average shares of Common Stock outstanding during the period. The calculation of diluted earnings per share is similar to basic, except the denominator includes the effect of dilutive common stock equivalents. Common stock equivalents include awards issued under the Company’s long-term incentive plan. The Company had no outstanding common stock equivalents for the three months ended March 31, 2016 and 2015. The following table is a reconciliation of net income and weighted-average shares of Common Stock outstanding for purposes of calculating basic and diluted income per share: Three months ended March 31, (In thousands, except share and per share amounts) 2016 2015 Net loss $ (6,421 ) $ (1,114 ) Weighted average common shares outstanding: Basic 13,858,128 13,858,128 Diluted 13,858,128 13,858,128 Net loss per common share: Basic $ (0.46 ) $ (0.08 ) Diluted $ (0.46 ) $ (0.08 )

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Note 6. Long-Term Debt In December 2014, the Company entered into a credit agreement providing for a $500.0 million four-year senior secured revolving credit facility. The current borrowing base under the credit agreement is $80.0 million and is subject to redetermination during May and November of each year. As of March 31, 2016, outstanding borrowings under the credit agreement bear interest at a rate elected by the Company that is equal to a base rate (which is equal to the greater of the prime rate, the Federal Funds effective rate plus 0.50%, and 1-month LIBOR plus 1.00%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 1.00% to 1.75% for base rate loans and from 2.00% to 2.75% for LIBOR loans, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Company is obligated to pay a quarterly commitment fee of 0.50% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. The Company is also required to pay customary letter of credit fees. Principal amounts outstanding under the credit facility are due and payable in full at maturity on December 19, 2018. All of the obligations under the credit agreement, and the guarantees of those obligations, are secured by substantially all of the Company’s assets. As of March 31, 2016, the Company had an $80.0 million borrowing base, with $11.2 million of debt outstanding, (bearing an interest rate of 2.442%), $0.2 million of letters of credit outstanding, resulting in $68.6 million of borrowing base availability under its credit facility. The credit facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability to incur additional indebtedness, create liens on asset, pay dividends, and repurchase its capital stock. In addition, the Company is required to maintain certain financial ratios, including a minimum modified current ratio which includes the available borrowing base of 1.0 to 1.0 and a maximum annualized quarterly leverage ratio of 4.0 to 1.0. The Company is also required to submit an audited annual report 120 days after the end of each fiscal period. As of March 31, 2016 and December 31, 2015, the Company was in compliance with these covenants under the credit facility. Interest expense for the three months ended March 31, 2016 and 2015, includes amortization of deferred financing costs of $70,000 and $65,000, respectively. As of March 31, 2016 and December 31, 2015, $0.8 million of costs, net of amortization, associated with the credit facility have been capitalized. These costs are amortized on a straight-line basis over the term of the credit agreement.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 7. Asset Retirement Obligations The Company has asset retirement obligations associated with the future plugging and abandonment of oil and natural gas properties and related facilities. The accretion of the asset retirement obligation is included in “Lease operating expense” The following table summarizes the Company’s asset retirement obligation transactions recorded during the three months ended March 31, 2016, and in accordance with the provisions of FASB ASC Topic 410, Asset Retirement and Environmental Obligations (in thousands) 2016 Asset retirement obligations at December 31, 2015 $ 5,075 Liabilities incurred 4 Accretion expense 128 Property dispositions — Liabilities settled — Revision of estimates (12 ) Asset retirement obligations at March 31, 2016 $ 5,195

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes For the three months ended March 31, 2016, the Company recorded no income tax expense or benefit because property impairments recorded during the year ended December 31, 2015 reduced the book value of the Company’s properties below their tax basis requiring the Company to record a net deferred tax asset. Because the future realization of this deferred tax asset could not be assured, the Company recorded a 100% valuation allowance against its deferred tax asset. The pre-tax loss recorded for the three months ended March 31, 2016, increased the Company’s net deferred tax asset but did not result in a recognized tax benefit because the realization of the Company’s net tax asset still cannot be assured, therefore the valuation allowance also was increased and offset the tax benefit that would have resulted from the net operating loss. For the three month period ended March 31, 2015, the Company recorded an income tax benefit of $0.6 million. The effective tax rate was 34.4 0.4 The Company provides for deferred income taxes on the difference between the tax basis of an asset or liability and its carrying amount in the Condensed Consolidated Financial Statements in accordance with FASB ASC Topic 740, Income Taxes

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies In the course of its business affairs and operations, the Company is subject to possible loss contingencies arising from federal, state, and local environmental, health and safety laws and regulations and third party litigation. Commitments In 2014, the Company entered into an 18 month drilling contract to utilize a newly-built drilling rig in its drilling operations. The new rig was an upgrade and replacement of a rig with a drilling contract that was expiring. The new contract commenced upon delivery of the rig in April 2015. The contract provides for a daily drilling rate of approximately $29,000. In January 2016, the Company suspended drilling and temporarily idled the drilling rig. The Company’s rig contractor agreed to a reduced daily rate of approximately $20,000 per day while the rig is idled. If the Company chooses to recommence drilling with this rig, the daily drilling rate of approximately $29,000 per day will resume. Should the Company decide to permanently suspend drilling with this rig, a termination fee will be due immediately. As of March 31, 2016, the remaining commitment on this contract is approximately $3.9 million. As a part of the 2013 Eagle Ford Acquisition, the Company and its primary working interest partner in the area ratified several long-term natural gas purchasing and natural gas processing contracts. As is customary in the industry, the Company has reserved gathering and processing capacity in a pipeline. In one of the contracts, the Company and its primary working interest partner have a volume commitment, whereby the owner of the pipeline is paid a fee of $0.45 per MMBtu to hold 10,000 MMBtu per day of capacity. Since the time of the acquisition, the volume commitment has not been met. The rate and terms under this purchasing and processing contract expire on June 1, 2021. As of March 31, 2016, the Company’s share of the remaining commitment on this contract is approximately $4.3 million. Contingencies Environmental The Company’s operations are subject to risks normally associated with the exploration for and the production of oil and natural gas, including blowouts, fires, and environmental risks such as oil spills or natural gas leaks that could expose the Company to liabilities associated with these risks. In the Company’s acquisition of existing or previously drilled well bores, the Company may not be aware of prior environmental safeguards, if any, that were taken at the time such wells were drilled or during such time the wells were operated. The Company maintains comprehensive insurance coverage that it believes is adequate to mitigate the risk of any adverse financial effects associated with these risks. However, should it be determined that a liability exists with respect to any environmental cleanup or restoration, the liability to cure such a violation could still accrue to the Company. No claim has been made, nor is the Company aware of any liability which the Company may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or regulations relating thereto. Legal From time to time, the Company and its subsidiaries may be involved in various legal proceedings and claims in the ordinary course of business. In July 2015, EF Non-Op, LLC, a subsidiary of the Company, filed suit in the 125 th EF Non-Op, LLC vs. BHP Billiton Petroleum Properties (N.A.), LP (F/K/A Petrohawk Properties, LP),

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Adopted and Issued Accounting Standards Revenue Recognition - In May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance for recognizing revenue from contracts with customers. The objective of this guidance is to establish principles for reporting information about the nature, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and change in judgments, and assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued guidance deferring the effective date of this standards update for one year, to be effective for interim and annual periods after December 15, 2017. In March 2016, the FASB issued guidance which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued further guidance on identifying performance obligations and clarification of the licensing implementation guidance. Early adoption of this updated guidance is permitted as of the original effective date of December 31, 2016. The Company will adopt this standards update, as required, beginning with the first quarter of 2018. The Company is in the process of evaluating the impact, if any, of the adoption of this guidance on its Condensed Consolidated Financial Statements. Debt Issuance Costs – In April 2015, the FASB issued updated guidance which changes the presentation of debt issuance costs in the financial statements. Under this updated guidance, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. In August 2015, the FASB subsequently issued a clarification as to the handling of debt issuance costs related to line-of-credit arrangements that allows the presentation of these costs as an asset. The standards update is effective for interim and annual periods beginning after December 15, 2015. The Company adopted this standards update, as required, effective January 1, 2016. The adoption of this standards update did not affect the Company’s method of amortizing debt issuance costs and did not have a material impact on its Condensed Consolidated Financial Statements. Measurement-Period Adjustments – In September 2015, the FASB issued updated guidance that eliminates the requirement to restate prior periods to reflect adjustments made to provisional amounts recognized in a business combination. The updated guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standards update is effective prospectively for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this standard update, as required, effective January 1, 2016, which did not have a material impact on its Condensed Consolidated Financial Statements. Leases – In February 2016, the FASB issued updated guidance on accounting for leases. This update requires that a lessee recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Similar to current guidance, the update continues to differentiate between finance leases and operating leases; however, this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. The standards update is effective for interim and annual periods after December 15, 2018 with early adoption permitted. Entities are required to use a modified retrospective adoption, with certain relief provisions, for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements when adopted. The Company will adopt this standards update, as required, beginning with the first quarter of 2019. The Company is in the process of evaluating the impact, if any, of the adoption of this guidance on its Condensed Consolidated Financial Statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Consideration Paid to Acquire Net Assets and Estimated Values of Net Assets	The following table summarizes the consideration paid to acquire the properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands) Purchase price $ 4,066 Estimated fair value of assets acquired: Proved oil and natural gas properties $ 588 Unproved oil and natural gas properties 3,496 Total assets acquired $ 4,084 Estimated fair value of liabilities assumed: Asset retirement obligations $ 13 Other liabilities 5 Total liabilities assumed $ 18 Consideration paid $ 4,066

Derivative Financial Instrume17

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivative Instruments	The Company had the following open crude oil and natural gas derivative contracts as of March 31, 2016: Period Instrument Commodity Volume in MMBtu / Bbls Fixed Price April 2016 - March 2017 Swap Crude Oil 60,000 $ 42.30 April 2016 - March 2017 Swap Crude Oil 60,000 $ 42.30 April 2016 - June 2016 Swap Crude Oil 30,000 $ 58.00 April 2016 - December 2016 Swap Crude Oil 45,000 $ 60.80 April 2016 - December 2016 Swap Crude Oil 45,000 $ 60.80 April 2016 - December 2016 Swap Natural Gas 630,000 $ 2.530 January 2017 - December 2017 Swap Natural Gas 480,000 $ 2.785 In April 2016, the Company entered in the following commodity derivative contracts: Period Instrument Commodity Volume in MMBtu / Bbls Fixed Price May 2016 - December 2016 Swap Crude Oil 80,000 45.17 January 2017 - December 2017 Swap Crude Oil 120,000 46.75 May 2016 - December 2016 Swap Natural Gas 80,000 2.380 January 2017 - December 2017 Swap Natural Gas 240,000 2.860
Summary of Gross and Net Information about Commodity Derivative Instruments	The following table summarizes the location and fair value amounts of all derivative instruments in the Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands) March 31, 2016 December 31, 2015 Derivatives not designated as hedging contracts under ASC Topic 815 Balance Sheet Location Gross Recognized Assets / Liabilities Gross Amounts Offset Net Recognized Assets / Liabilities Gross Recognized Assets / Liabilities Gross Amounts Offset Net Recognized Assets / Liabilities Commodity contracts Current derivative assets $ 2,460 $ — $ 2,460 $ 3,694 $ — $ 3,694 Commodity contracts Noncurrent derivative assets $ 7 $ — $ 7 $ — $ — $ —
Realized and Unrealized Gains and Losses from Commodity Derivative Instruments	The follow table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative instruments in the Company’s Condensed Consolidated Statements of Operations (in thousands) Three months ended March 31, Derivatives not designated as hedging contracts under ASC Topic 815 Statement of Operations Location 2016 2015 Unrealized loss on commodity contracts Net gain on derivative contracts $ (1,226 ) $ (820 ) Realized gain on commodity contracts Net gain on derivative contracts $ 1,991 $ 1,494 $ 765 $ 674

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Assets and Liabilities	The following table summarizes the fair value of the Company’s financial assets and liabilities, by level within the fair-value hierarchy (in thousands) March 31, 2016 Level 1 Level 2 Level 3 Total Financial assets Current derivative assets $ — $ 2,460 $ — $ 2,460 Noncurrent derivative assets — 7 — 7 Total financial assets $ — $ 2,467 $ — $ 2,467 December 31, 2015 Financial assets Current derivative assets $ — $ 3,694 $ — $ 3,694 Total financial assets $ — $ 3,694 $ — $ 3,694

Earnings (Loss) Per Common Sh19

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Net (Loss) Income and Weighted-Average Shares of Common Stock Outstanding for Calculating Basic and Diluted (Loss) Income Per Share	The following table is a reconciliation of net income and weighted-average shares of Common Stock outstanding for purposes of calculating basic and diluted income per share: Three months ended March 31, (In thousands, except share and per share amounts) 2016 2015 Net loss $ (6,421 ) $ (1,114 ) Weighted average common shares outstanding: Basic 13,858,128 13,858,128 Diluted 13,858,128 13,858,128 Net loss per common share: Basic $ (0.46 ) $ (0.08 ) Diluted $ (0.46 ) $ (0.08 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Summary of Asset Retirement Obligation Transactions	The following table summarizes the Company’s asset retirement obligation transactions recorded during the three months ended March 31, 2016, and in accordance with the provisions of FASB ASC Topic 410, Asset Retirement and Environmental Obligations (in thousands) 2016 Asset retirement obligations at December 31, 2015 $ 5,075 Liabilities incurred 4 Accretion expense 128 Property dispositions — Liabilities settled — Revision of estimates (12 ) Asset retirement obligations at March 31, 2016 $ 5,195

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2015USD ($)aLocation	Jun. 30, 2015USD ($)aBoeWellLocation	Mar. 31, 2016USD ($)a	Jun. 30, 2016Well	Apr. 30, 2015USD ($)
Business Acquisition [Line Items]
Consideration paid		$ 4,066,000
Cash consideration					$ 3,400,000
Gain (loss) on sale of properties			$ 1,600
Effective date of transaction			Mar. 1, 2015
Southern Gonzales County [Member]
Business Acquisition [Line Items]
Acquisition of operating interest	33.00%	50.00%
Company acquired gross acres | a	1,650	1,000
Number of wells acquired | Well		2
Percentage of acres held for production		100.00%
Gross production, barrels of oil equivalents per day | Boe		44
Number of locations for eagle ford with expected development | Location	16	13
Working interest acquired	$ 3,300,000
Northern Kames County [Member]
Business Acquisition [Line Items]
Company acquired gross acres | a		400	350
Net acres | a			117
Banks Field of McKenzie County [Member]
Business Acquisition [Line Items]
Number of wells acquired | Well		41
Number of drilling wells acquired | Well		21
Consideration paid		$ 1,400,000
Purchase price adjustment for revenues, net for production taxes, operating expenses and capital costs		$ 2,000,000
Net acres acquired | a		164
Scenario Forecast [Member] | Northern Kames County [Member]
Business Acquisition [Line Items]
Number of drilling wells acquired | Well				4

Acquisitions and Divestitures22

Acquisitions and Divestitures - Schedule of Consideration Paid to Acquire Net Assets and Estimated Values of Net Assets (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Purchase price	$ 4,066
Estimated fair value of assets acquired:
Total assets acquired	4,084
Estimated fair value of liabilities assumed:
Asset retirement obligations	13
Other liabilities	5
Total liabilities assumed	18
Consideration paid	4,066
Proved Oil and Gas Properties [Member]
Estimated fair value of assets acquired:
Oil and natural gas properties	588
Unproved Oil and Gas Properties [Member]
Estimated fair value of assets acquired:
Oil and natural gas properties	$ 3,496

Derivative Financial Instrume23

Derivative Financial Instruments - Schedule of Open Crude Oil and Natural Gas Derivative Contracts (Details) - Swap [Member]	1 Months Ended	3 Months Ended
	Apr. 30, 2016MMBTU$ / bbl$ / MMBTUbbl	Mar. 31, 2016MMBTU$ / bbl$ / MMBTUbbl
Natural Gas [Member] | Subsequent Event [Member] | May 2016 - December 2016 [Member]
Derivative [Line Items]
Volume in MMBtu | MMBTU	80,000
Fixed Price, MMBtu | $ / MMBTU	2.380
Natural Gas [Member] | Subsequent Event [Member] | January 2017 - December 2017 [Member]
Derivative [Line Items]
Volume in MMBtu | MMBTU	240,000
Fixed Price, MMBtu | $ / MMBTU	2.860
Crude Oil [Member] | Subsequent Event [Member] | May 2016 - December 2016 [Member]
Derivative [Line Items]
Volume in Bbls | bbl	80,000
Fixed Price, Bbls | $ / bbl	45.17
Crude Oil [Member] | Subsequent Event [Member] | January 2017 - December 2017 [Member]
Derivative [Line Items]
Volume in Bbls | bbl	120,000
Fixed Price, Bbls | $ / bbl	46.75
April 2016 - March 2017 [Member] | Crude Oil [Member]
Derivative [Line Items]
Volume in Bbls | bbl		60,000
Fixed Price, Bbls | $ / bbl		42.30
April 2016 - March 2017 [Member] | Crude Oil [Member]
Derivative [Line Items]
Volume in Bbls | bbl		60,000
Fixed Price, Bbls | $ / bbl		42.30
April 2016 - June 2016 [Member] | Crude Oil [Member]
Derivative [Line Items]
Volume in Bbls | bbl		30,000
Fixed Price, Bbls | $ / bbl		58
April 2016 - December 2016 [Member] | Crude Oil [Member]
Derivative [Line Items]
Volume in Bbls | bbl		45,000
Fixed Price, Bbls | $ / bbl		60.80
April 2016 - December 2016 [Member] | Crude Oil [Member]
Derivative [Line Items]
Volume in Bbls | bbl		45,000
Fixed Price, Bbls | $ / bbl		60.80
April 2016 - December 2016 [Member] | Natural Gas [Member]
Derivative [Line Items]
Volume in MMBtu | MMBTU		630,000
Fixed Price, MMBtu | $ / MMBTU		2.530
January 2017 - December 2017 [Member] | Natural Gas [Member]
Derivative [Line Items]
Volume in MMBtu | MMBTU		480,000
Fixed Price, MMBtu | $ / MMBTU		2.785

Derivative Financial Instrume24

Derivative Financial Instruments - Schedule of Location and Fair Value Amounts of All Derivative Instruments (Details) - Derivatives Not Designated as Hedging Contracts [Member] - Commodity Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Derivative Assets [Member]
Derivatives Fair Value [Line Items]
Gross Recognized Assets	$ 2,460	$ 3,694
Net Recognized Assets	2,460	$ 3,694
Noncurrent Derivative Assets [Member]
Derivatives Fair Value [Line Items]
Gross Recognized Assets	7
Net Recognized Assets	$ 7

Derivative Financial Instrume25

Derivative Financial Instruments - Summary of Gross and Net Information About Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Unrealized loss on commodity contracts	$ (1,226)	$ (820)
Net gain on derivative contracts	765	674
Derivatives Not Designated as Hedging Contracts [Member] | Net Gain On Derivative Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Unrealized loss on commodity contracts	(1,226)	(820)
Realized gain on commodity contracts	$ 1,991	$ 1,494

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets transfer from Level 1 to Level 2	$ 0
Fair value assets transfer from Level 2 to Level 1	0
Fair value liabilities transfer from Level 1 to Level 2	0
Fair value liabilities transfer from Level 2 to Level 1	0
Impairment of goodwill	0	$ 0
Level 3 [Member] | Fair Value on a Nonrecurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets
Current derivative assets	$ 2,460	$ 3,694
Noncurrent derivative assets	7
Fair Value on a Recurring Basis [Member]
Financial assets
Current derivative assets	2,460	3,694
Noncurrent derivative assets	7
Net Recognized Assets	2,467	3,694
Fair Value on a Recurring Basis [Member] | Level 2 [Member]
Financial assets
Current derivative assets	2,460	3,694
Noncurrent derivative assets	7
Net Recognized Assets	$ 2,467	$ 3,694

Earnings (Loss) Per Common Sh28

Earnings (Loss) Per Common Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Outstanding common stock equivalents	0	0

Earnings (Loss) Per Common Sh29

Earnings (Loss) Per Common Share - Reconciliation of Net (Loss) Income and Weighted-Average Shares of Common Stock Outstanding for Calculating Basic and Diluted (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net loss	$ (6,421)	$ (1,114)
Weighted average common shares outstanding:
Basic	13,858,128	13,858,128
Diluted	13,858,128	13,858,128
Net loss per common share:
Basic	$ (0.46)	$ (0.08)
Diluted	$ (0.46)	$ (0.08)

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2014	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term debt		$ 11,191,000	$ 11,191,000
Amortization of deferred financing costs		70,000	65,000	$ 65,000
Deferred financing cost, net of amortization		800,000	$ 800,000
Four Year Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Line of credit, maturity period	4 years
Current borrowing base under credit agreement	$ 80,000,000	$ 80,000,000
Commitment fee percentage		0.50%
Debt outstanding maturity		Dec. 19, 2018
Long-term debt		$ 11,200,000
Long-term debt, percentage bearing interest rate		2.442%
Letters of credit outstanding amount		$ 200,000
Borrowing base available under credit facility		$ 68,600,000
Line of credit facility, covenant terms		The credit facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability to incur additional indebtedness, create liens on asset, pay dividends, and repurchase its capital stock. In addition, the Company is required to maintain certain financial ratios, including a minimum modified current ratio which includes the available borrowing base of 1.0 to 1.0 and a maximum annualized quarterly leverage ratio of 4.0 to 1.0. The Company is also required to submit an audited annual report 120 days after the end of each fiscal period.
Four Year Senior Secured Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member]
Debt Instrument [Line Items]
Applicable margin percentage		0.50%
Four Year Senior Secured Revolving Credit Facility [Member] | LIBOR Adjusted Rate [Member]
Debt Instrument [Line Items]
Applicable margin percentage		1.00%
Four Year Senior Secured Revolving Credit Facility [Member] | LIBOR Adjusted Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable margin percentage		2.00%
Four Year Senior Secured Revolving Credit Facility [Member] | LIBOR Adjusted Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable margin percentage		2.75%
Four Year Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable margin percentage		1.00%
Four Year Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable margin percentage		1.75%

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Asset Retirement Obligation Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, Beginning balance	$ 5,075
Liabilities incurred	4
Accretion expense	128	$ 145
Revision of estimates	(12)
Asset retirement obligations, Ending balance	$ 5,195

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ (585,000)
Valuation allowance against deferred tax asset, percent	100.00%
Effective tax rate	34.40%
States income tax rate	0.40%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)	Mar. 31, 2016USD ($)MMBTU$ / MMBTU	Dec. 31, 2014USD ($)
Natural Gas Purchasing and Natural Gas Processing Contract [Member]
Loss Contingencies [Line Items]
Pipeline fee paid | $ / MMBTU		0.45
Holding pipeline capacity | MMBTU		10,000
Purchasing and processing contract expiry date		Jun. 1, 2021
Company's share of remaining commitment amount		$ 4,300,000
Drilling Commitments [Member]
Loss Contingencies [Line Items]
Daily drilling rate of wells			$ 29,000
Contract termination fee description		The Company’s rig contractor agreed to a reduced daily rate of approximately $20,000 per day while the rig is idled. If the Company chooses to recommence drilling with this rig, the daily drilling rate of approximately $29,000 per day will resume. Should the Company decide to permanently suspend drilling with this rig, a termination fee will be due immediately.
Drilling Rigs Contract Period		18 months
Company's remaining commitment amount		$ 3,900,000
Daily drilling rate when rig resumed	$ 29,000
Daily drilling rate when rig idled	$ 20,000