Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Oct. 31, 2013 | Dec. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q/A | ' |
Amendment Flag | 'true | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'Triangle Petroleum Corp | ' |
Entity Central Index Key | '0001281922 | ' |
Trading Symbol | 'tplm | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 85,622,326 |
Amendment Description | 'This Amendment No. 1 on Form 10-Q/A ("Form 10-Q/A") amends the Quarterly Report on Form 10-Q of Triangle Petroleum Corporation (the "Company") for the quarterly period ended October 31, 2013, as originally filed with the Securities and Exchange Commission (the "SEC") on December 9, 2013 (the "Original Filing"). This Form 10-Q/A amends the Original Filing to correct the Company's accounting for equity investment derivatives for the trigger units and warrants that the Company holds in Caliber Midstream Partners, L.P. ("Caliber"), the Company's midstream services joint venture with First Reserve Energy Infrastructure Fund ("FREIF"), as more fully described in Note 6 to the Condensed Consolidated Financial Statements contained in this Form 10-Q/A. For ease of reference, this Form 10-Q/A amends and restates the Original Filing in its entirety. Revisions to the Original Filing have been made to the following sections: • Part I, Item 1 -Financial Statements • Part I, Item 2 -Management's Discussion and Analysis of Financial Condition and Results of Operations • Part I, Item 4 -Controls and Procedures In addition, this Form 10-Q/A also includes, as exhibits, certifications from the Company's Chief Executive Officer and Chief Financial Officer dated currently. Except as described above, no other amendments or modifications have been made to the Original Filing. This Form 10-Q/A continues to speak as of the date of the Original Filing, and the Company has not updated the disclosure contained herein to reflect information or events that have occurred since the December 9, 2013 filing date of the Original Filing. Accordingly, this Form 10-Q/A should be read in conjunction with the Company's other filings with the SEC made subsequent to the Original Filing. | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and equivalents | $100,163 | $33,117 |
Accounts receivable: | ' | ' |
Oil and natural gas sales | 27,448 | 10,625 |
Trade | 71,436 | 28,541 |
Other | 247 | 955 |
Related party | 2,031 | ' |
Investment in marketable securities | ' | 5,065 |
Derivative asset | ' | 603 |
Inventory, deposits and prepaid expenses | 4,492 | 2,307 |
Total current assets | 205,817 | 81,213 |
Oil and gas properties at cost, using the full cost method of accounting: | ' | ' |
Unproved properties and properties under development, not being amortized | 131,428 | 94,529 |
Proved properties | 510,712 | 220,894 |
Total oil and natural gas properties at cost | 642,140 | 315,423 |
Less: accumulated amortization | -50,173 | -16,666 |
Net oil and natural gas properties | 591,967 | 298,757 |
Pressure pumping equipment and related services equipment (less accumulated depreciation of $7.2 million and $2.5 million, respectively) | 38,572 | 19,060 |
Other property and equipment (less accumulated depreciation of $2.0 million and $0.9 million, respectively) | 20,590 | 15,779 |
Equity investment | 58,227 | 11,718 |
Goodwill | 5,251 | ' |
Derivative asset | 368 | ' |
Other long-term assets | 4,128 | 1,795 |
Total assets | 924,920 | 428,322 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 49,275 | 37,043 |
Accrued liabilities: | ' | ' |
Exploration and development | 30,047 | 30,433 |
Other | 27,552 | 7,486 |
Notes payable | 5,876 | ' |
Short-term borrowings on credit facilities | 6,835 | ' |
Asset retirement obligations | 2,465 | 2,949 |
Derivative liability | 342 | ' |
Total current liabilities | 122,392 | 77,911 |
LONG-TERM LIABILITIES | ' | ' |
Long-term borrowings on credit facilities | 157,785 | 25,000 |
5% convertible note | 127,694 | 123,023 |
Other notes payable | 764 | ' |
Asset retirement obligations | 2,081 | 473 |
Deferred tax liability | 5,969 | ' |
Derivative liability | ' | 292 |
Other | 1,499 | ' |
Total liabilities | 418,184 | 226,699 |
COMMITMENT AND CONTINGENCIES (Note 12) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $0.00001 par value, 140,000,000 shares authorized; 85,596,468 and 46,733,011 shares issued and outstanding at October 31, 2013 and January 31, 2013, respectively | 1 | ' |
Additional paid-in capital | 569,523 | 323,643 |
Accumulated deficit | -62,788 | -122,020 |
Accumulated other comprehensive income | ' | ' |
Total stockholders' equity | 506,736 | 201,623 |
Total liabilities and stockholders' equity | $924,920 | $428,322 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 85,596,468 | 46,733,011 |
Common stock, shares outstanding | 85,596,468 | 46,733,011 |
Pressure Pumping And Related Services [Member] | ' | ' |
Accumulated depreciation | $7.20 | $2.50 |
Other Property And Equipment [Member] | ' | ' |
Accumulated depreciation | $2 | $0.90 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
REVENUES | ' | ' | ' | ' |
Oil and natural gas sales | $55,477 | $10,443 | $111,176 | $23,123 |
Pressure pumping and related services | 33,072 | 10,743 | 62,061 | 13,338 |
Other | ' | 114 | ' | 339 |
Total revenues | 88,549 | 21,300 | 173,237 | 36,800 |
EXPENSES: | ' | ' | ' | ' |
Production taxes | 6,161 | 1,202 | 12,524 | 2,631 |
Lease operating expenses | 4,443 | 1,442 | 9,489 | 1,898 |
Gathering, transportation and processing | 1,443 | 29 | 1,549 | 72 |
Depreciation and amortization | 18,609 | 3,984 | 37,000 | 9,324 |
Accretion and other asset retirement obligation expenses | 983 | 5 | 1,000 | 173 |
Pressure-pumping and related services | 29,164 | 8,881 | 53,042 | 10,742 |
General and administrative: | ' | ' | ' | ' |
Stock-based compensation | 2,457 | 1,507 | 5,489 | 4,305 |
Salaries and benefits | 4,740 | 2,284 | 11,998 | 6,961 |
Other general and administrative | 3,361 | 2,584 | 6,454 | 5,909 |
Total operating expenses | 71,361 | 21,918 | 138,545 | 42,015 |
INCOME (LOSS) FROM OPERATIONS | 17,188 | -618 | 34,692 | -5,215 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Gain on equity investment derivative | 35,832 | ' | 35,832 | ' |
Gain (loss) from derivative activities | 2,123 | 1,401 | -1,064 | 1,401 |
Interest expense | -1,993 | -1,430 | -5,434 | -1,472 |
Interest income | 53 | 25 | 133 | 123 |
Other income (expense) | -13 | -50 | 1,042 | -42 |
Total other income (expense) | 36,002 | -54 | 30,509 | 10 |
NET INCOME (LOSS) BEFORE INCOME TAXES | 53,190 | -672 | 65,201 | -5,205 |
Income tax provision | -5,969 | ' | -5,969 | ' |
NET INCOME (LOSS) | 47,221 | -672 | 59,232 | -5,205 |
Less: net loss attributable to the noncontrolling interest in subsidiary | ' | 73 | ' | 626 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 47,221 | -599 | 59,232 | -4,579 |
Net income (loss) per common share outstanding: | ' | ' | ' | ' |
Basic | $0.60 | ($0.01) | $0.94 | ($0.10) |
Diluted | $0.50 | ($0.01) | $0.78 | ($0.10) |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 79,058,647 | 44,326,947 | 62,816,559 | 44,217,660 |
Diluted | 96,041,223 | 44,326,947 | 78,864,626 | 44,217,660 |
COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 47,221 | -599 | 59,232 | -4,579 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Total comprehensive income (loss) | $47,221 | ($599) | $59,232 | ($4,579) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $59,232 | ($5,205) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 37,000 | 9,324 |
Stock-based compensation | 5,489 | 4,476 |
Interest expense not paid in cash | 3,936 | 1,459 |
Accretion and other asset retirement obligation expenses | 1,000 | 173 |
Gain on equity investment derivative | -35,832 | ' |
(Gain) loss on derivative activities | 1,064 | -1,401 |
Settlements on commodity derivative instruments | -779 | ' |
Loss on equity investment | ' | 50 |
Gain on securities held for investment | -1,040 | ' |
Deferred income tax liability | 5,969 | ' |
Changes in related current assets and current liabilities: | ' | ' |
Inventory, deposits and prepaid expenses | -1,775 | -1,941 |
Accounts receivable | ' | ' |
Oil and natural gas sales | -16,823 | -822 |
Trade | -42,820 | -22,899 |
Related party | -2,031 | ' |
Other | 697 | 1 |
Accounts payable and accrued liabilities | 2,936 | 8,150 |
Asset retirement expenditures | -484 | -253 |
Cash provided by (used in) operating activities | 15,739 | -8,888 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Oil and natural gas property expenditures | -294,283 | -92,637 |
Sale of oil and natural gas properties | ' | 3,265 |
Purchase of pressure pumping and related services equipment | -26,201 | -14,434 |
Purchase of other property and equipment | -5,285 | -12,383 |
Sale of marketable securities | 6,105 | ' |
Investment in Caliber Midstream Partners, L.P. | -9,000 | -12,000 |
Purchase of derivative contracts | ' | -3,889 |
Cash used in investing activities | -328,664 | -132,078 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 245,333 | ' |
Stock offering costs | -7,059 | ' |
Proceeds from credit facilities | 170,320 | 13,700 |
Repayments of credit facilities | -30,700 | -13,700 |
Proceeds from notes payable | 5,876 | 120,000 |
Debt issuance costs | -2,406 | -1,208 |
Cash paid to settle tax on vested restricted stock units | -1,510 | -1,619 |
Issuance of common stock for exercise of options | 117 | 13 |
Cash provided by financing activities | 379,971 | 117,186 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | 67,046 | -23,780 |
CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 33,117 | 68,815 |
CASH AND EQUIVALENTS, END OF PERIOD | $100,163 | $45,035 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Common Stock at $6.00 [Member] | Common Stock at $6.25 [Member] | Common Stock at $7.20 [Member] | Total |
In Thousands, except Share data | Common Stock at $6.00 [Member] | Common Stock at $6.25 [Member] | Common Stock at $7.20 [Member] | USD ($) | Common Stock at $6.00 [Member] | Common Stock at $6.25 [Member] | Common Stock at $7.20 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) |
USD ($) | USD ($) | USD ($) | |||||||||||
Balance at Jan. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | $323,643 | ($122,020) | ' | ' | ' | $201,623 |
Balance, shares at Jan. 31, 2013 | ' | ' | ' | 46,733,011 | ' | ' | ' | ' | ' | ' | ' | ' | 46,733,011 |
Common stock issued, value | ' | ' | ' | ' | 55,800 | 107,813 | 81,720 | ' | ' | 55,800 | 107,813 | 81,720 | ' |
Common stock issued, shares | 9,300,000 | 17,250,000 | 11,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock offering costs | ' | ' | ' | ' | -115 | -6,033 | -911 | ' | ' | -115 | -6,033 | -911 | ' |
Stock issued for services at $7.24/share | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | 36 |
Stock issued for services at $7.24/share, shares | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for the purchase of oil and natural gas properties, value | ' | ' | ' | ' | ' | ' | ' | 2,438 | ' | ' | ' | ' | 2,438 |
Shares issued for the purchase of oil and natural gas properties, shares | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units (net of shares surrendered for taxes) | ' | ' | ' | ' | ' | ' | ' | -1,510 | ' | ' | ' | ' | -1,510 |
Vesting of restricted stock units (net of shares surrendered for taxes), shares | ' | ' | ' | 540,124 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | ' | ' | ' | ' | ' | ' | ' | 117 | ' | ' | ' | ' | 117 |
Exercise of stock options, shares | ' | ' | ' | 93,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | 6,525 | ' | ' | ' | ' | 6,525 |
Net income for the period (restated) | ' | ' | ' | ' | ' | ' | ' | ' | 59,232 | ' | ' | ' | 59,232 |
Balance (restated) at Oct. 31, 2013 | ' | ' | ' | $1 | ' | ' | ' | $569,523 | ($62,788) | ' | ' | ' | $506,736 |
Balance, shares at Oct. 31, 2013 | ' | ' | ' | 85,596,468 | ' | ' | ' | ' | ' | ' | ' | ' | 85,596,468 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | Oct. 31, 2013 |
Common Stock at $6.00 [Member] | ' |
Shares issued, price per share | $6 |
Common Stock at $7.24 [Member] | ' |
Shares issued, price per share | $7.24 |
Common Stock at $6.25 [Member] | ' |
Shares issued, price per share | $6.25 |
Common Stock at $7.20 [Member] | ' |
Shares issued, price per share | $7.20 |
Organization_And_Nature_Of_Ope
Organization And Nature Of Operations | 9 Months Ended |
Oct. 31, 2013 | |
Organization And Nature Of Operations [Abstract] | ' |
Organization And Nature Of Operations | ' |
1. Organization and Nature of Operations | |
Triangle Petroleum Corporation (“Triangle” or the “Company” or “we” or “our”) is a growth oriented independent energy company focused on the exploration, development and production of unconventional shale oil and natural gas resources in the Bakken Shale and Three Forks formations in the United States. | |
Our oil and natural gas reserves and operations are primarily concentrated in the Bakken Shale and Three Forks formations of the Williston Basin in North Dakota and Montana. We hold leasehold interests in approximately 94,000 net acres in the Williston Basin, approximately 45,000 of which are predominantly in our core focus area in McKenzie and Williams Counties, North Dakota. We conduct our exploration and production operations through our wholly-owned subsidiary, Triangle USA Petroleum Corporation (“TUSA”). | |
In June 2011, we formed RockPile Energy Services, LLC (“RockPile”), a wholly-owned subsidiary, which provides hydraulic pressure pumping and complementary well completion services to oil and natural gas exploration and production companies in the Williston Basin of North Dakota and Montana. | |
In September 2012, through our wholly-owned subsidiary, Triangle Caliber Holdings, LLC, we formed Caliber Midstream Partners, L.P. (“Caliber”), an unconsolidated joint venture with First Reserve Energy Infrastructure Fund (“FREIF”). Caliber, through its subsidiaries, was formed for the purpose of providing oil, natural gas and water transportation services to oil and natural gas exploration and production companies in the Williston Basin of North Dakota and Montana. | |
The Company also holds leasehold interests in acreage in the Maritimes Basin of Nova Scotia, which we fully impaired as of January 31, 2012. | |
Basis_Of_Presentation_And_Sign
Basis Of Presentation And Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2013 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation And Significant Accounting Policies | ' |
2. Basis of Presentation and Significant Accounting Policies | |
The accompanying condensed consolidated balance sheet as of January 31, 2013 has been derived from our audited financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for which the primary accounting rules are set forth in the Accounting Standards Codification (“ASC”), adopted and updated by the Financial Accounting Standards Board (“FASB”). The accompanying unaudited condensed interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are expressed in U.S. dollars. These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: (i) Triangle USA Petroleum Corporation (“TUSA”), incorporated in the State of Colorado, and its wholly-owned subsidiaries, (ii) RockPile Energy Services, LLC (“RockPile”), organized in the State of Delaware, and its wholly-owned subsidiaries, (iii) Elmworth Energy Corporation, incorporated in the Province of Alberta, Canada, (iv) Leaf Minerals, LLC, organized in the State of Colorado, (v) Integrated Operating Solutions, LLC, organized in the State of Colorado, and (vi) Triangle Caliber Holdings, LLC, organized in the State of Delaware, and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company accounts for its 30% economic interest in Caliber and its 50% voting interest in Caliber Midstream GP LLC (“Caliber Midstream GP”) under the equity method. The Company’s fiscal year-end is January 31. | |
Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these condensed consolidated financial statements be read in conjunction with our audited financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013, filed with the SEC on May 1, 2013, and amended on May 31, 2013 (“Fiscal 2013 Form 10-K”). | |
In the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and nine month periods ended October 31, 2013 are not necessarily indicative of the operating results for the entire fiscal year ending January 31, 2014. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, including contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates of oil and natural gas reserve quantities provide the basis for the calculation of the amortization, and any impairment, of capitalized oil and natural gas property costs, each of which can represent a significant component of the condensed consolidated financial statements. Management estimated the proved reserves as of October 31, 2013 with consideration of (1) the proved reserve estimates for the prior fiscal year-end audited by independent engineering consultants and (2) any significant new discoveries and changes during the interim period in production, pricing, ownership, and other factors underlying reserve estimates. | |
Significant Accounting Policies | |
For descriptions of the Company’s significant accounting policies, see Note 3 – Summary of Significant Accounting Policies in our audited financial statements included in our Fiscal 2013 Form 10-K. | |
Amortization of oil and natural gas property costs is computed on a closed quarter basis, using the estimated proved reserves as of the end of the quarter. Amortization for the fiscal year is the sum of the four quarterly amortization amounts. | |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, commodity derivative instruments, equity investment derivatives, marketable securities and long-term debt. Triangle measures fair value in accordance with ASC Topic 820, Fair Value Measurement and Disclosure. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |
The carrying values of cash and cash equivalents, accounts receivable and accounts payable are representative of their fair values due to their short-term maturities. Commodity derivatives are recorded on the condensed consolidated balance sheets at amounts which approximate their fair value. The Company’s equity investment derivatives are included in equity investments and recorded at amounts which approximate their fair value on the condensed consolidated balance sheets. The carrying amounts of the Company’s credit facilities approximate fair value as they bear interest at variable rates over the term of the relevant loan. The Company’s 5% Convertible Promissory Note (the ‘‘Convertible Note’’) issued by the Company to NGP Triangle Holdings, LLC (‘‘NGP’’) on July 31, 2012, is recorded at cost and the fair value is disclosed in Note 11—Fair Value Measurements. Considerable judgment is required to develop estimates of fair value. The estimates provided are not necessarily indicative of the amounts the Company would realize upon the sale or refinancing of such instruments. | |
Derivative Instruments | |
Equity Investment Derivatives | |
The Company holds equity investment derivatives (Class A Trigger Units, Class A Trigger Unit Warrants and Warrants (Series 1 through Series 4)) in Caliber. Our equity investment derivatives are measured at fair value and are included on the condensed consolidated balance sheets as equity investment. Net gains and losses on equity investment derivatives are recorded based on the changes in the fair values of the derivative instruments and included in our condensed consolidated statements of operations. | |
Business Combinations | |
Business combinations are accounted for using the acquisition method. | |
The acquired identifiable net assets are measured at their fair values at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of the net assets acquired and their tax basis. Any excess of purchase price over the fair value of the net assets acquired is recognized as goodwill. Associated transaction costs are expensed when incurred. | |
Goodwill | |
Our goodwill represents consideration paid in excess of the fair value of the identifiable net assets acquired in a business combination. Our goodwill is resulting from the October 16, 2013 acquisition of Team Well Service, Inc. by RockPile and is preliminary (see Note 5 – Property and Equipment). We review goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit could be less than its carrying amount. | |
No goodwill impairments existed at October 31, 2013. The recorded goodwill is not associated with a specific valued intangible. Therefore, neither the goodwill nor any future goodwill impairment would be tax deductible under current federal income tax law. | |
Investment in Unconsolidated Entities | |
The Company accounts for its investments in unconsolidated entities by the equity method. The Company's share of earnings (loss) in the unconsolidated entity is included in other income (loss) on the condensed consolidated statements of operations and comprehensive income (loss) (after elimination of intra-company profits and losses). The carrying value of the Company's investments in unconsolidated entities is recorded in the Equity Investment line of the Condensed Consolidated Balance Sheets. The Company records losses of the unconsolidated entities only to the extent of the Company's investment. | |
We evaluate our equity method investment for impairment when there are indicators of impairment. If indicators suggest impairment, we will perform an impairment test to assess whether an adjustment is necessary. The impairment test considers whether the fair value of our equity method investment has declined and if any such decline is other than temporary. If a decline in fair value is determined to be other than temporary, the investment's carrying value is written down to fair value. See discussion in Note 6 —Equity Investment. | |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued Accounting Standards Update 2011-11 (“ASU 2011-11”), Balance Sheet: Disclosures about Offsetting Assets and Liabilities, which required entities to disclose information about offsetting and related arrangements to enable financial statement users to understand the effect of such arrangements on the balance sheet. Entities are required to disclose both gross information and net information about financial instruments and derivative instruments that are either offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. In January 2013 the FASB issued ASU 2013-01, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of the offsetting disclosures and addresses any unintended consequences. Amendments to ASU 2011-11, as superseded by ASU 2013-01 is effective for reporting periods beginning after January 1, 2013 (including interim periods), and should be applied retrospectively for any period presented. The adoption of ASU 2013-01and ASU 2011-11 concerns presentation and disclosure only. | |
Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date, are not expected to have a material impact on the financial statements upon adoption. | |
Reclassifications | |
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total stockholders’ equity, net income, or net cash provided by or used in operating, investing or financing activities. | |
Investment in Marketable Securities | |
As of October 31, 2013, we had sold for $6.1 million, net of brokerage fees, all of the 851,315 shares of Emerald Oil Inc. (“Emerald”) common stock (NYSE MKT symbol “EOX”), originally recorded at $4.9 million when acquired in the January 9, 2013 sale of oil and natural gas leases to Emerald. We elected the fair value option for this investment in equity securities and therefore recorded the change in fair value during the period in the condensed consolidated statements of operations and comprehensive income (loss). We recorded a loss of $0.01 million and a gain of $1.0 million for the three and nine months ended October 31, 2013, respectively, which are included in other income (expense) on the condensed consolidated statements of operations and comprehensive income (loss) for the applicable period. Additionally, we recorded a gain of $0.2 million in January 2013. | |
Restatement
Restatement | 9 Months Ended | ||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||
Restatement [Abstract] | ' | ||||||||||||||||||
Restatement | ' | ||||||||||||||||||
3. Restatement | |||||||||||||||||||
In connection with the preparation of its condensed consolidated financial statements for the fiscal year ended January 31, 2014, the Company determined that its condensed consolidated financial statements for the fiscal quarter ended October 31, 2013 included in the Company’s Form 10-Q for such period should be restated to include an error correction that recognizes the fair value of equity investment derivatives for the Class A Trigger Units, Class A Trigger Unit Warrants, and Warrants (Series 1 through Series 4) that the Company holds in Caliber. The following table reflects the corrected information relating to the financial statement captions shown. | |||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||
As of October 31, 2013 | |||||||||||||||||||
As | Adjustments | As Restated | |||||||||||||||||
(in thousands, except per share data) Selected Financial Statement Caption | Previously Reported | ||||||||||||||||||
Equity investment | $ | 22,395 | $ | 35,832 | $ | 58,227 | |||||||||||||
Total assets | 889,088 | 35,832 | 924,920 | ||||||||||||||||
Deferred tax liability | - | 5,969 | 5,969 | ||||||||||||||||
Total liabilities | 412,215 | 5,969 | 418,184 | ||||||||||||||||
Accumulated deficit | -92,651 | 29,863 | -62,788 | ||||||||||||||||
Total stockholders' equity | 476,873 | 29,863 | 506,736 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 889,088 | $ | 35,832 | $ | 924,920 | |||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
31-Oct-13 | 31-Oct-13 | ||||||||||||||||||
As | Adjustments | As Restated | As | Adjustments | As Restated | ||||||||||||||
(in thousands, except per share data) Selected Financial Statement Caption | Previously Reported | Previously Reported | |||||||||||||||||
Gain on equity investment derivative | $ | - | $ | 35,832 | $ | 35,832 | $ | - | $ | 35,832 | $ | 35,832 | |||||||
Total other income (expense) | 170 | 35,832 | 36,002 | -5,323 | 35,832 | 30,509 | |||||||||||||
Net income (loss) before income taxes | 17,358 | 35,832 | 53,190 | 29,369 | 35,832 | 65,201 | |||||||||||||
Income tax provision | - | -5,969 | -5,969 | - | -5,969 | -5,969 | |||||||||||||
Net income (loss) | 17,358 | 29,863 | 47,221 | 29,369 | 29,863 | 59,232 | |||||||||||||
Net income (loss) attributable to common stockholders | 17,358 | 29,863 | 47,221 | 29,369 | 29,863 | 59,232 | |||||||||||||
Net income (loss) per common share outstanding: | |||||||||||||||||||
Basic | $ | 0.22 | $ | 0.38 | $ | 0.60 | $ | 0.47 | $ | 0.47 | $ | 0.94 | |||||||
Diluted | $ | 0.20 | $ | 0.30 | $ | 0.50 | $ | 0.43 | $ | 0.35 | $ | 0.78 | |||||||
The restatement had no effect on cash flows from operating, investing, or financing activities. | |||||||||||||||||||
Our equity investment in Caliber consists of Class A Units and equity derivative instruments. Due to the increase in the fair value of the equity investment derivatives in the third fiscal quarter ended October 31, 2013, the Company recognized a gain in equity investment derivatives of $35.8 million in the accompanying condensed consolidated statement of operations; see Note 6—Equity Investment, Note 10—Derivative Instruments and Note 11—Fair Value Measurements. | |||||||||||||||||||
The recognition of an additional $35.8 million in other income results in an increase in net deferred tax liability of $6.0 million recorded as an adjustment to the accompanying condensed consolidated balance sheet with a corresponding income tax provision of $6.0 million on the accompanying condensed consolidated statement of operations; see Note 14—Income Taxes. | |||||||||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
4. Segment Reporting | ||||||||||||||||||||||||
We conduct our operations with two reportable operating segments. We identified each segment based on management’s responsibility and the nature of their products, services, and costs. There are no major distinctions in geographical areas served as all operations are in the Williston Basin of the United States. The exploration and production operating segment is responsible for finding and producing oil and natural gas. The pressure pumping and related services operating segment is responsible for pressure pumping and complementary services for both Triangle-operated wells and wells operated by third-parties. | ||||||||||||||||||||||||
Management evaluates the performance of our segments based upon net income (loss) before income taxes. The following tables present selected financial information for our operating segments for the three months ended October 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended October 31, 2013 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 55,477 | $ | - | $ | - | $ | - | $ | 55,477 | ||||||||||||||
Pressure pumping and related services for third parties | - | 33,499 | - | -427 | 33,072 | |||||||||||||||||||
Intersegment revenues | - | 32,499 | - | -32,499 | - | |||||||||||||||||||
Other | - | - | 183 | -183 | - | |||||||||||||||||||
Total revenues | 55,477 | 65,998 | 183 | -33,109 | 88,549 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 10,604 | - | - | - | 10,604 | |||||||||||||||||||
Gathering, transportation and processing | 1,443 | - | - | - | 1,443 | |||||||||||||||||||
Depreciation and amortization | 16,829 | 2,635 | 165 | -1,020 | 18,609 | |||||||||||||||||||
Accretion and other asset retirement obligation expenses | 983 | - | - | - | 983 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 49,839 | - | -20,675 | 29,164 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 328 | 148 | 1,981 | - | 2,457 | |||||||||||||||||||
Other general and administrative | 2,346 | 3,150 | 2,605 | - | 8,101 | |||||||||||||||||||
Total operating expenses | 32,533 | 55,772 | 4,751 | -21,695 | 71,361 | |||||||||||||||||||
Income (loss) from operations | 22,944 | 10,226 | -4,568 | -11,414 | 17,188 | |||||||||||||||||||
Other income (expense), net | 1,527 | -242 | 35,101 | -384 | 36,002 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 24,471 | $ | 9,984 | $ | 30,533 | $ | -11,798 | $ | 53,190 | ||||||||||||||
For the Three Months Ended October 31, 2012 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
and Other (1) | ||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 10,443 | $ | - | $ | - | $ | - | $ | 10,443 | ||||||||||||||
Pressure pumping and related services for third parties | - | 12,530 | - | -1,787 | 10,743 | |||||||||||||||||||
Intersegment revenues | - | 11,335 | - | -11,335 | - | |||||||||||||||||||
Other | - | - | 114 | - | 114 | |||||||||||||||||||
Total revenues | 10,443 | 23,865 | 114 | -13,122 | 21,300 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 2,644 | - | - | - | 2,644 | |||||||||||||||||||
Gathering, transportation and processing | 29 | - | - | - | 29 | |||||||||||||||||||
Depreciation and amortization | 3,154 | 1,203 | 202 | -575 | 3,984 | |||||||||||||||||||
Accretion of asset retirement obligations | 5 | - | - | - | 5 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 16,276 | - | -7,395 | 8,881 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 602 | - | 905 | - | 1,507 | |||||||||||||||||||
Other general and administrative | 1,588 | 1,685 | 1,595 | - | 4,868 | |||||||||||||||||||
Total operating expenses | 8,022 | 19,164 | 2,702 | -7,970 | 21,918 | |||||||||||||||||||
Income (loss) from operations | 2,421 | 4,701 | -2,588 | -5,152 | -618 | |||||||||||||||||||
Other income (expense), net | -1,408 | - | 1,354 | - | -54 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 1,013 | $ | 4,701 | $ | -1,234 | $ | -5,152 | $ | -672 | ||||||||||||||
-1 | Corporate and Other includes our corporate office and several subsidiaries that management does not consider in the exploration and production or pressure pumping and related services segments. These subsidiaries have limited activity. | |||||||||||||||||||||||
The following tables present selected financial information for our operating segments as of October 31, 2013 and for the nine months ended October 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended October 31, 2013 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 111,176 | $ | - | $ | - | $ | - | $ | 111,176 | ||||||||||||||
Pressure pumping and related services for third parties | - | 65,780 | - | -3,719 | 62,061 | |||||||||||||||||||
Intersegment revenues | - | 71,385 | - | -71,385 | - | |||||||||||||||||||
Other | - | - | 731 | -731 | - | |||||||||||||||||||
Total revenues | 111,176 | 137,165 | 731 | -75,835 | 173,237 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 22,013 | - | - | - | 22,013 | |||||||||||||||||||
Gathering, transportation and processing | 1,549 | - | - | - | 1,549 | |||||||||||||||||||
Depreciation and amortization | 33,558 | 5,474 | 423 | -2,455 | 37,000 | |||||||||||||||||||
Accretion and other asset retirement obligation expenses | 1,000 | - | - | - | 1,000 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 99,330 | - | -46,288 | 53,042 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 897 | 458 | 4,134 | - | 5,489 | |||||||||||||||||||
Other general and administrative | 5,378 | 7,575 | 5,499 | - | 18,452 | |||||||||||||||||||
Total operating expenses | 64,395 | 112,837 | 10,056 | -48,743 | 138,545 | |||||||||||||||||||
Income (loss) from operations | 46,781 | 24,328 | -9,325 | -27,092 | 34,692 | |||||||||||||||||||
Other income (expense), net | -1,313 | -611 | 34,110 | -1,677 | 30,509 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 45,468 | $ | 23,717 | $ | 24,785 | $ | -28,769 | $ | 65,201 | ||||||||||||||
Total Assets | $ | 711,512 | $ | 114,121 | $ | 626,442 | $ | -527,155 | $ | 924,920 | ||||||||||||||
Net oil and natural gas properties | $ | 620,736 | $ | - | $ | - | $ | -28,769 | $ | 591,967 | ||||||||||||||
Pressure pumping and related services equipment | $ | - | $ | 38,572 | $ | - | $ | - | $ | 38,572 | ||||||||||||||
Other property and equipment - net | $ | 1,647 | $ | 16,960 | $ | 1,983 | $ | - | $ | 20,590 | ||||||||||||||
Total Liabilities | $ | 250,486 | $ | 58,122 | $ | 137,816 | $ | -28,240 | $ | 418,184 | ||||||||||||||
For the Nine Months Ended October 31, 2012 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 23,123 | $ | - | $ | - | $ | - | $ | 23,123 | ||||||||||||||
Pressure pumping and related services for third parties | - | 15,125 | - | -1,787 | 13,338 | |||||||||||||||||||
Intersegment revenues | - | 16,859 | - | -16,859 | - | |||||||||||||||||||
Other | 339 | - | - | - | 339 | |||||||||||||||||||
Total revenues | 23,462 | 31,984 | - | -18,646 | 36,800 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 4,529 | - | - | - | 4,529 | |||||||||||||||||||
Gathering, transportation and processing | 72 | - | - | - | 72 | |||||||||||||||||||
Depreciation and amortization | 8,323 | 1,622 | 202 | -823 | 9,324 | |||||||||||||||||||
Accretion of asset retirement obligations | 11 | - | 162 | - | 173 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 22,213 | - | -11,471 | 10,742 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 1,920 | - | 2,385 | - | 4,305 | |||||||||||||||||||
Other general and administrative | 3,955 | 5,559 | 3,356 | - | 12,870 | |||||||||||||||||||
Total operating expenses | 18,810 | 29,394 | 6,105 | -12,294 | 42,015 | |||||||||||||||||||
Income (loss) from operations | 4,652 | 2,590 | -6,105 | -6,352 | -5,215 | |||||||||||||||||||
Other income (expense), net | -1,369 | 9 | 1,370 | - | 10 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 3,283 | $ | 2,599 | $ | -4,735 | $ | -6,352 | $ | -5,205 | ||||||||||||||
-1 | Corporate and Other includes our corporate office and several subsidiaries that management does not consider in the exploration and production or pressure pumping and related services segments. These subsidiaries have limited activity. | |||||||||||||||||||||||
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Property And Equipment [Abstract] | ' | ||||||||||||
Property And Equipment | ' | ||||||||||||
5. Property and Equipment | |||||||||||||
Acquisitions | |||||||||||||
Kodiak Oil & Gas Property Acquisition | |||||||||||||
On August 28, 2013, TUSA acquired interests in approximately 5,600 net acres of Williston Basin leaseholds, and related producing properties along with various other related rights, permits, contracts, equipment and other assets from Kodiak Oil & Gas Corporation (“Kodiak”), which are located in McKenzie County, North Dakota. We paid approximately $83.8 million in cash. The effective date for the acquisition was July 1, 2013 and is subject to customary post-closing adjustments. The acquisition contributed $1.5 million of revenue to the Company for the three and nine months ended October 31, 2013. Transaction costs related to the acquisition incurred through October 31, 2013 were approximately $0.2 million and are recorded in the statement of operations within the general and administrative expenses line item. | |||||||||||||
The acquisition is accounted for using the acquisition method under ASC-805, Business Combinations, which requires the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date of August 28, 2013. The final purchase price allocation is pending the completion management’s assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the allocation may change as additional information becomes available and is assessed by the Company, and the impact of such changes may be material. | |||||||||||||
The following table summarizes the preliminary purchase price and the preliminary estimated values of assets acquired and liabilities assumed (in thousands): | |||||||||||||
Preliminary purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 83,805 | |||||||||||
Total consideration given | $ | 83,805 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Accounts receivable | $ | 5,174 | |||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 46,681 | |||||||||||
Unproved properties | 34,063 | ||||||||||||
Total oil and natural gas properties | 80,744 | ||||||||||||
Accounts payable | -1,981 | ||||||||||||
Asset retirement obligation assumed | -132 | ||||||||||||
Fair value of net assets acquired | $ | 83,805 | |||||||||||
Also on August 2, 2013, the Company closed a trade agreement with Kodiak (the “Trade Agreement”) to exchange certain of Triangle’s oil and natural gas leasehold interests in Kodiak’s operated units in return for approximately 600 net acres of leasehold interests held by the seller in units then operated by the Company. The effective date of the Trade Agreement was also July 1, 2013. | |||||||||||||
Pro Forma Financial Information | |||||||||||||
The following unaudited pro forma financial information represents the combined results for the Company and the properties acquired and exchanged from Kodiak for the three and nine months ended October 31, 2013 and 2012 as if the acquisition and exchange had occurred on February 1, 2012. As Kodiak’s fiscal year is within 93 days of the Company’s fiscal year, no adjustment for the differing periods has been considered. The following pro forma results include the operating revenues and direct operating expenses for the acquired and exchanged properties for the three and nine months ended October 31, 2013 and 2012, (in thousands, except per share data): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
October 31, | October 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 91,524 | $ | 25,519 | $ | 187,038 | $ | 39,266 | |||||
Net income (loss) | $ | 49,225 | $ | 1,320 | $ | 65,838 | $ | -3,821 | |||||
Earnings (loss) per common share | |||||||||||||
Basic | $ | 0.60 | $ | 0.02 | $ | 0.92 | $ | -0.07 | |||||
Diluted | $ | 0.51 | $ | 0.02 | $ | 0.81 | $ | -0.07 | |||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 82,389,625 | 55,676,811 | 71,464,178 | 55,526,236 | |||||||||
Diluted | 99,372,201 | 55,676,811 | 87,512,245 | 55,526,236 | |||||||||
For purposes of the pro forma information it was assumed that the net proceeds generated from the issuance of the Company’s common stock pursuant to the Stock Purchase Agreement (see Note 7 – Stockholders’ Equity) were utilized to fund the August 28, 2013 acquisition and that such issuance occurred on February 1, 2012. The pro forma information includes the effects of adjustments for depreciation, amortization and accretion expense of $0.3 million and $4.0 million for the three and nine months ended October 31, 2013, respectively, as compared to $1.2 million and $1.1 million for the three and nine months ended October 31, 2012, respectively. The pro forma results do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate the properties acquired. The pro forma results are not necessarily indicative of what actually would have occurred if the acquisition had been completed, or the common shares had been issued, as of the beginning of the period, nor are they necessarily indicative of future results. | |||||||||||||
August 2, 2013 Oil & Natural Gas Property Acquisition | |||||||||||||
On August 2, 2013, TUSA completed the acquisition of 1,236 net acres and various other related rights, permits, contracts, equipment and other assets from an unaffiliated company for cash and stock of approximately $15.9 million consisting of (i) cash of approximately $13.5 million and (ii) 325,000 shares of Triangle’s common stock. We have valued the 325,000 shares of common stock issued at $2.4 million based on the closing price of our common stock of $7.50 per share on the issue date. The effective date for the acquisition was October 1, 2011 and is subject to customary post-closing adjustments. The acquisition contributed $0.8 million in revenue to Triangle for the three and nine month periods ended October 31, 2013. | |||||||||||||
The final purchase price allocation is pending the determination of adjustments from the effective date and the completion of the valuation of the assets acquired and liabilities assumed. | |||||||||||||
Pro forma information has not been provided for the August 2, 2013 acquisition as the impact is immaterial to our unaudited condensed consolidated financial statements. | |||||||||||||
Acquisition of Team Well Service, Inc. | |||||||||||||
On October 16, 2013, RockPile completed its acquisition of Team Well Service, Inc. (“Team Well”), an operator of well service rigs in North Dakota, in exchange for (i) $6.8 million in cash; (ii) unsecured seller notes of $0.8 million; and, (iii) contingent consideration of $1.5 million, as well as customary post-closing adjustments. | |||||||||||||
The unsecured seller notes have an aggregate face value of $1.0 million bearing an interest rate of 1% per annum. Principal and accrued interest is due on October 16, 2016. The contingent consideration, or earn-out payments, is comprised of three annual payments equal to 10% of revenue during each consecutive earn-out period (the one year period beginning on the first day of the first month immediately following the closing date) with payments limited to a maximum of $0.7 million for each earn-out period, based on revenue of up to $7.0 million. The estimated liability assumed that 100% of the earn-out would be achieved. | |||||||||||||
The final purchase price allocation is pending the completion of the valuation of the assets acquired and liabilities assumed. Accordingly, the allocation may change as additional information becomes available and is assessed by the Company, and the impact of such changes may be material. | |||||||||||||
The following table summarizes the preliminary purchase price and the preliminary estimated values of assets acquired and liabilities assumed (in thousands): | |||||||||||||
Preliminary purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 6,792 | |||||||||||
Unsecured note payable | 764 | ||||||||||||
Earn-out payments | 1,499 | ||||||||||||
Total consideration given | $ | 9,055 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Net working capital | $ | 493 | |||||||||||
Equipment: | |||||||||||||
Light equipment | $ | 342 | |||||||||||
Workover equipment | 2,969 | ||||||||||||
Total net assets | 3,311 | ||||||||||||
Goodwill | 5,251 | ||||||||||||
Fair value of net assets acquired | $ | 9,055 | |||||||||||
Transaction and other costs associated with the acquisition of net assets are expensed as incurred. | |||||||||||||
Pro forma information has not been provided for the Team Well acquisition as the impact is immaterial to our unaudited condensed consolidated financial statements. | |||||||||||||
Oil and Natural Gas Property Additions | |||||||||||||
During the nine months ended October 31, 2013, we acquired oil and natural gas properties, and participated in the drilling and/or completion of wells, for total consideration of approximately $326.7 million. | |||||||||||||
In the three and nine months ended October 31, 2013, we capitalized $1.0 million and $2.6 million, respectively, of internal land, geology and operations department costs directly associated with property acquisition, exploration (including lease record maintenance) and development. In the three and nine months ended October 31, 2012, we capitalized $0.7 million and $1.5 million of internal land and geology costs directly associated with property acquisition, exploration (including lease record maintenance) and development. The internal land and geology department costs were capitalized to unevaluated costs. | |||||||||||||
Other Property and Equipment Additions | |||||||||||||
Pressure pumping and related services equipment of $45.8 million ($38.6 million net of accumulated depreciation) consists primarily of costs for two frac spreads and other complementary well completion and work over equipment, all of which were in service at October 31, 2013. | |||||||||||||
Other property and equipment of $22.6 million ($20.6 million net of accumulated depreciation) is located in the U.S. and consists of the following: | |||||||||||||
· | $13.2 million for land, administrative and services facility, residential living facilities and land in North Dakota; | ||||||||||||
· | $4.1 million for a RockPile proppant storage and transloading facility in North Dakota; | ||||||||||||
· | $1.9 million of light vehicles; and | ||||||||||||
· | $3.4 million for hardware, software and furniture and fixtures. | ||||||||||||
Ceiling-Test Impairments | |||||||||||||
The Company uses the full-cost accounting method, which requires recognition of an impairment of oil and natural gas properties when, by country, the total net carrying value of oil and natural gas properties exceeds a ceiling as described in Note 3 – Summary of Significant Accounting Policies in our audited financial statements included in our Fiscal 2013 Form 10-K. The Company did not recognize any impairment for the three or the nine-month periods ended October 31, 2013 and 2012. | |||||||||||||
Equity_Investment
Equity Investment | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Equity Investment [Abstract] | ' | ||||||||
Investment In Unconsolidated Affiliate | ' | ||||||||
6. Equity Investment | |||||||||
On October 1, 2012, Triangle Caliber Holdings, LLC (“Triangle Caliber Holdings”), a wholly-owned subsidiary of Triangle, entered into a joint venture with FREIF Caliber Holdings LLC (“FREIF Caliber Holdings”), a wholly-owned subsidiary of FREIF. The joint venture entity, Caliber Midstream Partners, L.P. (“Caliber”), was formed to provide crude oil, natural gas and water transportation and related services to the Company and third parties primarily within the Williston Basin of North Dakota and Montana. | |||||||||
Pursuant to the terms of the October 1, 2012 Contribution Agreement (the “Contribution Agreement”), Triangle Caliber Holdings agreed to contribute $30.0 million to Caliber in exchange for (i) 3,000,000 Class A Units, (ii) 4,000,000 Class A Trigger Units (“Trigger Units”) with certain performance conditions, (iii) 4,000,000 Series 1 Warrants and 1,600,000 Class A Trigger Unit Warrants with an exercise price of $14.69 and (iv) 2,400,000 Series 2 Warrants with an exercise price of $24.00. FREIF Caliber Holdings, the general partner of Caliber, agreed to contribute $70.0 million to Caliber in exchange for 7,000,000 Class A Units. Caliber’s general partner, Caliber Midstream GP LLC, is owned and controlled equally by Triangle Caliber Holdings and FREIF Caliber Holdings. | |||||||||
On September 12, 2013, Triangle Caliber Holdings and FREIF Caliber Holdings entered into an Amended and Restated Contribution Agreement (“A&R Contribution Agreement”), which amended and restated the Contribution Agreement. Pursuant to the terms of the A&R Contribution Agreement, FREIF Caliber Holdings agreed to contribute an additional $80.0 million to Caliber in exchange for an additional 8,000,000 Class A Units, to be issued no later than June 30, 2014, and 5,000,000 Series 5 Warrants with an exercise price of $32.00. Also pursuant to the terms of the A&R Contribution Agreement, Triangle Caliber Holdings received 3,000,000 Series 3 Warrants with an exercise price of $24.00 and 2,000,000 Series 4 Warrants with an exercise price of $30.00. In addition, the performance conditions associated with the 4,000,000 Class A Trigger Units granted in connection with the Contribution Agreement were removed and replaced with a provision pursuant to which the 4,000,000 Class A Units will be converted at the earlier of the commissioning of the Alexander gas processing facility or June 30, 2014. The conversion of the Class A Trigger Units will not require any additional contribution of capital from Triangle Caliber Holdings. Additionally, the 1,600,000 Class A Trigger Unit Warrants granted in connection with the Contribution Agreement will be converted to 1,600,000 Series 1 Warrants with an exercise price of $14.69 no later than June 30, 2014. | |||||||||
Following the issuance of the additional 8,000,000 Class A Units to FREIF Caliber Holdings and the conversion of Triangle Caliber Holdings’ 4,000,000 Class A Trigger Units to 4,000,000 Class A Units, FREIF Caliber Holdings will own 15,000,000 Class A Units, representing an approximate sixty-eight percent (68%) limited partner interest in Caliber, and Triangle Caliber Holdings will own 7,000,000 Class A Units, representing an approximate thirty-two percent (32%) limited partner interest in Caliber. Triangle Caliber Holdings currently holds a thirty percent (30%) limited partner interest in Caliber. | |||||||||
Triangle Caliber Holdings’ investment interest in Caliber is considered to be variable and Caliber is considered to be a variable interest entity because the power to direct the activities that most significantly impact Caliber’s economic performance does not reside with the holders of equity investment at risk. However, Triangle Caliber Holdings is not considered the primary beneficiary of Caliber since it does not have the power to direct the activities of Caliber that are considered most significant to the economic performance of Caliber. Under the equity method, Triangle Caliber Holdings investment will be adjusted each period for contributions made, distributions received, and Triangle Caliber Holdings’ share of Caliber’s comprehensive income and accretion of any basis difference. Triangle Caliber Holdings’ maximum exposure to loss related to Caliber is limited to its equity investment as presented in the accompanying Condensed Consolidated Balance Sheet at October 31, 2013. Triangle Caliber Holdings does not guarantee or otherwise support Caliber’s $200.0 million credit facility, and, as such Triangle Caliber Holdings would not have additional exposure associated with any borrowings on Caliber’s credit facility. | |||||||||
Triangle evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. | |||||||||
As of October 31, 2013, the balance of the Company’s investment in Caliber was $58.2 million, which consisted of the following: | |||||||||
(in thousands, except units) | Units | Exercise | Investment | ||||||
Price | |||||||||
Balance - January 31, 2013 | $ | 11,768 | |||||||
Class A Units | 3,000,000 | $ | - | 9,000 | |||||
Class A Trigger Units | 4,000,000 | $ | - | 34,019 | |||||
Class A Trigger Unit Warrants | 1,600,000 | $ | 14.69 | 109 | |||||
Series 1 Warrants | 4,000,000 | $ | 14.69 | 1,230 | |||||
Series 2 Warrants | 2,400,000 | $ | 24.00 | 170 | |||||
Series 3 Warrants | 3,000,000 | $ | 24.00 | 224 | |||||
Series 4 Warrants | 2,000,000 | $ | 30.00 | 30 | |||||
Distributions | - | ||||||||
Equity investment share of net income for the year | 1,677 | ||||||||
Balance - October 31, 2013 | $ | 58,227 | |||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||
Stockholders' Equity | ' | ||||||||||
7. Stockholders’ Equity | |||||||||||
Common Stock | |||||||||||
The following transactions occurred during the nine months ended October 31, 2013 with regard to shares of the Company’s common stock: | |||||||||||
· | On March 8, 2013, the Company sold to two affiliates of NGP Triangle Holdings, LLC (“NGP”) an aggregate of 9,300,000 million shares of common stock in a private placement at $6.00 per share for aggregate consideration of $55.8 million. The Company paid approximately $0.1 million in expenses related to this offering. | ||||||||||
· | We issued 540,124 shares of common stock (net of shares surrendered for related employee payroll tax withholding) for restricted stock units that vested during the period. | ||||||||||
· | We issued 5,000 shares of common stock at $7.24 per share to a consultant for services provided to TUSA. | ||||||||||
· | On August 2, 2013, the Company issued 325,000 shares of common stock to an unaffiliated oil and gas company at $7.50 per share for total consideration of $2.4 million. | ||||||||||
· | In August and September, 2013, the Company sold 17,250,000 shares of common stock at $6.25 per share in a public offering for gross proceeds of $107.8 million. The Company paid approximately $6.0 million in expenses related to this offering. | ||||||||||
· | On August 28, 2013, the Company sold 11,350,000 shares of common stock to an unaffiliated entity at $7.20 per share for total consideration of $81.7 million. The Company paid approximately $0.9 million in expenses related to this offering. | ||||||||||
· | We issued 93,333 shares of common stock for the exercise of stock options. | ||||||||||
Private Placement | |||||||||||
On August 6, 2013, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with TIAA Oil and Gas Investments, LLC (“TOGI”). As permitted under the terms of the Stock Purchase Agreement, on August 28, 2013, TOGI assigned its rights and obligations to purchase 11,350,000 shares of the Company’s common stock under the Stock Purchase Agreement to ActOil Bakken, LLC (“ActOil”), which is an affiliate of TOGI. | |||||||||||
Also, on August 28, 2013, the Company issued to ActOil 11,350,000 shares of common stock at $7.20 per share for gross proceeds to the Company of $81.7 million ($80.8 million net after transaction costs), which were used to consummate the August 28, 2013 Kodiak property acquisition. Concurrently with the issuance, the Company entered into a Rights Agreement (the “Rights Agreement”) with ActOil. Under the Rights Agreement, ActOil is entitled to certain demand registration rights and unlimited piggyback registration rights under the Securities Act of 1933, as amended. The Stock Purchase Agreement restricts ActOil from selling, pledging or otherwise disposing of the Company’s common stock acquired by ActOil for a period of 180 days after August 28, 2013, without the Company’s consent, which covers the period through and including February 24, 2014. | |||||||||||
The Rights Agreement also grants ActOil the preemptive right to purchase its pro rata share on a fully diluted basis of any future equity offerings by the Company until such time as ActOil and its affiliates cease to hold at least the lesser of (i) 50% of the shares of common stock acquired by ActOil pursuant to the Stock Purchase Agreement and (ii) 10% of the Company’s then-outstanding shares of the common stock (a “Termination Event”). Such rights are subject to customary exclusions such as securities offered in connection with employee benefits plans, business combinations, pro-rata distributions, and stockholder rights plans. | |||||||||||
Pursuant to the Rights Agreement, on the date on which the aggregate amount paid to the Company by ActOil and certain of its affiliates as consideration for shares of common stock exceeds $150.0 million, ActOil will be entitled to designate one director to serve on the Board of Directors of the Company until such time as a Termination Event occurs. | |||||||||||
The Rights Agreement further provides that, for so long as ActOil holds (i) 50% of the common stock purchased by ActOil under the Stock Purchase Agreement, and (ii) 10% of the then issued and outstanding common stock, without the prior written consent of ActOil, the Company and its subsidiaries shall not incur any indebtedness unless the Consolidated Leverage Ratio (as defined in the Rights Agreement) does not exceed 5.0 to 1.0 (provided that debt outstanding under the Company’s senior credit facility and its 5% convertible note issued in July 2012 are excluded from such calculation). | |||||||||||
Public Equity Offering | |||||||||||
On August 8, 2013, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, as representative of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters in a firm commitment offering (the “Offering”) 15,000,000 shares of common stock at a price to the public of $6.25 per share. Pursuant to the Underwriting Agreement, the Company also granted to the Underwriters a 30-day over-allotment option to purchase up to an additional 2,250,000 shares of common stock at the same public offering price. The Offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-171958) previously filed with the Securities and Exchange Commission on January 31, 2011. The Offering closed on August 14, 2013. On September 6, 2013, the Underwriters exercised their 30-day over-allotment option to purchase an additional 2,250,000 shares of the Company’s common stock at a price to the public of $6.25 per share. The over-allotment option closed on September 11, 2013. | |||||||||||
The total gross proceeds to the Company from the Offering were approximately $107.8 million ($101.8 million net, after deducting underwriting discounts and commissions and other estimated offering expenses). The Company intends to use the net proceeds from the Offering and the exercise of the Underwriters’ over-allotment option to fund its drilling and development program, to pursue select acquisition opportunities and for other general corporate purposes, including working capital. | |||||||||||
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, customary indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Underwriting Agreement. | |||||||||||
Restricted Stock Units | |||||||||||
During the nine months ended October 31, 2013, the Company granted 1,235,633 restricted stock units as compensation to officers, directors, employees, and a consultant. The restricted stock units vest over one to five years. As of October 31, 2013, there was approximately $14.7 million of total unrecognized compensation expense related to unvested restricted stock units. This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 2.5 years. When restricted stock units vest, the holder has the right to receive one share of the Company’s common stock per vesting unit. | |||||||||||
The following table summarizes the status of restricted stock units outstanding: | |||||||||||
Number of Shares | Weighted- Average Award Date Fair Value | ||||||||||
Restricted stock units outstanding - January 31, 2013 | 2,424,085 | $ | 6.68 | ||||||||
Units granted during the nine months ended October 31, 2013 | 1,235,633 | $ | 6.64 | ||||||||
Units forfeited during the nine months ended October 31, 2013 | -23,319 | $ | 6.54 | ||||||||
Units that vested during the nine months ended October 31, 2013 | -762,915 | $ | 7.21 | ||||||||
Restricted stock units outstanding - October 31, 2013 | 2,873,484 | $ | 6.04 | ||||||||
For the three and nine months ended October 31, 2013, the Company recorded stock-based compensation related to restricted stock units of $2.0 million and $4.4 million, respectively, in general and administrative expenses. An additional $0.4 million and $1.0 million of stock based compensation was capitalized to oil and natural gas properties during the three and nine months ended October 31, 2013, respectively. | |||||||||||
For the three and nine months ended October 31, 2012, the Company recorded stock-based compensation related to restricted stock units of $1.5 million and $4.3 million, respectively, in general and administrative expenses. An additional $0.4 million and $0.7 million of stock based compensation was capitalized to oil and natural gas properties during the three and nine months ended October 31, 2012. | |||||||||||
Stock Options | |||||||||||
On July 4, 2013, the Company entered into a CEO Stand-Alone Stock Option Agreement with the Company’s President and Chief Executive Officer (the “CEO Option Grant”). The CEO Option Grant is a stand-alone stock option agreement unrelated to the Company’s existing Amended and Restated 2011 Omnibus Incentive Plan. As such, the CEO Option Grant required stockholder approval before any shares of the Company’s common stock could be issued thereunder. The options under the CEO Option Grant were granted as of the execution date thereof; however, the options granted thereunder were not exercisable, and would have expired and become null and void in their entirety, if they were not approved by the stockholders of the Company on or before July 4, 2015. Thus, no compensation expense was recognized for these option grants prior to being approved by the stockholders. At the Company’s Annual Meeting of Stockholders held on August 30, 2013, the CEO Option Grant was approved. | |||||||||||
The CEO Option Grant covers a total of 6.0 million shares of Company common stock and is divided into five tranches, each with a different exercise price, as follows: | |||||||||||
Name of Tranche | Number of Shares | Exercise Price | |||||||||
“$7.50 Tranche” | 750,000 | $7.50 per share | |||||||||
“$8.50 Tranche” | 750,000 | $8.50 per share | |||||||||
“$10.00 Tranche” | 1,500,000 | $10.00 per share | |||||||||
“$12.00 Tranche” | 1,500,000 | $12.00 per share | |||||||||
“$15.00 Tranche” | 1,500,000 | $15.00 per share | |||||||||
Each tranche of the CEO Option Grant vests and becomes exercisable on the same vesting schedule, with 10% of each tranche becoming vested and exercisable on each of the first two anniversaries of the grant date, 50% of each tranche becoming vested and exercisable on the third anniversary of the grant date, 20% of each tranche becoming vested and exercisable on the fourth anniversary of the grant date, and the remaining 10% of each tranche becoming vested and exercisable on the fifth anniversary of the grant date. Once any portion of the CEO Option Grant becomes vested, it is exercisable until the option expires. The options expire on July 4, 2023. | |||||||||||
Compensation expense related to stock options is calculated using the Black Scholes valuation model. Expected volatility is generally based on the historical volatility of (a) Triangle’s common stock and (b) for expected terms exceeding three years, the historical volatility of similar companies with significant exploration and production activity in the Bakken over a historical period consistent with that of the expected term of the options. Triangle’s historical volatility before January 2011 related to high-risk, unsuccessful exploration in Nova Scotia and is not representative of expected future volatility for Triangle. The expected term of the options is estimated based on factors such as vesting periods, contractual expiration dates, historical trends in the Company’s common stock price and historical exercise behavior. The risk-free rate for the expected term (from service inception to option exercise) of the options is based on the yields of U.S. Treasury instruments with lives comparable to the estimated expected option term or life. | |||||||||||
The following assumptions were used for the Black‑Scholes model to calculate the share‑based compensation expense for the CEO Option Grant for the period presented: | |||||||||||
Risk free rate | 2.18% | ||||||||||
Dividend yield | - | ||||||||||
Expected volatility | 62% | ||||||||||
Weighted average expected stock option life (years) | 6.3 | ||||||||||
The following table summarizes the status of stock options outstanding under the Rolling Plan (for a discussion of the Rolling Plan, see Note 10 – Share-Based Compensation in our audited financial statements included in our Fiscal 2013 Form 10-K) and the CEO Option Grant: | |||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Options outstanding - January 31, 2013 (231,666 exercisable) | 231,666 | $ | 1.48 | ||||||||
Options exercised | -93,333 | $ | 1.25 | ||||||||
Options granted | 6,000,000 | $ | 11.25 | ||||||||
Options outstanding - October 31, 2013 (138,333 exercisable) | 6,138,333 | $ | 11.03 | ||||||||
The following table presents additional information related to the stock options outstanding under the Rolling Plan and the CEO Option Grant at October 31, 2013: | |||||||||||
Remaining | |||||||||||
Exercise Price | Contractual Life | Number of shares | |||||||||
per Share | (years) | Outstanding | Exercisable | ||||||||
$ | 3.00 | 0.24 | 30,000 | 30,000 | |||||||
$ | 1.25 | 1.08 | 108,333 | 108,333 | |||||||
$ | 7.50 | 9.68 | 750,000 | - | |||||||
$ | 8.50 | 9.68 | 750,000 | - | |||||||
$ | 10.00 | 9.68 | 1,500,000 | - | |||||||
$ | 12.00 | 9.68 | 1,500,000 | - | |||||||
$ | 15.00 | 9.68 | 1,500,000 | - | |||||||
6,138,333 | 138,333 | ||||||||||
Weighted average exercise price per share | $ | 11.03 | $ | 1.63 | |||||||
Weighted average remaining contractual life | 9.48 | 0.90 | |||||||||
As of October 31, 2013, all compensation expense related to stock options under the Rolling Plan had been recognized as they became fully vested in fiscal year 2013. Total compensation expense related to the CEO Option Grant of $0.6 million was recognized for the three and nine months ended October 31, 2013. The aggregate intrinsic value of all options as of October 31, 2013 was $5.9 million. As of October 31, 2013, there was approximately $18.7 million of total unrecognized compensation expense related to unvested stock options. | |||||||||||
RockPile Share-Based Compensation | |||||||||||
At October 31, 2013, RockPile had 30.0 million Series A Units authorized by the LLC Agreement (as defined below) with approximately 25.5 million Series A Units outstanding, all of which are owned by Triangle. Series A Units were issued to the three parties who had contributed the initial $24.0 million in RockPile’s paid-in capital prior to October 31, 2011. Triangle had contributed $20.0 million and received 20.0 million Series A Units on October 31, 2011. On December 28, 2012, Triangle acquired an aggregate of 4.0 million Series A Units from the other two original owners of Series A Units. On February 15, 2013, Triangle made an additional capital contribution of $5.0 million to acquire an additional approximately 1.5 million Series A Units. | |||||||||||
Effective October 22, 2012, RockPile’s Board of Managers approved the Second Amended and Restated Limited Liability Company Agreement, as further amended on February 20, 2013 (“LLC Agreement”), which includes provisions allowing RockPile to make equity grants in the form of restricted units (“Series B Units”) pursuant to Restricted Unit Agreements. The LLC Agreement, which was executed by RockPile and its members on October 31, 2012, authorizes RockPile to issue an aggregate of up to 6.0 million Series B Units in multiple series designated by a sequential number (i.e., Series B-1, Series B-2, etc.) with the right to re-issue forfeited or redeemed Series B Units. As of October 31, 2013, RockPile had granted approximately 4.1 million Series B Units, of which approximately 2.4 million were unvested at that date, to certain employees in key positions at RockPile. | |||||||||||
The Series B Units are intended to constitute interests in future profits, i.e., “profit interests” within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43. Accordingly, the capital account associated with each Series B Unit at the time of its issuance shall be nil. RockPile’s Board of Managers may designate a “Liquidation Value” applicable to each tranche of a Series B Unit so as to constitute a net profits interest in RockPile. The Liquidation Value shall equal the dollar amount per unit that would, in the reasonable determination of RockPile’s Board of Directors, be distributed with respect to the initial Series B tranche if, immediately prior to the issuance of a new Series B tranche, the assets of RockPile were sold for their fair market value and the proceeds (net of any liabilities of RockPile) were distributed. | |||||||||||
RockPile’s Series A Units are entitled to a return of contributed capital and an 8.0% preferred return on such capital before Series B Units participate in profits. The initial Series B tranche (Series B-1 Units) participates pro-rata with the Series A Units once the preferred return has been achieved. However, no distributions shall be made with respect to any Series B-1 Units until total cumulative distributions to the Series A Units total $40.0 million. After distributions totaling $40.0 million have been made to the Series A Units, future distributions will be allocated to the Series B-1 Units until the per unit profits distributed to the Series B-1 Units is equivalent to the per unit profits distributed to the Series A Units. Thereafter, all further distributions would be distributed on a pro-rata basis. Subsequent issuances of Series B Units will begin participating on a pro rata basis once the per unit profits allocated to the Series B-1 Units reaches the Liquidation Value of the subsequent Series B Unit issuance. | |||||||||||
Series B Units currently have from 2 to 44 months remaining until fully vested. Compensation costs are determined using a Black-Scholes option pricing model based upon the grant date calculated fair market value of the award and is recognized ratably over the applicable vesting period. | |||||||||||
Series B Units are valued using a waterfall valuation approach beginning with the initial asset valuation contained in the LLC Agreement with each tranche of Series B Units constituting a waterfall valuation event. Additionally, due to the limited operating history of RockPile, its private ownership and the nature of the equity grants, RockPile has made use of estimates as it relates to employee termination and forfeiture rates, used different valuation techniques including income and/or market approaches, and utilized certain peer group derived information. The assumptions used in the Black-Scholes option pricing model consist of the underlying equity value, the estimated time to liquidity which is based upon the projected exit path, volatility based upon the midpoint volatility of a publicly traded peer group, and the risk-free interest rate which is based upon the rate for zero coupon U.S. Government issues with a term equal to the expected life. | |||||||||||
A summary of RockPile’s Series B Unit activity and vesting for the nine months ended October 31, 2013 is as follows: | |||||||||||
Series B-1 Units | Series B-2 Units | Series B-3 Units | |||||||||
Units unvested at January 31, 2013 | 1,441,667 | 60,000 | - | ||||||||
Units granted | - | - | 910,000 | ||||||||
Units vested | - | -15,000 | - | ||||||||
Units unvested at October 31, 2013 | 1,441,667 | 45,000 | 910,000 | ||||||||
Weighted average award date unit fair value | $ | 0.44 | $ | 0.29 | $ | 0.70 | |||||
Remaining vesting period (years) | 0.68 | 1.83 | 3.53 | ||||||||
Non-cash compensation cost related to the Series B Units was $0.1 million and $0.5 million for the three and nine months ended October 31, 2013, respectively. | |||||||||||
As of October 31, 2013, there was approximately $0.9 million of unrecognized compensation cost related to non-vested Series B Units. We expect to recognize such cost on a pro-rata basis on the Series B Units vesting schedule during the next four fiscal years. | |||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
8. Earnings Per Share | |||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted net income per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) cash equaling the foregone future compensation expense of hypothetical early vesting of the restricted stock units outstanding, adjusted for certain assumed income tax effects. | |||||||||||||
The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the three and nine months ended October 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||
For the Three Months Ended October 31, | For the Nine Months Ended October 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to common stockholders (restated) | $ | 47,221 | $ | -599 | $ | 59,232 | $ | -4,579 | |||||
Effect of debt conversion (restated) | 881 | - | 2,503 | - | |||||||||
Net income (loss) attributable to common shareholders after effect of debt conversion (restated) | 48,102 | -599 | 61,735 | -4,579 | |||||||||
Basic weighted average common shares outstanding | 79,058,647 | 44,326,947 | 62,816,559 | 44,217,660 | |||||||||
Effect of dilutive securities | 16,982,576 | - | 16,048,067 | - | |||||||||
Diluted weighted average common shares outstanding | 96,041,223 | 44,326,947 | 78,864,626 | 44,217,660 | |||||||||
Basic net income (loss) per share (restated) | $ | 0.60 | $ | -0.01 | $ | 0.94 | $ | -0.1 | |||||
Diluted net income (loss) per share (restated) | $ | 0.50 | $ | -0.01 | $ | 0.78 | $ | -0.1 | |||||
For the three and nine month periods ended October 31, 2012, with a basic net loss per share, all of the stock options, restricted stock units and convertible debt outstanding at October 31, 2012 would have been anti-dilutive if converted into additional common stock and were excluded in calculating diluted net loss per share. | |||||||||||||
Of the stock options, restricted stock units and convertible debt outstanding at October 31, 2013, only the CEO Options having an exercise price of $10.00 to $15.00 per share were anti-dilutive for the three-months ended October 31, 2013; and their potential 4,500,000 common shares were excluded from the calculation of the diluted net income per share for that three-month period. All CEO Options outstanding at October 31, 2013 were anti-dilutive for the nine months ended October 31, 2013, and their potential 6,000,000 common shares were excluded from the calculation of diluted net income per share for the period. These CEO stock options could be potentially dilutive in future periods. | |||||||||||||
Notes_Payable_And_Credit_Facil
Notes Payable And Credit Facilities | 9 Months Ended | ||||||
Oct. 31, 2013 | |||||||
Notes Payable And Credit Facilities [Abstract] | ' | ||||||
Notes Payable And Credit Facilities | ' | ||||||
9. Notes Payable and Credit Facilities | |||||||
As of the dates indicated in the table below, the Company’s debt consisted of the following (in thousands): | |||||||
31-Oct-13 | 31-Jan-13 | ||||||
TUSA Credit Facility | $ | 151,000 | $ | 25,000 | |||
5% Convertible Note | 127,694 | 123,023 | |||||
RockPile Credit Facility | 13,620 | - | |||||
RockPile Notes Payable | 6,640 | - | |||||
Total debt | 298,954 | 148,023 | |||||
Less: Current portion | -12,711 | - | |||||
Total debt, net of current portion | $ | 286,243 | $ | 148,023 | |||
The weighted average effective interest rates of the loans were 3.7% at October 31, 2013 and 4.6% at January 31, 2013. | |||||||
TUSA Credit Facility | |||||||
On October 16, 2013, TUSA entered into Amendment No. 2 to Amended and Restated Credit Agreement and Master Assignment with Wells Fargo Bank, National Association, as administrative agent and issuing lender, and the other lenders named therein, as lenders. The Amendment No. 2 amends that certain Amended and Restated Credit Agreement (the “A&R Credit Agreement”), dated April 11, 2013, as amended by that certain Amendment No. 1 to Amended and Restated Credit Agreement and Master Assignment, dated July 30, 2013 (the “Amended A&R Credit Agreement”), to (i) increase the borrowing base under the Amended A&R Credit Agreement from $165.0 million to $275.0 million, (ii) add JPMorgan Chase Bank, N.A., KeyBank National Association, and IBERIABANK as new lenders under the facility, (iii) extend the maturity date to October 16, 2018, and (iv) decrease the applicable margins for ABR and eurodollar advances by 0.25% at all utilization levels. Further, the existing lenders assigned a portion of their lending commitments to the three new lenders. The amendments in Amendment No. 1 remaining in force were (i) permits TUSA to hedge up to 85% of the anticipated production of (x) oil, (y) gas, and (z) natural gas liquid volumes, respectively, attributable to TUSA’s total proved reserves, and (ii) make revisions enabling TUSA to enter into a second lien credit facility at a future date. As of October 31, 2013, TUSA, as borrower, had borrowings of $151.0 million outstanding under the TUSA Credit Facility. | |||||||
The borrowing base under the TUSA Credit Facility is subject to redetermination by the beginning of February 2014 and May 2014, and thereafter on a semi-annual basis by the beginning of each May and November. In addition, TUSA has the option to request one unscheduled interim redetermination prior to May 1, 2014 during any calendar year and two additional redeterminations after May 1, 2014 during any calendar year. With a five-year term, all borrowings under the TUSA Credit Facility mature on April 11, 2018. | |||||||
The Credit Facility contains representations, warranties and covenants that are customary for similar credit arrangements, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws and (iv) notification of certain events. The Credit Facility also contains various covenants and restrictive provisions which may, among other things, limit TUSA’s ability to sell assets, incur additional indebtedness, make investments or loans and create liens. | |||||||
The Credit Facility contains financial covenants requiring TUSA to comply with the following: (i) TUSA must maintain a ratio of consolidated current assets (as defined in the Credit Facility) to consolidated current liabilities (as defined in the Credit Facility) of at least 1.0 to 1.0; and (ii) the ratio of TUSA’s consolidated debt to consolidated EBITDAX (determined as of the end of each fiscal quarter for the then most-recently ended four fiscal quarters) may not be greater than 4.0 to 1.0. As of October 31, 2013, TUSA was in compliance with all financial covenants under the Credit Facility. | |||||||
Convertible Note | |||||||
On July 31, 2012, the Company sold to NGP a $120 million Convertible Note (the “Convertible Note”) that became convertible after November 16, 2012 into Company common stock at a conversion rate of one share per $8.00 of note principal (see Note 12 – Long-Term Debt in our audited financial statements included in our Fiscal 2013 Form 10-K). | |||||||
The Convertible Note accrues interest at a rate of 5.0% per annum, compounded quarterly, on each December 31, March 31, June 30 and September 30, and on the date of any redemption, conversion or exchange of the Convertible Note. Such interest will be paid-in-kind by adding to the principal balance of the Convertible Note; provided that, after July 31, 2017, the Company has the option to make such interest payments in cash. As of October 31, 2013, $7.7 million of accrued interest has been added to the principal balance of the Convertible Note. | |||||||
RockPile Credit Facility | |||||||
On February 25, 2013, RockPile entered into a Credit and Security Agreement (the “RockPile Credit Agreement”) between RockPile, as borrower, and Wells Fargo Bank, National Association, as lender (the “Lender”). The RockPile Credit Agreement provides for a maximum borrowing of $20.0 million. Borrowings under the RockPile Credit Agreement are available to: (i) provide for the working capital and general corporate requirements of RockPile, (ii) purchase equipment, (iii) pay any fees and expenses in connection with the RockPile Credit Agreement, and (iv) support letters of credit. The maturity date of the RockPile Credit Agreement is February 25, 2016, unless sooner terminated as provided in the RockPile Credit Agreement. The RockPile Credit Agreement has three components: | |||||||
i) | Equipment Term Loan: The equipment term loan had a maximum borrowing of $9.8 million at October 31, 2013. The loan bears interest at the daily three month LIBOR plus 4.50%. Payments on this loan are monthly principal payments of $0.4 million plus monthly accrued and unpaid interest. At October 31, 2013, $9.8 million was outstanding, the interest rate was 4.75% and accrued and unpaid interest was $0.04 million. | ||||||
On November 18, 2013, the RockPile Credit Agreement was amended increasing the maximum borrowing limit to $17.3 million and the monthly principal payment to $0.6 million. All other terms of the original agreement remained in force. | |||||||
ii) | Discretionary Capex Term Loan: The discretionary capex term loan has a maximum borrowing of $2.0 million. This loan bears interest at the daily three month LIBOR plus 4.50%. Payments on this loan are interest only until January 2014 at which time monthly principal payments of $0.07 million plus accrued and unpaid interest will be due. At October 31, 2013, the full $2.0 million was outstanding, the interest rate was 4.75% and accrued and unpaid interest was de minimis. | ||||||
iii) | Revolving Loan: The revolving loan has a maximum borrowing of $7.5 million. RockPile can draw down on this facility from time to time in amounts not to exceed the maximum borrowing or an amount supported by a borrowing base certificate, whichever is less. This loan bears interest at the daily three month LIBOR plus 4.00%. Amounts outstanding under this loan may be repaid and reborrowed at any time. At October 31, 2013, $1.8 million was outstanding, the interest rate was 4.25% and accrued interest was de minimis. | ||||||
At October 31, 2013, there were no letters of credit outstanding. | |||||||
The borrowings under the RockPile Credit Agreement are also guaranteed by Triangle and each subsidiary of RockPile, provided that the Lender will consider releasing the guaranty of Triangle upon receipt and review of RockPile’s audited financial statements for the fiscal year ending January 31, 2014. If the Lender chooses not to release Triangle’s guaranty within 30 days following receipt of RockPile’s audited financial statements for the fiscal year ending January 31, 2014, RockPile will have no obligation to pay a termination fee should it opt to refinance with another lender or otherwise prepay and terminate the RockPile Credit Agreement. Borrowings under the RockPile Credit Agreement are secured by certain of RockPile’s assets, including all of its equipment and other personal property of RockPile but excluding any owned real property. In addition, RockPile’s subsidiary guarantors pledged certain of their assets to secure their obligations under the guaranty. | |||||||
The RockPile Credit Agreement contains standard representations, warranties and covenants for a transaction of its nature, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws, and (iv) notification of certain events. The RockPile Credit Agreement also contains various covenants and restrictive provisions which may, among other things, limit RockPile’s ability to sell assets, incur additional indebtedness, make investments or loans, and create liens. As of October 31, 2013, RockPile was in compliance with all financial covenants under the Credit Facility. | |||||||
Upon an event of default under the RockPile Credit Agreement, the Lender may terminate the commitments under the RockPile Credit Agreement and declare all amounts owing under the RockPile Credit Agreement to be due and payable. In addition, upon an event of default under the RockPile Credit Agreement, the Lender is empowered to exercise all rights and remedies of a secured party and foreclose upon the collateral securing the RockPile Credit Agreement, in addition to all other rights and remedies under the security documents described in the RockPile Credit Agreement. | |||||||
RockPile Notes Payable to Dacotah Bank | |||||||
On February 15, 2013, Bakken Real Estate Development, LLC, a wholly-owned subsidiary of RockPile, entered into two loan agreements with Dacotah Bank in the amounts of $2.6 million for construction financing of its residential units in Dickinson, North Dakota and $3.3 million for construction financing of its administrative and maintenance facility in Dickinson, North Dakota. The loans have a fixed interest rate of 4.75% and a maturity date of December 31, 2013. Payments on the loans are interest only until maturity and the full principal balance is due on December 31, 2013. The construction mortgages are guaranteed by Triangle. At October 31, 2013, both loans were fully drawn and accrued and unpaid interest was de minimis. | |||||||
RockPile Notes Payable to Sellers of Team Well Services | |||||||
On October 16, 2013, RockPile issued two identical unsecured subordinated promissory notes to the sellers of Team Well Services. The notes each have a face value of $0.5 million and bear interest at a fixed rate of 1%. The loans have a maturity date of October 16, 2016, at which time the principal and accrued interest is due and payable. The aggregate carrying value of the loans at October 31, 2013 was $0.8 million. Over the term of the loans, the discount will be accreted on a monthly basis by increasing the carrying value of both notes and recording interest expense. | |||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
10. Derivative Instruments | ||||||||||||
Commodity Derivative Instruments | ||||||||||||
Through TUSA, the Company has entered into commodity derivative instruments, as described below. The Company has utilized costless collars and single-day puts to reduce the effect of price changes on a portion of our future oil production. A collar requires us to pay the counterparty if the settlement price is above the ceiling price and requires the counterparty to pay us if the settlement price is below the floor price. The objective of the Company's use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage its exposure to commodity price risk. While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit the Company's ability to benefit from favorable price movements. The Company may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts, or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company's existing positions. The Company does not enter into derivative contracts for speculative purposes. | ||||||||||||
The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts. The Company's derivative contracts are currently with three counterparties. The Company has netting arrangements with the counterparties that provide for the offset of payables against receivables from separate derivative arrangements with the same underlier with the counterparties in the event of contract termination. The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement. | ||||||||||||
The Company's commodity derivative instruments are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The Company has not designated any of its derivative contracts as fair value or cash flow hedges. Therefore, the Company does not apply hedge accounting to its commodity derivative instruments. Net gains and losses on derivative activities are recorded based on the changes in the fair values of the derivative instruments. Net gains and losses on derivative activities are recorded in the gain (loss) from derivative activities line on the condensed consolidated statements of operations and comprehensive income (loss). The Company’s cash flow is only impacted when the actual settlements under the commodity derivative contracts result in making or receiving a payment to or from the counterparty. These settlements under the commodity derivative contracts are reflected as operating activities in the Company’s condensed consolidated statements of cash flows. | ||||||||||||
The Company's valuation estimate takes into consideration the counterparties' credit worthiness, the Company's credit worthiness, and the time value of money. The consideration of the factors results in an estimated exit-price for each derivative asset or liability under a market place participant's view. Management believes that this approach provides a reasonable, non-biased, verifiable, and consistent methodology for valuing commodity derivative instruments. | ||||||||||||
The Company's commodity derivative contracts as of October 31, 2013 are summarized below: | ||||||||||||
Collars | Basis (1) | Quantity (Bbl/d) | Put Strike | Call Strike | ||||||||
May 1, 2013 - December 31, 2013 | NYMEX | 3,500 | $85.00 - $97.00 | $100.00 - $110.30 | ||||||||
November 1, 2013 - December 31, 2013 | NYMEX | 1,000 | $92.00 | $106.85 | ||||||||
January 1, 2014 - March 31, 2014 | NYMEX | 250 | $85.00 | $98.75 | ||||||||
January 1, 2014 - June 30, 2014 | NYMEX | 750 | $85.00 - $87.00 | $100.80 - $101.00 | ||||||||
April 1, 2014 - June 30, 2014 | NYMEX | 150 | $84.25 | $100.00 | ||||||||
January 1, 2014 - December 31, 2014 | NYMEX | 2,750 | $80.00 - $91.25 | $98.00 - $101.20 | ||||||||
July 1, 2014 - December 31, 2014 | NYMEX | 500 | $83.50 | $100.00 | ||||||||
January 1, 2015 - December 31, 2015 | NYMEX | 1,500 | $80.00 | $94.50 - $96.65 | ||||||||
Puts | Basis (1) | Quantity (Bbl) | Average Strike Price ($/Bbl) | |||||||||
Expiring on December 16, 2013 | NYMEX | 500,000 | $75.00 | |||||||||
-1 | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. | |||||||||||
The following tables detail the fair value of the derivatives recorded in the applicable condensed consolidated balance sheet, by category (in thousands): | ||||||||||||
As of October 31, 2013 | ||||||||||||
Derivative Instrument | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | ||||||||
Crude oil derivative contract | Current liabilities | $ | -2,019 | $ | 1,677 | $ | -342 | |||||
Crude oil derivative contract | Non-current assets | $ | 2,824 | $ | -2,456 | $ | 368 | |||||
Equity investment derivatives | Non-current assets | $ | 35,832 | $ | - | $ | 35,832 | |||||
As of January 31, 2013 | ||||||||||||
Derivative Instrument | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | ||||||||
Crude oil derivative contract | Current assets | $ | 1,305 | $ | -702 | $ | 603 | |||||
Crude oil derivative contract | Long-term liabilities | $ | -292 | $ | - | $ | -292 | |||||
In regards to our commodity derivatives, the Company recorded a gain of $2.1 million for the three months ended October 31, 2013 and a loss on derivative activities of $1.1 million for the nine months ended October 31, 2013. The Company recorded a net income on derivative activities of $1.4 million for the three and nine months ended October 31, 2012. In regards to our equity investment derivatives, we recorded a gain of $35.8 million and $0 for the three and nine months ended October 31, 2013 and 2012, respectively. | ||||||||||||
Equity Investment Derivatives | ||||||||||||
Class A Trigger Units | ||||||||||||
On October 1, 2012, we acquired from Caliber 4,000,000 Class A Trigger Units. The Class A Trigger Units convert into 4,000,000 Class A Units upon either of the following: (i) 162 producing wells being connected to the Caliber system, or (ii) Caliber revenues attributable to third party volumes equaling 50% of projected distributable cash flow for six consecutive quarters or eight non-consecutive quarters in the aggregate. The Caliber GP Board also has the ability to cause conversion at its discretion. On September 12, 2013, Caliber GP’s Board voted to remove the performance conditions and determined that the Class A Trigger Units should convert into Class A Units at the earlier of the commissioning of the Alexander gas processing facility or June 30, 2014. At the initial issuance of the Class A Trigger Units in October 2012, the fair value of the Class A Trigger Units was immaterial to the Company. Upon removal of the performance conditions in September 2013, the Company measured the fair value of the Class A Trigger Units to recognize the associated gain in equity investment derivatives. The Company determined that the Class A Trigger Units are equity investment derivatives and should be measured at fair value. Accordingly, the Class A Trigger Units are included in the accompanying balance sheets in equity investments with any gain or loss reflected in the accompanying statement of operations in gain on equity investment derivatives. The fair value of the Class A Trigger Units was estimated using a modified market approach. Under this method, we measured the value of the underlying security, less the present value of any distributions paid to the underlying security but not to the Class A Trigger Units, multiplied by the probability that the performance obligations would be satisfied such that the Class A Trigger Units would convert to Class A Units. The fair value of the underlying Class A Units was estimated to be at $10.00 each based on the cash investment price paid by FREIF on October 1, 2012 and September 12, 2013. Management forecast the distributions to the Class A Units over the expected life of the Class A Trigger Units. These amounts were discounted to present-value using a weighted average cost of capital that ranged from 10.3 percent to 11.6 percent. The probability of converting to Class A Units was estimated at 5.0 percent from October 1, 2012 through July 31, 2013, and 100.0 percent from September 12, 2013 and thereafter. | ||||||||||||
Class A Trigger Unit Warrants | ||||||||||||
On October 1, 2012, we acquired from Caliber 1,600,000 Class A Trigger Unit Warrants. The Class A Trigger Unit Warrants expire on October 1, 2024 and have an initial exercise price of $14.69. The exercise price will be reduced by all distributions paid to the underlying Class A Units, subject to a floor exercise price of $5.00 per warrant. The Company determined that the Class A Trigger Unit Warrants are equity investment derivatives and should be measured at fair value. Accordingly, they are included in the accompanying balance sheets in equity investments, with any gain or loss reflected in the accompanying statement of operations in gain on equity investment derivatives. The fair value of the Class A Trigger Unit Warrants was estimated using a Black-Scholes options pricing model. The value of the underlying Class A Trigger Units was valued based on the method discussed above in ‘‘—Class A Trigger Units’’. The expected term of the warrants was estimated as the earlier of (a) the contractual life of 12 years, and (b) the point at which the exercise price would be reduced to $5.00 per warrant (at which point it would be advantageous to exercise early to capture future distributions on the Class A Units). Expected volatility of 25.0 percent was selected based on a review of 10-year historical volatilities for publicly-traded comparable companies. The risk-free interest rates over the expected warrant terms ranged from 0.5 percent to 1.2 percent based the U.S. Treasury yield curve in effect at each valuation date. The dividend yields were based on the expected distributions to be paid to the underlying Class A Units over the expected term of the warrants. | ||||||||||||
Class A Warrants (Series 1 through Series 4) | ||||||||||||
On October 1, 2012, we acquired from Caliber 4,000,000 Class A Unit Warrants (Series 1) with an initial exercise price of $14.69 and 2,400,000 Class A Unit Warrants (Series 2) with an initial exercise price $24.00. Both the Series 1 and Series 2 warrants expire on October 1, 2024. On September 12, 2013, we acquired from Caliber 3,000,000 Class A Unit Warrants (Series 3), with an initial exercise price of $24.00, and 2,000,000 Class A Unit Warrants (Series 4), with an initial exercise price $30.00. Both the Series 3 and Series 4 warrants expire on September 12, 2025. The exercise prices for each series will be reduced by all distributions paid to the underlying Class A Units, subject to a floor exercise price of $5.00 per warrant. | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
11. Fair Value Measurements | |||||||||||||
The FASB’s ASC 820 Fair Value Measurement and Disclosure, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | |||||||||||||
· | Level 1: Quoted prices are available in active markets for identical assets or liabilities; | ||||||||||||
· | Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; and | ||||||||||||
· | Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations. | ||||||||||||
The financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. There were no significant assets or liabilities that were measured at fair value on a non-recurring basis in periods after initial recognition. | |||||||||||||
The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of October 31, 2013 by level within the fair value hierarchy (in thousands): | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Derivative assets | $ | - | $ | 368 | $ | 35,832 | $ | 36,200 | |||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | - | $ | -342 | $ | - | $ | -342 | |||||
Earn-out liability | $ | - | $ | -1,499 | $ | - | $ | -1,499 | |||||
Note payable | $ | - | $ | -764 | $ | - | $ | -764 | |||||
Commodity Derivative Instruments | |||||||||||||
The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third parties, the credit rating of each counterparty, and the Company's own credit rating. In consideration of counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. The Company considers its counterparty to be of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. At October 31, 2013, derivative instruments utilized by the Company consist of both costless collars and single-day puts. The crude oil derivative markets are highly active. Although the Company's derivative instruments are valued using public indices, the instruments themselves are traded with third-party counterparties and are not openly traded on an exchange. As such, the Company has classified these instruments as Level 2. | |||||||||||||
Caliber Trigger Units and Warrants | |||||||||||||
The Company determines its estimate of the fair value of Caliber Trigger Units and Warrants using a modified market approach and a Black-Scholes options pricing model, respectively. The associated assumptions for the Black-Scholes model are based on several factors, including 10-year historical volatilities for publicly-traded comparable companies, risk-free interest rates over the expected warrant term and dividend yields based on expected distributions. At October 31, 2013, the Caliber Trigger Units and Warrants are valued using valuation factors that are generally less observable from objective sources. As such, the Company has classified these instruments as Level 3. See Note 10—Derivative Instruments for further discussion. | |||||||||||||
Earn-out Liability | |||||||||||||
The Company determined the estimated fair value of the earn-out liability using a market approach based on information derived from an analysis performed for RockPile by an independent third-party. This analysis used publicly available information from market participants in the same industry, generally accepted methods for estimating an investor’s return requirements, and quoted market prices in active markets. As such, the earn-out liability has been classified as Level 2. | |||||||||||||
Note Payable | |||||||||||||
The Company determined the estimated fair value of the note payable using a market approach based on several factors, including quoted market rates in active markets, and RockPile’s current cost of funds. As such, the note payable has been classified as Level 2. | |||||||||||||
Convertible Note | |||||||||||||
The Convertible Note (carried at $127.7 million at October 31, 2013) has an estimated fair value at October 31, 2013 of $207.9 million, based on discounted cash flow analysis and option pricing (Level 3). The increase in fair value from January 31, 2013 is largely due to an increase in option value for Triangle common stock's closing price being $10.57 per share at October 31, 2013 compared with $6.29 per share at January 31, 2013. | |||||||||||||
The following table presents the rollforward of the Company’s Level 3 financial assets and liabilities fair value (in thousands): | |||||||||||||
(in thousands) | Convertible Notes | Class A | Warrants (1) | ||||||||||
Triggering Units | (Restated) | ||||||||||||
(Restated) | |||||||||||||
Beginning balance, February 1, 2012 | $ | - | $ | - | $ | - | |||||||
Sale of Convertible Notes | -120,000 | - | - | ||||||||||
Interest paid in-kind | -3,023 | - | - | ||||||||||
Net unrecognized gain (loss) | -9,877 | - | - | ||||||||||
Ending balance, January 31, 2013 | $ | -132,900 | $ | - | $ | - | |||||||
Net unrecognized gain (loss) | -70,345 | - | - | ||||||||||
Net unrealized gain (loss) | - | 34,019 | 1,813 | ||||||||||
Interest paid in-kind | -4,671 | - | - | ||||||||||
Ending balance, October 31, 2013 | $ | -207,916 | - | $ | 34,019 | - | $ | 1,813 | |||||
(1) Includes Class A Triggering Units, and Series 1 and Series 2 Warrants. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Oct. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
12. Commitments and Contingencies | |
As of October 31, 2013, there were no known environmental or other regulatory matters related to the Company’s operations that were reasonably expected to result in a material liability other than asset retirement obligations which are reflected on the balance sheet. Non-compliance with environmental laws and regulations has not had, and is not expected to have, a material adverse effect on the Company’s financial position, results of operations or cash flows. | |
On September 12, 2013, TUSA and Caliber North Dakota LLC (“Caliber North Dakota”) amended and restated two midstream services agreements, which the parties originally entered into on October 1, 2012. Caliber North Dakota is a wholly-owned subsidiary of Caliber in which Triangle has a 30% ownership. The two original midstream services agreements were as follows: (a) an agreement for crude oil gathering, stabilization, treating and redelivery, and (b) an agreement for (i) natural gas compression, gathering, dehydration, processing and redelivery; (ii) produced water transportation and disposal services; and (iii) fresh water transportation for TUSA’s oil and natural gas drilling and production operations. The two agreements were revised to include an additional acreage dedication from TUSA to Caliber North Dakota and an increased firm volume commitment by Caliber North Dakota for each service line. The revenue commitment language included in the original midstream services agreements was removed and replaced by a stand-alone agreement. | |
Under the new revenue commitment agreement, TUSA maintained the commitment included in the original midstream services agreement to deliver minimum monthly revenues derived from the fees paid by TUSA to Caliber North Dakota for volumes of oil, natural gas, produced water, and fresh water for a primary term of 15 years beginning on the in-service date of the Caliber North Dakota facilities (the date that the Caliber North Dakota central facility has been substantially completed and has commenced commercial operation – estimated to occur in the fourth quarter of fiscal year 2014) and added a commitment to deliver additional minimum monthly revenues derived from the fees paid by TUSA to Caliber North Dakota related to the increased acreage dedication and increased firm volume commitment. The additional minimum monthly revenue commitment will commence on the in-service date of the incremental Caliber North Dakota facilities (estimated to occur in the second quarter of fiscal year 2015). The minimum commitment over the term of the agreements is $405 million. | |
On September 12, 2013, TUSA and Caliber Measurement Services LLC (“Caliber Measurement”) entered into a gathering services agreement, pursuant to which Caliber North Dakota will provide measurement services necessary for gathering to TUSA. | |
For the nine months ended October 31, 2013, Caliber North Dakota had $10.8 million of revenue, $10.4 of which was from TUSA, mainly comprised of fresh water and water disposal revenues as well as well connect fees. (See Note 6 – Equity Investment). | |
As of October 31, 2013 the Company was subject to commitments on three drilling rig contracts. The contracts expire between April 2014 and February 2015. In the event of early termination of the contracts, the Company would be obligated to pay an aggregate amount of approximately $15.6 million as of October 31, 2013 as required under the terms of the contracts. | |
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 9 Months Ended | ||||||
Oct. 31, 2013 | |||||||
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ||||||
Supplemental Disclosures of Cash Flow Information | ' | ||||||
13. Supplemental Disclosures of Cash Flow Information | |||||||
For the Nine Months Ended | |||||||
October 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Cash paid during the period for: | |||||||
Interest expense | $ | 2,260 | $ | 13 | |||
Non-cash investing activities: | |||||||
Additions (reductions) to oil and natural gas properties through: | |||||||
Increased (decreased) accrued liabilities and decreased prepaid well costs | $ | 28,874 | $ | 24,301 | |||
Issuance of common stock | $ | 2,435 | $ | 1,912 | |||
Change in asset retirement obligations | $ | 608 | $ | 310 | |||
Capitalized interest | $ | 1,193 | $ | - | |||
Acquisition of pressure pumping and related services equipment through notes payable and liabilities | 2,262 | $ | - | ||||
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
14. Income Taxes | |
The effective tax rate for the nine months ended October 31, 2013, was 9.2%, which differs from the statutory income tax rate due to permanent book to tax differences and the net decrease in valuation allowance. Neither a tax expense nor a tax benefit was recognized for the nine months ended October 31, 2012. | |
As of January 31, 2013, the Company had a deferred tax asset of $0, net of the valuation allowance of $35.0 million. As of that date and until the second quarter of fiscal year 2013, which ended on July 31, 2013, a full valuation allowance had been provided against deferred tax assets, as it was more likely than not that the Company’s net deferred tax asset would not be realized in the foreseeable future due to cumulative book loss. Consequently, the Company was unable to recognize any income tax benefit in such prior periods. However, the Company has, as of October 31, 2013, reported positive income for three consecutive quarters and its most recent 36 month cumulative book earnings are approximately $31.3 million of income. Accordingly, the Company released a portion of the valuation allowance related to the US deferred tax asset of approximately $21.4 million. The analysis of the partial valuation allowance release was in accordance with accounting standards for interim period reporting. The remaining $5.3 million in valuation allowance is expected to be released during the quarter ending January 31, 2014. A net deferred tax liability of $6.0 million was booked as of October 31, 2013. | |
As of the quarter ended October 31, 2013, the Company had no unrecognized tax benefits (or associated ASC 740-10-25 liabilities) for ASC 740-10-25 purposes. The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company's ASC 740-10-25 position during the third quarter of 2013. Given the substantial net operating loss carry forwards at both the federal and state levels, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, as any such adjustments would very likely adjust only net operating loss carry forwards. | |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||||||||
Oct. 31, 2013 | ||||||||||
Asset Retirement Obligations [Abstract] | ' | |||||||||
Asset Retirement Obligations | ' | |||||||||
15. Asset Retirement Obligations | ||||||||||
The following tables reflect the change in asset retirement obligations for the three and nine month periods ended October 31, 2013 (in thousands): | ||||||||||
For the Three Months Ended | ||||||||||
31-Oct-13 | ||||||||||
USA | Canada | Total | ||||||||
Balance, July 31, 2013 | $ | 1,951 | $ | 1,096 | $ | 3,047 | ||||
Liabilities incurred | 524 | - | 524 | |||||||
Revision of estimates | - | 962 | 962 | |||||||
Sale of assets | -7 | - | -7 | |||||||
Liabilities settled | - | - | - | |||||||
Accretion | 20 | - | 20 | |||||||
Balance, October 31, 2013 | 2,488 | 2,058 | 4,546 | |||||||
Less current portion of obligations | -500 | -1,965 | -2,465 | |||||||
Long-term asset retirement obligations | $ | 1,988 | $ | 93 | $ | 2,081 | ||||
For the Nine Months Ended | ||||||||||
31-Oct-13 | ||||||||||
USA | Canada | Total | ||||||||
Balance, January 31, 2013 | $ | 1,974 | $ | 1,448 | $ | 3,422 | ||||
Liabilities incurred | 814 | - | 814 | |||||||
Revision of estimates | -188 | 962 | 774 | |||||||
Sale of assets | -17 | - | -17 | |||||||
Liabilities settled | -132 | -352 | -484 | |||||||
Accretion | 37 | - | 37 | |||||||
Balance, October 31, 2013 | 2,488 | 2,058 | 4,546 | |||||||
Less current portion of obligations | -500 | -1,965 | -2,465 | |||||||
Long-term asset retirement obligations | $ | 1,988 | $ | 93 | $ | 2,081 | ||||
Internal engineering re-assessment of Canadian asset retirement obligations resulted in a $1.0 million increase in the asset retirement obligations (“ARO”) as of October 31, 2013. Since our Canadian oil and natural gas properties were fully impaired, the ARO revision was expensed and included in Accretion and asset retirement obligation expense as asset retirement obligation expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three-month period and nine-month period ended October 31, 2013. | ||||||||||
The $2.5 million current liability at October 31, 2013 consists of (a) an estimated $2.0 million for reclamation of man-made “ponds” holding produced formation water and the plugging and abandonment of well bores in the Maritimes Basin of Canada, and (b) $0.5 million for the estimated remaining costs to plug and abandon several producing (but marginally economic) vertical wells drilled years ago on North Dakota leases we acquired in the second half of fiscal year 2013. These North Dakota leases are held by production. We intend to drill, complete and produce horizontal wells on the leases in fiscal year 2014 or early fiscal year 2015, allowing us to plug and abandon the marginally economic vertical wells and still hold the leases by production. | ||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
16. Related Party Transactions | |
On September 12, 2013, TUSA and Caliber North Dakota amended and restated two midstream services agreements, which the parties originally entered into on October 1, 2012. Caliber North Dakota is a wholly-owned subsidiary of Caliber Midstream Partners, L.P., in which Triangle has a 30% ownership. The two original midstream services agreements were as follows: (a) an agreement for crude oil gathering, stabilization, treating and redelivery, and (b) an agreement for (i) natural gas compression, gathering, dehydration, processing and redelivery; (ii) produced water transportation and disposal services; and (iii) fresh water transportation for TUSA’s oil and natural gas drilling and production operations. The two agreements were revised to include an additional acreage dedication from TUSA to Caliber North Dakota and an increased firm volume commitment by Caliber North Dakota for each service line. The revenue commitment language included in the original midstream services agreements was removed and replaced by a stand-alone agreement. | |
Under the new revenue commitment agreement, TUSA maintained the commitment included in the original midstream services agreement to deliver minimum monthly revenues derived from the fees paid by TUSA to Caliber North Dakota for volumes of oil, natural gas, produced water, and fresh water for a primary term of 15 years beginning on the in-service date of the Caliber North Dakota facilities (the date that the Caliber North Dakota central facility has been substantially completed and has commenced commercial operation – estimated to occur in the fourth quarter of fiscal year 2014) and added a commitment to deliver additional minimum monthly revenues derived from the fees paid by TUSA to Caliber North Dakota related to the increased acreage dedication and increased firm volume commitment. The additional minimum monthly revenue commitment will commence on the in-service date of the incremental Caliber North Dakota facilities (estimated to occur in the second quarter of fiscal year 2015). The minimum commitment over the term of the agreements is $405 million. | |
On September 12, 2013, TUSA and Caliber Measurement entered into a gathering services agreement, pursuant to which Caliber Measurement will provide measurement services necessary for gathering to TUSA. Caliber Measurement also purchased Lease Automatic Custody Transfer (“LACT”) units from TUSA for $2.5 million, which is included in the balance of related party receivables in the accompanying condensed consolidated balance sheet. | |
For the nine months ended October 31, 2013, Caliber North Dakota, LLC had $10.8 million of revenue, $10.4 of which is from TUSA, mainly comprised of fresh water and water disposal revenues as well as well connect fees. See Note 6 – Equity Investment. | |
For the three and nine month periods ended October 31, 2013, Triangle received $0.3 million and $0.9 million, respectively, from Caliber for administrative services supplemental to those provided by Caliber employees and pursuant to the October 1, 2012 Services Agreement between Triangle and Caliber. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
17. Subsequent Events | |
Amendment to RockPile Credit Facility | |
On November 18, 2013, the RockPile Credit Agreement was amended to increase the amount available under the equipment term loan by $7.5 million and increasing the monthly principal payments to $0.6 million. Following the amendment, the total amount available under the equipment term loan was $17.3 million. All other terms and conditions of the RockPile Credit Agreement and the related loan documents remain in full force and effect. | |
Amendment to Certificate of Incorporation | |
On December 4, 2013, the Company filed with the Delaware Secretary of State a Certificate of Amendment to the Certificate of Incorporation of Triangle Petroleum Corporation (the “Certificate of Amendment”). The Certificate of Amendment amended the Company’s Certificate of Incorporation to authorize 40,000,000 shares of preferred stock, par value $0.00001 per share. The Certificate of Amendment was effective upon filing. | |
Hauck Apartments Mortgage | |
On November 20, 2013, RockPile closed on the purchase of a 12 unit apartment building in Dickinson, ND for a total purchase price of $1.8 million. The purchase was funded by cash on hand and a mortgage from Dacotah Bank in the amount of $1.5 million. The mortgage has a term of 15 years and bears interest at a variable rate equal to the Federal Home Loan Bank of Des Moines Five-Year Fixed-Rate Advance rate plus 2.70%. At the inception of the mortgage, the interest rate was 4.75%. | |
Significant_Changes_In_Proved_
Significant Changes In Proved Oil And Natural Gas Reserves | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves | ' | ||||||||||||
18. Significant Changes in Proved Oil and Natural Gas Reserves | |||||||||||||
Our proved oil and natural gas reserves at October 31, 2013 significantly increased from our proved oil and natural gas reserves at January 31, 2013. Our proved reserves are in the Bakken or Three Forks formations in the North Dakota counties of McKenzie, Williams or Dunn. | |||||||||||||
The reserve estimates presented below (expressed in thousands of barrels of oil (“MBbls”), millions of cubic feet of natural gas (“MMcf”) and thousands of barrels of oil equivalent (“MBoe”)) were made in accordance with oil and natural gas reserve estimation and disclosure authoritative accounting guidance issued by the FASB effective for reporting periods ending on or after December 31, 2009. This guidance was issued to align the accounting oil and natural gas reserve estimation and disclosure requirements with the requirements in the SEC’s “Modernization of Oil and Gas Reporting” rule, which was also effective for annual reports for fiscal years ending on or after December 31, 2009. | |||||||||||||
The reserve estimates at October 31, 2013 were estimated by our in-house senior reservoir engineer, who has been a Registered Professional Engineer in Colorado since 1984 and has over 30 years’ experience as a petroleum engineer. Our reserve estimate at January 31, 2013 was audited by Cawley, Gillespie & Associates, Inc., an independent petroleum engineering firm. Proved reserves are the estimated quantities of oil and natural gas, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined, and the price to be used is the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period. For the purposes of preparing the proved reserves presented below, such average pricing was $89.81 per barrel of oil and $5.77 per Mcf of natural gas for the reserves presented as of October 31, 2013. For the reserves presented as of January 31, 2013, such average pricing was $84.76 per barrel of oil and $5.23 per Mcf of natural gas. | |||||||||||||
% of | 31-Oct-13 | January 31, | |||||||||||
Reserves | Oil | Gas | 2013 | % | |||||||||
Reserve Category | (Mboe) | (MBbls) | (MMcf) | Mboe | Mboe | Change | |||||||
Proved Developed | 46% | 12,762 | 12,964 | 14,923 | 5,969 | 150% | |||||||
Proved Undeveloped | 54% | 15,039 | 15,404 | 17,606 | 8,668 | 103% | |||||||
Total Proved | 100% | 27,801 | 28,368 | 32,529 | 14,637 | 122% | |||||||
The primary reason for the increases in proved reserves is the drilling and completion of wells in the first nine months of fiscal year 2014 in addition to acquisitions in the third quarter of fiscal 2014. Our net interest in producing wells increased 168% from 16.0 net wells at January 31, 2013 to 42.9 net wells at October 31, 2013, and our net interest in proved undeveloped locations increased 116% from 19.8 net future development wells at January 31, 2013 to 42.7 net future development wells at October 31, 2013. | |||||||||||||
Basis_Of_Presentation_And_Sign1
Basis Of Presentation And Significant Accounting Policies (Policy) | 9 Months Ended |
Oct. 31, 2013 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, including contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates of oil and natural gas reserve quantities provide the basis for the calculation of the amortization, and any impairment, of capitalized oil and natural gas property costs, each of which can represent a significant component of the condensed consolidated financial statements. Management estimated the proved reserves as of October 31, 2013 with consideration of (1) the proved reserve estimates for the prior fiscal year-end audited by independent engineering consultants and (2) any significant new discoveries and changes during the interim period in production, pricing, ownership, and other factors underlying reserve estimates. | |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
For descriptions of the Company’s significant accounting policies, see Note 3 – Summary of Significant Accounting Policies in our audited financial statements included in our Fiscal 2013 Form 10-K. | |
Amortization of oil and natural gas property costs is computed on a closed quarter basis, using the estimated proved reserves as of the end of the quarter. Amortization for the fiscal year is the sum of the four quarterly amortization amounts. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, commodity derivative instruments, equity investment derivatives, marketable securities and long-term debt. Triangle measures fair value in accordance with ASC Topic 820, Fair Value Measurement and Disclosure. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |
The carrying values of cash and cash equivalents, accounts receivable and accounts payable are representative of their fair values due to their short-term maturities. Commodity derivatives are recorded on the condensed consolidated balance sheets at amounts which approximate their fair value. The Company’s equity investment derivatives are included in equity investments and recorded at amounts which approximate their fair value on the condensed consolidated balance sheets. The carrying amounts of the Company’s credit facilities approximate fair value as they bear interest at variable rates over the term of the relevant loan. The Company’s 5% Convertible Promissory Note (the ‘‘Convertible Note’’) issued by the Company to NGP Triangle Holdings, LLC (‘‘NGP’’) on July 31, 2012, is recorded at cost and the fair value is disclosed in Note 11—Fair Value Measurements. Considerable judgment is required to develop estimates of fair value. The estimates provided are not necessarily indicative of the amounts the Company would realize upon the sale or refinancing of such instruments. | |
Derivative Instruments | |
Equity Investment Derivatives | ' |
Derivative Instruments | |
Equity Investment Derivatives | |
The Company holds equity investment derivatives (Class A Trigger Units, Class A Trigger Unit Warrants and Warrants (Series 1 through Series 4)) in Caliber. Our equity investment derivatives are measured at fair value and are included on the condensed consolidated balance sheets as equity investment. Net gains and losses on equity investment derivatives are recorded based on the changes in the fair values of the derivative instruments and included in our condensed consolidated statements of operations. | |
Business Combinations | ' |
Business Combinations | |
Business combinations are accounted for using the acquisition method. | |
The acquired identifiable net assets are measured at their fair values at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of the net assets acquired and their tax basis. Any excess of purchase price over the fair value of the net assets acquired is recognized as goodwill. Associated transaction costs are expensed when incurred. | |
Goodwill | ' |
Goodwill | |
Our goodwill represents consideration paid in excess of the fair value of the identifiable net assets acquired in a business combination. Our goodwill is resulting from the October 16, 2013 acquisition of Team Well Service, Inc. by RockPile and is preliminary (see Note 5 – Property and Equipment). We review goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit could be less than its carrying amount. | |
No goodwill impairments existed at October 31, 2013. The recorded goodwill is not associated with a specific valued intangible. Therefore, neither the goodwill nor any future goodwill impairment would be tax deductible under current federal income tax law. | |
Investment In Unconsolidated Entities | ' |
Investment in Unconsolidated Entities | |
The Company accounts for its investments in unconsolidated entities by the equity method. The Company's share of earnings (loss) in the unconsolidated entity is included in other income (loss) on the condensed consolidated statements of operations and comprehensive income (loss) (after elimination of intra-company profits and losses). The carrying value of the Company's investments in unconsolidated entities is recorded in the Equity Investment line of the Condensed Consolidated Balance Sheets. The Company records losses of the unconsolidated entities only to the extent of the Company's investment. | |
We evaluate our equity method investment for impairment when there are indicators of impairment. If indicators suggest impairment, we will perform an impairment test to assess whether an adjustment is necessary. The impairment test considers whether the fair value of our equity method investment has declined and if any such decline is other than temporary. If a decline in fair value is determined to be other than temporary, the investment's carrying value is written down to fair value. See discussion in Note 6 —Equity Investment. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued Accounting Standards Update 2011-11 (“ASU 2011-11”), Balance Sheet: Disclosures about Offsetting Assets and Liabilities, which required entities to disclose information about offsetting and related arrangements to enable financial statement users to understand the effect of such arrangements on the balance sheet. Entities are required to disclose both gross information and net information about financial instruments and derivative instruments that are either offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. In January 2013 the FASB issued ASU 2013-01, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of the offsetting disclosures and addresses any unintended consequences. Amendments to ASU 2011-11, as superseded by ASU 2013-01 is effective for reporting periods beginning after January 1, 2013 (including interim periods), and should be applied retrospectively for any period presented. The adoption of ASU 2013-01and ASU 2011-11 concerns presentation and disclosure only. | |
Other accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date, are not expected to have a material impact on the financial statements upon adoption. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total stockholders’ equity, net income, or net cash provided by or used in operating, investing or financing activities. | |
Investment In Marketable Securities | ' |
Investment in Marketable Securities | |
As of October 31, 2013, we had sold for $6.1 million, net of brokerage fees, all of the 851,315 shares of Emerald Oil Inc. (“Emerald”) common stock (NYSE MKT symbol “EOX”), originally recorded at $4.9 million when acquired in the January 9, 2013 sale of oil and natural gas leases to Emerald. We elected the fair value option for this investment in equity securities and therefore recorded the change in fair value during the period in the condensed consolidated statements of operations and comprehensive income (loss). We recorded a loss of $0.01 million and a gain of $1.0 million for the three and nine months ended October 31, 2013, respectively, which are included in other income (expense) on the condensed consolidated statements of operations and comprehensive income (loss) for the applicable period. Additionally, we recorded a gain of $0.2 million in January 2013. | |
Restatement_Tables
Restatement (Tables) | 9 Months Ended | ||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||
Restatement [Abstract] | ' | ||||||||||||||||||
Schedule Of Financial Statement Restatment | ' | ||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||
As of October 31, 2013 | |||||||||||||||||||
As | Adjustments | As Restated | |||||||||||||||||
(in thousands, except per share data) Selected Financial Statement Caption | Previously Reported | ||||||||||||||||||
Equity investment | $ | 22,395 | $ | 35,832 | $ | 58,227 | |||||||||||||
Total assets | 889,088 | 35,832 | 924,920 | ||||||||||||||||
Deferred tax liability | - | 5,969 | 5,969 | ||||||||||||||||
Total liabilities | 412,215 | 5,969 | 418,184 | ||||||||||||||||
Accumulated deficit | -92,651 | 29,863 | -62,788 | ||||||||||||||||
Total stockholders' equity | 476,873 | 29,863 | 506,736 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 889,088 | $ | 35,832 | $ | 924,920 | |||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
31-Oct-13 | 31-Oct-13 | ||||||||||||||||||
As | Adjustments | As Restated | As | Adjustments | As Restated | ||||||||||||||
(in thousands, except per share data) Selected Financial Statement Caption | Previously Reported | Previously Reported | |||||||||||||||||
Gain on equity investment derivative | $ | - | $ | 35,832 | $ | 35,832 | $ | - | $ | 35,832 | $ | 35,832 | |||||||
Total other income (expense) | 170 | 35,832 | 36,002 | -5,323 | 35,832 | 30,509 | |||||||||||||
Net income (loss) before income taxes | 17,358 | 35,832 | 53,190 | 29,369 | 35,832 | 65,201 | |||||||||||||
Income tax provision | - | -5,969 | -5,969 | - | -5,969 | -5,969 | |||||||||||||
Net income (loss) | 17,358 | 29,863 | 47,221 | 29,369 | 29,863 | 59,232 | |||||||||||||
Net income (loss) attributable to common stockholders | 17,358 | 29,863 | 47,221 | 29,369 | 29,863 | 59,232 | |||||||||||||
Net income (loss) per common share outstanding: | |||||||||||||||||||
Basic | $ | 0.22 | $ | 0.38 | $ | 0.60 | $ | 0.47 | $ | 0.47 | $ | 0.94 | |||||||
Diluted | $ | 0.20 | $ | 0.30 | $ | 0.50 | $ | 0.43 | $ | 0.35 | $ | 0.78 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Segment Reporting | ' | |||||||||||||||||||||||
For the Three Months Ended October 31, 2013 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 55,477 | $ | - | $ | - | $ | - | $ | 55,477 | ||||||||||||||
Pressure pumping and related services for third parties | - | 33,499 | - | -427 | 33,072 | |||||||||||||||||||
Intersegment revenues | - | 32,499 | - | -32,499 | - | |||||||||||||||||||
Other | - | - | 183 | -183 | - | |||||||||||||||||||
Total revenues | 55,477 | 65,998 | 183 | -33,109 | 88,549 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 10,604 | - | - | - | 10,604 | |||||||||||||||||||
Gathering, transportation and processing | 1,443 | - | - | - | 1,443 | |||||||||||||||||||
Depreciation and amortization | 16,829 | 2,635 | 165 | -1,020 | 18,609 | |||||||||||||||||||
Accretion and other asset retirement obligation expenses | 983 | - | - | - | 983 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 49,839 | - | -20,675 | 29,164 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 328 | 148 | 1,981 | - | 2,457 | |||||||||||||||||||
Other general and administrative | 2,346 | 3,150 | 2,605 | - | 8,101 | |||||||||||||||||||
Total operating expenses | 32,533 | 55,772 | 4,751 | -21,695 | 71,361 | |||||||||||||||||||
Income (loss) from operations | 22,944 | 10,226 | -4,568 | -11,414 | 17,188 | |||||||||||||||||||
Other income (expense), net | 1,527 | -242 | 35,101 | -384 | 36,002 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 24,471 | $ | 9,984 | $ | 30,533 | $ | -11,798 | $ | 53,190 | ||||||||||||||
For the Three Months Ended October 31, 2012 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
and Other (1) | ||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 10,443 | $ | - | $ | - | $ | - | $ | 10,443 | ||||||||||||||
Pressure pumping and related services for third parties | - | 12,530 | - | -1,787 | 10,743 | |||||||||||||||||||
Intersegment revenues | - | 11,335 | - | -11,335 | - | |||||||||||||||||||
Other | - | - | 114 | - | 114 | |||||||||||||||||||
Total revenues | 10,443 | 23,865 | 114 | -13,122 | 21,300 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 2,644 | - | - | - | 2,644 | |||||||||||||||||||
Gathering, transportation and processing | 29 | - | - | - | 29 | |||||||||||||||||||
Depreciation and amortization | 3,154 | 1,203 | 202 | -575 | 3,984 | |||||||||||||||||||
Accretion of asset retirement obligations | 5 | - | - | - | 5 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 16,276 | - | -7,395 | 8,881 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 602 | - | 905 | - | 1,507 | |||||||||||||||||||
Other general and administrative | 1,588 | 1,685 | 1,595 | - | 4,868 | |||||||||||||||||||
Total operating expenses | 8,022 | 19,164 | 2,702 | -7,970 | 21,918 | |||||||||||||||||||
Income (loss) from operations | 2,421 | 4,701 | -2,588 | -5,152 | -618 | |||||||||||||||||||
Other income (expense), net | -1,408 | - | 1,354 | - | -54 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 1,013 | $ | 4,701 | $ | -1,234 | $ | -5,152 | $ | -672 | ||||||||||||||
-1 | Corporate and Other includes our corporate office and several subsidiaries that management does not consider in the exploration and production or pressure pumping and related services segments. These subsidiaries have limited activity. | |||||||||||||||||||||||
The following tables present selected financial information for our operating segments as of October 31, 2013 and for the nine months ended October 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended October 31, 2013 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 111,176 | $ | - | $ | - | $ | - | $ | 111,176 | ||||||||||||||
Pressure pumping and related services for third parties | - | 65,780 | - | -3,719 | 62,061 | |||||||||||||||||||
Intersegment revenues | - | 71,385 | - | -71,385 | - | |||||||||||||||||||
Other | - | - | 731 | -731 | - | |||||||||||||||||||
Total revenues | 111,176 | 137,165 | 731 | -75,835 | 173,237 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 22,013 | - | - | - | 22,013 | |||||||||||||||||||
Gathering, transportation and processing | 1,549 | - | - | - | 1,549 | |||||||||||||||||||
Depreciation and amortization | 33,558 | 5,474 | 423 | -2,455 | 37,000 | |||||||||||||||||||
Accretion and other asset retirement obligation expenses | 1,000 | - | - | - | 1,000 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 99,330 | - | -46,288 | 53,042 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 897 | 458 | 4,134 | - | 5,489 | |||||||||||||||||||
Other general and administrative | 5,378 | 7,575 | 5,499 | - | 18,452 | |||||||||||||||||||
Total operating expenses | 64,395 | 112,837 | 10,056 | -48,743 | 138,545 | |||||||||||||||||||
Income (loss) from operations | 46,781 | 24,328 | -9,325 | -27,092 | 34,692 | |||||||||||||||||||
Other income (expense), net | -1,313 | -611 | 34,110 | -1,677 | 30,509 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 45,468 | $ | 23,717 | $ | 24,785 | $ | -28,769 | $ | 65,201 | ||||||||||||||
Total Assets | $ | 711,512 | $ | 114,121 | $ | 626,442 | $ | -527,155 | $ | 924,920 | ||||||||||||||
Net oil and natural gas properties | $ | 620,736 | $ | - | $ | - | $ | -28,769 | $ | 591,967 | ||||||||||||||
Pressure pumping and related services equipment | $ | - | $ | 38,572 | $ | - | $ | - | $ | 38,572 | ||||||||||||||
Other property and equipment - net | $ | 1,647 | $ | 16,960 | $ | 1,983 | $ | - | $ | 20,590 | ||||||||||||||
Total Liabilities | $ | 250,486 | $ | 58,122 | $ | 137,816 | $ | -28,240 | $ | 418,184 | ||||||||||||||
For the Nine Months Ended October 31, 2012 | ||||||||||||||||||||||||
Exploration and Production | Pressure Pumping and Related Services | Corporate and Other (1) | Eliminations and Other | Consolidated Total | ||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Oil and natural gas sales | $ | 23,123 | $ | - | $ | - | $ | - | $ | 23,123 | ||||||||||||||
Pressure pumping and related services for third parties | - | 15,125 | - | -1,787 | 13,338 | |||||||||||||||||||
Intersegment revenues | - | 16,859 | - | -16,859 | - | |||||||||||||||||||
Other | 339 | - | - | - | 339 | |||||||||||||||||||
Total revenues | 23,462 | 31,984 | - | -18,646 | 36,800 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Production taxes and other lease operating | 4,529 | - | - | - | 4,529 | |||||||||||||||||||
Gathering, transportation and processing | 72 | - | - | - | 72 | |||||||||||||||||||
Depreciation and amortization | 8,323 | 1,622 | 202 | -823 | 9,324 | |||||||||||||||||||
Accretion of asset retirement obligations | 11 | - | 162 | - | 173 | |||||||||||||||||||
Cost of pressure pumping and related services | - | 22,213 | - | -11,471 | 10,742 | |||||||||||||||||||
General and Administrative: | ||||||||||||||||||||||||
Stock-based compensation | 1,920 | - | 2,385 | - | 4,305 | |||||||||||||||||||
Other general and administrative | 3,955 | 5,559 | 3,356 | - | 12,870 | |||||||||||||||||||
Total operating expenses | 18,810 | 29,394 | 6,105 | -12,294 | 42,015 | |||||||||||||||||||
Income (loss) from operations | 4,652 | 2,590 | -6,105 | -6,352 | -5,215 | |||||||||||||||||||
Other income (expense), net | -1,369 | 9 | 1,370 | - | 10 | |||||||||||||||||||
Net income (loss) before income taxes | $ | 3,283 | $ | 2,599 | $ | -4,735 | $ | -6,352 | $ | -5,205 | ||||||||||||||
-1 | Corporate and Other includes our corporate office and several subsidiaries that management does not consider in the exploration and production or pressure pumping and related services segments. These subsidiaries have limited activity. | |||||||||||||||||||||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Kodiak Oil And Natural Gas Property [Member] | ' | ||||||||||||
Schedule Of Purchase Price Allocation Of Oil And Natural Gas Acquisition | ' | ||||||||||||
Preliminary purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 83,805 | |||||||||||
Total consideration given | $ | 83,805 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Accounts receivable | $ | 5,174 | |||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 46,681 | |||||||||||
Unproved properties | 34,063 | ||||||||||||
Total oil and natural gas properties | 80,744 | ||||||||||||
Accounts payable | -1,981 | ||||||||||||
Asset retirement obligation assumed | -132 | ||||||||||||
Fair value of net assets acquired | $ | 83,805 | |||||||||||
Proforma Schedule For Oil And Natural Gas Acquisition | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
October 31, | October 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 91,524 | $ | 25,519 | $ | 187,038 | $ | 39,266 | |||||
Net income (loss) | $ | 49,225 | $ | 1,320 | $ | 65,838 | $ | -3,821 | |||||
Earnings (loss) per common share | |||||||||||||
Basic | $ | 0.60 | $ | 0.02 | $ | 0.92 | $ | -0.07 | |||||
Diluted | $ | 0.51 | $ | 0.02 | $ | 0.81 | $ | -0.07 | |||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 82,389,625 | 55,676,811 | 71,464,178 | 55,526,236 | |||||||||
Diluted | 99,372,201 | 55,676,811 | 87,512,245 | 55,526,236 | |||||||||
Rockpile [Member] | Team Well Service, Inc. [Member] | ' | ||||||||||||
Schedule Of Purchase Price Allocation Of Oil And Natural Gas Acquisition | ' | ||||||||||||
Preliminary purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 6,792 | |||||||||||
Unsecured note payable | 764 | ||||||||||||
Earn-out payments | 1,499 | ||||||||||||
Total consideration given | $ | 9,055 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Net working capital | $ | 493 | |||||||||||
Equipment: | |||||||||||||
Light equipment | $ | 342 | |||||||||||
Workover equipment | 2,969 | ||||||||||||
Total net assets | 3,311 | ||||||||||||
Goodwill | 5,251 | ||||||||||||
Fair value of net assets acquired | $ | 9,055 | |||||||||||
Equity_Investment_Tables
Equity Investment (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Equity Investment [Abstract] | ' | ||||||||
Schedule Of Equity Investment In Caliber | ' | ||||||||
(in thousands, except units) | Units | Exercise | Investment | ||||||
Price | |||||||||
Balance - January 31, 2013 | $ | 11,768 | |||||||
Class A Units | 3,000,000 | $ | - | 9,000 | |||||
Class A Trigger Units | 4,000,000 | $ | - | 34,019 | |||||
Class A Trigger Unit Warrants | 1,600,000 | $ | 14.69 | 109 | |||||
Series 1 Warrants | 4,000,000 | $ | 14.69 | 1,230 | |||||
Series 2 Warrants | 2,400,000 | $ | 24.00 | 170 | |||||
Series 3 Warrants | 3,000,000 | $ | 24.00 | 224 | |||||
Series 4 Warrants | 2,000,000 | $ | 30.00 | 30 | |||||
Distributions | - | ||||||||
Equity investment share of net income for the year | 1,677 | ||||||||
Balance - October 31, 2013 | $ | 58,227 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||
Oct. 31, 2013 | |||||||||||
Restricted Stock Units Outstanding | ' | ||||||||||
Number of Shares | Weighted- Average Award Date Fair Value | ||||||||||
Restricted stock units outstanding - January 31, 2013 | 2,424,085 | $ | 6.68 | ||||||||
Units granted during the nine months ended October 31, 2013 | 1,235,633 | $ | 6.64 | ||||||||
Units forfeited during the nine months ended October 31, 2013 | -23,319 | $ | 6.54 | ||||||||
Units that vested during the nine months ended October 31, 2013 | -762,915 | $ | 7.21 | ||||||||
Restricted stock units outstanding - October 31, 2013 | 2,873,484 | $ | 6.04 | ||||||||
Stock Options Outstanding Under The Rolling Plan | ' | ||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Options outstanding - January 31, 2013 (231,666 exercisable) | 231,666 | $ | 1.48 | ||||||||
Options exercised | -93,333 | $ | 1.25 | ||||||||
Options granted | 6,000,000 | $ | 11.25 | ||||||||
Options outstanding - October 31, 2013 (138,333 exercisable) | 6,138,333 | $ | 11.03 | ||||||||
CEO Option Grant Plan Fair Value Assumptions | ' | ||||||||||
Risk free rate | 2.18% | ||||||||||
Dividend yield | - | ||||||||||
Expected volatility | 62% | ||||||||||
Weighted average expected stock option life (years) | 6.3 | ||||||||||
Stock Options Outstanding By Exercise Price | ' | ||||||||||
Remaining | |||||||||||
Exercise Price | Contractual Life | Number of shares | |||||||||
per Share | (years) | Outstanding | Exercisable | ||||||||
$ | 3.00 | 0.24 | 30,000 | 30,000 | |||||||
$ | 1.25 | 1.08 | 108,333 | 108,333 | |||||||
$ | 7.50 | 9.68 | 750,000 | - | |||||||
$ | 8.50 | 9.68 | 750,000 | - | |||||||
$ | 10.00 | 9.68 | 1,500,000 | - | |||||||
$ | 12.00 | 9.68 | 1,500,000 | - | |||||||
$ | 15.00 | 9.68 | 1,500,000 | - | |||||||
6,138,333 | 138,333 | ||||||||||
Weighted average exercise price per share | $ | 11.03 | $ | 1.63 | |||||||
Weighted average remaining contractual life | 9.48 | 0.90 | |||||||||
Summary Of Series B Unit Activity | ' | ||||||||||
Series B-1 Units | Series B-2 Units | Series B-3 Units | |||||||||
Units unvested at January 31, 2013 | 1,441,667 | 60,000 | - | ||||||||
Units granted | - | - | 910,000 | ||||||||
Units vested | - | -15,000 | - | ||||||||
Units unvested at October 31, 2013 | 1,441,667 | 45,000 | 910,000 | ||||||||
Weighted average award date unit fair value | $ | 0.44 | $ | 0.29 | $ | 0.70 | |||||
Remaining vesting period (years) | 0.68 | 1.83 | 3.53 | ||||||||
CEO Option Grant [Member] | ' | ||||||||||
Stock Options Outstanding By Exercise Price | ' | ||||||||||
Name of Tranche | Number of Shares | Exercise Price | |||||||||
“$7.50 Tranche” | 750,000 | $7.50 per share | |||||||||
“$8.50 Tranche” | 750,000 | $8.50 per share | |||||||||
“$10.00 Tranche” | 1,500,000 | $10.00 per share | |||||||||
“$12.00 Tranche” | 1,500,000 | $12.00 per share | |||||||||
“$15.00 Tranche” | 1,500,000 | $15.00 per share | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computations Of Basic And Diluted Net Loss Per Share | ' | ||||||||||||
For the Three Months Ended October 31, | For the Nine Months Ended October 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to common stockholders (restated) | $ | 47,221 | $ | -599 | $ | 59,232 | $ | -4,579 | |||||
Effect of debt conversion (restated) | 881 | - | 2,503 | - | |||||||||
Net income (loss) attributable to common shareholders after effect of debt conversion (restated) | 48,102 | -599 | 61,735 | -4,579 | |||||||||
Basic weighted average common shares outstanding | 79,058,647 | 44,326,947 | 62,816,559 | 44,217,660 | |||||||||
Effect of dilutive securities | 16,982,576 | - | 16,048,067 | - | |||||||||
Diluted weighted average common shares outstanding | 96,041,223 | 44,326,947 | 78,864,626 | 44,217,660 | |||||||||
Basic net income (loss) per share (restated) | $ | 0.60 | $ | -0.01 | $ | 0.94 | $ | -0.1 | |||||
Diluted net income (loss) per share (restated) | $ | 0.50 | $ | -0.01 | $ | 0.78 | $ | -0.1 | |||||
Notes_Payable_And_Credit_Facil1
Notes Payable And Credit Facilities (Tables) | 9 Months Ended | ||||||
Oct. 31, 2013 | |||||||
Notes Payable And Credit Facilities [Abstract] | ' | ||||||
Schedule Of Debt | ' | ||||||
31-Oct-13 | 31-Jan-13 | ||||||
TUSA Credit Facility | $ | 151,000 | $ | 25,000 | |||
5% Convertible Note | 127,694 | 123,023 | |||||
RockPile Credit Facility | 13,620 | - | |||||
RockPile Notes Payable | 6,640 | - | |||||
Total debt | 298,954 | 148,023 | |||||
Less: Current portion | -12,711 | - | |||||
Total debt, net of current portion | $ | 286,243 | $ | 148,023 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||
Summary Of Derivative Instruments | ' | |||||||||||
Collars | Basis (1) | Quantity (Bbl/d) | Put Strike | Call Strike | ||||||||
May 1, 2013 - December 31, 2013 | NYMEX | 3,500 | $85.00 - $97.00 | $100.00 - $110.30 | ||||||||
November 1, 2013 - December 31, 2013 | NYMEX | 1,000 | $92.00 | $106.85 | ||||||||
January 1, 2014 - March 31, 2014 | NYMEX | 250 | $85.00 | $98.75 | ||||||||
January 1, 2014 - June 30, 2014 | NYMEX | 750 | $85.00 - $87.00 | $100.80 - $101.00 | ||||||||
April 1, 2014 - June 30, 2014 | NYMEX | 150 | $84.25 | $100.00 | ||||||||
January 1, 2014 - December 31, 2014 | NYMEX | 2,750 | $80.00 - $91.25 | $98.00 - $101.20 | ||||||||
July 1, 2014 - December 31, 2014 | NYMEX | 500 | $83.50 | $100.00 | ||||||||
January 1, 2015 - December 31, 2015 | NYMEX | 1,500 | $80.00 | $94.50 - $96.65 | ||||||||
Puts | Basis (1) | Quantity (Bbl) | Average Strike Price ($/Bbl) | |||||||||
Expiring on December 16, 2013 | NYMEX | 500,000 | $75.00 | |||||||||
-1 | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. | |||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | ' | |||||||||||
As of October 31, 2013 | ||||||||||||
Derivative Instrument | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | ||||||||
Crude oil derivative contract | Current liabilities | $ | -2,019 | $ | 1,677 | $ | -342 | |||||
Crude oil derivative contract | Non-current assets | $ | 2,824 | $ | -2,456 | $ | 368 | |||||
Equity investment derivatives | Non-current assets | $ | 35,832 | $ | - | $ | 35,832 | |||||
As of January 31, 2013 | ||||||||||||
Derivative Instrument | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | ||||||||
Crude oil derivative contract | Current assets | $ | 1,305 | $ | -702 | $ | 603 | |||||
Crude oil derivative contract | Long-term liabilities | $ | -292 | $ | - | $ | -292 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | |||||||||||||
Derivative assets | $ | - | $ | 368 | $ | 35,832 | $ | 36,200 | |||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | - | $ | -342 | $ | - | $ | -342 | |||||
Earn-out liability | $ | - | $ | -1,499 | $ | - | $ | -1,499 | |||||
Note payable | $ | - | $ | -764 | $ | - | $ | -764 | |||||
Rollforward Of Level 3 Financial Liabilities | ' | ||||||||||||
(in thousands) | Convertible Notes | Class A | Warrants (1) | ||||||||||
Triggering Units | (Restated) | ||||||||||||
(Restated) | |||||||||||||
Beginning balance, February 1, 2012 | $ | - | $ | - | $ | - | |||||||
Sale of Convertible Notes | -120,000 | - | - | ||||||||||
Interest paid in-kind | -3,023 | - | - | ||||||||||
Net unrecognized gain (loss) | -9,877 | - | - | ||||||||||
Ending balance, January 31, 2013 | $ | -132,900 | $ | - | $ | - | |||||||
Net unrecognized gain (loss) | -70,345 | - | - | ||||||||||
Net unrealized gain (loss) | - | 34,019 | 1,813 | ||||||||||
Interest paid in-kind | -4,671 | - | - | ||||||||||
Ending balance, October 31, 2013 | $ | -207,916 | - | $ | 34,019 | - | $ | 1,813 | |||||
(1) Includes Class A Triggering Units, and Series 1 and Series 2 Warrants. | |||||||||||||
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 9 Months Ended | ||||||
Oct. 31, 2013 | |||||||
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||
For the Nine Months Ended | |||||||
October 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Cash paid during the period for: | |||||||
Interest expense | $ | 2,260 | $ | 13 | |||
Non-cash investing activities: | |||||||
Additions (reductions) to oil and natural gas properties through: | |||||||
Increased (decreased) accrued liabilities and decreased prepaid well costs | $ | 28,874 | $ | 24,301 | |||
Issuance of common stock | $ | 2,435 | $ | 1,912 | |||
Change in asset retirement obligations | $ | 608 | $ | 310 | |||
Capitalized interest | $ | 1,193 | $ | - | |||
Acquisition of pressure pumping and related services equipment through notes payable and liabilities | 2,262 | $ | - | ||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||||||||
Oct. 31, 2013 | ||||||||||
Asset Retirement Obligations [Abstract] | ' | |||||||||
Asset Retirement Obligations | ' | |||||||||
For the Three Months Ended | ||||||||||
31-Oct-13 | ||||||||||
USA | Canada | Total | ||||||||
Balance, July 31, 2013 | $ | 1,951 | $ | 1,096 | $ | 3,047 | ||||
Liabilities incurred | 524 | - | 524 | |||||||
Revision of estimates | - | 962 | 962 | |||||||
Sale of assets | -7 | - | -7 | |||||||
Liabilities settled | - | - | - | |||||||
Accretion | 20 | - | 20 | |||||||
Balance, October 31, 2013 | 2,488 | 2,058 | 4,546 | |||||||
Less current portion of obligations | -500 | -1,965 | -2,465 | |||||||
Long-term asset retirement obligations | $ | 1,988 | $ | 93 | $ | 2,081 | ||||
For the Nine Months Ended | ||||||||||
31-Oct-13 | ||||||||||
USA | Canada | Total | ||||||||
Balance, January 31, 2013 | $ | 1,974 | $ | 1,448 | $ | 3,422 | ||||
Liabilities incurred | 814 | - | 814 | |||||||
Revision of estimates | -188 | 962 | 774 | |||||||
Sale of assets | -17 | - | -17 | |||||||
Liabilities settled | -132 | -352 | -484 | |||||||
Accretion | 37 | - | 37 | |||||||
Balance, October 31, 2013 | 2,488 | 2,058 | 4,546 | |||||||
Less current portion of obligations | -500 | -1,965 | -2,465 | |||||||
Long-term asset retirement obligations | $ | 1,988 | $ | 93 | $ | 2,081 | ||||
Significant_Changes_In_Proved_1
Significant Changes In Proved Oil And Natural Gas Reserves (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ||||||||||||
Proved Oil And Natural Gas Reserves | ' | ||||||||||||
% of | 31-Oct-13 | January 31, | |||||||||||
Reserves | Oil | Gas | 2013 | % | |||||||||
Reserve Category | (Mboe) | (MBbls) | (MMcf) | Mboe | Mboe | Change | |||||||
Proved Developed | 46% | 12,762 | 12,964 | 14,923 | 5,969 | 150% | |||||||
Proved Undeveloped | 54% | 15,039 | 15,404 | 17,606 | 8,668 | 103% | |||||||
Total Proved | 100% | 27,801 | 28,368 | 32,529 | 14,637 | 122% | |||||||
Organization_And_Nature_Of_Ope1
Organization And Nature Of Operations (Narrative) (Details) | 9 Months Ended |
Oct. 31, 2013 | |
acre | |
Williston Basin [Member] | ' |
Number of acres of leashold interest | 94,000 |
McKenzie and Williams Counties, North Dakota [Member] | ' |
Number of acres of leashold interest core focus | 45,000 |
Basis_Of_Presentation_And_Sign2
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Proceeds from available for sale securities | ' | ' | $6,105,000 |
Available for sale securities, shares | ' | 851,315 | 851,315 |
Available for sale securities, cost basis | 4,900,000 | ' | ' |
Realized gain (loss) on available for sale securities | $200,000 | ($10,000) | $1,000,000 |
Caliber Midstream LP [Member] | Triangle Caliber Holdings LLC [Member] | ' | ' | ' |
Equity method ownership percentage | ' | 30.00% | 30.00% |
Caliber Midstream GP LLC [Member] | Triangle Caliber Holdings LLC [Member] | ' | ' | ' |
Equity method ownership percentage | ' | 50.00% | 50.00% |
Restatement_Schedule_Of_Financ
Restatement (Schedule Of Financial Statement Restatment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 30 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Jan. 31, 2013 |
Equity investment | $58,227 | ' | $58,227 | ' | ' | $11,718 |
Total assets | 924,920 | ' | 924,920 | ' | ' | 428,322 |
Deferred tax liability | 5,969 | ' | 5,969 | ' | ' | ' |
Total liabilities | 418,184 | ' | 418,184 | ' | ' | 226,699 |
Accumulated deficit | -62,788 | ' | -62,788 | ' | ' | -122,020 |
Total stockholders' equity | 506,736 | ' | 506,736 | ' | ' | 201,623 |
Total liabilities and stockholders' equity | 924,920 | ' | 924,920 | ' | ' | 428,322 |
Gain on equity investment derivative | 35,832 | ' | 35,832 | ' | ' | ' |
Total other income (expense) | 36,002 | -54 | 30,509 | 10 | ' | ' |
Net income (loss) before income taxes | 53,190 | -672 | 65,201 | -5,205 | ' | ' |
Income tax provision | -5,969 | ' | -5,969 | ' | ' | ' |
Net income (loss) | 47,221 | -672 | 59,232 | -5,205 | ' | ' |
Net income (loss) attributable to common shareholders | 47,221 | -599 | 59,232 | -4,579 | 31,300 | ' |
Net income (loss) per common share - basic | $0.60 | ($0.01) | $0.94 | ($0.10) | ' | ' |
Net income (loss) per common share - diluted | $0.50 | ($0.01) | $0.78 | ($0.10) | ' | ' |
As Previously Reported [Member] | ' | ' | ' | ' | ' | ' |
Equity investment | 22,395 | ' | 22,395 | ' | ' | ' |
Total assets | 889,088 | ' | 889,088 | ' | ' | ' |
Total liabilities | 412,215 | ' | 412,215 | ' | ' | ' |
Accumulated deficit | -92,651 | ' | -92,651 | ' | ' | ' |
Total stockholders' equity | 476,873 | ' | 476,873 | ' | ' | ' |
Total liabilities and stockholders' equity | 889,088 | ' | 889,088 | ' | ' | ' |
Total other income (expense) | 170 | ' | -5,323 | ' | ' | ' |
Net income (loss) before income taxes | 17,358 | ' | 29,369 | ' | ' | ' |
Net income (loss) | 17,358 | ' | 29,369 | ' | ' | ' |
Net income (loss) attributable to common shareholders | 17,358 | ' | 29,369 | ' | ' | ' |
Net income (loss) per common share - basic | $0.22 | ' | $0.47 | ' | ' | ' |
Net income (loss) per common share - diluted | $0.20 | ' | $0.43 | ' | ' | ' |
Adjustments [Member] | ' | ' | ' | ' | ' | ' |
Equity investment | 35,832 | ' | 35,832 | ' | ' | ' |
Total assets | 35,832 | ' | 35,832 | ' | ' | ' |
Deferred tax liability | 5,969 | ' | 5,969 | ' | ' | ' |
Total liabilities | 5,969 | ' | 5,969 | ' | ' | ' |
Accumulated deficit | 29,863 | ' | 29,863 | ' | ' | ' |
Total stockholders' equity | 29,863 | ' | 29,863 | ' | ' | ' |
Total liabilities and stockholders' equity | 35,832 | ' | 35,832 | ' | ' | ' |
Gain on equity investment derivative | 35,832 | ' | 35,832 | ' | ' | ' |
Total other income (expense) | 35,832 | ' | 35,832 | ' | ' | ' |
Net income (loss) before income taxes | 35,832 | ' | 35,832 | ' | ' | ' |
Income tax provision | -5,969 | ' | -5,969 | ' | ' | ' |
Net income (loss) | 29,863 | ' | 29,863 | ' | ' | ' |
Net income (loss) attributable to common shareholders | $29,863 | ' | $29,863 | ' | ' | ' |
Net income (loss) per common share - basic | $0.38 | ' | $0.47 | ' | ' | ' |
Net income (loss) per common share - diluted | $0.30 | ' | $0.35 | ' | ' | ' |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 9 Months Ended |
Oct. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Segment Reporting) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Oil and natural gas sales | $55,477 | $10,443 | $111,176 | $23,123 | ' | ||||
Pressure-pumping services and related services for third parties | 33,072 | 10,743 | 62,061 | 13,338 | ' | ||||
Other | ' | 114 | ' | 339 | ' | ||||
Total revenues | 88,549 | 21,300 | 173,237 | 36,800 | ' | ||||
EXPENSES: | ' | ' | ' | ' | ' | ||||
Production taxes and other lease operating | 10,604 | 2,644 | 22,013 | 4,529 | ' | ||||
Gathering, transportation and processing | 1,443 | 29 | 1,549 | 72 | ' | ||||
Depreciation and amortization | 18,609 | 3,984 | 37,000 | 9,324 | ' | ||||
Accretion and other asset retirement obligation expenses | 983 | 5 | 1,000 | 173 | ' | ||||
Cost of pressure-pumping and related services | 29,164 | 8,881 | 53,042 | 10,742 | ' | ||||
Stock-based compensation | 2,457 | 1,507 | 5,489 | 4,305 | ' | ||||
Other general and administrative | 8,101 | 4,868 | 18,452 | 12,870 | ' | ||||
Total operating expenses | 71,361 | 21,918 | 138,545 | 42,015 | ' | ||||
INCOME (LOSS) FROM OPERATIONS | 17,188 | -618 | 34,692 | -5,215 | ' | ||||
Other income (expense), net | 36,002 | -54 | 30,509 | 10 | ' | ||||
NET INCOME (LOSS) BEFORE INCOME TAXES | 53,190 | -672 | 65,201 | -5,205 | ' | ||||
Total assets | 924,920 | ' | 924,920 | ' | 428,322 | ||||
Net oil and natural gas properties | 591,967 | ' | 591,967 | ' | 298,757 | ||||
Pressure pumping and related services equipment, net | 38,572 | ' | 38,572 | ' | 19,060 | ||||
Other property and equipment, net | 20,590 | ' | 20,590 | ' | 15,779 | ||||
Total liabilities | 418,184 | ' | 418,184 | ' | 226,699 | ||||
Exploration and Production [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Oil and natural gas sales | 55,477 | 10,443 | 111,176 | 23,123 | ' | ||||
Other | ' | ' | ' | 339 | ' | ||||
Total revenues | 55,477 | 10,443 | 111,176 | 23,462 | ' | ||||
EXPENSES: | ' | ' | ' | ' | ' | ||||
Production taxes and other lease operating | 10,604 | 2,644 | 22,013 | 4,529 | ' | ||||
Gathering, transportation and processing | 1,443 | 29 | 1,549 | 72 | ' | ||||
Depreciation and amortization | 16,829 | 3,154 | 33,558 | 8,323 | ' | ||||
Accretion and other asset retirement obligation expenses | 983 | 5 | 1,000 | 11 | ' | ||||
Stock-based compensation | 328 | 602 | 897 | 1,920 | ' | ||||
Other general and administrative | 2,346 | 1,588 | 5,378 | 3,955 | ' | ||||
Total operating expenses | 32,533 | 8,022 | 64,395 | 18,810 | ' | ||||
INCOME (LOSS) FROM OPERATIONS | 22,944 | 2,421 | 46,781 | 4,652 | ' | ||||
Other income (expense), net | 1,527 | -1,408 | -1,313 | -1,369 | ' | ||||
NET INCOME (LOSS) BEFORE INCOME TAXES | 24,471 | 1,013 | 45,468 | 3,283 | ' | ||||
Total assets | 711,512 | ' | 711,512 | ' | ' | ||||
Net oil and natural gas properties | 620,736 | ' | 620,736 | ' | ' | ||||
Other property and equipment, net | 1,647 | ' | 1,647 | ' | ' | ||||
Total liabilities | 250,486 | ' | 250,486 | ' | ' | ||||
Pressure Pumping And Related Services [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Pressure-pumping services and related services for third parties | 33,499 | 12,530 | 65,780 | 15,125 | ' | ||||
Total revenues | 65,998 | 23,865 | 137,165 | 31,984 | ' | ||||
EXPENSES: | ' | ' | ' | ' | ' | ||||
Depreciation and amortization | 2,635 | 1,203 | 5,474 | 1,622 | ' | ||||
Cost of pressure-pumping and related services | 49,839 | 16,276 | 99,330 | 22,213 | ' | ||||
Stock-based compensation | 148 | ' | 458 | ' | ' | ||||
Other general and administrative | 3,150 | 1,685 | 7,575 | 5,559 | ' | ||||
Total operating expenses | 55,772 | 19,164 | 112,837 | 29,394 | ' | ||||
INCOME (LOSS) FROM OPERATIONS | 10,226 | 4,701 | 24,328 | 2,590 | ' | ||||
Other income (expense), net | -242 | ' | -611 | 9 | ' | ||||
NET INCOME (LOSS) BEFORE INCOME TAXES | 9,984 | 4,701 | 23,717 | 2,599 | ' | ||||
Total assets | 114,121 | ' | 114,121 | ' | ' | ||||
Pressure pumping and related services equipment, net | 38,572 | ' | 38,572 | ' | ' | ||||
Other property and equipment, net | 16,960 | ' | 16,960 | ' | ' | ||||
Total liabilities | 58,122 | ' | 58,122 | ' | ' | ||||
Pressure Pumping And Related Services [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Other | 32,499 | 11,335 | 71,385 | 16,859 | ' | ||||
Corporate And Other (Restated) [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Other | 183 | [1] | 114 | [1] | 731 | [1] | ' | ' | |
Total revenues | 183 | [1] | 114 | [1] | 731 | [1] | ' | ' | |
EXPENSES: | ' | ' | ' | ' | ' | ||||
Depreciation and amortization | 165 | [1] | 202 | [1] | 423 | [1] | 202 | [1] | ' |
Accretion and other asset retirement obligation expenses | ' | ' | ' | 162 | [1] | ' | |||
Stock-based compensation | 1,981 | [1] | 905 | [1] | 4,134 | [1] | 2,385 | [1] | ' |
Other general and administrative | 2,605 | [1] | 1,595 | [1] | 5,499 | [1] | 3,356 | [1] | ' |
Total operating expenses | 4,751 | [1] | 2,702 | [1] | 10,056 | [1] | 6,105 | [1] | ' |
INCOME (LOSS) FROM OPERATIONS | -4,568 | [1] | -2,588 | [1] | -9,325 | [1] | -6,105 | [1] | ' |
Other income (expense), net | 35,101 | [1] | 1,354 | [1] | 34,110 | [1] | 1,370 | [1] | ' |
NET INCOME (LOSS) BEFORE INCOME TAXES | 30,533 | [1] | -1,234 | [1] | 24,785 | [1] | -4,735 | [1] | ' |
Total assets | 626,442 | [1] | ' | 626,442 | [1] | ' | ' | ||
Other property and equipment, net | 1,983 | [1] | ' | 1,983 | [1] | ' | ' | ||
Total liabilities | 137,816 | [1] | ' | 137,816 | [1] | ' | ' | ||
Eliminations And Other [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Pressure-pumping services and related services for third parties | -427 | -1,787 | -3,719 | -1,787 | ' | ||||
Other | -183 | ' | -731 | ' | ' | ||||
Total revenues | -33,109 | -13,122 | -75,835 | -18,646 | ' | ||||
EXPENSES: | ' | ' | ' | ' | ' | ||||
Depreciation and amortization | -1,020 | -575 | -2,455 | -823 | ' | ||||
Cost of pressure-pumping and related services | -20,675 | -7,395 | -46,288 | -11,471 | ' | ||||
Total operating expenses | -21,695 | -7,970 | -48,743 | -12,294 | ' | ||||
INCOME (LOSS) FROM OPERATIONS | -11,414 | -5,152 | -27,092 | -6,352 | ' | ||||
Other income (expense), net | -384 | ' | -1,677 | ' | ' | ||||
NET INCOME (LOSS) BEFORE INCOME TAXES | -11,798 | -5,152 | -28,769 | -6,352 | ' | ||||
Total assets | -527,155 | ' | -527,155 | ' | ' | ||||
Net oil and natural gas properties | -28,769 | ' | -28,769 | ' | ' | ||||
Total liabilities | -28,240 | ' | -28,240 | ' | ' | ||||
Eliminations And Other [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||||
REVENUES | ' | ' | ' | ' | ' | ||||
Other | ($32,499) | ($11,335) | ($71,385) | ($16,859) | ' | ||||
[1] | Corporate and Other includes our corporate office and several subsidiaries that management does not consider in the exploration and production or pressure pumping and related services segments. These subsidiaries have limited activity |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Aug. 28, 2013 | Aug. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Aug. 02, 2013 | Aug. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | |
Administrative And Services Facility And Residential Living Facilities [Member] | Proppant Storage And Transloading Facility [Member] | Light Vehicles [Member] | Hardware, Software And Furniture And Fixtures [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | August 2, 2013 Acquisition [Member] | August 2, 2013 Acquisition [Member] | August 2, 2013 Acquisition [Member] | August 2, 2013 Acquisition [Member] | Team Well Service, Inc. [Member] | Team Well Service, Inc. [Member] | Team Well Service, Inc. [Member] | Maximum [Member] | |||||||
acre | acre | acre | Rockpile [Member] | Rockpile [Member] | Before Post-Closing Adjustment [Member] | Team Well Service, Inc. [Member] | ||||||||||||||||||
item | Rockpile [Member] | Rockpile [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600 | ' | ' | ' | ' | ' | 1,236 | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83,805,000 | ' | ' | ' | ' | ' | $13,500,000 | ' | ' | ' | $6,792,000 | ' | $6,800,000 | ' |
Revenues | 88,549,000 | 21,300,000 | 173,237,000 | 36,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 1,500,000 | ' | ' | ' | 800,000 | 800,000 | ' | ' | ' | ' |
Acquisition transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,805,000 | ' | ' | ' | ' | ' | 15,900,000 | ' | ' | ' | 9,055,000 | ' | ' | ' |
Issuance of common stock for oil and gas properties, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for oil and gas properties, value | ' | ' | 2,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' |
Share price, acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' | ' | ' | ' | ' | ' |
Capitalized internal costs for property acquisition | 1,000,000 | 700,000 | 2,600,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration for oil and gas properties | 326,700,000 | ' | 326,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leasehold interest acres that could be exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,200,000 | 4,000,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 764,000 | ' | ' | ' |
Earn-out payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,499,000 | ' | ' | ' |
Percentage of liabilty accrued for assumed earn out payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Oct-16 | ' | ' |
Number of annual earn out payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Earn-out payments equal to percentage of revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Maximum annual earn-out payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 |
Maximum revenue earn out payment is based | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 |
Pressure pumping and related services equipment, gross | 45,800,000 | ' | 45,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pressure pumping and related services equipment, net | 38,572,000 | ' | 38,572,000 | ' | 19,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other property and equipment, gross | 22,600,000 | ' | 22,600,000 | ' | ' | ' | 13,200,000 | 4,100,000 | 1,900,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other property and equipment, net | $20,590,000 | ' | $20,590,000 | ' | $15,779,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Purchase Price Allocation Of Kodiak Oil And Natural Gas Property Acquisition) (Details) (Kodiak Oil And Natural Gas Property [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 28, 2013 |
Kodiak Oil And Natural Gas Property [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Cash | $83,805 |
Total consideration given | 83,805 |
Accounts receivable | 5,174 |
Proved properties | 46,681 |
Unproved properties | 34,063 |
Total oil and natural gas properties | 80,744 |
Accounts payable | -1,981 |
Asset retirement obligation assumed | -132 |
Fair value of net assets acquired | $83,805 |
Property_And_Equipment_Proform
Property And Equipment (Proforma Schedule For Kodiak Oil And Natural Gas Property Acquisition) (Details) (Kodiak Oil And Natural Gas Property [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Kodiak Oil And Natural Gas Property [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Operating revenue | $91,524 | $25,519 | $187,038 | $39,266 |
Net income (loss) | $49,225 | $1,320 | $65,838 | ($3,821) |
Earnings (loss) per common share, basic | $0.60 | $0.02 | $0.92 | ($0.07) |
Earnings (loss) per common share, diluted | $0.51 | $0.02 | $0.81 | ($0.07) |
Weighted average common shares outstanding, basic | 82,389,625 | 55,676,811 | 71,464,178 | 55,526,236 |
Weighted average common shares outstanding, diluted | 99,372,201 | 55,676,811 | 87,512,245 | 55,526,236 |
Property_And_Equipment_Schedul1
Property And Equipment (Schedule Of Purchase Price Allocation Of Team Well Services Acquisition) (Details) (USD $) | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 |
In Thousands, unless otherwise specified | Team Well Service, Inc. [Member] | Light Equipment [Member] | Workover Equipment [Member] | |
Rockpile [Member] | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Cash | ' | $6,792 | ' | ' |
Unsecured note payable | ' | 764 | ' | ' |
Earn-out payments | ' | 1,499 | ' | ' |
Total consideration given | ' | 9,055 | ' | ' |
Net working capital | ' | 493 | ' | ' |
Equipment acquired | ' | ' | 342 | 2,969 |
Total net assets | ' | 3,311 | ' | ' |
Goodwill | 5,251 | 5,251 | ' | ' |
Fair value of net assets acquired | ' | $9,055 | ' | ' |
Equity_Investment_Narrative_De
Equity Investment (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | |
Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | ||||
FREIF Caliber Holdings [Member] | FREIF Caliber Holdings [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Class A Units [Member] | Class A Units [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Series 5 Warrant $32.00 Strike Price [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | ||||
Forecast [Member] | Forecast [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | FREIF Caliber Holdings [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | ||||||||
Forecast [Member] | Forecast [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to joint venture | ' | ' | ' | $70,000,000 | $80,000,000 | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Units received if certain conditions are met | ' | ' | ' | 7,000,000 | 8,000,000 | 3,000,000 | ' | ' | ' | 3,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Trigger Units received | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, Class A units held | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage | ' | ' | ' | ' | 68.00% | ' | 30.00% | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment | ' | 58,227,000 | 11,718,000 | ' | ' | ' | 58,227,000 | 11,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from equity investment | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from equity method investments before adjustment for intra-company profits and losses | ' | ' | ' | ' | ' | ' | 1,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, warrants received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 4,000,000 | 2,400,000 | 2,400,000 | 1,600,000 | 1,600,000 | 5,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 |
Equity method investments, warrant excercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.69 | $14.69 | $24 | $24 | $14.69 | $14.69 | $32 | $24 | $24 | $30 | $30 |
Increase in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | ' | $1,230,000 | ' | $170,000 | ' | $109,000 | ' | ' | $224,000 | ' | $30,000 |
Equity_Investment_Schedule_Of_
Equity Investment (Schedule Of Equity Investment In Caliber) (Details) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Class A Triggering Units (Restated) [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | ||
Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Class A Units [Member] | Class A Triggering Units (Restated) [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | ||||
Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment, Beginning balance | $58,227 | $11,718 | ' | ' | $11,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Units received if certain conditions are met | ' | ' | ' | 3,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A units exercise price | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Trigger Units received | ' | ' | 4,000,000 | 4,000,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, warrants received | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | 4,000,000 | 4,000,000 | 2,400,000 | 2,400,000 | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 |
Equity method investments, warrant excercise price | ' | ' | ' | ' | ' | ' | ' | $14.69 | $14.69 | $14.69 | $14.69 | $24 | $24 | $24 | $24 | $30 | $30 |
Increase in equity method investment | ' | ' | ' | ' | ' | 9,000 | 34,019 | ' | 109 | ' | 1,230 | ' | 170 | ' | 224 | ' | 30 |
Equity investment share of net income for the year | ' | ' | ' | ' | 1,677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment, Ending balance | $58,227 | $11,718 | ' | ' | $58,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Aug. 28, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 15, 2013 | Dec. 28, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
item | item | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | CEO Option Grant [Member] | CEO Option Grant [Member] | Rockpile Series A Units [Member] | Rockpile Series A Units [Member] | Rockpile Series A Units [Member] | Rockpile Series A Units [Member] | Rockpile Series A Units [Member] | Series B Units [Member] | Series B Units [Member] | Series B Units [Member] | Employee Stock Option [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Common Stock at $6.00 [Member] | Common Stock at $6.00 [Member] | Common Stock at $6.00 [Member] | Common Stock at $7.24 [Member] | Common Stock at $6.25 [Member] | Common Stock at $6.25 [Member] | Common Stock at $6.25 [Member] | Common Stock at $7.20 [Member] | Common Stock at $7.20 [Member] | Common Stock at $7.20 [Member] | Common Stock at $7.50 [Member] | First Anniversary Of Tranche [Member] | Second Anniversary Of Tranche [Member] | Third Anniversary Of Tranche [Member] | Fourth Anniversary Of Tranche [Member] | Fifth Anniversary Of Tranche [Member] | |||||||
Three Parties [Member] | Restricted Stock Units (RSUs) [Member] | Series B Units [Member] | Restricted Stock Units (RSUs) [Member] | Series B Units [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | CEO Option Grant [Member] | CEO Option Grant [Member] | CEO Option Grant [Member] | Rockpile Series A Units [Member] | CEO Option Grant [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of affiliates stock sold | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, shares | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,300,000 | ' | ' | ' | ' | 9,300,000 | ' | ' | ' | 17,250,000 | ' | ' | 11,350,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55,800,000 | ' | $55,800,000 | ' | $55,800,000 | ' | $107,813,000 | ' | $107,813,000 | $81,720,000 | ' | $81,720,000 | ' | ' | ' | ' | ' | ' |
Shares issued, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | $7.24 | $6.25 | ' | ' | $7.20 | ' | ' | $7.50 | ' | ' | ' | ' | ' |
Stock offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -115,000 | ' | -115,000 | ' | -6,033,000 | ' | -6,033,000 | -911,000 | ' | -911,000 | ' | ' | ' | ' | ' | ' |
Stock issued for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for the purchase of oil and natural gas properties, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for the purchase of oil and natural gas properties, value | ' | ' | ' | 2,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,333 | ' | ' | ' | ' | ' | 93,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units (net of shares surrendered for taxes), shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of private placement | 81,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the issuance of private placement net of transaction costs | ' | ' | ' | ' | ' | 80,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of time of restriction for selling or disposing of stock acquired | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date for selling or disposing of stock acquired | ' | ' | ' | 28-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired by purchaser for right to purchase pro rata share. | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares outstanding by purchaser for right to purchase pro rata share | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum amount paid by purchaser for stock to designate one Board of Director | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Over-allotment option period for underwriters | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for over-allotment to underwriters | 2,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 107,800,000 | ' | ' | 245,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock net of transactions costs | 101,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based awards vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 months | '5 years | '44 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted, number of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,235,633 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation, recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 2,457,000 | 1,507,000 | 5,489,000 | 4,305,000 | ' | ' | ' | 2,000,000 | 1,500,000 | 4,400,000 | 4,300,000 | ' | 600,000 | 600,000 | ' | ' | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation capitalized to oil and natural gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | 1,000,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shares reserved under Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 50.00% | 20.00% | 10.00% |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to awards | ' | 18,700,000 | ' | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,333 | ' | ' | ' | ' | ' | 93,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 months | '5 years | '44 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested units | ' | ' | ' | ' | ' | ' | ' | ' | 2,873,484 | ' | 2,873,484 | ' | 2,424,085 | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | 1,500,000 | 4,000,000 | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 85,596,468 | ' | 85,596,468 | ' | ' | ' | 46,733,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital account associated with each Series Unit at time of issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred return on investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maxiumum amount of distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Restricted
Stockholders' Equity (Restricted Stock Units Outstanding) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 9 Months Ended |
Oct. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, Unvested Beginning Balance | 2,424,085 |
Outstanding, Weighted-Average Award Date Fair Value, Beginning Balance | $6.68 |
Units granted, number of units | 1,235,633 |
Units granted, Weighted Average Award Date Fair Value | $6.64 |
Units forfeited, Number of Shares | -23,319 |
Units forfeited, Weighted Average Award Date Fair Value | $6.54 |
Units that vested, Number of Shares | -762,915 |
Units that vested, Weighted Average Award Date Fair Value | $7.21 |
Outstanding, Unvested Ending Balance | 2,873,484 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending Balance | $6.04 |
Stockholders_Equity_CEO_Option
Stockholders' Equity (CEO Option Grant Plan Summary) (Details) (CEO Option Grant [Member], USD $) | Oct. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 6,000,000 |
$7.50 Tranche [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 750,000 |
Exercise price per share | 7.5 |
$8.50 Tranche [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 750,000 |
Exercise price per share | 8.5 |
$10.00 Tranche [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 1,500,000 |
Exercise price per share | 10 |
$12.00 Tranche [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 1,500,000 |
Exercise price per share | 12 |
$15.00 Tranche [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized by Tranche | 1,500,000 |
Exercise price per share | 15 |
Stockholders_Equity_CEO_Option1
Stockholders' Equity (CEO Option Grant Plan Fair Value Assumptions) (Details) (CEO Option Grant [Member]) | 9 Months Ended |
Oct. 31, 2013 | |
CEO Option Grant [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk free rate | 2.18% |
Expected volatility | 62.00% |
Weighted average expected stock option life (years) | '6 years 3 months 18 days |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options Outstanding) (Details) (USD $) | 9 Months Ended | |
Oct. 31, 2013 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding, ending balance | 6,138,333 | ' |
Weighted average exercise price, options outstanding ending balance | $11.03 | ' |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding, beginning balance | 231,666 | ' |
Options exercised | -93,333 | ' |
Options granted | 6,000,000 | ' |
Options outstanding, ending balance | 6,138,333 | ' |
Weighted average exercise price, options outstanding beginning balance | $1.48 | ' |
Weighted average exercise price, options exercised | $1.25 | ' |
Weighted average exercise price, options granted | $11.25 | ' |
Weighted average exercise price, options outstanding ending balance | $11.03 | ' |
Options exercisable | 138,333 | 231,666 |
Stockholders_Equity_Stock_Opti1
Stockholders' Equity (Stock Options Outstanding By Exercise Price) (Details) (USD $) | 9 Months Ended | |||||||||
Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | |
$3.00 [Member] | $1.25 [Member] | $7.50 [Member] | $8.50 [Member] | $10.00 [Member] | $12.00 [Member] | $15.00 [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share | ' | $3 | $1.25 | $7.50 | $8.50 | $10 | $12 | $15 | ' | ' |
Remaining contractual life | ' | '2 months 27 days | '1 year 29 days | '9 years 8 months 5 days | '9 years 8 months 5 days | '9 years 8 months 5 days | '9 years 8 months 5 days | '9 years 8 months 5 days | ' | ' |
Outstanding options | 6,138,333 | 30,000 | 108,333 | 750,000 | 750,000 | 1,500,000 | 1,500,000 | 1,500,000 | 6,138,333 | 231,666 |
Number of shares exercise | 138,333 | 30,000 | 108,333 | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price per share | $11.03 | ' | ' | ' | ' | ' | ' | ' | $11.03 | $1.48 |
Weighted average remaining contractual life (years) | '9 years 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price per share (exercisable) | $1.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life (years) (exercisable) | '10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Series B Unit Activity) (Details) (USD $) | 9 Months Ended |
Oct. 31, 2013 | |
Series B-1 Unit [Member] | ' |
Outstanding, Unvested Beginning Balance | 1,441,667 |
Outstanding, Unvested Ending Balance | 1,441,667 |
Weighted average award date unit fair value | $0.44 |
Remaining vesting period | '8 months 5 days |
Series B-2 Unit [Member] | ' |
Outstanding, Unvested Beginning Balance | 60,000 |
Units that vested, Number of Shares | -15,000 |
Outstanding, Unvested Ending Balance | 45,000 |
Weighted average award date unit fair value | $0.29 |
Remaining vesting period | '1 year 9 months 29 days |
Series B-3 Unit [Member] | ' |
Units granted | 910,000 |
Outstanding, Unvested Ending Balance | 910,000 |
Weighted average award date unit fair value | $0.70 |
Remaining vesting period | '3 years 6 months 11 days |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (CEO Options [Member], USD $) | 3 Months Ended | 9 Months Ended |
Oct. 31, 2013 | Oct. 31, 2013 | |
CEO Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price per share, lower limit | $10 | ' |
Exercise price per share, upper limit | $15 | ' |
Anitdilutive securities excluded from calculation of diluted net income | 4,500,000 | 6,000,000 |
Earnings_Per_Share_Computation
Earnings Per Share (Computations Of Basic And Diluted Net Loss Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 30 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders | $47,221 | ($599) | $59,232 | ($4,579) | $31,300 |
Effect of debt conversion (restated) | 881 | ' | 2,503 | ' | ' |
Net income (loss) attributable to common shareholders after effect of debt conversion (restated) | $48,102 | ($599) | $61,735 | ($4,579) | ' |
Basic weighted average common shares outstanding | 79,058,647 | 44,326,947 | 62,816,559 | 44,217,660 | ' |
Effect of dilutive securities | 16,982,576 | ' | 16,048,067 | ' | ' |
Diluted weighted average common shares outstanding | 96,041,223 | 44,326,947 | 78,864,626 | 44,217,660 | ' |
Basic net income (loss) per share (restated) | $0.60 | ($0.01) | $0.94 | ($0.10) | ' |
Diluted net income (loss) per share (restated) | $0.50 | ($0.01) | $0.78 | ($0.10) | ' |
Notes_Payable_And_Credit_Facil2
Notes Payable And Credit Facilities (Narrative And Schedule Of Debt) (Details) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Facility | $151,000 | $25,000 |
5% Convertible Note | 127,694 | 123,023 |
Total debt | 298,954 | 148,023 |
Less: Current portion | -12,711 | ' |
Long-term Debt, Current Maturities | 12,711 | ' |
Convertible note, interest rate | 5.00% | ' |
Long-term Debt, Excluding Current Maturities | 286,243 | 148,023 |
Total debt, net of current portion | 286,243 | 148,023 |
Weighted average interest rate | 3.70% | 4.60% |
Rockpile [Member] | ' | ' |
Credit Facility | 13,620 | ' |
Notes Payable | 6,640 | ' |
Total debt | $800 | ' |
Notes_Payable_And_Credit_Facil3
Notes Payable And Credit Facilities (TUSA Credit Facility Narrative) (Details) (USD $) | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 16, 2013 | Jan. 31, 2013 | |
item | |||
Credit facility, maximum borrowing capacity | ' | $275,000,000 | ' |
Credit facility, prior maximum borrowing capacity | ' | 165,000,000 | ' |
Credit facility, amount outstanding | $151,000,000 | ' | $25,000,000 |
Credit Facility, term | '5 years | ' | ' |
Credit facility, margin on dollar amount based on usage | 0.25% | ' | ' |
Number of new lenders under credit facility | 3 | ' | ' |
Loan hedge percentage of anticipated production | 85.00% | ' | ' |
Credit facility, ratio of current assets to current liabilities defined by credit facility | 1 | ' | ' |
Credit facility, ratio of consolidated debt to consolidated EBITDAX | 4 | ' | ' |
Maximum [Member] | ' | ' | ' |
Credit facility, expiration date | 16-Oct-18 | ' | ' |
Minimum [Member] | ' | ' | ' |
Credit facility, expiration date | 11-Apr-18 | ' | ' |
Notes_Payable_And_Credit_Facil4
Notes Payable And Credit Facilities (Convertible Note Narrative) (Details) (USD $) | 1 Months Ended | ||
Jul. 31, 2012 | Oct. 31, 2013 | Nov. 16, 2012 | |
Notes Payable And Credit Facilities [Abstract] | ' | ' | ' |
Convertible note, face amount | $120,000,000 | ' | ' |
Convertible note, conversion price | ' | ' | $8 |
Convertible note, interest rate | ' | 5.00% | ' |
Convertible note, conversion ratio | 0.125 | ' | ' |
Accrued interest | ' | $7,700,000 | ' |
Notes_Payable_And_Credit_Facil5
Notes Payable And Credit Facilities (Rockpile Debt Narrative) (Details) (USD $) | Oct. 31, 2013 | Oct. 16, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 16, 2013 | Feb. 25, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 25, 2013 | Oct. 31, 2013 | Feb. 25, 2013 | Oct. 31, 2013 | Feb. 25, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 15, 2013 | Oct. 31, 2013 | Feb. 15, 2013 | Feb. 15, 2013 | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 31, 2013 | Nov. 18, 2013 |
Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Maximum [Member] | Minimum [Member] | Equipment Term Loan Facility [Member] | Equipment Term Loan Facility [Member] | Capex Term Loan Facility [Member] | Capex Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Construction Loan Residential Units [Member] | Construction Loan Residential Units [Member] | Construction Loan Administrative And Maintenance Building [Member] | Construction Loan Administrative And Maintenance Building [Member] | Construction Loan Residential Units And Administrative And Maintenance Building [Member] | Unsecured Debt Loan One [Member] | Unsecured Debt Loan One [Member] | Unsecured Debt Loan Two [Member] | Unsecured Debt Loan Two [Member] | Amendment to RockPile Credit Facility [Member] | Amendment to RockPile Credit Facility [Member] | |||||
item | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | $275,000,000 | ' | ' | ' | ' | $20,000,000 | ' | ' | $9,800,000 | ' | $2,000,000 | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,300,000 |
Subsequent event date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Nov-13 | ' |
Credit facility, amount outstanding | 151,000,000 | ' | 25,000,000 | ' | 13,620,000 | ' | ' | ' | ' | ' | 9,800,000 | ' | 2,000,000 | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, expiration date | ' | ' | ' | ' | 25-Feb-16 | ' | ' | 16-Oct-18 | 11-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'daily three month LIBOR plus 4.50% | ' | 'daily three month LIBOR plus 4.50% | ' | 'daily three month LIBOR plus 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, principle payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 |
Credit facility, basis spread on interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 4.75% | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | 6,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' |
Notes payable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 1.00% | ' | 1.00% | ' | ' |
Number of unsecured loans | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 1.00% | ' | 1.00% | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-13 | ' | 31-Dec-13 | ' | ' | 16-Oct-16 | ' | 16-Oct-16 | ' | ' | ' |
Carrying value of debt | $298,954,000 | ' | $148,023,000 | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
Class A Triggering Units (Restated) [Member] | Class A Triggering Units (Restated) [Member] | Class A Units [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
item | Triangle Caliber Holdings LLC [Member] | Class A Triggering Units (Restated) [Member] | Class A Triggering Units (Restated) [Member] | Class A Triggering Units (Restated) [Member] | Class A Units [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 1 Warrant $14.69 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Series 2 Warrant $24.00 Strike Price [Member] | Series 1 And Series 2 Warrants [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 3 Warrant $24.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | Series 4 Warrant $30.00 Strike Price [Member] | Series 1, Series 2, Series 3 and Series 4 Warrants [Member] | Forecast [Member] | Class A Triggering Units (Restated) [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | ||||||||
Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Class A Units [Member] | Triangle Caliber Holdings LLC [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | Class A Triggering Units (Restated) [Member] | Class A Trigger Warrant $14.69 Strike Price [Member] | ||||||||||
Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | Triangle Caliber Holdings LLC [Member] | ||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) from derivative activities | $2,123 | $1,401 | ($1,064) | $1,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on equity investment derivative | $35,832 | ' | $35,832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Trigger Units received | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | 4,000,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Units received if certain conditions are met | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Number of producer wells to trigger conversion of Class A Trigger Units | ' | ' | ' | ' | ' | 162 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue from third party volumes equal to distributable cash flow to trigger conversion of Class A Trigger Unit | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive quarters revenue attributable to third party volumes equal 50% of distributable cash flow to trigger conversion of Class A Trigger Unit | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-consecutive quarters revenue attributable to third party volumes equal 50% of distributable cash flow to trigger conversion of Class A Trigger Unit | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A units exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average cost of capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.30% | ' | 11.60% | ' |
Probability of conversion of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, warrants received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | 4,000,000 | 4,000,000 | 2,400,000 | 2,400,000 | ' | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' |
Equity method investments, warrant excercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.69 | $14.69 | $14.69 | $14.69 | $24 | $24 | ' | $24 | $24 | $30 | $30 | ' | ' | ' | ' | ' | ' |
Equity Method Investments, warrant floor price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' |
Warrant expiration date | ' | ' | ' | ' | ' | ' | ' | 1-Oct-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term of warrants | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expected volitality rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rates over the expected warrant terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.20% |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of Derivative Instruments) (Details) | 9 Months Ended | |
Oct. 31, 2013 | ||
May 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 3,500 | [1] |
November 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 1,000 | [1] |
Put strike price | 92 | |
Call strike price | 106.85 | |
January 1, 2014 - March 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 250 | [1] |
Put strike price | 85 | |
Call strike price | 98.75 | |
January 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 750 | [1] |
April 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 150 | [1] |
Put strike price | 84.25 | |
Call strike price | 100 | |
January 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 2,750 | [1] |
July 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 500 | [1] |
Put strike price | 83.5 | |
Call strike price | 100 | |
January 1, 2015 - December 31, 2015 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 1,500 | [1] |
Put strike price | 80 | |
Expiring on December 16, 2013 Puts [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 16-Dec-13 | |
Basis | 'NYMEX | [1] |
Quantity, (bbls) | 500,000 | [1] |
Average strike price | 75 | |
Minimum [Member] | May 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-May-13 | |
Put strike price | 85 | |
Call strike price | 100 | |
Minimum [Member] | November 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Nov-13 | |
Minimum [Member] | January 1, 2014 - March 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Jan-14 | |
Minimum [Member] | January 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Jan-14 | |
Put strike price | 85 | |
Call strike price | 100.8 | |
Minimum [Member] | April 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Apr-14 | |
Minimum [Member] | January 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Jan-14 | |
Put strike price | 80 | |
Call strike price | 98 | |
Minimum [Member] | July 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Jul-14 | |
Minimum [Member] | January 1, 2015 - December 31, 2015 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 1-Jan-15 | |
Call strike price | 94.5 | |
Maximum [Member] | May 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Dec-13 | |
Put strike price | 97 | |
Call strike price | 110.3 | |
Maximum [Member] | November 1, 2013 - December 31, 2013 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Dec-13 | |
Maximum [Member] | January 1, 2014 - March 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Mar-14 | |
Maximum [Member] | January 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 30-Jun-14 | |
Put strike price | 87 | |
Call strike price | 101 | |
Maximum [Member] | April 1, 2014 - June 30, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 30-Jun-14 | |
Maximum [Member] | January 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Dec-14 | |
Put strike price | 91.25 | |
Call strike price | 101.2 | |
Maximum [Member] | July 1, 2014 - December 31, 2014 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Dec-14 | |
Maximum [Member] | January 1, 2015 - December 31, 2015 Collars [Member] | ' | |
Derivative [Line Items] | ' | |
Term | 31-Dec-15 | |
Call strike price | 96.65 | |
[1] | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Crude Oil Derivative [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | $1,305 |
Derivative Asset, Fair Value, Gross Liability | ' | -702 |
Derivative Assets | ' | 603 |
Derivative Liability, Fair Value, Gross Liability | -2,019 | ' |
Derivative Liability, Fair Value, Gross Asset | 1,677 | ' |
Derivative Liabilities | -342 | ' |
Crude Oil Derivative [Member] | Long-Term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,824 | ' |
Derivative Asset, Fair Value, Gross Liability | -2,456 | ' |
Derivative Assets | 368 | ' |
Crude Oil Derivative [Member] | Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | -292 |
Derivative Liabilities | ' | -292 |
Equity Investment Derivative [Member] | Long-Term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 35,832 | ' |
Derivative Assets | $35,832 | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Common stock closing price | $10.57 | $6.29 |
Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible note | $127.70 | ' |
Estimated Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible note | $207.90 | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative assets | $36,200 |
Derivative Liabilities | -342 |
Earn-out payments | -1,499 |
Note payable | -764 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative assets | 368 |
Derivative Liabilities | -342 |
Earn-out payments | -1,499 |
Note payable | -764 |
Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative assets | $35,832 |
Fair_Value_Measurements_Rollfo
Fair Value Measurements (Rollforward Of Level 3 Financial Liabilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Convertible Notes [Member] | Convertible Notes [Member] | Class A Triggering Units (Restated) [Member] | Warrants (Restated) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Beginning balance | ' | ' | ' | ($132,900) | ' | ' | ' | |
Sale of Convertible Notes | ' | ' | ' | ' | -120,000 | ' | ' | |
Interest paid in-kind | ' | 3,936 | 1,459 | -4,671 | -3,023 | ' | ' | |
Net unrecognized gain (loss) | ' | ' | ' | -70,345 | -9,877 | ' | ' | |
Net unrealized gain (loss) | 35,832 | 35,832 | ' | ' | ' | 34,019 | 1,813 | [1] |
Ending balance | ' | ' | ' | ($207,916) | ($132,900) | $34,019 | $1,813 | [1] |
[1] | Includes ClassB A Triggering Units, and SeriesB 1 and SeriesB 2 Warrants. |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2013 | Sep. 12, 2013 |
agreement | ||
Long-term Purchase Commitment [Line Items] | ' | ' |
Environmental or other regulatory matters liabilities | $0 | ' |
Equity method investment, summarized financial information, revenue | 10.8 | ' |
Caliber Midstream Partners, L.P. [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Equity method ownership percentage | ' | 30.00% |
Triangle USA Petroleum Corporation [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Equity method investment, summarized financial information, revenue | 10.4 | ' |
Caliber North Dakota LLC [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of amended and restated midstream services agreements | ' | 2 |
Long term purchase commitment, time period | '15 years | ' |
Contract minimum obligation, amount | 405 | ' |
Multiple Drilling Rig Contracts [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Number of drilling rigs subject to commitments | 3 | ' |
Early termination of contract commitments amount | $15.60 | ' |
Recovered_Sheet1
Supplemental Disclosures Of Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ' |
Interest expense | $2,260 | $13 |
Increased (decreased) accrued liabilities and decreased prepaid well costs | 28,874 | 24,301 |
Issuance of common stock | 2,435 | 1,912 |
Change in asset retirement obligations | 608 | 310 |
Capitalized interest | 1,193 | ' |
Acquisition of pressure pumping and related services equipment through notes payable and liabilities | $2,262 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 30 Months Ended | 9 Months Ended | 3 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | |
Domestic Tax Authority [Member] | Forecast [Member] | |||||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | ' | ' | 9.20% | ' | ' | ' | ' | ' |
Deferred tax asset | ' | ' | ' | ' | ' | $0 | ' | ' |
Valuation Allowance | ' | ' | ' | ' | ' | 35,000,000 | ' | ' |
Cumulative income | 47,221,000 | -599,000 | 59,232,000 | -4,579,000 | 31,300,000 | ' | ' | ' |
Deferred tax liability | 6,000,000 | ' | 6,000,000 | ' | ' | ' | ' | ' |
Release of valuation allowance | ' | ' | ' | ' | ' | ' | 21,400,000 | 5,300,000 |
Unrecognized tax benefits | $0 | ' | $0 | ' | ' | ' | ' | ' |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 |
Accretion and other asset retirement obligation expenses | $983 | $5 | $1,000 | $173 | ' |
Asset retirement obligations, current | 2,465 | ' | 2,465 | ' | 2,949 |
Reclamation Of Man Made Ponds And Plugging And Abandonment Of Well Bores [Member] | ' | ' | ' | ' | ' |
Asset retirement obligations, current | 2,000 | ' | 2,000 | ' | ' |
Plug And Abandon Vertical Wells [Member] | ' | ' | ' | ' | ' |
Asset retirement obligations, current | 500 | ' | 500 | ' | ' |
United States [Member] | ' | ' | ' | ' | ' |
Asset retirement obligations, current | 500 | ' | 500 | ' | ' |
Canada [Member] | ' | ' | ' | ' | ' |
Asset retirement obligations, current | 1,965 | ' | 1,965 | ' | ' |
Canada [Member] | Internal Engineering Re-assessment [Member] | ' | ' | ' | ' | ' |
Accretion and other asset retirement obligation expenses | $1,000 | ' | $1,000 | ' | ' |
Asset_Retirement_Obligations_S
Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 |
Balance, beginning of period | $3,047 | $3,422 | ' |
Liabilities incurred | 524 | 814 | ' |
Revision of estimate | 962 | 774 | ' |
Sales of assets | -7 | -17 | ' |
Liabilities settled | ' | -484 | ' |
Accretion | 20 | 37 | ' |
Balance, end of period | 4,546 | 4,546 | ' |
Less current portion of obligations | -2,465 | -2,465 | -2,949 |
Long-term asset retirement obligations | 2,081 | 2,081 | 473 |
United States [Member] | ' | ' | ' |
Balance, beginning of period | 1,951 | 1,974 | ' |
Liabilities incurred | 524 | 814 | ' |
Revision of estimate | ' | -188 | ' |
Sales of assets | -7 | -17 | ' |
Liabilities settled | ' | -132 | ' |
Accretion | 20 | 37 | ' |
Balance, end of period | 2,488 | 2,488 | ' |
Less current portion of obligations | -500 | -500 | ' |
Long-term asset retirement obligations | 1,988 | 1,988 | ' |
Canada [Member] | ' | ' | ' |
Balance, beginning of period | 1,096 | 1,448 | ' |
Revision of estimate | 962 | 962 | ' |
Liabilities settled | ' | -352 | ' |
Balance, end of period | 2,058 | 2,058 | ' |
Less current portion of obligations | -1,965 | -1,965 | ' |
Long-term asset retirement obligations | $93 | $93 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 12, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
item | Caliber Measurement [Member] | Caliber Midstream LP [Member] | Caliber North Dakota LLC [Member] | Caliber North Dakota LLC [Member] | ||||
Triangle Caliber Holdings LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of midstream agreements with Caliber North Dakota LLC | ' | ' | 2 | ' | ' | ' | ' | ' |
Equity method ownership percentage | ' | ' | ' | ' | ' | 30.00% | 30.00% | 30.00% |
Term of midstream agreements with Caliber | ' | ' | ' | ' | ' | ' | ' | '15 years |
Minmum commitment over term of agreements | ' | ' | ' | ' | ' | ' | $405,000,000 | $405,000,000 |
Related party | 2,031,000 | ' | 2,031,000 | ' | 2,500,000 | ' | ' | ' |
Revenues | 88,549,000 | 21,300,000 | 173,237,000 | 36,800,000 | ' | ' | ' | 10,800,000 |
Revenues from related parties | ' | ' | ' | ' | ' | ' | ' | 10,400,000 |
Reimbursed administrative services from Caliber | ' | ' | ' | ' | ' | ' | $300,000 | $900,000 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 16, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 04, 2013 | Oct. 31, 2013 | Feb. 25, 2013 | Nov. 18, 2013 | Nov. 20, 2013 |
Amendment to RockPile Credit Facility [Member] | Amendment to Certificate of Incorporation [Member] | Amendment to Certificate of Incorporation [Member] | Hauck Apartments Mortgage [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | |||
Amendment to RockPile Credit Facility [Member] | Hauck Apartments Mortgage [Member] | ||||||||
item | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent event date | ' | ' | 18-Nov-13 | 4-Dec-13 | ' | 20-Nov-13 | ' | ' | ' |
Credit facility, increase in maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' |
Credit facility, maximum borrowing capacity | ' | 275 | ' | ' | ' | ' | 20 | 17.3 | ' |
Credit facility, principle payment | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' |
Preferred stock shares authorized | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' |
Preferred stock par value | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' |
Number of units | ' | ' | ' | ' | ' | ' | ' | ' | 12 |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 |
Cash paid | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 |
Mortgage term | '5 years | ' | ' | ' | ' | ' | ' | ' | '15 years |
Debt instrument, interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | 'interest at a variable rate equal to the Federal Home Loan Bank of Des Moines Five-Year Fixed-Rate Advance rate plus 2.70% |
Debt instrument, interest rate term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Debt instrument, basis spread on interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% |
Recovered_Sheet2
Significant Changes in Proved Oil And Natural Gas Reserves (Narrative) (Details) | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
item | item | |||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ' | ' | ' |
Industry average, sales price per unit | 5.77 | 89.81 | 84.76 | 5.23 |
Productive oil wells, number of wells, net | 42.9 | 42.9 | 16 | 16 |
Percentage of increase (decrease) in productive oil wells, net | 168.00% | 168.00% | ' | ' |
Future development wells, number of wells, net | 42.7 | 42.7 | 19.8 | 19.8 |
Percentage of increase (decrease) in future development oil wells, net | 116.00% | 116.00% | ' | ' |
Recovered_Sheet3
Significant Changes in Proved Oil And Natural Gas Reserves (Proved Oil And Gas Reserves) (Details) | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 |
MMcf | MBbls | MBoe | |
MBoe | |||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ' | ' |
Proved Developed, Percentage of Reserves | 46.00% | 46.00% | ' |
Proved Developed, Volume | 12,964 | 12,762 | ' |
Proved Developed, (Mboe) | 14,923 | 14,923 | 5,969 |
Proved Developed, Percentage change in reserves | 150.00% | 150.00% | ' |
Proved Undeveloped, Percentage of Reserves | 54.00% | 54.00% | ' |
Proved Undeveloped, Volume | 15,404 | 15,039 | ' |
Proved Undeveloped, (Mboe) | 17,606 | 17,606 | 8,668 |
Proved Undeveloped, Percentage change in reserves | 103.00% | 103.00% | ' |
Total Proved, Percentage of Reserves | 100.00% | 100.00% | ' |
Total Proved, Volume | 28,368 | 27,801 | ' |
Total Proved, (Mboe) | 32,529 | 32,529 | 14,637 |
Total Proved, Percentage change in reserves | 122.00% | 122.00% | ' |