Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jul. 31, 2014 | Sep. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jul-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2015 | ' |
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 | ' | 86,250,905 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Jan. 31, 2014 | |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | |
Cash and equivalents | $107,527 | $81,750 | |
Accounts receivable: | ' | ' | |
Oil, natural gas and natural gas liquids sales | 28,505 | 20,450 | |
Trade | 122,382 | 86,074 | |
Derivative asset | ' | 955 | |
Deferred tax benefit | 321 | 321 | |
Inventory, deposits and prepaid expenses | 5,916 | 5,331 | |
Total current assets | 264,651 | 194,881 | |
Oil and natural gas properties at cost, using the full cost method of accounting: | ' | ' | |
Unproved properties and properties under development, not being amortized | 144,023 | 121,393 | |
Proved properties | 924,419 | 629,051 | |
Total oil and natural gas properties at cost | 1,068,442 | 750,444 | |
Less: accumulated amortization | -109,686 | -67,657 | |
Net oil and natural gas properties | 958,756 | 682,787 | |
Oilfield services equipment, net | 64,379 | 46,586 | |
Other property and equipment, net | 28,718 | 24,507 | |
Equity investment | 72,337 | 68,536 | |
Goodwill | 1,680 | 1,680 | |
Intangible assets, net | 3,604 | 3,862 | |
Derivative asset | 136 | 1,192 | |
Other long-term assets | 14,193 | 3,553 | |
Total assets | 1,408,454 | [1] | 1,027,584 |
CURRENT LIABILITIES | ' | ' | |
Accounts payable | 72,849 | 60,016 | |
Accrued liabilities: | ' | ' | |
Exploration and development | 54,532 | 34,131 | |
Other | 59,137 | 53,037 | |
Debt | 411 | 8,851 | |
Derivative liability | 994 | ' | |
Asset retirement obligations | 3,400 | 3,333 | |
Total current liabilities | 191,323 | 159,368 | |
LONG-TERM LIABILITIES | ' | ' | |
6.75% senior notes | 450,000 | ' | |
5% convertible note | 132,543 | 129,290 | |
Borrowings on credit facilities | 39,616 | 196,065 | |
Other notes payable | 9,854 | 9,002 | |
Asset retirement obligations | 2,374 | 1,296 | |
Deferred tax liability | 28,062 | 8,262 | |
Other | 1,195 | 1,139 | |
Total liabilities | 854,967 | 504,422 | |
COMMITMENTS AND CONTINGENCIES (Note 10)) | ' | ' | |
STOCKHOLDERS' EQUITY | ' | ' | |
Common stock, $0.00001 par value, 140,000,000 shares authorized; 86,231,719 and 85,735,827 shares issued and outstanding at July 31, 2014 and January 31, 2014, respectively | ' | ' | |
Additional paid-in capital | 572,933 | 571,702 | |
Accumulated deficit | -19,446 | -48,540 | |
Accumulated other comprehensive income | ' | ' | |
Total stockholders' equity | 553,487 | 523,162 | |
Total liabilities and stockholders' equity | $1,408,454 | $1,027,584 | |
[1] | Our Corporate and Other total assets consist primarily of cash and cash equivalents of $64.4 million and our investment in Caliber of $72.3 million, in addition to the Company’s investment in its subsidiaries which are subsequently eliminated. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 86,231,719 | 85,735,827 |
Common stock, shares outstanding | 86,231,719 | 85,735,827 |
Senior Notes [Member] | ' | ' |
Debt instrument, interest rate | 6.75% | ' |
Convertible Note [Member] | ' | ' |
Debt instrument, interest rate | 5.00% | 5.00% |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
REVENUES | ' | ' | ' | ' |
Oil, natural gas and natural gas liquids sales | $80,506 | $34,639 | $141,340 | $55,699 |
Oilfield services | 61,483 | 15,755 | 100,431 | 28,989 |
Total revenues | 141,989 | 50,394 | 241,771 | 84,688 |
EXPENSES: | ' | ' | ' | ' |
Production taxes | 8,677 | 3,919 | 15,025 | 6,363 |
Lease operating expenses | 6,698 | 2,830 | 11,424 | 5,046 |
Gathering, transportation and processing | 3,733 | 69 | 7,535 | 106 |
Depreciation and amortization | 26,706 | 10,918 | 47,884 | 18,391 |
Accretion of asset retirement obligations | 41 | 9 | 175 | 17 |
Oilfield services | 43,554 | 12,692 | 71,264 | 23,878 |
General and administrative: | ' | ' | ' | ' |
Stock-based compensation | 1,807 | 1,438 | 3,815 | 3,033 |
Salaries and benefits | 5,677 | 4,133 | 12,794 | 7,258 |
Other general and administrative | 6,607 | 1,413 | 10,883 | 3,295 |
Total operating expenses | 103,500 | 37,421 | 180,799 | 67,387 |
INCOME FROM OPERATIONS | 38,489 | 12,973 | 60,972 | 17,301 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Gain (loss) on equity investment derivatives | -7,534 | ' | 2,920 | ' |
Loss from commodity derivative activities | -921 | -4,399 | -6,377 | -3,187 |
Interest expense | -5,385 | -1,969 | -8,249 | -3,441 |
Income (loss) from equity investment | 190 | -596 | 64 | ' |
Interest income | 47 | 43 | 107 | 80 |
Other income | 5 | 747 | 7 | 1,257 |
Total other income (expense) | -13,598 | -6,174 | -11,528 | -5,291 |
NET INCOME BEFORE INCOME TAXES | 24,891 | 6,799 | 49,444 | 12,010 |
Income tax provision | -10,339 | ' | -20,350 | ' |
NET INCOME | 14,552 | 6,799 | 29,094 | 12,010 |
Net income per common share outstanding: | ' | ' | ' | ' |
Basic | $0.17 | $0.12 | $0.34 | $0.22 |
Diluted | $0.15 | $0.12 | $0.30 | $0.22 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 86,172 | 56,451 | 86,064 | 54,561 |
Diluted | 103,774 | 57,012 | 103,511 | 55,089 |
COMPREHENSIVE INCOME: | ' | ' | ' | ' |
Net income attributable to common stockholders | 14,552 | 6,799 | 29,094 | 12,010 |
Total comprehensive income | $14,552 | $6,799 | $29,094 | $12,010 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $29,094 | $12,010 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 47,884 | 18,391 |
Stock-based compensation | 3,815 | 3,033 |
Interest expense not paid in cash | 3,532 | 2,545 |
Accretion of asset retirement obligations | 175 | 17 |
Loss on commodity derivative activities | 6,377 | 3,187 |
Gain on equity investment derivatives | -2,919 | ' |
Settlements of commodity derivative instruments | -3,372 | ' |
Income from equity investment | 64 | ' |
Unrealized income on securities held for investment | ' | -990 |
Deferred income taxes | 19,800 | ' |
Accounts receivable: | ' | ' |
Oil and natural gas sales | -8,055 | -10,059 |
Trade | -36,308 | -10,329 |
Inventory, deposits and prepaid expenses | -581 | -1,025 |
Accounts payable and accrued liabilities | 2,994 | 15,101 |
Asset retirement expenditures | -136 | -484 |
Other | -390 | 36 |
Cash provided by operating activities | 61,846 | 31,433 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Oil and natural gas property expenditures and acquisitions | -280,847 | -130,132 |
Purchases of oilfield services equipment | -24,579 | -15,953 |
Purchases of other property and equipment | -3,080 | -4,318 |
Equity investment in Caliber Midstream Partners, L.P. | ' | -9,000 |
Other | 58 | ' |
Cash used in investing activities | -308,448 | -159,403 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | ' | 55,800 |
Proceeds from credit facilities | 245,116 | 90,320 |
Repayments of credit facilities | -410,015 | -5,000 |
Proceeds from notes payable | 450,000 | 5,876 |
Repayments of notes payable | -199 | -1,538 |
Debt issuance costs | -10,331 | ' |
Cash paid to settle tax on vested restricted stock units | -2,192 | -1,225 |
Cash provided by financing activities | 272,379 | 144,233 |
NET INCREASE IN CASH AND EQUIVALENTS | 25,777 | 16,263 |
CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 81,750 | 33,117 |
CASH AND EQUIVALENTS, END OF PERIOD | $107,527 | $49,380 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | |
Balance at Jan. 31, 2014 | ' | $571,702 | ($48,540) | $523,162 |
Balance, shares at Jan. 31, 2014 | 85,735,827 | ' | ' | 85,735,827 |
Vesting of restricted stock units (net of shares surrendered for taxes) | ' | -2,192 | ' | -2,192 |
Vesting of restricted stock units (net of shares surrendered for taxes), shares | 495,892 | ' | ' | ' |
Redeemed RockPile B-Units | ' | -1,041 | ' | -1,041 |
Stock-based compensation | ' | 4,464 | ' | 4,464 |
Net income for the period | ' | ' | 29,094 | 29,094 |
Balance at Jul. 31, 2014 | ' | $572,933 | ($19,446) | $553,487 |
Balance, shares at Jul. 31, 2014 | 86,231,719 | ' | ' | 86,231,719 |
Description_Of_Business
Description Of Business | 6 Months Ended |
Jul. 31, 2014 | |
Description Of Business [Abstract] | ' |
Description Of Business | ' |
1. DESCRIPTION OF BUSINESS | |
Triangle Petroleum Corporation (‘‘we,’’ ‘‘us,’’ ‘‘our,’’ the ‘‘Company,’’ or ‘‘Triangle’’) is a growth-oriented, independent energy holding company with three principal lines of business: oil and natural gas exploration, development and production; oilfield services; and midstream services. | |
We hold leasehold interests and conduct our operations in the Williston Basin of North Dakota and Montana. Our core focus area is in McKenzie and Williams counties, North Dakota, and eastern Roosevelt and Sheridan counties, Montana (collectively, our “Core Acreage”). 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 oilfield and complementary well completion services to oil and natural gas exploration and production companies in the Williston Basin. RockPile began operations in July 2012. | |
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 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. | |
The Company also holds leasehold interests in acreage in the Maritimes Basin of Nova Scotia. | |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended | |||
Jul. 31, 2014 | ||||
Basis Of Presentation [Abstract] | ' | |||
Basis Of Presentation | ' | |||
2. BASIS OF PRESENTATION | ||||
These unaudited condensed consolidated financial statements as of July 31, 2014, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are expressed in U.S. dollars. Preparation in accordance with GAAP requires us to (1) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (2) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and other disclosed amounts. Note 3 – Summary of Significant Accounting Policies describes our significant accounting policies. | ||||
Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with 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, 2014, filed with the SEC on April 17, 2014 (the “Fiscal 2014 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 six months ended | ||||
July 31, 2014, are not necessarily indicative of the operating results for the entire fiscal year ending January 31, 2015. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management believes the major estimates and assumptions impacting our condensed consolidated financial statements are the following: | ||||
· | estimates of proved reserves of oil and natural gas, which affect the calculations of amortization and consideration of any possible impairment of capitalized costs of proved oil and natural gas properties; | |||
· | estimates of the fair value of unproved oil and natural gas properties we own and the consideration of any possible impairment; | |||
· | assumptions impacting our estimates as to the future realization of deferred income tax assets and the amount of our deferred tax liabilities; | |||
· | consideration of any impairment of our other long-term assets; | |||
· | depreciation of property and equipment; and | |||
· | valuation of derivative instruments. | |||
Actual results may differ from estimates and assumptions of future events. Future production may vary materially from estimated oil and natural gas proved reserves. Actual future prices may vary significantly from price assumptions used for determining proved reserves and for financial reporting. | ||||
Principles of Consolidation | ||||
The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20.0% and 50.0% and exercises significant influence. Triangle Caliber Holdings, LLC, a wholly-owned subsidiary of Triangle, is a joint venture partner in Caliber. The Company’s investment in Caliber is accounted for utilizing the equity method of accounting. See Note 6 - Equity Investment for further discussion. | ||||
Reclassifications | ||||
Certain amounts in the condensed consolidated balance sheet as of January 31, 2014, and in our condensed consolidated statement of operations and comprehensive income for the quarter ended July 31, 2013, have been reclassified to conform to the financial statement presentation for the quarter ended July 31, 2014. Such reclassifications had no impact on consolidated total assets, stockholders’ equity or net income previously reported. | ||||
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
There have been no material changes to the Company’s significant accounting policies and estimates from those disclosed in Note 3 - Summary of Significant Accounting Policies in our audited financial statements included in our Fiscal 2014 Form 10-K. | |
New Pronouncements Issued But Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for the Company beginning in fiscal year 2017 and can be adopted by the Company either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated results of operations, cash flows and financial position. | |
Accounting standard-setting organizations frequently issue new or revised accounting rules. We regularly review new pronouncements to determine their impact, if any, on our condensed consolidated financial statements. Other than the standard discussed above, there are no significant accounting standards applicable to Triangle which have not been adopted. | |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
4. SEGMENT REPORTING | ||||||||||||||||
We conduct our operations within 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, consisting of TUSA and several insignificant oil and gas subsidiaries, is responsible for finding and producing oil and natural gas. The Oilfield Services segment, consisting of RockPile and several insignificant oilfield service subsidiaries, is responsible for a variety of oilfield and complementary services for both Triangle-operated wells and wells operated by third-parties. Corporate and Other includes our corporate office and several subsidiaries that management does not consider to be part of the Exploration and Production or Oilfield Services segments. Also included in Corporate and Other are our results from our investment in Caliber, including any changes in the fair value of our equity investment derivatives. | ||||||||||||||||
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 July 31, 2014 and 2013: | ||||||||||||||||
For the Three Months Ended July 31, 2014 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 80,506 | $ | - | $ | - | $ | - | $ | 80,506 | ||||||
Oilfield services for third parties | - | 64,093 | - | -2,610 | 61,483 | |||||||||||
Intersegment revenues | - | 37,962 | - | -37,962 | - | |||||||||||
Other | - | - | 272 | -272 | - | |||||||||||
Total revenues | 80,506 | 102,055 | 272 | -40,844 | 141,989 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 15,375 | - | - | - | 15,375 | |||||||||||
Gathering, transportation and processing | 3,733 | - | - | - | 3,733 | |||||||||||
Depreciation and amortization | 23,439 | 4,690 | 186 | -1,609 | 26,706 | |||||||||||
Accretion of asset retirement obligations | 41 | - | - | - | 41 | |||||||||||
Cost of oilfield services | - | 68,867 | - | -25,313 | 43,554 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 344 | 127 | 1,336 | - | 1,807 | |||||||||||
Other general and administrative | 4,442 | 5,251 | 2,591 | - | 12,284 | |||||||||||
Total operating expenses | 47,374 | 78,935 | 4,113 | -26,922 | 103,500 | |||||||||||
Income (loss) from operations | 33,132 | 23,120 | -3,841 | -13,922 | 38,489 | |||||||||||
Other income (expense), net | -4,267 | -667 | -7,580 | -1,084 | -13,598 | |||||||||||
Net income (loss) before income taxes | $ | 28,865 | $ | 22,453 | $ | -11,421 | $ | -15,006 | $ | 24,891 | ||||||
For the Three Months Ended July 31, 2013 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 34,639 | $ | - | $ | - | $ | - | $ | 34,639 | ||||||
Oilfield services for third parties | - | 17,137 | - | -1,382 | 15,755 | |||||||||||
Intersegment revenues | - | 27,148 | - | -27,148 | - | |||||||||||
Other | - | - | 272 | -272 | - | |||||||||||
Total revenues | 34,639 | 44,285 | 272 | -28,802 | 50,394 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 6,749 | - | - | - | 6,749 | |||||||||||
Gathering, transportation and processing | 69 | - | - | - | 69 | |||||||||||
Depreciation and amortization | 10,111 | 1,600 | 135 | -928 | 10,918 | |||||||||||
Accretion of asset retirement obligations | 9 | - | - | - | 9 | |||||||||||
Cost of oilfield services | - | 30,370 | - | -17,678 | 12,692 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 247 | 99 | 1,092 | - | 1,438 | |||||||||||
Other general and administrative | 1,683 | 2,446 | 1,417 | - | 5,546 | |||||||||||
Total operating expenses | 18,868 | 34,515 | 2,644 | -18,606 | 37,421 | |||||||||||
Income (loss) from operations | 15,771 | 9,770 | -2,372 | -10,196 | 12,973 | |||||||||||
Other income (expense), net | -4,087 | -216 | -578 | -1,293 | -6,174 | |||||||||||
Net income (loss) before income taxes | $ | 11,684 | $ | 9,554 | $ | -2,950 | $ | -11,489 | $ | 6,799 | ||||||
The following tables present selected financial information for our operating segments for the six months ended July 31, 2014 and 2013: | ||||||||||||||||
For the Six Months Ended July 31, 2014 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 141,340 | $ | - | $ | - | $ | - | $ | 141,340 | ||||||
Oilfield services for third parties | - | 103,650 | - | -3,219 | 100,431 | |||||||||||
Intersegment revenues | - | 59,837 | - | -59,837 | - | |||||||||||
Other | - | - | 449 | -449 | - | |||||||||||
Total revenues | 141,340 | 163,487 | 449 | -63,505 | 241,771 | |||||||||||
Expenses | ||||||||||||||||
Production taxes and other lease operating | 26,449 | - | - | - | 26,449 | |||||||||||
Gathering, transportation and processing | 7,535 | - | - | - | 7,535 | |||||||||||
Depreciation and amortization | 42,051 | 8,280 | 362 | -2,809 | 47,884 | |||||||||||
Accretion of asset retirement obligations | 175 | - | - | - | 175 | |||||||||||
Cost of oilfield services | - | 112,578 | - | -41,314 | 71,264 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 739 | 217 | 2,859 | - | 3,815 | |||||||||||
Other general and administrative | 7,220 | 10,348 | 6,109 | - | 23,677 | |||||||||||
Total operating expenses | 84,169 | 131,423 | 9,330 | -44,123 | 180,799 | |||||||||||
Income (loss) from operations | 57,171 | 32,064 | -8,881 | -19,382 | 60,972 | |||||||||||
Other income (expense), net | -10,834 | -1,174 | 1,741 | -1,261 | -11,528 | |||||||||||
Net income (loss) before income taxes | $ | 46,337 | $ | 30,890 | $ | -7,140 | $ | -20,643 | $ | 49,444 | ||||||
As of July 31, 2014 | ||||||||||||||||
Net oil and natural gas properties | $ | 1,027,074 | $ | - | $ | - | $ | -68,318 | $ | 958,756 | ||||||
Oilfield services equipment - net | $ | - | $ | 64,379 | $ | - | $ | - | $ | 64,379 | ||||||
Other property and equipment - net | $ | 1,562 | $ | 20,372 | $ | 6,784 | $ | - | $ | 28,718 | ||||||
Total assets (1) | $ | 1,188,878 | $ | 171,550 | $ | 168,143 | $ | -120,117 | $ | 1,408,454 | ||||||
Total liabilities | $ | 659,922 | $ | 89,387 | $ | 136,137 | $ | -30,479 | $ | 854,967 | ||||||
-1 | Our Corporate and Other total assets consist primarily of cash and cash equivalents of $64.4 million and our investment in Caliber of $72.3 million, in addition to the Company’s investment in its subsidiaries which are subsequently eliminated. | |||||||||||||||
For the Six Months Ended July 31, 2013 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 55,699 | $ | - | $ | - | $ | - | $ | 55,699 | ||||||
Oilfield services for third parties | - | 32,281 | - | -3,292 | 28,989 | |||||||||||
Intersegment revenues | - | 38,887 | - | -38,887 | - | |||||||||||
Other | - | - | 548 | -548 | - | |||||||||||
Total revenues | 55,699 | 71,168 | 548 | -42,727 | 84,688 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 11,409 | - | - | - | 11,409 | |||||||||||
Gathering, transportation and processing | 106 | - | - | - | 106 | |||||||||||
Depreciation and amortization | 16,729 | 2,839 | 258 | -1,435 | 18,391 | |||||||||||
Accretion of asset retirement obligations | 17 | - | - | - | 17 | |||||||||||
Cost of oilfield services | - | 49,491 | - | -25,613 | 23,878 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 569 | 310 | 2,154 | - | 3,033 | |||||||||||
Other general and administrative | 3,250 | 4,425 | 2,878 | - | 10,553 | |||||||||||
Total operating expenses | 32,080 | 57,065 | 5,290 | -27,048 | 67,387 | |||||||||||
Income (loss) from operations | 23,619 | 14,103 | -4,742 | -15,679 | 17,301 | |||||||||||
Other income (expense), net | -2,636 | -369 | -993 | -1,293 | -5,291 | |||||||||||
Net income (loss) before income taxes | $ | 20,983 | $ | 13,734 | $ | -5,735 | $ | -16,972 | $ | 12,010 | ||||||
Eliminations and Other | ||||||||||||||||
For consolidation, intercompany revenues and expenses are eliminated with a corresponding reduction in Triangle's capitalized well costs. | ||||||||||||||||
Under the full cost method, we deferred recognition of approximately an additional $2.6 million and $1.4 million in oilfield service income for the three month periods ended July 31, 2014 and 2013, respectively, and approximately $3.2 million and $3.3 million in oilfield service income for the six month periods ended July 31, 2014 and 2013, respectively, associated with our non-operating partners’ share of costs charged by RockPile for well completion activities on properties we operate, by charging such oilfield service income against oilfield service revenue and crediting capitalized oil and natural gas properties. | ||||||||||||||||
In addition, we deferred approximately $0.6 million and $0.7 million of Caliber gross profit from our share of its income for the three months ended July 31, 2014 and 2013, respectively and approximately $0.8 million and $1.3 million for the six months ended July 31, 2014 and 2013, respectively, associated with services it provided which were capitalized by TUSA, by charging such gross profit against income (loss) from equity investment and crediting capitalized oil and natural gas properties. See Note 6 - Equity Investment for further discussion. | ||||||||||||||||
The above deferred income is indirectly recognized in future periods through a lower amortization rate as proved reserves are produced. | ||||||||||||||||
Property_And_Equipment
Property And Equipment | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Property And Equipment [Abstract] | ' | ||||||||||||
Property And Equipment | ' | ||||||||||||
5. PROPERTY AND EQUIPMENT | |||||||||||||
Acquisitions | |||||||||||||
Kodiak Oil & Gas Property Acquisition | |||||||||||||
On August 28, 2013, we acquired from Kodiak Oil & Gas Corporation (“Kodiak”) 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 located in McKenzie County, North Dakota for approximately $83.0 million in cash. Transaction costs related to the acquisition incurred during fiscal year 2014 were approximately $0.2 million and are recorded in the statement of operations within the general and administrative expenses line item. | |||||||||||||
The acquisition was 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 following table summarizes the final purchase price and the values of assets acquired and liabilities assumed: | |||||||||||||
(in thousands) | |||||||||||||
Final purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 83,044 | |||||||||||
Total consideration given | $ | 83,044 | |||||||||||
Final fair value allocation of purchase price: | |||||||||||||
Accounts receivable | $ | 5,503 | |||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 50,332 | |||||||||||
Unproved properties | 30,235 | ||||||||||||
Total oil and natural gas properties | 80,567 | ||||||||||||
Accounts payable | -2,894 | ||||||||||||
Asset retirement obligations assumed | -132 | ||||||||||||
Fair value of net assets acquired | $ | 83,044 | |||||||||||
Marathon Oil & Gas Property Acquisition | |||||||||||||
On June 30, 2014, we acquired from Marathon Oil Company (“Marathon”) certain oil and gas leaseholds and related producing properties located in Williams County, North Dakota, Sheridan County, Montana, and Roosevelt County, Montana comprising approximately 41,100 net acres and various other related rights, permits, contracts, equipment and other assets for approximately $90.4 million in cash, which included a net downward adjustment of $9.6 million for certain pre-closing adjustments. Additional post-closing adjustments may be required. Transaction costs related to the acquisition incurred for the three months ended July 31, 2014 were approximately $1.3 million and are recorded in the statement of operations within the general and administrative expenses line item. | |||||||||||||
The acquisition was 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 June 30, 2014. The final purchase price allocation is pending the completion of 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 | $ | 90,352 | |||||||||||
Total consideration given | $ | 90,352 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 71,044 | |||||||||||
Unproved properties | 20,262 | ||||||||||||
Total oil and natural gas properties | 91,306 | ||||||||||||
Accounts payable | -469 | ||||||||||||
Asset retirement obligations assumed | -485 | ||||||||||||
Fair value of net assets acquired | $ | 90,352 | |||||||||||
Pro Forma Financial Information | |||||||||||||
The following unaudited pro forma financial information represents the combined results for the Company and the properties acquired from Kodiak and Marathon for the three month and six months ended July 31, 2013, and for the properties acquired from Marathon for the three and six months ended July 31, 2014, as if the acquisitions had occurred on February 1, 2012 and | |||||||||||||
February 1, 2013, respectively. | |||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating revenues | $ | 146,559 | $ | 66,401 | $ | 253,206 | $ | 119,072 | |||||
Net income | $ | 15,217 | $ | 11,453 | $ | 31,122 | $ | 23,709 | |||||
Earnings per common share | |||||||||||||
Basic | $ | 0.18 | $ | 0.20 | $ | 0.36 | $ | 0.43 | |||||
Diluted | $ | 0.16 | $ | 0.20 | $ | 0.32 | $ | 0.43 | |||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 86,172 | 56,451 | 86,064 | 54,561 | |||||||||
Diluted | 103,774 | 57,012 | 103,511 | 55,089 | |||||||||
The pro forma information includes the effects of adjustments for depreciation, amortization and accretion expense of $1.3 million and $5.0 million for the three months ended July 31, 2014 and 2013, respectively, and $3.3 million and $10.9 million for the six months ended July 31, 2014 and 2013, 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 acquisitions had been completed on February 1, 2012 or 2013, respectively, nor are they necessarily indicative of future results. During the three and six months ended July 31, 2014, the Company realized $2.0 million of revenue and $0.5 million of net earnings from the properties acquired from Marathon. | |||||||||||||
June 6, 2014 Oil & Gas Property Acquisition | |||||||||||||
On June 6, 2014, the Company acquired, from an unrelated third party, certain oil and gas leaseholds located in Williams County, North Dakota comprising approximately 4,600 net acres and various other related rights, permits, contracts, equipment and other assets for approximately $34.5 million in cash, which included a net downward adjustment of $0.5 million for certain pre-closing adjustments (the “June 6, 2014 Acquisition”). Additional post-closing adjustments may be required. | |||||||||||||
Oil and Natural Gas Property Additions | |||||||||||||
During the six months ended July 31, 2014, we acquired oil and natural gas properties, and participated in the drilling and/or completion of wells, for total consideration of approximately $318.0 million. | |||||||||||||
During the three and six months ended July 31, 2014, we capitalized $1.2 million and $2.4 million, respectively, of internal land, geology and operations department costs directly associated with property acquisition, exploration (including lease record maintenance) and development. During the three and six months ended July 31, 2013, we capitalized $0.9 million and $1.7 million, respectively, 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. | |||||||||||||
Oilfield Services Equipment Additions | |||||||||||||
Oilfield services equipment additions of $24.6 million during the six months ended July 31, 2014, consist primarily of the costs for two hydraulic fracturing spreads and other complementary well completion and workover equipment, $21.9 million of which was in service and $2.7 million of which was not yet placed in service at July 31, 2014. | |||||||||||||
Equity_Investment
Equity Investment | 6 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Equity Investment [Abstract] | ' | ||||||||
Equity Investment | ' | ||||||||
6. EQUITY INVESTMENT | |||||||||
The Company’s 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, the Company 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, our investment will be adjusted each period for contributions made, distributions received, the change in the fair value of our holdings of equity investment derivatives of Caliber and our share of Caliber’s comprehensive income and accretion of any basis difference. Our maximum exposure to loss related to Caliber is limited to our equity investment as presented in the accompanying condensed consolidated balance sheet at July 31, 2014. We do not guarantee or otherwise support Caliber’s $200.0 million credit facility, and, as such, we would not have additional exposure associated with any borrowings on Caliber’s credit facility. On June 30, 2014, the Company vested in the 4,000,000 Trigger Units and its ownership interest in Caliber increased from 30% to approximately 32%. | |||||||||
We evaluate our 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 July 31, 2014, the balance of the Company’s investment in Caliber was $72.3 million, which consisted of the following: | |||||||||
(in thousands, except units) | Units | Change In Value | Investment | ||||||
Balance - January 31, 2014 | $ | 68,536 | |||||||
Change in fair value of: | |||||||||
Class A Trigger Units | 4,000,000 | $ | 1,746 | 1,746 | |||||
Class A Trigger Unit Warrant | 1,600,000 | $ | 532 | 532 | |||||
Series 1 Warrants | 4,000,000 | $ | 994 | 994 | |||||
Series 2 Warrants | 2,400,000 | $ | -182 | -182 | |||||
Series 3 Warrants | 3,000,000 | $ | -117 | -117 | |||||
Series 4 Warrants | 2,000,000 | $ | -53 | -53 | |||||
Equity investment share of net income for the period before intra-company profit elimination | 881 | ||||||||
Balance - July 31, 2014 | $ | 72,337 | |||||||
See Note 8 – Derivative Instruments for a discussion of the change in fair value of the Company’s equity derivative instruments noted above. | |||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-term Debt | ' | ||||||
7. LONG-TERM DEBT | |||||||
As of the dates indicated in the table below, the Company’s debt consisted of the following: | |||||||
(in thousands) | 31-Jul-14 | 31-Jan-14 | |||||
6.75% Senior Notes | $ | 450,000 | $ | - | |||
5% Convertible Note | 132,543 | 129,290 | |||||
TUSA credit facility | - | 183,000 | |||||
RockPile credit facility | 39,616 | 21,515 | |||||
RockPile notes and mortgages payable | 10,265 | 9,403 | |||||
Total debt | 632,424 | 343,208 | |||||
Less current portion of debt: | |||||||
RockPile credit facility | - | -8,450 | |||||
RockPile notes and mortgages payable | -411 | -401 | |||||
Total long-term debt | $ | 632,013 | $ | 334,357 | |||
6.75% Senior Notes | |||||||
On July 18, 2014, TUSA entered into an indenture (the “Indenture”) among TUSA, Foxtrot Resources LLC (the “Guarantor”), a TUSA wholly-owned subsidiary, and Wells Fargo Bank, National Association, as trustee, governing the terms of TUSA’s $450,000,000 aggregate principal amount of 6.75% Senior Notes due 2022 (the “6.75% Senior Notes”). | |||||||
The 6.75% Senior Notes were issued in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in accordance with Rule 144A and to persons outside of the United States pursuant to Regulation S under the Securities Act. The 6.75% Senior Notes are senior unsecured obligations of TUSA and are guaranteed on a senior unsecured basis by the Guarantor. The 6.75% Senior Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. | |||||||
The 6.75% Senior Notes bear interest at a rate of 6.75% per year, accruing from July 18, 2014. Interest on the 6.75% Senior Notes is payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2015. The 6.75% Senior Notes will mature on July 15, 2022, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The Company incurred $10.0 million of offering costs which have been deferred and are being recognized on the effective interest method over the life of the notes. | |||||||
TUSA may redeem some or all of the 6.75% Senior Notes at any time prior to July 15, 2017 at a price equal to 100.0% of the principal amount of the notes redeemed plus accrued and unpaid interest, if any, to the redemption date and a make-whole premium set forth in the Indenture. On or after July 15, 2017, TUSA may redeem some or all of the notes at any time at redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to July 15, 2017, TUSA may redeem up to 35% of the aggregate principal amount of the 6.75% Senior Notes at a specified redemption price set forth in the Indenture plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings. If TUSA experiences certain change of control events, TUSA must offer to repurchase the 6.75% Senior Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. | |||||||
The Indenture contains covenants that, among other things, restrict TUSA’s ability and the ability of any guarantor subsidiary to sell certain assets; make certain dividends, distributions, investments and other restricted payments; incur certain additional indebtedness and issue preferred stock; create certain liens; enter into transactions with affiliates; designate subsidiaries as unrestricted subsidiaries, and consolidate, merge or sell substantially all of TUSA’s assets. These covenants are subject to a number of important exceptions and qualifications. As of July 31, 2014, TUSA was in compliance with all covenants under the 6.75% Senior Notes. | |||||||
5% Convertible Note | |||||||
On July 31, 2012, the Company sold to NGP Triangle Holdings, LLC a $120.0 million Convertible Note (the “5% Convertible Note”) that became convertible after November 16, 2012 into the Company’s common stock at a conversion rate of one share per $8.00 of note principal (see Note 13 – Long-Term Debt in our audited financial statements included in our Fiscal 2014 Form 10-K). | |||||||
The 5% 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 5% Convertible Note. Such interest is paid-in-kind by adding to the principal balance of the 5% Convertible Note, provided that, after July 31, 2017, the Company has the option to make such interest payments in cash. As of July 31, 2014, $12.5 million of accrued interest has been added to the principal balance of the 5% Convertible Note. | |||||||
TUSA Credit Facility | |||||||
On January 13, 2014, TUSA entered into Amendment No. 3 to the Amended and Restated Credit Agreement and Master Assignment ("Amendment No. 3") with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and issuing lender, and the other lenders named therein, as lenders. Amendment No. 3 amended 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, and that certain Amendment No. 2 to Amendment and Restated Master Assignment, dated October 16, 2013, to (i) broaden the definition of "Independent Engineering Report" to include a report prepared by or under the supervision of TUSA's engineers if certain requirements are satisfied, and (ii) increase the borrowing base under the TUSA Credit Facility from $275.0 million to $320.0 million. The amendments in Amendment No. 1 remaining in force were (i) provisions permitting TUSA to hedge up to 85.0% 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) revisions enabling TUSA to enter into a second lien credit facility at a future date. The amendments in Amendment No. 2 remaining in force were (i) the addition of three new lenders under the facility, (ii) the extension of the maturity date to October 16, 2018, and (iii) the decrease of 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. | |||||||
On May 9, 2014, TUSA entered into Amendment No. 4 to the A&R Credit Agreement (“Amendment No. 4”) with Wells Fargo as administrative agent and issuing lender, and the other lenders named therein, as lenders. Amendment No. 4 amended the A&R Credit Agreement to (i) increase the borrowing base under the facility from $320.0 million to $355.0 million, (ii) add three new lenders to the facility, (iii) add a borrowing base redetermination by August 1, 2014, (iv) cause the borrowing base to increase by up to an additional $10.0 million upon closing the June 6, 2014 Acquisition, (v) permit a one-time distribution to the Company of any funds contributed by the Company to TUSA in connection with closing the June 6, 2014 Acquisition (the “Permitted Distribution”), and (vi) permit TUSA to enter into a second lien credit facility of up to $100.0 million. | |||||||
On May 14, 2014, TUSA entered into Amendment No. 5 to the A&R Credit Agreement (“Amendment No. 5”) with Wells Fargo, as administrative agent and issuing lender, and the other lenders named therein, as lenders. Amendment No. 5 amended the A&R Credit Agreement, as amended by Amendment No. 4, to (i) cause the borrowing base to increase by up to an additional $40.0 million upon closing the Marathon acquisition, and (ii) amend the Permitted Distribution provision to include funds contributed by the Company to TUSA in connection with closing the Marathon acquisition. | |||||||
On June 6, 2014, TUSA entered into Amendment No. 6 to the A&R Credit Agreement (“Amendment No. 6”) with Wells Fargo, as administrative agent and issuing lender, and the other lenders named therein, as lenders. Amendment No. 6 amended the A&R Credit Agreement, as amended by Amendment No. 4 and Amendment No. 5, to expressly permit the prepayment of the second lien credit facility using proceeds from the issuance of Permitted Notes (as defined in the A&R Credit Agreement), including the 6.75% Senior Notes. As of July 31, 2014, TUSA, as borrower, had no borrowings outstanding under the A&R Credit Agreement, as amended through Amendment No. 6 (the “TUSA Credit Facility”). | |||||||
The borrowing base under the TUSA Credit Facility is subject to redetermination by the beginning of November 2014 and thereafter on a semi-annual basis by the beginning of each May and November. In addition, TUSA has the option to request two additional redeterminations during any calendar year. Upon issuance of the 6.75% Senior Notes, the borrowing base was automatically reduced to $305.5 million. On August 21, 2014, in accordance with the redetermination provided for in Amendment No. 4, the borrowing base was increased to $415.0 million. | |||||||
Borrowings under the TUSA Credit Facility bear interest, at TUSA’s option, at either (i) the ABR (the highest of (A) the administrative agent’s prime rate, (B) the federal funds rate plus 0.5%, or (C) the one-month Eurodollar rate (as defined in the Credit Agreement) plus 1%,), plus an applicable margin that ranges between 0.50% and 1.50%, depending on TUSA’s utilization percentage of the then effective borrowing base, or (ii) the Eurodollar rate plus an applicable margin that ranges between 1.50% and 2.50%, depending on TUSA’s utilization percentage of the then effective borrowing base. TUSA may prepay borrowings under the TUSA Credit Facility at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements. All borrowings under the TUSA Credit Facility mature on October 16, 2018. | |||||||
TUSA will pay a per annum fee on all letters of credit issued under the TUSA Credit Facility, which will equal the applicable margin for loans accruing interest based on the Eurodollar rate and a fronting fee to the issuing lender equal to 0.125% of the letter of credit amount. TUSA will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the TUSA Credit Facility, depending on TUSA’s utilization percentage of the then effective borrowing base. | |||||||
The TUSA 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 TUSA 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 TUSA Credit Facility contains financial covenants requiring TUSA to comply with the following: (i) TUSA must maintain a ratio of consolidated current assets to consolidated current liabilities (as those terms are defined in the TUSA Credit Facility) of at least 1.0 to 1.0; and (ii) the ratio of TUSA's consolidated debt to consolidated EBITDAX (as those terms are defined in the TUSA Credit Facility and 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 July 31, 2014, TUSA was in compliance with all covenants under the TUSA Credit Facility. | |||||||
Second Lien Credit Facility | |||||||
On June 27, 2014, TUSA entered into a Second Lien Credit Agreement (the “Second Lien Credit Facility”) with Wells Fargo, as administrative agent, and the lenders named therein. This credit agreement provided for a $60.0 million second priority secured credit facility, which was funded at signing. All borrowings under the Second Lien Credit Facility were scheduled to mature on October 16, 2019 (six months after the maturity of the TUSA Credit Facility). Borrowings under the Second Lien Credit Facility bore interest, at our option, at either (i) LIBOR (subject to a floor) plus a margin of 7% or (ii) a base rate (subject to a floor) plus a margin of 6%. The Second Lien Credit Facility also provided that no prepayment fees would be payable for prepayments made during the first twelve months. | |||||||
Upon issuance of the 6.75% Senior Notes on July 18, 2014, TUSA terminated the Second Lien Credit Facility and repaid all amounts owing thereunder. | |||||||
RockPile Credit Facility | |||||||
On March 25, 2014, RockPile entered into a Credit Agreement (the "FY2015 RockPile Credit Agreement") by and among RockPile, as borrower, Citibank, N.A. ("Citi"), as administrative agent and collateral agent, Wells Fargo, as joint lead arranger and joint book runner with Citi, and the other lenders party thereto. The FY2015 RockPile Credit Agreement is a $100.0 million senior secured revolving credit facility with an accordion feature that allows for the expansion of the facility up to an aggregate of $150.0 million. | |||||||
Borrowings under the FY2015 RockPile Credit Agreement bear interest, at RockPile's option, at either (i) the alternative base rate (the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.5%, or (c) the one-month adjusted Eurodollar rate (as defined in the FY2015 RockPile Credit Agreement) plus 1.0%), plus an applicable margin that ranges between 1.5% and 2.25%, depending on RockPile's leverage ratio as of the last day of RockPile's most recent fiscal quarter, or (ii) the Eurodollar rate plus an applicable margin that ranges between 2.50% and 3.25%, depending on RockPile's leverage ratio as of the last day of RockPile's most recent fiscal quarter. RockPile may prepay borrowings under the FY2015 RockPile Credit Agreement at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements. All borrowings under the FY2015 RockPile Credit Agreement mature on March 25, 2019. | |||||||
RockPile will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the FY2015 RockPile Credit Agreement. RockPile will also pay a per annum fee on all letters of credit issued under the FY2015 RockPile Credit Agreement, which will equal the applicable margin for loans accruing interest based on the Eurodollar rate and a fronting fee to the issuing lender equal to 0.125% of the letter of credit amount. In connection with entering into the FY2015 RockPile Credit Agreement, RockPile paid certain upfront fees to the lenders thereunder, and RockPile paid certain arrangement and other fees to Citi and Wells Fargo. Triangle is not a guarantor under the FY2015 RockPile Credit Agreement. Upon entering into the FY2015 RockPile Credit Agreement, funds were drawn to pay off all outstanding borrowings under RockPile’s then outstanding credit agreement with Wells Fargo, and for working capital. As of July 31, 2014, the weighted-average interest rate on the loan was 3.22% and $39.6 million was outstanding on the loan. | |||||||
The FY2015 RockPile Credit Facility contains financial covenants requiring RockPile to comply with the following: (i) the ratio of RockPile’s consolidated debt to EBITDA (as defined in the FY2015 RockPile Credit Facility) may not be greater than 2.75 to 1.00 (determined as of the end of each fiscal quarter for the then most-recently ended four fiscal quarters) and (ii) RockPile must maintain a ratio of Adjusted EBITDA to Fixed Charges (as defined in the FY2015 RockPile Credit Facility) of at least 1.25 to 1.00 quarterly. As of July 31, 2014, RockPile was in compliance with all financial covenants under the FY2015 RockPile Credit Facility. | |||||||
RockPile Mortgages Payable to Dacotah Bank | |||||||
Bakken Real Estate Development, LLC, a wholly-owned subsidiary, has two mortgage loan agreements with Dacotah Bank in the amounts of $2.5 million for its residential units and $4.4 million for its administrative and maintenance facility, all located in Dickinson, North Dakota. The mortgage loans have a term of 15 years, bear interest at a variable rate equal to the Federal Home Loan Bank of Des Moines Five-Year Fixed-Rate Advance Rate plus 2.80%, and have a maturity date of | |||||||
December 15, 2028. | |||||||
RockPile Notes Payable to Sellers of Team Well Service, Inc. | |||||||
On October 16, 2013, RockPile issued two identical unsecured subordinated promissory notes to the sellers of Team Well Service, Inc. (“Team Well”) in connection with its acquisition of Team Well. The notes each have a face value of $0.5 million and bear interest at a fixed rate of 1.0%. 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 July 31, 2014 was $0.9 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. | |||||||
RockPile 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 July 31, 2014, the interest on the mortgage was 4.75% and the outstanding balance on the mortgage was $1.4 million. | |||||||
RockPile Promissory Notes | |||||||
RockPile redeemed 180,000 B-1 Units from three parties during the six months ended July 31, 2014, in exchange for promissory notes totaling approximately $1.0 million. The notes mature in the second quarter of the Company’s 2018 fiscal year. The notes accrue interest at a rate of LIBOR plus 3.0% per annum, payable at maturity. | |||||||
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||
Derivative Instruments | ' | ||||||||||||
8. DERIVATIVE INSTRUMENTS | |||||||||||||
The following tables detail the fair value of the derivatives recorded in the applicable condensed consolidated balance sheets, by category (in thousands): | |||||||||||||
As of July 31, 2014 | |||||||||||||
Underlier | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | |||||||||
Crude oil derivative contracts | Long-term assets | $ | 605 | $ | -469 | $ | 136 | ||||||
Crude oil derivative contracts | Current liabilities | $ | -1,972 | $ | 978 | $ | -994 | ||||||
Equity investment derivatives | Equity investment | $ | 2,870 | $ | - | $ | 2,870 | ||||||
As of January 31, 2014 | |||||||||||||
Underlier | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | |||||||||
Crude oil derivative contracts | Current assets | $ | 1,066 | $ | -111 | $ | 955 | ||||||
Crude oil derivative contracts | Long-term assets | $ | 1,192 | $ | - | $ | 1,192 | ||||||
Equity investment derivatives | Equity investment | $ | 39,734 | $ | - | $ | 39,734 | ||||||
In regards to our commodity derivatives, the Company recorded a loss of $0.9 million and $6.4 million, respectively for the three and six months ended July 31, 2014. The Company recorded a loss on commodity derivative activities of $4.4 million and $3.2 million, respectively, for the three and six months ended July 31, 2013. In regards to our equity investment derivatives, we recorded a loss of $7.5 million and a gain of $2.9 million, respectively, for the three and six months ended July 31, 2014. The Company had no equity investment derivative activity during the six months ended July 31, 2013. | |||||||||||||
Commodity Derivative Instruments | |||||||||||||
Through TUSA, the Company has entered into commodity derivative instruments, as described below. The Company has utilized costless collars and swaps 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 four counterparties. The Company has netting arrangements with each counterparty that provide for the offset of payables against receivables from separate derivative arrangements with the same underlier with the counterparty 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 condensed consolidated 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. 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 July 31, 2014 are summarized below: | |||||||||||||
Term End Date | Contract Type | Basis (1) | Quantity (Bbl/d) | Weighted Average Put Strike | Weighted Average Call Strike | Weighted Average Price | |||||||
Fiscal Year 2015 | Collar | NYMEX | 5,767 | $87.33 | $100.71 | ||||||||
Fiscal Year 2015 | Swap | NYMEX | 166 | $94.50 | |||||||||
Fiscal Year 2016 | Collar | NYMEX | 4,356 | $86.85 | $98.06 | ||||||||
-1 | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. | ||||||||||||
Equity Investment Derivatives | |||||||||||||
At July 31, 2014, the Company held Class A Trigger Unit Warrants and Class A Warrants (Series 1 through Series 4) to acquire additional ownership in Caliber. These instruments are valued using the following valuation techniques that are generally less observable from objective sources. As such, the Company has classified these instruments as Level 3. | |||||||||||||
The fair value of the Class A Trigger Unit Warrant and the Class A (Series 1 through Series 4) Warrants as of July 31, 2014, were estimated using a Monte Carlo Simulation (“MCS”) model. A MCS model provides a numeric approach to stochastic stock movement to forecast the future stock price of the underlying Class A Units, as opposed to an analytic solution provided by Black-Scholes. For each MCS, the value of the Class A Units was forecasted at the end of each quarter based on a predetermined yield and the strike for the warrant is adjusted accordingly. The fair value of the underlying Class A Units was estimated employing primarily a discounted cash flow analysis. The resulting value represented a marketable minority value of Caliber. As the Class A Units represent a non-marketable equity interest in a private enterprise, an adjustment to our preliminary value estimates was made to account for the lack of liquidity. The concluded fair value of a single Class A Unit of Caliber was determined to be $10.20 at July 31, 2014, a decrease of $1.08 per unit from April 30, 2014, but an increase of $0.20 per unit from January 31, 2014. | |||||||||||||
The MCS model assumed that the warrants would be exercised at 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 for Triangle to exercise early to capture future distributions on the Class A Units). The key inputs to the MCS model are the same as the Black-Scholes model previously used 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. The change in fair value during the three months ended July 31, 2014, resulted in a $2.3 million decrease, and the change in fair value during the six months ended July 31, 2014 resulted in a $1.2 million increase, in our equity investment account in the accompanying unaudited condensed consolidated balance sheet as of July 31, 2014, and as the gain (loss) on equity investment derivatives reflected in the accompanying unaudited condensed consolidated statement of operations and comprehensive income. | |||||||||||||
Also included in the gain (loss) on equity investment derivatives during the three and six months ended July 31, 2014, was a loss of $5.2 million and a gain of $1.7 million, respectively, associated with the change in fair value of the 4.0 million Caliber Class A Trigger Units which vested on June 30, 2014. | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
9. 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. | |||||||||||||
The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of July 31, 2014 and January 31, 2014 by level within the fair value hierarchy: | |||||||||||||
As of July 31, 2014 | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | |||||||||||||
Equity investment derivative assets | $ | - | $ | - | $ | 2,870 | $ | 2,870 | |||||
Commodity derivative assets | $ | - | $ | 136 | $ | - | $ | 136 | |||||
Liabilities: | |||||||||||||
Commodity derivative liabilities | $ | - | $ | -994 | $ | - | $ | -994 | |||||
RockPile earn-out liability | $ | - | $ | -1,791 | $ | - | $ | -1,791 | |||||
As of January 31, 2014 | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | |||||||||||||
Equity investment assets | $ | - | $ | - | $ | 39,734 | $ | 39,734 | |||||
Commodity derivative assets | $ | - | $ | 2,147 | $ | - | $ | 2,147 | |||||
Liabilities: | |||||||||||||
RockPile earn-out liability | $ | - | $ | -1,739 | $ | - | $ | -1,739 | |||||
Commodity Derivative Instruments | |||||||||||||
The Company determines its estimate of the fair value of its commodity 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 counterparties to be of substantial credit quality and such counterparties have the financial resources and willingness to meet their potential repayment obligations associated with the derivative transactions. At July 31, 2014, derivative instruments utilized by the Company consisted of costless collars and swaps. 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 Class A Trigger Unit Warrant and Class A (Series 1 through Series 4) Warrants | |||||||||||||
At July 31, 2014, the Caliber Class A Trigger Unit Warrant and Class A (Series 1 through Series 4) 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 8 - Derivative Instruments for further discussion. | |||||||||||||
RockPile Earn-out Liability | |||||||||||||
The Company determined the estimated fair value of the earn-out liability relating to RockPile’s acquisition of Team Well 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. | |||||||||||||
6.75% Senior Notes | |||||||||||||
The fair value of the 6.75% Senior Notes approximated their fair value due to their recent issuance. | |||||||||||||
5% Convertible Note | |||||||||||||
The 5% Convertible Note had an estimated fair value at July 31, 2014 of $245.3 million, based on discounted cash flow analysis and option pricing (Level 3). The increase in fair value from $169.2 million at January 31, 2014 is largely due to a greater option value for Triangle’s common stock based on an increase in the closing price of the stock to $10.80 per share at July 31, 2014 compared with $7.61 per share at January 31, 2014. | |||||||||||||
Summary of Level 3 Financial Assets and Liabilities | |||||||||||||
The following table presents the rollforward of the fair values of the Company’s Level 3 financial assets and liabilities: | |||||||||||||
(in thousands) | 5% Convertible Note | Class A Trigger Units | Warrants (1) | ||||||||||
Beginning balance, January 31, 2014 | $ | -169,170 | 38,091 | $ | 1,696 | ||||||||
Interest paid in-kind | -3,252 | - | - | ||||||||||
Net unrecognized loss | -72,876 | - | - | ||||||||||
Net unrealized gain | - | 1,746 | 1,174 | ||||||||||
Conversion to Class A units | - | -39,837 | - | ||||||||||
Ending balance, July 31, 2014 | $ | -245,298 | $ | - | $ | 2,870 | |||||||
Includes Caliber Class A Trigger Unit Warrant and Class A (Series 1 through Series 4) Warrants | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jul. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
10. COMMITMENTS AND CONTINGENCIES | |
As of July 31, 2014, 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 condensed consolidated 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. | |
As of July 31, 2014, the Company was subject to commitments on four drilling rig contracts. The contracts expire between July 2014 and July 2015. In the event of early termination of the contracts, the Company would be obligated to pay an aggregate amount of approximately $14.0 million as of July 31, 2014 as required under the terms of the contracts. | |
Pursuant to the Third Amended and Restated Employment Agreement, dated July 4, 2013 (the "Employment Agreement"), between the Company and Jonathan Samuels, our President and Chief Executive Officer, Mr. Samuels is entitled to a cash bonus payable upon a liquidity event involving RockPile or Caliber based on the percentage gain realized by the Company relative to its initial investment in the relevant entity. The amount of this bonus would be equivalent to 5.0% of that gain in Caliber for a Caliber liquidity event, and 3.5% of that gain in RockPile for a RockPile liquidity event. The right to the bonus vests and becomes non-forfeitable in thirds on the first three anniversaries of the execution date of the Employment Agreement, with acceleration or forfeiture of the unvested portions of such right upon the occurrence of certain events. Because consummation of a liquidity event involving RockPile or Caliber is contingent on many unknown factors, the Company has determined that the contingent liability associated with such a bonus is not probable at July 31, 2014, and, therefore, no amounts have been recorded in the accompanying condensed consolidated balance sheets. | |
Capital_Stock
Capital Stock | 6 Months Ended | ||||||||||
Jul. 31, 2014 | |||||||||||
Capital Stock [Abstract] | ' | ||||||||||
Capital Stock | ' | ||||||||||
11. CAPITAL STOCK | |||||||||||
Common Stock | |||||||||||
During the six months ended July 31, 2014, the Company issued 495,892 shares of its common stock (net of shares surrendered for related employee payroll tax withholding) for restricted stock units that vested during the period. | |||||||||||
Share-Based Compensation | |||||||||||
Effective January 28, 2009, the Company's Board of Directors approved a Stock Option Plan (the "Rolling Plan") whereby the number of authorized but unissued shares of common stock that may be issued upon the exercise of stock options granted under the Rolling Plan at any time could not exceed 10% of the issued and outstanding shares of common stock on a non-diluted basis at any time, and such aggregate number of shares of common stock available for issuance automatically increased or decreased as the number of issued and outstanding shares of common stock changed. Pursuant to the Rolling Plan, stock options became exercisable ratably in one-third increments on each of the first, second and third anniversaries of the date of the grant, and could be granted at an exercise price of not less than the fair value of the common stock at the time of grant and for a term not to exceed ten years. | |||||||||||
Upon approval of the 2011 Omnibus Incentive Plan (the "2011 Plan") by the Company's stockholders on July 22, 2011, the Rolling Plan was terminated and no additional awards may be granted under the Rolling Plan. All outstanding awards under the Rolling Plan shall continue in accordance with their applicable terms and conditions. | |||||||||||
The 2011 Plan authorizes the Company to issue stock options, stock appreciation rights (“SARs”), restricted stock and restricted stock units, performance awards, stock or property, stock awards and other stock-based awards to any employee, consultant, independent contractor, director or officer of the Company or its subsidiaries. The maximum number of shares of common stock reserved for issuance under the 2011 Plan is 5,900,000 shares, subject to adjustment for certain transactions. | |||||||||||
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 (“RockPile LLC Agreement”) which includes provisions allowing 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 ability to re-issue forfeited or redeemed Series B Units. | |||||||||||
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 2011 Plan. As such, the CEO Option Grant required separate stockholder approval before any shares of the Company's common stock could be issued thereunder. At the Company's Annual Meeting of Stockholders held on August 30, 2013, the CEO Option Grant was approved. | |||||||||||
On May 27, 2014, the Company’s Board of Directors approved the 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan by the Company’s stockholders on July 17, 2014, the 2011 Plan was terminated and no additional awards may be granted under the 2011 Plan. All outstanding awards under the 2011 Plan shall continue in accordance with their applicable terms and conditions. | |||||||||||
The 2014 Plan authorizes the Company to issue stock options, SARs, restricted stock, restricted stock units, cash awards, and other awards to any employees, officers, directors and consultants of the Company and its subsidiaries. The maximum number of shares of common stock reserved for issuance under the 2014 Plan is 6,000,000 shares, subject to adjustment for certain transactions. | |||||||||||
For the three and six months ended July 31, 2014 and 2013, the Company recorded stock based compensation related to restricted stock units, the CEO Option Grant and RockPile Series B Units as follows: | |||||||||||
Three Months Ended July 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Restricted stock units | $ | 1,503 | $ | 1,695 | |||||||
Stock options | 487 | - | |||||||||
RockPile stock based compensation related to Series B Units | 127 | 99 | |||||||||
2,117 | 1,794 | ||||||||||
Less amounts capitalized to oil and natural gas properties | -310 | -356 | |||||||||
Compensation expense | $ | 1,807 | $ | 1,438 | |||||||
Six Months Ended July 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Restricted stock units | $ | 3,274 | $ | 3,360 | |||||||
Stock options | 973 | - | |||||||||
RockPile stock based compensation related to Series B Units | 217 | 310 | |||||||||
4,464 | 3,670 | ||||||||||
Less amounts capitalized to oil and natural gas properties | -649 | -637 | |||||||||
Compensation expense | $ | 3,815 | $ | 3,033 | |||||||
Restricted Stock Units | |||||||||||
During the six months ended July 31, 2014, the Company granted 859,600 restricted stock units as compensation to employees, officers and directors. The restricted stock units vest over one to five years. As of July 31, 2014, there was approximately $16.8 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 2.9 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, 2014 | 2,875,624 | $ | 6.75 | ||||||||
Units granted | 859,600 | $ | 8.73 | ||||||||
Units forfeited | -302,085 | $ | 7.13 | ||||||||
Units that vested | -739,710 | $ | 7.20 | ||||||||
Restricted stock units outstanding - July 31, 2014 | 2,693,429 | $ | 7.09 | ||||||||
Stock Options | |||||||||||
The Company did not issue stock options during the six months ended July 31, 2014. | |||||||||||
As of July 31, 2014, there was approximately $17.3 million of total unrecognized compensation expense related to stock options (including those issued under the CEO Option Grant and the Rolling Plan). This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 3.9 years. The following table summarizes the status of stock options outstanding: | |||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Options outstanding - January 31, 2014 (108,333 exercisable) | 6,108,333 | $ | 11.07 | ||||||||
Options forfeited | - | $ | - | ||||||||
Options exercised | - | $ | - | ||||||||
Options granted | - | $ | - | ||||||||
Options outstanding - July 31, 2014 (708,333 exercisable) | 6,108,333 | $ | 11.07 | ||||||||
The following table presents additional information related to the stock options outstanding at July 31, 2014: | |||||||||||
Remaining | |||||||||||
Exercise Price | Contractual Life | Number of shares | |||||||||
per Share | (years) | Outstanding | Exercisable | ||||||||
$ | 1.25 | 0.59 | 108,333 | 108,333 | |||||||
$ | 7.50 | 9.18 | 750,000 | 75,000 | |||||||
$ | 8.50 | 9.18 | 750,000 | 75,000 | |||||||
$ | 10.00 | 9.18 | 1,500,000 | 150,000 | |||||||
$ | 12.00 | 9.18 | 1,500,000 | 150,000 | |||||||
$ | 15.00 | 9.18 | 1,500,000 | 150,000 | |||||||
6,108,333 | 708,333 | ||||||||||
Weighted average exercise price per share | $ | 11.07 | $ | 9.72 | |||||||
Weighted average remaining contractual life | 8.78 | 7.62 | |||||||||
RockPile Share-Based Compensation | |||||||||||
RockPile issued 1,412,000 Series B units to 32 parties during the six months ended July 31, 2014. | |||||||||||
RockPile redeemed 180,000 B-1 Units from three parties during the six months ended July 31, 2014 in exchange for promissory notes totaling approximately $1.0 million. The notes mature in the second quarter of fiscal year 2018. | |||||||||||
A summary of the activity for RockPile’s Series B units is as follows: | |||||||||||
Series | Series | Series | Series | Total | |||||||
B-1 units | B-2 units | B-3 units | B-4 units | ||||||||
Units outstanding - January 31, 2014 | 3,100,000 | 60,000 | 910,000 | - | 4,070,000 | ||||||
Units forfeited | - | - | - | - | - | ||||||
Units redeemed | -180,000 | - | - | - | -180,000 | ||||||
Units granted | - | - | - | 1,412,000 | 1,412,000 | ||||||
Units outstanding - July 31, 2014 | 2,920,000 | 60,000 | 910,000 | 1,412,000 | 5,302,000 | ||||||
Vested | 2,386,667 | 15,000 | 188,000 | - | 2,589,667 | ||||||
Unvested | 533,333 | 45,000 | 722,000 | 1,412,000 | 2,712,333 | ||||||
As of July 31, 2014, there was approximately $2.9 million of unrecognized compensation cost related to unvested Series B Units. We expect to recognize such cost on a pro-rata basis on the Series B Units’ vesting schedule during the next three fiscal years. | |||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
12. EARNINGS PER SHARE | |||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to 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, and (ii) vesting of restricted stock units. 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) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units. The assumed proceeds are adjusted for income tax effects. | |||||||||||||
The potential dilution from the conversion of the 5% Convertible Note is determined using the “if converted” method whereby the shares issuable upon conversion are added to the denominator and the current period interest expense is added to the numerator, on an after-tax basis, to determine the dilutive effect of such conversion if it had occurred at the beginning of the period. | |||||||||||||
The table below sets forth the computations of net income per common share (basic and diluted) for the three and six months ended July 31, 2014 and 2013: | |||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income attributable to common stockholders | $ | 14,552 | $ | 6,799 | $ | 29,094 | $ | 12,010 | |||||
Effect of 5% Convertible Note conversion | 996 | - | 1,983 | - | |||||||||
Net income attributable to common stockholders after effect of debt conversion | 15,548 | 6,799 | 31,077 | 12,010 | |||||||||
Basic weighted average common shares outstanding | 86,172 | 56,451 | 86,064 | 54,561 | |||||||||
Effect of dilutive securities | 17,602 | 561 | 17,447 | 528 | |||||||||
Diluted weighted average common shares outstanding | 103,774 | 57,012 | 103,511 | 55,089 | |||||||||
Basic net income per share | $ | 0.17 | $ | 0.12 | $ | 0.34 | $ | 0.22 | |||||
Diluted net income per share | $ | 0.15 | $ | 0.12 | $ | 0.30 | $ | 0.22 | |||||
Of the stock options, restricted stock units and convertible debt outstanding at July 31, 2014, only 4.5 million of outstanding options in the CEO Option Grant were anti-dilutive for the three and six month periods ended July 31, 2014, and the shares of common stock issuable upon exercise of those options were excluded from the calculation of the diluted net income per share for those three and six month periods. These awards could be potentially dilutive in future periods. | |||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
13. INCOME TAXES | |
The effective tax rate for the six months ended July 31, 2014 was 41.2%, which differs from the statutory income tax rate due primarily to permanent book to tax differences and state income taxes. Neither a tax expense nor a tax benefit was recognized for the three or six months ended July 31, 2013, as the Company had provided a 100% valuation allowance against its net deferred tax assets which exceeded its deferred tax liabilities at that time. | |
As of July 31, 2014, 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 first half of fiscal year 2015. 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. | |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jul. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
14. RELATED PARTY TRANSACTIONS | |
On October 1, 2012, Triangle entered into a Services Agreement with Caliber GP (the general partner of Caliber) and Caliber to provide administrative services to Caliber necessary to operate, manage, maintain and report the operating results of Caliber's gathering pipelines, transportation pipelines, related equipment and other assets. | |
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. 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. | |
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 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 minimum commitment over the term of the agreements is $405.0 million, of which $387.6 million remained at July 31, 2014. | |
On September 12, 2013, TUSA and Caliber Measurement Services LLC ("Caliber Measurement", a wholly-owned subsidiary of Caliber) entered into a gathering services agreement pursuant to which Caliber Measurement will provide certain gathering-related measurement services to TUSA. | |
On May 14, 2014, TUSA and Caliber Midstream Fresh Water Partners LLC ("Caliber Fresh Water", owned 51% by Caliber Fresh Water LLC (a wholly-owned subsidiary of Caliber) and 49% by a third party) entered into a fresh water sales agreement pursuant to which Caliber Fresh Water will make available certain volumes of fresh water for purchase by TUSA at a set per barrel fee for a primary term of five years. The agreement obligates TUSA to purchase all of the fresh water it requires for its drilling and operating activities in North Dakota exclusively from Caliber Fresh Water, but it does not require TUSA to purchase a minimum volume of fresh water. | |
On May 14, 2014, TUSA entered into a Purchase and Sale Agreement with Caliber North Dakota whereby TUSA agreed to sell two salt water disposal wells to Caliber North Dakota for $7.5 million, subject to all necessary regulatory approvals. As of July 31, 2014, the necessary regulatory approvals had not yet been received, however the Company expects to receive all such approvals and finalize the transaction during its fiscal 2015 third quarter. | |
For the three and six months ended July 31, 2014, Caliber North Dakota had $9.6 million and $13.7 million of revenue, respectively, of which, $8.4 million and $12.2 million, respectively, were from TUSA, and mainly comprised of fresh water and salt water disposal revenues. See Note 6 – Equity Investment. | |
For the three and six month period ended July 31, 2014, Triangle received $0.3 million and $0.6 million, respectively, from Caliber for certain administrative services supplemental to those provided by Caliber employees. The administrative services were provided pursuant to the October 1, 2012 Services Agreement between Triangle and Caliber. | |
Supplemental_Disclosures_Of_Ca
Supplemental Disclosures Of Cash Flow Information | 6 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ||||||
Supplemental Disclosures of Cash Flow Information | ' | ||||||
15. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
For the Six Months Ended | |||||||
July 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Cash paid during the period for: | |||||||
Interest expense | $ | 4,717 | $ | 1,042 | |||
Income taxes | $ | 550 | $ | - | |||
Non-cash investing activities: | |||||||
Additions (reductions) to oil and natural gas properties through: | |||||||
Increased (decreased) accrued liabilities and prepaid well costs | $ | 37,151 | $ | 6,700 | |||
Capitalized stock based compensation | $ | 649 | $ | 637 | |||
Change in asset retirement obligations | $ | 1,106 | $ | 92 | |||
Capitalized interest | $ | 1,808 | $ | 1,100 | |||
Non-cash financing activities: | |||||||
Notes payable issued for redemption of RockPile B-Units | $ | 1,041 | $ | - | |||
Significant_Changes_in_Proved_
Significant Changes in Proved Oil And Natural Gas Reserves | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves | ' | ||||||||||||
16. SIGNIFICANT CHANGES IN PROVED OIL AND NATURAL GAS RESERVES | |||||||||||||
Our proved oil and natural gas reserves at July 31, 2014 increased from our proved oil and natural gas reserves at | |||||||||||||
January 31, 2014. Our proved reserves are in the Bakken and Three Forks formations in the North Dakota Counties of McKenzie, Williams, Stark, Mountrail and Dunn and in Roosevelt and Sheridan Counties, Montana. | |||||||||||||
The reserve estimates at July 31, 2014 were estimated by our in-house reservoir engineer, who has been a Petroleum Engineer since 1995 and has over 19 years of experience. Our reserve estimate at January 31, 2014, 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 estimates of proved reserves presented below, such average prices were $88.97 per barrel of oil, $44.82 per barrel of natural gas liquids and $5.72 per Mcf of natural gas for the reserves presented as of July 31, 2014. For the reserves presented as of January 31, 2014, the average prices were $93.09 per barrel of oil, $44.10 per barrel of natural gas liquids and $3.99 per Mcf of natural gas. | |||||||||||||
% of | 31-Jul-14 | January 31, | |||||||||||
Reserves | Oil | Gas | NGL | 2014 | |||||||||
Reserve Category | (Mboe) | (Mbbls) | (MMcf) | (Mbbls) | Mboe | Mboe | |||||||
Proved Developed | 58% | 24,213 | 20,000 | 2,484 | 30,030 | 16,995 | |||||||
Proved Undeveloped | 42% | 16,849 | 14,371 | 2,386 | 21,630 | 23,319 | |||||||
Total Proved | 100% | 41,062 | 34,371 | 4,870 | 51,660 | 40,314 | |||||||
The primary reason for the increase in proved reserves is the drilling and completion of wells in the first six months of fiscal year 2015 and the Marathon acquisition and the June 6, 2014 Acquisition that both closed during the three months ended July 31, 2014. Our net interest in proved developed wells increased 96% from 50.0 net wells at January 31, 2014 to 98.0 net wells at July 31, 2014, and our net interest in proved undeveloped locations decreased 8% from 52.5 net future development wells at January 31, 2014 to 48.4 net future development wells at July 31, 2014. | |||||||||||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 6 Months Ended | |||
Jul. 31, 2014 | ||||
Basis Of Presentation [Abstract] | ' | |||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management believes the major estimates and assumptions impacting our condensed consolidated financial statements are the following: | ||||
· | estimates of proved reserves of oil and natural gas, which affect the calculations of amortization and consideration of any possible impairment of capitalized costs of proved oil and natural gas properties; | |||
· | estimates of the fair value of unproved oil and natural gas properties we own and the consideration of any possible impairment; | |||
· | assumptions impacting our estimates as to the future realization of deferred income tax assets and the amount of our deferred tax liabilities; | |||
· | consideration of any impairment of our other long-term assets; | |||
· | depreciation of property and equipment; and | |||
· | valuation of derivative instruments. | |||
Actual results may differ from estimates and assumptions of future events. Future production may vary materially from estimated oil and natural gas proved reserves. Actual future prices may vary significantly from price assumptions used for determining proved reserves and for financial reporting. | ||||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20.0% and 50.0% and exercises significant influence. Triangle Caliber Holdings, LLC, a wholly-owned subsidiary of Triangle, is a joint venture partner in Caliber. The Company’s investment in Caliber is accounted for utilizing the equity method of accounting. See Note 6 - Equity Investment for further discussion. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
Certain amounts in the condensed consolidated balance sheet as of January 31, 2014, and in our condensed consolidated statement of operations and comprehensive income for the quarter ended July 31, 2013, have been reclassified to conform to the financial statement presentation for the quarter ended July 31, 2014. Such reclassifications had no impact on consolidated total assets, stockholders’ equity or net income previously reported. | ||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jul. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
New Pronouncements Issued But Not Yet Adopted | ' |
New Pronouncements Issued But Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for the Company beginning in fiscal year 2017 and can be adopted by the Company either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated results of operations, cash flows and financial position. | |
Accounting standard-setting organizations frequently issue new or revised accounting rules. We regularly review new pronouncements to determine their impact, if any, on our condensed consolidated financial statements. Other than the standard discussed above, there are no significant accounting standards applicable to Triangle which have not been adopted. | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jul. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule Of Segment Reporting | ' | |||||||||||||||
For the Three Months Ended July 31, 2014 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 80,506 | $ | - | $ | - | $ | - | $ | 80,506 | ||||||
Oilfield services for third parties | - | 64,093 | - | -2,610 | 61,483 | |||||||||||
Intersegment revenues | - | 37,962 | - | -37,962 | - | |||||||||||
Other | - | - | 272 | -272 | - | |||||||||||
Total revenues | 80,506 | 102,055 | 272 | -40,844 | 141,989 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 15,375 | - | - | - | 15,375 | |||||||||||
Gathering, transportation and processing | 3,733 | - | - | - | 3,733 | |||||||||||
Depreciation and amortization | 23,439 | 4,690 | 186 | -1,609 | 26,706 | |||||||||||
Accretion of asset retirement obligations | 41 | - | - | - | 41 | |||||||||||
Cost of oilfield services | - | 68,867 | - | -25,313 | 43,554 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 344 | 127 | 1,336 | - | 1,807 | |||||||||||
Other general and administrative | 4,442 | 5,251 | 2,591 | - | 12,284 | |||||||||||
Total operating expenses | 47,374 | 78,935 | 4,113 | -26,922 | 103,500 | |||||||||||
Income (loss) from operations | 33,132 | 23,120 | -3,841 | -13,922 | 38,489 | |||||||||||
Other income (expense), net | -4,267 | -667 | -7,580 | -1,084 | -13,598 | |||||||||||
Net income (loss) before income taxes | $ | 28,865 | $ | 22,453 | $ | -11,421 | $ | -15,006 | $ | 24,891 | ||||||
For the Three Months Ended July 31, 2013 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 34,639 | $ | - | $ | - | $ | - | $ | 34,639 | ||||||
Oilfield services for third parties | - | 17,137 | - | -1,382 | 15,755 | |||||||||||
Intersegment revenues | - | 27,148 | - | -27,148 | - | |||||||||||
Other | - | - | 272 | -272 | - | |||||||||||
Total revenues | 34,639 | 44,285 | 272 | -28,802 | 50,394 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 6,749 | - | - | - | 6,749 | |||||||||||
Gathering, transportation and processing | 69 | - | - | - | 69 | |||||||||||
Depreciation and amortization | 10,111 | 1,600 | 135 | -928 | 10,918 | |||||||||||
Accretion of asset retirement obligations | 9 | - | - | - | 9 | |||||||||||
Cost of oilfield services | - | 30,370 | - | -17,678 | 12,692 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 247 | 99 | 1,092 | - | 1,438 | |||||||||||
Other general and administrative | 1,683 | 2,446 | 1,417 | - | 5,546 | |||||||||||
Total operating expenses | 18,868 | 34,515 | 2,644 | -18,606 | 37,421 | |||||||||||
Income (loss) from operations | 15,771 | 9,770 | -2,372 | -10,196 | 12,973 | |||||||||||
Other income (expense), net | -4,087 | -216 | -578 | -1,293 | -6,174 | |||||||||||
Net income (loss) before income taxes | $ | 11,684 | $ | 9,554 | $ | -2,950 | $ | -11,489 | $ | 6,799 | ||||||
The following tables present selected financial information for our operating segments for the six months ended July 31, 2014 and 2013: | ||||||||||||||||
For the Six Months Ended July 31, 2014 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 141,340 | $ | - | $ | - | $ | - | $ | 141,340 | ||||||
Oilfield services for third parties | - | 103,650 | - | -3,219 | 100,431 | |||||||||||
Intersegment revenues | - | 59,837 | - | -59,837 | - | |||||||||||
Other | - | - | 449 | -449 | - | |||||||||||
Total revenues | 141,340 | 163,487 | 449 | -63,505 | 241,771 | |||||||||||
Expenses | ||||||||||||||||
Production taxes and other lease operating | 26,449 | - | - | - | 26,449 | |||||||||||
Gathering, transportation and processing | 7,535 | - | - | - | 7,535 | |||||||||||
Depreciation and amortization | 42,051 | 8,280 | 362 | -2,809 | 47,884 | |||||||||||
Accretion of asset retirement obligations | 175 | - | - | - | 175 | |||||||||||
Cost of oilfield services | - | 112,578 | - | -41,314 | 71,264 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 739 | 217 | 2,859 | - | 3,815 | |||||||||||
Other general and administrative | 7,220 | 10,348 | 6,109 | - | 23,677 | |||||||||||
Total operating expenses | 84,169 | 131,423 | 9,330 | -44,123 | 180,799 | |||||||||||
Income (loss) from operations | 57,171 | 32,064 | -8,881 | -19,382 | 60,972 | |||||||||||
Other income (expense), net | -10,834 | -1,174 | 1,741 | -1,261 | -11,528 | |||||||||||
Net income (loss) before income taxes | $ | 46,337 | $ | 30,890 | $ | -7,140 | $ | -20,643 | $ | 49,444 | ||||||
As of July 31, 2014 | ||||||||||||||||
Net oil and natural gas properties | $ | 1,027,074 | $ | - | $ | - | $ | -68,318 | $ | 958,756 | ||||||
Oilfield services equipment - net | $ | - | $ | 64,379 | $ | - | $ | - | $ | 64,379 | ||||||
Other property and equipment - net | $ | 1,562 | $ | 20,372 | $ | 6,784 | $ | - | $ | 28,718 | ||||||
Total assets (1) | $ | 1,188,878 | $ | 171,550 | $ | 168,143 | $ | -120,117 | $ | 1,408,454 | ||||||
Total liabilities | $ | 659,922 | $ | 89,387 | $ | 136,137 | $ | -30,479 | $ | 854,967 | ||||||
-1 | Our Corporate and Other total assets consist primarily of cash and cash equivalents of $64.4 million and our investment in Caliber of $72.3 million, in addition to the Company’s investment in its subsidiaries which are subsequently eliminated. | |||||||||||||||
For the Six Months Ended July 31, 2013 | ||||||||||||||||
(in thousands) | Exploration and Production | Oilfield Services | Corporate and Other | Eliminations | Consolidated Total | |||||||||||
Revenues: | ||||||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 55,699 | $ | - | $ | - | $ | - | $ | 55,699 | ||||||
Oilfield services for third parties | - | 32,281 | - | -3,292 | 28,989 | |||||||||||
Intersegment revenues | - | 38,887 | - | -38,887 | - | |||||||||||
Other | - | - | 548 | -548 | - | |||||||||||
Total revenues | 55,699 | 71,168 | 548 | -42,727 | 84,688 | |||||||||||
Expenses: | ||||||||||||||||
Production taxes and other lease operating | 11,409 | - | - | - | 11,409 | |||||||||||
Gathering, transportation and processing | 106 | - | - | - | 106 | |||||||||||
Depreciation and amortization | 16,729 | 2,839 | 258 | -1,435 | 18,391 | |||||||||||
Accretion of asset retirement obligations | 17 | - | - | - | 17 | |||||||||||
Cost of oilfield services | - | 49,491 | - | -25,613 | 23,878 | |||||||||||
General and administrative: | ||||||||||||||||
Stock-based compensation | 569 | 310 | 2,154 | - | 3,033 | |||||||||||
Other general and administrative | 3,250 | 4,425 | 2,878 | - | 10,553 | |||||||||||
Total operating expenses | 32,080 | 57,065 | 5,290 | -27,048 | 67,387 | |||||||||||
Income (loss) from operations | 23,619 | 14,103 | -4,742 | -15,679 | 17,301 | |||||||||||
Other income (expense), net | -2,636 | -369 | -993 | -1,293 | -5,291 | |||||||||||
Net income (loss) before income taxes | $ | 20,983 | $ | 13,734 | $ | -5,735 | $ | -16,972 | $ | 12,010 | ||||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||||
Proforma Schedule For Oil And Natural Gas Acquisition | ' | ||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating revenues | $ | 146,559 | $ | 66,401 | $ | 253,206 | $ | 119,072 | |||||
Net income | $ | 15,217 | $ | 11,453 | $ | 31,122 | $ | 23,709 | |||||
Earnings per common share | |||||||||||||
Basic | $ | 0.18 | $ | 0.20 | $ | 0.36 | $ | 0.43 | |||||
Diluted | $ | 0.16 | $ | 0.20 | $ | 0.32 | $ | 0.43 | |||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 86,172 | 56,451 | 86,064 | 54,561 | |||||||||
Diluted | 103,774 | 57,012 | 103,511 | 55,089 | |||||||||
Kodiak Oil And Natural Gas Property [Member] | ' | ||||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||||
Schedule Of Purchase Price Allocation Of Oil And Natural Gas Acquisition | ' | ||||||||||||
(in thousands) | |||||||||||||
Final purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 83,044 | |||||||||||
Total consideration given | $ | 83,044 | |||||||||||
Final fair value allocation of purchase price: | |||||||||||||
Accounts receivable | $ | 5,503 | |||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 50,332 | |||||||||||
Unproved properties | 30,235 | ||||||||||||
Total oil and natural gas properties | 80,567 | ||||||||||||
Accounts payable | -2,894 | ||||||||||||
Asset retirement obligations assumed | -132 | ||||||||||||
Fair value of net assets acquired | $ | 83,044 | |||||||||||
Marathon Oil And Gas [Member] | ' | ||||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||||
Schedule Of Purchase Price Allocation Of Oil And Natural Gas Acquisition | ' | ||||||||||||
(in thousands) | |||||||||||||
Preliminary purchase price: | |||||||||||||
Consideration given | |||||||||||||
Cash | $ | 90,352 | |||||||||||
Total consideration given | $ | 90,352 | |||||||||||
Preliminary fair value allocation of purchase price: | |||||||||||||
Oil and natural gas properties: | |||||||||||||
Proved properties | $ | 71,044 | |||||||||||
Unproved properties | 20,262 | ||||||||||||
Total oil and natural gas properties | 91,306 | ||||||||||||
Accounts payable | -469 | ||||||||||||
Asset retirement obligations assumed | -485 | ||||||||||||
Fair value of net assets acquired | $ | 90,352 | |||||||||||
Equity_Investment_Tables
Equity Investment (Tables) | 6 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Equity Investment [Abstract] | ' | ||||||||
Schedule Of Equity Investment In Caliber | ' | ||||||||
(in thousands, except units) | Units | Change In Value | Investment | ||||||
Balance - January 31, 2014 | $ | 68,536 | |||||||
Change in fair value of: | |||||||||
Class A Trigger Units | 4,000,000 | $ | 1,746 | 1,746 | |||||
Class A Trigger Unit Warrant | 1,600,000 | $ | 532 | 532 | |||||
Series 1 Warrants | 4,000,000 | $ | 994 | 994 | |||||
Series 2 Warrants | 2,400,000 | $ | -182 | -182 | |||||
Series 3 Warrants | 3,000,000 | $ | -117 | -117 | |||||
Series 4 Warrants | 2,000,000 | $ | -53 | -53 | |||||
Equity investment share of net income for the period before intra-company profit elimination | 881 | ||||||||
Balance - July 31, 2014 | $ | 72,337 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Schedule Of Debt | ' | ||||||
(in thousands) | 31-Jul-14 | 31-Jan-14 | |||||
6.75% Senior Notes | $ | 450,000 | $ | - | |||
5% Convertible Note | 132,543 | 129,290 | |||||
TUSA credit facility | - | 183,000 | |||||
RockPile credit facility | 39,616 | 21,515 | |||||
RockPile notes and mortgages payable | 10,265 | 9,403 | |||||
Total debt | 632,424 | 343,208 | |||||
Less current portion of debt: | |||||||
RockPile credit facility | - | -8,450 | |||||
RockPile notes and mortgages payable | -411 | -401 | |||||
Total long-term debt | $ | 632,013 | $ | 334,357 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | ' | ||||||||||||
As of July 31, 2014 | |||||||||||||
Underlier | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | |||||||||
Crude oil derivative contracts | Long-term assets | $ | 605 | $ | -469 | $ | 136 | ||||||
Crude oil derivative contracts | Current liabilities | $ | -1,972 | $ | 978 | $ | -994 | ||||||
Equity investment derivatives | Equity investment | $ | 2,870 | $ | - | $ | 2,870 | ||||||
As of January 31, 2014 | |||||||||||||
Underlier | Balance Sheet Classification | Gross Amount of Recognized Assets (Liabilities) | Gross Amount of Offset | Net Amount of Assets (Liabilities) | |||||||||
Crude oil derivative contracts | Current assets | $ | 1,066 | $ | -111 | $ | 955 | ||||||
Crude oil derivative contracts | Long-term assets | $ | 1,192 | $ | - | $ | 1,192 | ||||||
Equity investment derivatives | Equity investment | $ | 39,734 | $ | - | $ | 39,734 | ||||||
Summary Of Derivative Instruments | ' | ||||||||||||
Term End Date | Contract Type | Basis (1) | Quantity (Bbl/d) | Weighted Average Put Strike | Weighted Average Call Strike | Weighted Average Price | |||||||
Fiscal Year 2015 | Collar | NYMEX | 5,767 | $87.33 | $100.71 | ||||||||
Fiscal Year 2015 | Swap | NYMEX | 166 | $94.50 | |||||||||
Fiscal Year 2016 | Collar | NYMEX | 4,356 | $86.85 | $98.06 | ||||||||
-1 | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||
As of July 31, 2014 | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | |||||||||||||
Equity investment derivative assets | $ | - | $ | - | $ | 2,870 | $ | 2,870 | |||||
Commodity derivative assets | $ | - | $ | 136 | $ | - | $ | 136 | |||||
Liabilities: | |||||||||||||
Commodity derivative liabilities | $ | - | $ | -994 | $ | - | $ | -994 | |||||
RockPile earn-out liability | $ | - | $ | -1,791 | $ | - | $ | -1,791 | |||||
As of January 31, 2014 | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | |||||||||||||
Equity investment assets | $ | - | $ | - | $ | 39,734 | $ | 39,734 | |||||
Commodity derivative assets | $ | - | $ | 2,147 | $ | - | $ | 2,147 | |||||
Liabilities: | |||||||||||||
RockPile earn-out liability | $ | - | $ | -1,739 | $ | - | $ | -1,739 | |||||
Rollforward Of Level 3 Financial Liabilities | ' | ||||||||||||
(in thousands) | 5% Convertible Note | Class A Trigger Units | Warrants (1) | ||||||||||
Beginning balance, January 31, 2014 | $ | -169,170 | 38,091 | $ | 1,696 | ||||||||
Interest paid in-kind | -3,252 | - | - | ||||||||||
Net unrecognized loss | -72,876 | - | - | ||||||||||
Net unrealized gain | - | 1,746 | 1,174 | ||||||||||
Conversion to Class A units | - | -39,837 | - | ||||||||||
Ending balance, July 31, 2014 | $ | -245,298 | $ | - | $ | 2,870 | |||||||
Includes Caliber Class A Trigger Unit Warrant and Class A (Series 1 through Series 4) Warrants | |||||||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 6 Months Ended | ||||||||||
Jul. 31, 2014 | |||||||||||
Capital Stock [Abstract] | ' | ||||||||||
Non-Cash Stock-Based Compensation Cost | ' | ||||||||||
Three Months Ended July 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Restricted stock units | $ | 1,503 | $ | 1,695 | |||||||
Stock options | 487 | - | |||||||||
RockPile stock based compensation related to Series B Units | 127 | 99 | |||||||||
2,117 | 1,794 | ||||||||||
Less amounts capitalized to oil and natural gas properties | -310 | -356 | |||||||||
Compensation expense | $ | 1,807 | $ | 1,438 | |||||||
Six Months Ended July 31, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Restricted stock units | $ | 3,274 | $ | 3,360 | |||||||
Stock options | 973 | - | |||||||||
RockPile stock based compensation related to Series B Units | 217 | 310 | |||||||||
4,464 | 3,670 | ||||||||||
Less amounts capitalized to oil and natural gas properties | -649 | -637 | |||||||||
Compensation expense | $ | 3,815 | $ | 3,033 | |||||||
Restricted Stock Units Outstanding | ' | ||||||||||
Number of Shares | Weighted- Average Award Date Fair Value | ||||||||||
Restricted stock units outstanding - January 31, 2014 | 2,875,624 | $ | 6.75 | ||||||||
Units granted | 859,600 | $ | 8.73 | ||||||||
Units forfeited | -302,085 | $ | 7.13 | ||||||||
Units that vested | -739,710 | $ | 7.20 | ||||||||
Restricted stock units outstanding - July 31, 2014 | 2,693,429 | $ | 7.09 | ||||||||
Stock Options Outstanding | ' | ||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Options outstanding - January 31, 2014 (108,333 exercisable) | 6,108,333 | $ | 11.07 | ||||||||
Options forfeited | - | $ | - | ||||||||
Options exercised | - | $ | - | ||||||||
Options granted | - | $ | - | ||||||||
Options outstanding - July 31, 2014 (708,333 exercisable) | 6,108,333 | $ | 11.07 | ||||||||
Stock Options Outstanding By Exercise Price | ' | ||||||||||
Remaining | |||||||||||
Exercise Price | Contractual Life | Number of shares | |||||||||
per Share | (years) | Outstanding | Exercisable | ||||||||
$ | 1.25 | 0.59 | 108,333 | 108,333 | |||||||
$ | 7.50 | 9.18 | 750,000 | 75,000 | |||||||
$ | 8.50 | 9.18 | 750,000 | 75,000 | |||||||
$ | 10.00 | 9.18 | 1,500,000 | 150,000 | |||||||
$ | 12.00 | 9.18 | 1,500,000 | 150,000 | |||||||
$ | 15.00 | 9.18 | 1,500,000 | 150,000 | |||||||
6,108,333 | 708,333 | ||||||||||
Weighted average exercise price per share | $ | 11.07 | $ | 9.72 | |||||||
Weighted average remaining contractual life | 8.78 | 7.62 | |||||||||
Summary Of Series B Unit Activity | ' | ||||||||||
Series | Series | Series | Series | Total | |||||||
B-1 units | B-2 units | B-3 units | B-4 units | ||||||||
Units outstanding - January 31, 2014 | 3,100,000 | 60,000 | 910,000 | - | 4,070,000 | ||||||
Units forfeited | - | - | - | - | - | ||||||
Units redeemed | -180,000 | - | - | - | -180,000 | ||||||
Units granted | - | - | - | 1,412,000 | 1,412,000 | ||||||
Units outstanding - July 31, 2014 | 2,920,000 | 60,000 | 910,000 | 1,412,000 | 5,302,000 | ||||||
Vested | 2,386,667 | 15,000 | 188,000 | - | 2,589,667 | ||||||
Unvested | 533,333 | 45,000 | 722,000 | 1,412,000 | 2,712,333 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computations Of Basic And Diluted Net Loss Per Share | ' | ||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income attributable to common stockholders | $ | 14,552 | $ | 6,799 | $ | 29,094 | $ | 12,010 | |||||
Effect of 5% Convertible Note conversion | 996 | - | 1,983 | - | |||||||||
Net income attributable to common stockholders after effect of debt conversion | 15,548 | 6,799 | 31,077 | 12,010 | |||||||||
Basic weighted average common shares outstanding | 86,172 | 56,451 | 86,064 | 54,561 | |||||||||
Effect of dilutive securities | 17,602 | 561 | 17,447 | 528 | |||||||||
Diluted weighted average common shares outstanding | 103,774 | 57,012 | 103,511 | 55,089 | |||||||||
Basic net income per share | $ | 0.17 | $ | 0.12 | $ | 0.34 | $ | 0.22 | |||||
Diluted net income per share | $ | 0.15 | $ | 0.12 | $ | 0.30 | $ | 0.22 | |||||
Recovered_Sheet1
Supplemental Disclosures of Cash Flow Information (Tables) | 6 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ||||||
Schedule of Supplemental Cash Flow Disclosures | ' | ||||||
For the Six Months Ended | |||||||
July 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Cash paid during the period for: | |||||||
Interest expense | $ | 4,717 | $ | 1,042 | |||
Income taxes | $ | 550 | $ | - | |||
Non-cash investing activities: | |||||||
Additions (reductions) to oil and natural gas properties through: | |||||||
Increased (decreased) accrued liabilities and prepaid well costs | $ | 37,151 | $ | 6,700 | |||
Capitalized stock based compensation | $ | 649 | $ | 637 | |||
Change in asset retirement obligations | $ | 1,106 | $ | 92 | |||
Capitalized interest | $ | 1,808 | $ | 1,100 | |||
Non-cash financing activities: | |||||||
Notes payable issued for redemption of RockPile B-Units | $ | 1,041 | $ | - | |||
Recovered_Sheet2
Significant Changes In Proved Oil And Natural Gas Reserves (Tables) | 6 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Significant Changes In Proved Oil And Natural Gas Reserves (Abstract) | ' | ||||||||||||
Proved Oil And Natural Gas Reserves | ' | ||||||||||||
% of | 31-Jul-14 | January 31, | |||||||||||
Reserves | Oil | Gas | NGL | 2014 | |||||||||
Reserve Category | (Mboe) | (Mbbls) | (MMcf) | (Mbbls) | Mboe | Mboe | |||||||
Proved Developed | 58% | 24,213 | 20,000 | 2,484 | 30,030 | 16,995 | |||||||
Proved Undeveloped | 42% | 16,849 | 14,371 | 2,386 | 21,630 | 23,319 | |||||||
Total Proved | 100% | 41,062 | 34,371 | 4,870 | 51,660 | 40,314 | |||||||
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
segment | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' |
Deferred Revenue | $2.60 | $1.40 | $3.20 | $3.30 |
Deferred gross profit | $0.60 | $0.70 | $0.80 | $1.30 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Segment Reporting) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jan. 31, 2014 | ||
Revenues: | ' | ' | ' | ' | ' | ||
Oil, natural gas and natural gas liquids sales | $80,506 | $34,639 | $141,340 | $55,699 | ' | ||
Oilfield services for third parties | 61,483 | 15,755 | 100,431 | 28,989 | ' | ||
Total revenues | 141,989 | 50,394 | 241,771 | 84,688 | ' | ||
Expenses: | ' | ' | ' | ' | ' | ||
Production taxes and other lease operating | 15,375 | 6,749 | 26,449 | 11,409 | ' | ||
Gathering, transportation and processing | 3,733 | 69 | 7,535 | 106 | ' | ||
Depreciation and amortization | 26,706 | 10,918 | 47,884 | 18,391 | ' | ||
Accretion of asset retirement obligations | 41 | 9 | 175 | 17 | ' | ||
Cost of oilfield services | 43,554 | 12,692 | 71,264 | 23,878 | ' | ||
Stock-based compensation | 1,807 | 1,438 | 3,815 | 3,033 | ' | ||
Other general and administrative | 12,284 | 5,546 | 23,677 | 10,553 | ' | ||
Total operating expenses | 103,500 | 37,421 | 180,799 | 67,387 | ' | ||
Income (loss) from operations | 38,489 | 12,973 | 60,972 | 17,301 | ' | ||
Other income (expense), net | -13,598 | -6,174 | -11,528 | -5,291 | ' | ||
NET INCOME (LOSS) BEFORE INCOME TAXES | 24,891 | 6,799 | 49,444 | 12,010 | ' | ||
Net oil and natural gas properties | 958,756 | ' | 958,756 | ' | 682,787 | ||
Oilfield services equipment - net | 64,379 | ' | 64,379 | ' | 46,586 | ||
Other property and equipment - net | 28,718 | ' | 28,718 | ' | 24,507 | ||
Total assets | 1,408,454 | [1] | ' | 1,408,454 | [1] | ' | 1,027,584 |
Total liabilities | 854,967 | ' | 854,967 | ' | 504,422 | ||
Cash and equivalents | 107,527 | ' | 107,527 | ' | 81,750 | ||
Equity investment | 72,337 | ' | 72,337 | ' | 68,536 | ||
Eliminations [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Oilfield services for third parties | -2,610 | -1,382 | -3,219 | -3,292 | ' | ||
Other | -272 | -272 | -449 | -548 | ' | ||
Total revenues | -40,844 | -28,802 | -63,505 | -42,727 | ' | ||
Expenses: | ' | ' | ' | ' | ' | ||
Depreciation and amortization | -1,609 | -928 | -2,809 | -1,435 | ' | ||
Cost of oilfield services | -25,313 | -17,678 | -41,314 | -25,613 | ' | ||
Total operating expenses | -26,922 | -18,606 | -44,123 | -27,048 | ' | ||
Income (loss) from operations | -13,922 | -10,196 | -19,382 | -15,679 | ' | ||
Other income (expense), net | -1,084 | -1,293 | -1,261 | -1,293 | ' | ||
NET INCOME (LOSS) BEFORE INCOME TAXES | -15,006 | -11,489 | -20,643 | -16,972 | ' | ||
Net oil and natural gas properties | -68,318 | ' | -68,318 | ' | ' | ||
Total assets | -120,117 | [1] | ' | -120,117 | [1] | ' | ' |
Total liabilities | -30,479 | ' | -30,479 | ' | ' | ||
Intersegment Revenues [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Total revenues | -37,962 | -27,148 | -59,837 | -38,887 | ' | ||
Exploration and Production [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Oil, natural gas and natural gas liquids sales | 80,506 | 34,639 | 141,340 | 55,699 | ' | ||
Total revenues | 80,506 | 34,639 | 141,340 | 55,699 | ' | ||
Expenses: | ' | ' | ' | ' | ' | ||
Production taxes and other lease operating | 15,375 | 6,749 | 26,449 | 11,409 | ' | ||
Gathering, transportation and processing | 3,733 | 69 | 7,535 | 106 | ' | ||
Depreciation and amortization | 23,439 | 10,111 | 42,051 | 16,729 | ' | ||
Accretion of asset retirement obligations | 41 | 9 | 175 | 17 | ' | ||
Stock-based compensation | 344 | 247 | 739 | 569 | ' | ||
Other general and administrative | 4,442 | 1,683 | 7,220 | 3,250 | ' | ||
Total operating expenses | 47,374 | 18,868 | 84,169 | 32,080 | ' | ||
Income (loss) from operations | 33,132 | 15,771 | 57,171 | 23,619 | ' | ||
Other income (expense), net | -4,267 | -4,087 | -10,834 | -2,636 | ' | ||
NET INCOME (LOSS) BEFORE INCOME TAXES | 28,865 | 11,684 | 46,337 | 20,983 | ' | ||
Net oil and natural gas properties | 1,027,074 | ' | 1,027,074 | ' | ' | ||
Other property and equipment - net | 1,562 | ' | 1,562 | ' | ' | ||
Total assets | 1,188,878 | [1] | ' | 1,188,878 | [1] | ' | ' |
Total liabilities | 659,922 | ' | 659,922 | ' | ' | ||
Oilfield Services [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Oilfield services for third parties | 64,093 | 17,137 | 103,650 | 32,281 | ' | ||
Total revenues | 102,055 | 44,285 | 163,487 | 71,168 | ' | ||
Expenses: | ' | ' | ' | ' | ' | ||
Depreciation and amortization | 4,690 | 1,600 | 8,280 | 2,839 | ' | ||
Cost of oilfield services | 68,867 | 30,370 | 112,578 | 49,491 | ' | ||
Stock-based compensation | 127 | 99 | 217 | 310 | ' | ||
Other general and administrative | 5,251 | 2,446 | 10,348 | 4,425 | ' | ||
Total operating expenses | 78,935 | 34,515 | 131,423 | 57,065 | ' | ||
Income (loss) from operations | 23,120 | 9,770 | 32,064 | 14,103 | ' | ||
Other income (expense), net | -667 | -216 | -1,174 | -369 | ' | ||
NET INCOME (LOSS) BEFORE INCOME TAXES | 22,453 | 9,554 | 30,890 | 13,734 | ' | ||
Oilfield services equipment - net | 64,379 | ' | 64,379 | ' | ' | ||
Other property and equipment - net | 20,372 | ' | 20,372 | ' | ' | ||
Total assets | 171,550 | [1] | ' | 171,550 | [1] | ' | ' |
Total liabilities | 89,387 | ' | 89,387 | ' | ' | ||
Oilfield Services [Member] | Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Total revenues | 37,962 | 27,148 | 59,837 | 38,887 | ' | ||
Corporate And Other [Member] | ' | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ' | ||
Other | 272 | 272 | 449 | 548 | ' | ||
Total revenues | 272 | 272 | 449 | 548 | ' | ||
Expenses: | ' | ' | ' | ' | ' | ||
Depreciation and amortization | 186 | 135 | 362 | 258 | ' | ||
Stock-based compensation | 1,336 | 1,092 | 2,859 | 2,154 | ' | ||
Other general and administrative | 2,591 | 1,417 | 6,109 | 2,878 | ' | ||
Total operating expenses | 4,113 | 2,644 | 9,330 | 5,290 | ' | ||
Income (loss) from operations | -3,841 | -2,372 | -8,881 | -4,742 | ' | ||
Other income (expense), net | -7,580 | -578 | 1,741 | -993 | ' | ||
NET INCOME (LOSS) BEFORE INCOME TAXES | -11,421 | -2,950 | -7,140 | -5,735 | ' | ||
Other property and equipment - net | 6,784 | ' | 6,784 | ' | ' | ||
Total assets | 168,143 | [1] | ' | 168,143 | [1] | ' | ' |
Total liabilities | 136,137 | ' | 136,137 | ' | ' | ||
Cash and equivalents | $64,400 | ' | $64,400 | ' | ' | ||
[1] | Our Corporate and Other total assets consist primarily of cash and cash equivalents of $64.4 million and our investment in Caliber of $72.3 million, in addition to the Company’s investment in its subsidiaries which are subsequently eliminated. |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 28, 2013 | Jul. 31, 2014 | Jan. 31, 2014 | Jun. 06, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Oilfield Service Equipment [Member] | Oilfield Service Equipment In Service [Member] | Oilfield Service Equipment Not Yet Placed In Service [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Oil And Gas Property [Member] | Oil And Gas Property [Member] | Oil And Gas Property [Member] | Oil And Gas Property [Member] | Marathon Oil And Gas [Member] | Marathon Oil And Gas [Member] | Marathon Oil And Gas [Member] | |||||
acre | acre | acre | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 28-Aug-13 | ' | ' | ' | ' | 6-Jun-14 | ' | ' | 30-Jun-14 |
Number of acres purchased | ' | ' | ' | ' | ' | ' | ' | 5,600 | ' | ' | 4,600 | ' | ' | ' | 41,100 | ' | ' |
Total consideration to purchase oil and gas properties | ' | ' | ' | ' | ' | ' | ' | $83,000,000 | ' | ' | $34,500,000 | ' | ' | $318,000,000 | $90,400,000 | ' | ' |
Pre-closing adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | 9,600,000 | ' | ' |
Pro forma depreciation, amortization and accretion expense | 1,300,000 | 5,000,000 | 3,300,000 | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized internal costs for property acquisition | ' | ' | 2,400,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 900,000 | ' | ' | ' | ' |
Depreciable asset, gross | ' | ' | ' | ' | 24,600,000 | 21,900,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | 1,300,000 |
Revenues | 141,989,000 | 50,394,000 | 241,771,000 | 84,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 |
Net earnings | $14,552,000 | $6,799,000 | $29,094,000 | $12,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $500,000 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Purchase Price Allocation Of Oil And Natural Gas Property Acquisitions) (Details) (USD $) | 1 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 28, 2013 | Aug. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Kodiak Oil And Natural Gas Property [Member] | Kodiak Oil And Natural Gas Property [Member] | Marathon Oil And Gas [Member] | Marathon Oil And Gas [Member] | |
Final [Member] | Preliminary [Member] | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Cash | ' | $83,044 | ' | $90,352 |
Total consideration given | 83,000 | 83,044 | 90,400 | 90,352 |
Accounts receivable | ' | 5,503 | ' | ' |
Proved properties | ' | 50,332 | ' | 71,044 |
Unproved properties | ' | 30,235 | ' | 20,262 |
Total oil and natural gas properties | ' | 80,567 | ' | 91,306 |
Accounts payable | ' | -2,894 | ' | -469 |
Asset retirement obligation assumed | ' | -132 | ' | -485 |
Fair value of net assets acquired | ' | $83,044 | ' | $90,352 |
Property_And_Equipment_Schedul1
Property And Equipment (Schedule of Pro Forma Financial Information) (Details) (Kodiak Oil And Gas, Marathon Oil And Gas [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Kodiak Oil And Gas, Marathon Oil And Gas [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Operating revenue | $146,559 | $66,401 | $253,206 | $119,072 |
Net income (loss) | $15,217 | $11,453 | $31,122 | $23,709 |
Earnings (loss) per common share, basic | $0.18 | $0.20 | $0.36 | $0.43 |
Earnings (loss) per common share, diluted | $0.16 | $0.20 | $0.32 | $0.43 |
Weighted average common shares outstanding, basic | 86,172 | 56,451 | 86,064 | 54,561 |
Weighted average common shares outstanding, diluted | 103,774 | 57,012 | 103,511 | 55,089 |
Equity_Investment_Narrative_De
Equity Investment (Narrative) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 29, 2014 | Jul. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Midstream LP [Member] | Caliber Credit Facility [Member] | ||
Class A Triggering Units [Member] | Class A Triggering Units [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | ' | $200,000 |
Ownership interest | ' | ' | ' | ' | 32.00% | 30.00% | ' |
Equity investment, number of units vested | ' | ' | ' | ' | 4,000,000 | ' | ' |
Equity investment | $72,337 | $68,536 | $72,337 | $68,536 | ' | ' | ' |
Equity_Investment_Schedule_Of_
Equity Investment (Schedule Of Equity Investment In Caliber) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | 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] | ||
Class A Triggering Units [Member] | Class A Trigger Unit Warrant [Member] | Series 1 Warrants [Member] | Series 2 Warrants [Member] | Series 3 Warrants [Member] | Series 4 Warrants [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment, Beginning balance | $72,337 | $68,536 | $68,536 | ' | ' | ' | ' | ' | ' |
Equity method investments, Class A Units received | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' |
Equity method investments, Class A Trigger Units received | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' |
Equity method investments, warrants received | ' | ' | ' | ' | ' | 4,000,000 | 2,400,000 | 3,000,000 | 2,000,000 |
Increase (decrease) in equity method investment | ' | ' | ' | 1,746 | 532 | 994 | -182 | -117 | -53 |
Equity investment share of net income for the period before intra-company profit elimination | ' | ' | 881 | ' | ' | ' | ' | ' | ' |
Equity investment, Ending balance | $72,337 | $68,536 | $72,337 | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Schedule_Of_Debt
Long-term Debt (Schedule Of Debt) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
6.75% senior notes | $450,000 | ' |
5% convertible note | 132,543 | 129,290 |
Total debt | 632,424 | 343,208 |
Total long-term debt | 632,013 | 334,357 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, interest rate | 6.75% | ' |
Convertible Note [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, interest rate | 5.00% | 5.00% |
TUSA [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | ' | 183,000 |
Rockpile [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 39,616 | 21,515 |
Notes and mortgage payable | 10,265 | 9,403 |
Less current portion of credit facility | ' | -8,450 |
Less current portion of notes and mortgages payable | ($411) | ($401) |
Longterm_Debt_675_Senior_Notes
Long-term Debt (6.75% Senior Notes Narrative) (Details) (Senior Notes [Member], USD $) | 6 Months Ended |
Jul. 31, 2014 | |
Debt Instrument [Line Items] | ' |
Debt instrument, issuance date | 18-Jul-14 |
Debt instrument, maturity date | 15-Jul-22 |
Debt instrument, face amount | $450,000,000 |
Debt instrument, interest rate | 6.75% |
Offering costs | $10,000,000 |
Redemption prior to July 15, 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Redemption price, percentage | 100.00% |
Redemption price, percentage of principal amount redeemed | 35.00% |
Redemption Due to Change in Control Events [Member] | ' |
Debt Instrument [Line Items] | ' |
Redemption price, percentage | 101.00% |
Longterm_Debt_5_Convertible_No
Long-term Debt (5% Convertible Note Narrative) (Details) (Convertible Note [Member], USD $) | 6 Months Ended | |
Jul. 31, 2014 | Jan. 31, 2014 | |
Convertible Note [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, sale date | 31-Jul-12 | ' |
Debt instrument, face amount | $120,000,000 | ' |
Debt instrument, interest rate | 5.00% | 5.00% |
Convertible note, conversion price | $8 | ' |
Convertible date | 16-Nov-12 | ' |
Accrued interest | $12,500,000 | ' |
Longterm_Debt_TUSA_Credit_Faci
Long-term Debt (TUSA Credit Facility Narrative) (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 27, 2014 | Jan. 31, 2014 | Jul. 31, 2014 | Aug. 21, 2014 | Jul. 18, 2014 | 14-May-14 | 9-May-14 | Jan. 13, 2014 | Jan. 12, 2014 | 9-May-14 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 |
Senior Notes [Member] | Second Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | Minimum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Eurodollar Rate Plus 1% [Member] | Eurodollar Rate Plus 1% [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | |
item | item | Second Lien Credit Facility [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | Minimum [Member] | Maximum [Member] | TUSA [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
TUSA [Member] | TUSA [Member] | TUSA [Member] | TUSA [Member] | |||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | $60,000,000 | ' | ' | $415,000,000 | $305,500,000 | ' | $355,000,000 | $320,000,000 | $275,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan hedge percentage of anticipated production | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity date | ' | 16-Oct-19 | ' | ' | 16-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amendment increase | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, margin on dollar amount based on usage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new lenders under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | $183,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, basis spread on interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.50% | 1.00% | 1.50% | 2.50% |
Credit facility, fronting fee percentage | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' |
Credit facility, ratio of current assets to current liabilities defined by credit facility | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, ratio of consolidated debt to consolidated EBITDAX | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Second_Lien_Cred
Long-term Debt (Second Lien Credit Facility Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Jun. 27, 2014 |
Senior Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument, interest rate | 6.75% | ' |
Second Lien Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility, maximum borrowing capacity | ' | $60 |
Credit facility, maturity date | 16-Oct-19 | ' |
LIBOR [Member] | Second Lien Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility, basis spread on interest rate | 7.00% | ' |
Base Rate [Member] | Second Lien Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility, basis spread on interest rate | 6.00% | ' |
Longterm_Debt_Rockpile_Debt_Na
Long-term Debt (Rockpile Debt Narrative) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2014 | Mar. 25, 2014 | Jan. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Mar. 25, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Nov. 20, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 16, 2013 | Jul. 31, 2014 | Jul. 31, 2014 |
Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | RockPile Notes Payable to Sellers of Team Well Service, Inc. [Member] | RockPile Promissory Notes [Member] | Construction Loan Residential Units [Member] | Construction Loan Administrative And Maintenance Building [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Unsecured Debt Loan One [Member] | Unsecured Debt Loan One [Member] | Unsecured Debt Loan Two [Member] | Unsecured Debt Loan Two [Member] | Notes Payable to Banks [Member] | RockPile Promissory Notes [Member] | |||
Federal Funds Rate [Member] | Eurodollar Rate Plus 1% [Member] | Letter of Credit [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | Rockpile [Member] | RockPile Mortgage Payable to Dacotah Bank [Member] | RockPile Mortgage Payable to Dacotah Bank [Member] | RockPile Mortgage Payable to Dacotah Bank [Member] | RockPile Hauch Apartments Mortgage [Member] | RockPile Hauch Apartments Mortgage [Member] | Rockpile [Member] | RockPile Notes Payable to Sellers of Team Well Service, Inc. [Member] | Rockpile [Member] | Rockpile [Member] | RockPile Mortgage Payable to Dacotah Bank [Member] | RockPile Notes Payable to Sellers of Team Well Service, Inc. [Member] | |||||||
Eurodollar Rate Plus 1% [Member] | Eurodollar [Member] | Eurodollar Rate Plus 1% [Member] | Eurodollar [Member] | item | item | item | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, basis spread on interest rate | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 2.80% | ' | 2.70% | ' | ' | ' | ' | ' | ' |
Credit facility, margin on dollar amount based on usage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 3.25% | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.50% | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate at period end | ' | ' | 3.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated debt to EBITDA | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of Adjusted EBITDA to Fixed Charges | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of secured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Number of unsecured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Carrying value of debt | 632,424,000 | 343,208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | '15 years | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | 25-Mar-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Dec-28 | ' | ' | ' | 16-Oct-16 | 16-Oct-16 | ' | ' | ' |
Debt, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | 39,616,000 | ' | 21,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | 900,000 |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 1,800,000 | ' | 500,000 | ' | ' | 500,000 | ' | ' |
Purchase price of apartment building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Redeemed RockPile B-Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Loss from commodity derivative activities | $921 | $4,399 | $6,377 | $3,187 |
Gain (loss) on equity investment derivative | ' | ' | 2,919 | ' |
Gain (loss) on equity investment derivative | -7,534 | ' | 2,920 | ' |
Class A Trigger Unit Warrant [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Equity investment, number of units vested | 4,000,000 | ' | 4,000,000 | ' |
Gain (loss) on equity investment derivative | -5,200 | ' | 1,700 | ' |
Series 1, Series 2, Series 3 and Series 4 Warrants [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Expected term of warrants | ' | ' | '12 years | ' |
Equity Method Investments, warrant floor price | ' | ' | $5 | ' |
Increase (decrease) in equity method investment | -2,300 | ' | 1,200 | ' |
Caliber Midstream LP [Member] | Class A Units [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Equity method investments, Class A units exercise price | ' | ' | $10.20 | ' |
Equity method investments, Class A units decrease in exercise price | $1.08 | ' | ' | ' |
Equity method investments, Class A units increase in exercise price | ' | ' | $0.20 | ' |
Caliber Midstream LP [Member] | Class A Trigger Unit Warrant [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Increase (decrease) in equity method investment | ' | ' | $532 | ' |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Crude Oil Derivative Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | $978 | ' |
Derivative Liabilities | -994 | ' |
Crude Oil Derivative Contract [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -1,972 | ' |
Crude Oil Derivative Contract [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 1,066 |
Derivative Asset, Fair Value, Gross Liability | ' | -111 |
Derivative Assets | ' | 955 |
Crude Oil Derivative Contract [Member] | Long-Term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 605 | 1,192 |
Derivative Asset, Fair Value, Gross Liability | -469 | ' |
Derivative Assets | 136 | 1,192 |
Equity Investment Derivative [Member] | Equity Investment [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,870 | 39,734 |
Derivative Assets | $2,870 | $39,734 |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of Derivative Instruments) (Details) | 6 Months Ended | |
Jul. 31, 2014 | ||
Fiscal 2015 Collar [Member] | ' | |
Derivative [Line Items] | ' | |
End date | 'Fiscal Year 2015 | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 5,767 | |
Put strike price | 87.33 | |
Call strike price | 100.71 | |
Fiscal 2015 Swap [Member] | ' | |
Derivative [Line Items] | ' | |
End date | 'Fiscal Year 2015 | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 166 | |
Weighted average price | 94.5 | |
Fiscal 2016 Collar [Member] | ' | |
Derivative [Line Items] | ' | |
End date | 'Fiscal Year 2016 | |
Basis | 'NYMEX | [1] |
Quantity, (bopd) | 4,356 | |
Put strike price | 86.85 | |
Call strike price | 98.06 | |
[1] | NYMEX refers to prices of West Texas Intermediate crude oil at Cushing, Oklahoma as quoted on the New York Mercantile Exchange. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Jul. 31, 2014 | Jan. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Common stock closing price | $10.80 | $7.61 |
Convertible Note [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liability | $245,298 | $169,170 |
Debt instrument, interest rate | 5.00% | 5.00% |
Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, interest rate | 6.75% | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jan. 31, 2014 |
Crude Oil Derivative Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities | ($994) | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 2,870 | 39,734 |
Derivative Liabilities | -994 | ' |
Earn-out liability | -1,791 | -1,739 |
Fair Value, Measurements, Recurring [Member] | Crude Oil Derivative Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 136 | 2,147 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities | -994 | ' |
Earn-out liability | -1,791 | -1,739 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Crude Oil Derivative Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 136 | 2,147 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $2,870 | $39,734 |
Fair_Value_Measurements_Rollfo
Fair Value Measurements (Rollforward Of Level 3 Financial Assets And Liabilities) (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest paid in-kind | $3,532 | $2,545 | |
Convertible Note [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Liabilities, Beginning balance | -169,170 | ' | |
Interest paid in-kind | -3,252 | ' | |
Net unrecognized loss | -72,876 | ' | |
Liabilities, Ending balance | -245,298 | ' | |
Class A Triggering Units [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Assets, Beginning Balance | 38,091 | ' | |
Net unrealized gain | 1,746 | ' | |
Conversion to Class A units | -39,837 | ' | |
Warrants [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Assets, Beginning Balance | 1,696 | [1] | ' |
Net unrealized gain | 1,174 | [1] | ' |
Assets, Ending Balance | $2,870 | [1] | ' |
[1] | Includes Caliber Class A Trigger Unit Warrant and Class A (Series 1 through Series 4) Warrants |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2014 |
Commitments and Contingencies [Line Items] | ' |
Contingent liability for bonus payout to CEO | 0 |
Environmental or other regulatory matters liabilities | 0 |
Caliber Midstream Partners, L.P. [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Percentage bonus payout of gain on sale of subsidiary | 5.00% |
Rockpile [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Percentage bonus payout of gain on sale of subsidiary | 3.50% |
Multiple Drilling Rig Contracts [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
Number of drilling rigs subject to commitments | 4 |
Early termination of contract commitments amount | 14 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 6 Months Ended | |
Jul. 31, 2014 | Feb. 20, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Maximum authorized shares may be issued as percent of issued and outstanding shares | 10.00% | ' |
Expiration period | '10 years | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Units granted, number of units | 859,600 | ' |
Unrecognized compensation | 16,800,000 | ' |
Unrecognized compensation, recognition period | '2 years 10 months 24 days | ' |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation, recognition period | '3 years 10 months 24 days | ' |
Stock options issued during period | 0 | ' |
Unrecognized compensation cost related to stock options | 17,300,000 | ' |
Series B Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based awards vesting period | '3 years | ' |
Unrecognized compensation cost related to stock options | 2,900,000 | ' |
2011 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Maximum shares reserved under Plan | 5,900,000 | ' |
RockPile LLC Agreement [Member] | RockPile Promissory Notes [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Debt instrument, face amount | 1,000,000 | ' |
RockPile LLC Agreement [Member] | Series B Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Maximum shares reserved under Plan | ' | 6,000,000 |
Units granted, number of units | 1,412,000 | ' |
RockPile LLC Agreement [Member] | Series B-1 Unit [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Redeemed RockPile B-Units | 180,000 | ' |
2014 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Maximum shares reserved under Plan | 6,000,000 | ' |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based awards vesting period | '1 year | ' |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based awards vesting period | '5 years | ' |
Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock issued, net of shares surrendered for related employee payroll tax withholding for restricted stock units vested | 495,892 | ' |
Capital_Stock_NonCash_StockBas
Capital Stock (Non-Cash Stock-Based Compensation Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expense before capitalized amount | $2,117 | $1,794 | $4,464 | $3,670 |
Less amounts capitalized to oil and natural gas properties | -310 | -356 | -649 | -637 |
Stock-based compensation | 1,807 | 1,438 | 3,815 | 3,033 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expense before capitalized amount | 1,503 | 1,695 | 3,274 | 3,360 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expense before capitalized amount | 487 | ' | 973 | ' |
RockPile Stock Based Compensation Related to Series [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expense before capitalized amount | $127 | $99 | $217 | $310 |
Capital_Stock_Restricted_Stock
Capital Stock (Restricted Stock Units Outstanding) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended |
Jul. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, Unvested Beginning Balance | 2,875,624 |
Outstanding, Weighted-Average Award Date Fair Value, Beginning Balance | $6.75 |
Units granted, number of units | 859,600 |
Units granted, Weighted Average Award Date Fair Value | $8.73 |
Units forfeited | -302,085 |
Units forfeited, Weighted Average Award Date Fair Value | $7.13 |
Units that vested, Number of Shares | -739,710 |
Units that vested, Weighted Average Award Date Fair Value | $7.20 |
Outstanding, Unvested Ending Balance | 2,693,429 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending Balance | $7.09 |
Capital_Stock_Stock_Options_Ou
Capital Stock (Stock Options Outstanding) (Details) (USD $) | 6 Months Ended | |
Jul. 31, 2014 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding, ending balance | 6,108,333 | ' |
Weighted average exercise price, options outstanding ending balance | $11.07 | ' |
Rolling Plan And CEO Option Grant [Member] | Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding, beginning balance | 6,108,333 | ' |
Options forfeited | ' | ' |
Options exercised | ' | ' |
Options granted | ' | ' |
Options outstanding, ending balance | 6,108,333 | ' |
Weighted average exercise price, options outstanding beginning balance | $11.07 | ' |
Weighted average exercise price, options forfeited | ' | ' |
Weighted average exercise price, options exercised | ' | ' |
Weighted average exercise price, options granted | ' | ' |
Weighted average exercise price, options outstanding ending balance | $11.07 | ' |
Options exercisable | 708,333 | 108,333 |
Capital_Stock_Stock_Options_Ou1
Capital Stock (Stock Options Outstanding By Exercise Price) (Details) (USD $) | 6 Months Ended |
Jul. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding options | 6,108,333 |
Number of shares exercise | 708,333 |
Weighted average exercise price per share | $11.07 |
Weighted average remaining contractual life (years) | '8 years 9 months 11 days |
Weighted average exercise price per share (exercisable) | $9.72 |
Weighted average remaining contractual life (years) (exercisable) | '7 years 7 months 13 days |
$1.25 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $1.25 |
Remaining contractual life | '7 months 2 days |
Outstanding options | 108,333 |
Number of shares exercise | 108,333 |
$7.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $7.50 |
Remaining contractual life | '9 years 2 months 5 days |
Outstanding options | 750,000 |
Number of shares exercise | 75,000 |
$8.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $8.50 |
Remaining contractual life | '9 years 2 months 5 days |
Outstanding options | 750,000 |
Number of shares exercise | 75,000 |
$10.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $10 |
Remaining contractual life | '9 years 2 months 5 days |
Outstanding options | 1,500,000 |
Number of shares exercise | 150,000 |
$12.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $12 |
Remaining contractual life | '9 years 2 months 5 days |
Outstanding options | 1,500,000 |
Number of shares exercise | 150,000 |
$15.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price per share | $15 |
Remaining contractual life | '9 years 2 months 5 days |
Outstanding options | 1,500,000 |
Number of shares exercise | 150,000 |
Capital_Stock_Summary_Of_Serie
Capital Stock (Summary Of Series B Unit Vesting Status) (Details) | 6 Months Ended |
Jul. 31, 2014 | |
Series B Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Units outstanding, beginning balance | 4,070,000 |
Units redeemed | -180,000 |
Units granted | 1,412,000 |
Units outstanding, ending balance | 5,302,000 |
Grants, Number of Vested Units | 2,589,667 |
Grants, Number of Unvested Units | 2,712,333 |
Remaining vesting period | '3 years |
Series B-1 Unit [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Units outstanding, beginning balance | 3,100,000 |
Units redeemed | -180,000 |
Units outstanding, ending balance | 2,920,000 |
Grants, Number of Vested Units | 2,386,667 |
Grants, Number of Unvested Units | 533,333 |
Series B-2 Unit [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Units outstanding, beginning balance | 60,000 |
Units outstanding, ending balance | 60,000 |
Grants, Number of Vested Units | 15,000 |
Grants, Number of Unvested Units | 45,000 |
Series B-3 Unit [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Units outstanding, beginning balance | 910,000 |
Units outstanding, ending balance | 910,000 |
Grants, Number of Vested Units | 188,000 |
Grants, Number of Unvested Units | 722,000 |
Series B-4 Unit [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Units granted | 1,412,000 |
Units outstanding, ending balance | 1,412,000 |
Grants, Number of Unvested Units | 1,412,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | Jul. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2014 |
In Millions, unless otherwise specified | Convertible Note [Member] | Convertible Note [Member] | CEO Options [Member] |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anitdilutive securities excluded from calculation of diluted net income | ' | ' | 4.5 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ' |
Earnings_Per_Share_Computation
Earnings Per Share (Computations Of Basic And Diluted Net Loss Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to common stockholders | $14,552 | $6,799 | $29,094 | $12,010 |
Effect of 5% Convertible Note conversion | 996 | ' | 1,983 | ' |
Net income attributable to common stockholders after effect of debt conversion | $15,548 | $6,799 | $31,077 | $12,010 |
Basic weighted average common shares outstanding | 86,172 | 56,451 | 86,064 | 54,561 |
Effect of dilutive securities | 17,602 | 561 | 17,447 | 528 |
Diluted weighted average common shares outstanding | 103,774 | 57,012 | 103,511 | 55,089 |
Basic net income per share | $0.17 | $0.12 | $0.34 | $0.22 |
Diluted net income per share | $0.15 | $0.12 | $0.30 | $0.22 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended |
Jul. 31, 2014 | |
Income Taxes [Abstract] | ' |
Effective income tax rate | 41.20% |
Unrecognized tax benefits | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | 14-May-14 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | 14-May-14 | |
item | Caliber Fresh Water [Member] | Caliber North Dakota LLC [Member] | Caliber North Dakota LLC [Member] | Caliber North Dakota LLC [Member] | Caliber Midstream Fresh Water Partners LLC [Member] | ||||
Scenario, Forecast [Member] | Caliber Fresh Water [Member] | ||||||||
item | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of midstream agreements with Caliber North Dakota LLC | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Term of midstream agreements with Caliber | ' | ' | ' | ' | ' | ' | '15 years | ' | ' |
Minimum commitment over term of agreements | ' | ' | ' | ' | ' | $405,000,000 | $405,000,000 | ' | ' |
Remaining commitment | ' | ' | ' | ' | ' | 387,600,000 | 387,600,000 | ' | ' |
Revenues from related parties | ' | ' | ' | ' | ' | 8,400,000 | 12,200,000 | ' | ' |
Revenues | 141,989,000 | 50,394,000 | 241,771,000 | 84,688,000 | ' | 9,600,000 | 13,700,000 | ' | ' |
Reimbursed administrative services from Caliber | ' | ' | ' | ' | ' | 300,000 | 600,000 | ' | ' |
Consideration to purchase oil and gas properties | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% |
Ownership interest by third party | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' |
Number of salt water disposal wells | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Supplemental_Disclosures_Of_Ca1
Supplemental Disclosures Of Cash Flow Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Supplemental Disclosures of Cash Flow Information [Abstract] | ' | ' | ' | ' |
Interest expense | ' | ' | $4,717 | $1,042 |
Income taxes | ' | ' | 550 | ' |
Increased (decreased) accrued liabilities and prepaid well costs | ' | ' | 37,151 | 6,700 |
Capitalized stock-based compensation | 310 | 356 | 649 | 637 |
Change in asset retirement obligations | ' | ' | 1,106 | 92 |
Capitalized interest | ' | ' | 1,808 | 1,100 |
Notes payable issued for redemption of RockPile B-Units | ' | ' | $1,041 | ' |
Significant_Changes_in_Proved_1
Significant Changes in Proved Oil And Natural Gas Reserves (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2014 | Jan. 31, 2014 | |
item | item | |
Reserve Quantities [Line Items] | ' | ' |
Productive oil wells, number of wells, net | 98 | 50 |
Percentage of increase (decrease) in productive oil wells, net | 96.00% | ' |
Percentage of increase (decrease) in future development oil wells, net | 8.00% | ' |
Future development wells, number of wells, net | 48.4 | 52.5 |
Crude Oil Reserves [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Industry average, sales price per unit | 88.97 | 93.09 |
Natural Gas Reserves [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Industry average, sales price per unit | 5.72 | 3.99 |
Natural Gas Liquids [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Industry average, sales price per unit | 44.82 | 44.1 |
Significant_Changes_in_Proved_2
Significant Changes in Proved Oil And Natural Gas Reserves (Proved Oil And Gas Reserves) (Details) | Jul. 31, 2014 | Jan. 31, 2014 |
MBoe | MBoe | |
Reserve Quantities [Line Items] | ' | ' |
Proved Developed, Percentage of Reserves | 58.00% | ' |
Proved Developed, (Mboe) | 30,030 | 16,995 |
Proved Undeveloped, Percentage of Reserves | 42.00% | ' |
Proved Undeveloped, (Mboe) | 21,630 | 23,319 |
Total Proved, Percentage of Reserves | 100.00% | ' |
Total Proved, (Mboe) | 51,660 | 40,314 |
Crude Oil Reserves [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Developed, Volume | 24,213 | ' |
Proved Undeveloped, Volume | 16,849 | ' |
Total Proved, Volume | 41,062 | ' |
Natural Gas Reserves [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Developed, Volume | 20,000 | ' |
Proved Undeveloped, Volume | 14,371 | ' |
Total Proved, Volume | 34,371 | ' |
Natural Gas Liquids [Member] | ' | ' |
Reserve Quantities [Line Items] | ' | ' |
Proved Developed, Volume | 2,484 | ' |
Proved Undeveloped, Volume | 2,386 | ' |
Total Proved, Volume | 4,870 | ' |