PostRock Energy (PSTR) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PSTR
Entity Registrant Name	PostRock Energy Corp
Entity Central Index Key	1,473,061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,580,935

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 3,059	$ 46
Accounts receivable-trade, net	4,542	9,080
Other receivables	4,310	515
Inventory	1,242	1,042
Other	846	1,031
Derivative financial instruments	8,613	11,151
Total	22,612	22,865
Oil and natural gas properties, full cost method of accounting, net	103,540	153,240
Other property and equipment, net	10,242	11,829
Derivative financial instruments	1,816	6,162
Other, net	1,292	1,579
Total assets	139,502	195,675
Current liabilities
Accounts payable	2,500	9,278
Revenue payable	3,096	4,051
Accrued expenses and other	4,047	3,283
Current maturities of long-term debt	10,380
Total	20,023	16,612
Long-term debt, less current maturities	74,620	83,000
Mandatorily redeemable preferred stock, $0.01 par value; 5,075 shares issued and outstanding	69,426	63,954
Asset retirement obligations	14,091	13,884
Other		1
Total liabilities	$ 178,160	$ 177,451
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit)
Common stock, $0.01 par value; 100,000,000 authorized shares; issued—6,523,811 and 7,066,772; outstanding—6,336,728 and 6,562,116, respectively	$ 71	$ 65
Additional paid-in capital	484,227	481,050
Treasury stock, at cost	(2,804)	(2,432)
Accumulated deficit	(520,152)	(460,459)
Total stockholders’ equity (deficit)	(38,658)	18,224
Total liabilities and stockholders’ equity (deficit)	$ 139,502	$ 195,675
Series B Preferred Stock [Member]
Stockholders’ equity (deficit)
Preferred stock, $0.01 par value; 5,000,000 authorized shares; 23,098 and 40,428 shares of Series B Voting Preferred Stock issued and outstanding, respectively

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	7,066,772	6,523,811
Common stock, shares outstanding	6,562,116	6,336,728
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	5,075	5,075
Preferred stock, shares outstanding	5,075	5,075
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	40,428	23,098
Preferred stock, shares outstanding	40,428	23,098

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Natural gas sales	$ 7,679	$ 14,656	$ 16,490	$ 30,619
Crude oil sales	3,109	6,194	6,306	11,299
Gathering	385	746	873	1,481
Total	11,173	21,596	23,669	43,399
Costs and expenses
Production	9,063	10,564	18,738	20,836
General and administrative	2,995	3,499	6,390	7,410
Depreciation, depletion and amortization	7,310	7,357	14,609	14,259
Impairment of oil and gas properties	39,394		39,394
Gain on disposal of assets	(142)	(59)	(199)	(78)
Acquisition costs		13		47
Total	58,620	21,374	78,932	42,474
Operating income (loss)	(47,447)	222	(55,263)	925
Other income (expense)
Gain (loss) from derivative financial instruments	(1,423)	(2,819)	3,761	(7,934)
Gain on investment		87	289	1,706
Other income (expense), net	27	5	335	5
Interest expense, net	(4,474)	(4,940)	(8,815)	(9,769)
Total	(5,870)	(7,667)	(4,430)	(15,992)
Loss before income taxes	$ (53,317)	$ (7,445)	$ (59,693)	$ (15,067)
Income taxes
Net income (loss)	$ (53,317)	$ (7,445)	$ (59,693)	$ (15,067)
Net loss per common share
Basic loss per share	$ (7.90)	$ (2.34)	$ (9)	$ (4.80)
Diluted loss per share	$ (7.90)	$ (2.34)	$ (9)	$ (4.80)
Weighted average common shares outstanding
Basic	6,745,325	3,179,936	6,635,839	3,140,876
Diluted	6,745,325	3,179,936	6,635,839	3,140,876

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (59,693)	$ (15,067)
Adjustments to reconcile net loss to net cash flows from operating activities
Depreciation, depletion and amortization	14,609	14,259
Impairments of oil and gas properties	39,394
Share-based and other compensation	1,153	1,921
Amortization of deferred loan costs	283	260
(Gain) loss from derivative financial instruments	(3,761)	7,934
Settlement of derivative financial instruments	6,589	(4,432)
Gain on disposal of assets	(199)	(78)
Gain on investment	(289)	(1,706)
Other non-cash changes to items affecting net loss	7,095	7,889
Changes in operating assets and liabilities
Accounts receivable	4,538	(416)
Accounts payable	(2,193)	(1,304)
Other	(80)	(809)
Net cash flows from operating activities	7,446	8,451
Cash flows from (used in) investing activities
Restricted cash		(56)
Proceeds from sale of investment	289	10,778
Expenditures for equipment, development and leasehold	(7,090)	(14,737)
Proceeds from sale of assets	234	538
Net cash flows used in investing activities	(6,567)	(3,477)
Cash flows from (used in) financing activities
Proceeds from debt	18,000	36,000
Repayments of debt	(16,000)	(41,000)
Debt and equity financing costs		$ (11)
Proceeds from issuance of common stock	134
Net cash flows from (used in) financing activities	2,134	$ (5,011)
Net increase (decrease) in cash and cash equivalents	3,013	(37)
Cash and cash equivalents beginning of period	46	$ 37
Cash and cash equivalents end of period	$ 3,059

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Preferred Stock [Member]Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Series B Preferred Stock [Member]	Total
Beginning balance at Dec. 31, 2014		$ 65	$ 481,050	$ (2,432)	$ (460,459)		$ 18,224
Beginning balance, preferred shares at Dec. 31, 2014	23,098					23,098
Beginning balance, common shares at Dec. 31, 2014		6,523,811		187,083			6,336,728
Stock-based compensation			317				$ 317
Restricted stock grants, net of forfeitures		$ 1	9	$ (9)			1
Restricted stock grants, net of forfeitures, shares		94,945		2,369
Funding of 401K and deferred compensation plans		$ 4	1,095	$ (363)			$ 736
Funding of 401K and deferred compensation plans, shares		419,600		315,204			86,992
Issuance of stock		$ 1	133				$ 134
Issuance of stock, shares	17,330	28,416
Issuance of warrants			1,623				1,623
Net loss					(59,693)		(59,693)
Ending balance at Jun. 30, 2015		$ 71	$ 484,227	$ (2,804)	$ (520,152)		$ (38,658)
Ending balance, preferred shares at Jun. 30, 2015	40,428					40,428
Ending balance, common shares at Jun. 30, 2015		7,066,772		504,656			6,562,116

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation PostRock Energy Corporation is an independent oil and gas company engaged in the acquisition, exploration, development, production and gathering of crude oil and natural gas. Its primary production activity is focused in the Cherokee Basin, a 15 -county region in southeastern Kansas and northeastern Oklahoma, and in Central Oklahoma. It also has minor oil and gas producing properties in the Appalachian Basin. Unless the context requires otherwise, references to “PostRock,” the “Company,” “we,” “us” and “our” refer to PostRock Energy Corporation and its consolidated subsidiaries. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 10-K”). The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation. These reclassifications had no effect on the financial position, results of operations or cash flows of the Company. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The substantial drop in oil and natural gas prices since June 30, 2014 has significantly affected our revenue, profitability and cash flow and has led to an impairment of our oil and gas properties. Additionally, a decrease in the borrowing base under our senior secured revolving credit facility to $76 million led to a $10.4 million borrowing base deficiency at June 30, 2015 which must be repaid in installments through December 2015. Another borrowing base redetermination is scheduled for August 2015, based on the Company’s December 31, 2014 reserve report, which redetermined borrowing base will then be in effect until the next regularly scheduled borrowing base determination in November 2015 , and further reductions appear likely. In February 2015, we engaged Evercore Group L.L.C. to assist the Board in evaluating our strategic alternatives which includes, among other things, merging or selling the Company, selling operating assets, obtaining additional capital from other sources and/or renegotiating the terms of our existing credit agreement sufficient to meet both our operating expenses and financial obligations. While this evaluation is actively under way, there can be no assurance that we will be successful in these efforts or that we will have sufficient funds to cover our operational and financial obligations over the next twelve months, which raise substantial doubt as to our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Other Balance Sheet Items

Other Balance Sheet Items	6 Months Ended
	Jun. 30, 2015
Other Balance Sheet Items [Abstract]
Other Balance Sheet Items	Note 2 — Other Balance Sheet Items Components of the condensed consolidated balance sheet items are described below: December 31, June 30, 2014 2015 (in thousands) Other current assets Prepaid fees and deposits $ $ Other Total $ $ Other noncurrent assets, net Deferred financing costs $ $ Noncurrent deposits and other Total $ $ Accrued expenses and other Interest $ $ Employee-related costs and benefits Non-income related taxes Fees for services Asset retirement obligations Other Total $ $ Other noncurrent liabilities Other $ $ — Total $ $ —

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	Note 3 — Derivative Financial Instruments The Company is exposed to commodity price risk and management believes it prudent to periodically reduce exposure to cash-flow variability resulting from this volatility. Accordingly, the Company enters into certain derivative financial instruments in order to manage exposure to commodity price risk inherent in its oil and gas production. Derivative financial instruments are also used to manage commodity price risk inherent in customer pricing requirements and to fix margins on the future sale of oil and natural gas. Specifically, the Company may utilize futures, swaps and options. Derivative instruments expose the Company to counterparty credit risk. The Company’s commodity derivative instruments are currently with two counterparties. The Company generally executes commodity derivative instruments under master agreements which allow it, in the event of default, to elect early termination of all contracts with the defaulting counterparty. If the Company chooses to elect early termination, all asset and liability positions with the defaulting counterparty would be net cash settled at the time of election. The Company monitors the creditworthiness of its counterparties; however, it is not able to predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, it may be limited in its ability to mitigate an increase in counterparty credit ri sk. Possible actions include transfer ring its position to another counterparty or request ing a voluntary termination of the derivative contracts resulting in a cash settlement. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments under lower commodity prices as well as incur a loss. The Company includes a measure of counterparty credit risk in its estimates of the fair values of derivative instruments in an asset position. The Company does not designate its derivative financial instruments as hedging instruments for financial accounting purposes and, as a result, it recognizes the change in the respective instruments’ fair value currently in earnings. The table below outlines the classification of derivative financial instruments on the condensed consolidated balance sheet and their financial impact on the condensed consolidated statements of operations at and for the periods indicated : December 31, June 30, Derivative Financial Instruments Balance Sheet location 2014 2015 (in thousands) Commodity contracts Current derivative financial instrument asset $ $ Commodity contracts Long-term derivative financial instrument asset $ $ Gains and losses associated with derivative financial instruments related to oil and gas production were as follows for the periods indicated : Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) Realized gains (losses) $ $ $ $ Unrealized gains (losses) Total gain (loss) from derivative financial instruments $ $ $ $ The Company enter ed into an International Swap Dealers Association Master Agreement (ISDA) with each of its two counterparties for which it holds derivative contracts. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency. The Company has multiple oil swap contracts that could be offset under these provisions , but has not offset the fair values of its derivative assets due to the absence of any derivative liabilities on its condensed consolidated balance sheets. The ISDA also includes a master netting arrangement in the event of early termination or default. The following table summarizes the estimated volumes, fixed prices and fair values attributable to all of the Company’s oil and gas derivative contracts at June 30, 2015 . Remainder of Year Ending December 31, 2015 2016 Total ($ in thousands, except per unit data) Natural Gas Swaps Contract volumes (MMBtu) Weighted-average fixed price per MMBtu $ $ $ Fair value, net $ $ $ Crude Oil Swaps Contract volumes (Bbl) Weighted-average fixed price per Bbl $ $ $ Fair value, net $ $ $ Total fair value, net $ $ $

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4 — Fair Value Measurements Certain assets and liabilities are measured at fair value on a recurring basis in the Company’s condensed consolidated balance sheets. The following methods and assumptions were used to estimate the fair values: Cash and Cash Equivalents, Accounts Receivable and Accounts Payable — The carrying amounts approximate fair value due to the short-term nature or maturity of the instruments. Commodity Derivative Instruments — The Company’s oil and gas derivative instruments may consist of variable to fixed price swaps, collars and basis swaps. When possible, the Company estimates the fair values of these instruments based on published forward commodity price curves as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published LIBOR rates adjusted for counterparty credit risk. Counterparty credit risk is incorporated into derivative assets while the Company’s own credit risk is incorporated into derivative liabilities. Both are based on the current published credit default swap rates. Investment — The Company had an investment in Constella tion Energy Partners LLC, now named Sanchez Production Partners LLC (“SPP”) , which consisted of 224,850 Class B units at December 31, 2014 (see Note 5 — Investment) . Fair value for the Class B units, which are publicly traded, is based on market price and classified as a Level 1 measurement under the fair value hierarchy. At December 31, 2014, the fair value used for the Class B units was $1.40 per unit. During the first quarter of 2015, the Company sold the remaining Class B units in SPP and therefore the Company sold all of its assets classified as Level 1 in the fair value hierarchy. The Company classifies assets and liabilities within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement of each individual asset and liability taken as a whole. Measurement information for assets and liabilities that are measured at fair value on a recurring bas is was as follows : Total Net Fair Level 1 Level 2 Level 3 Value (in thousands) At December 31, 2014 Investment, gross $ $ — $ — $ Derivative financial instruments—assets — — Derivative financial instruments—liabilities — — — — Total $ $ $ — $ At June 30, 2015 Investment, gross $ — $ — $ — $ — Derivative financial instruments—assets — — Derivative financial instruments—liabilities — — — — Total $ — $ $ — $ There were no movements between Levels 1 and 2 during the three and six months ended June 30, 2015 . The Company has not owned any Level 3 assets or liabilities since 2012. Additional Fair Value Disclosures — The Company had 5,075 outstanding shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) (see Note 8 — Redeemable Preferred Stock and Warrants) at June 30, 2015 . The obligation to redeem the preferred shares is reflected as debt (“mandatorily redeemable preferred stock”) in the condensed consolidated balance sheet (see Note 8 — Redeemable Preferred Stock and Warrants). The fair value and the carrying value of these securities at December 31, 2014 were $79.8 million and $64.0 million, respectively. The fair value and carrying value of these securities at June 30, 2015 is $84.6 million and $6 9 . 4 million, respectively. The fair value was determined by discounting the cash flows over the remaining life of the securities utilizing a LIBOR interest rate and a risk premium of approximately 10% at December 31, 201 4 and June 3 0 , 201 5 , which was based on companies with similar leverage ratios to PostRock. The Company has classified the valuation of these securities under Level 2 of the fair value hierarchy. The Company’s debt consists entirely of floating-rate facilities. The carrying amount of floating-rate debt approximates fair value because the interest rates paid on such debt are generally set for periods of six months or shorter.

Investment

Investment	6 Months Ended
	Jun. 30, 2015
Investment [Abstract]
Investment	Note 5 — Investment The Company elected the fair value option to account for its interest in SPP at inception. The fair value option was chosen as the Company determined that the market price of SPP’s publicly traded interests provided a more accurate fair value measure of the Company’s investment in SPP. The Company has not elected the fair value option for any of its other assets or liabilities. During the first quarter of 2015, the Company sold the remaining units in SPP and recorded a realized gain of $ 313 ,000 as shown in the table below. The following table presents the mark-to-market and realized gains on the Company’s investment (recorded as a component of other income in the condensed consolidated statements of operations): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) Mark-to-market gain (loss) on investment $ $ — $ $ Realized gain — — — The following table presents the Company’s investment in SP P at gross fair value, and the valuation allowance on SP P investment, which includes certain proceeds received from the settlement agreement as described below (presented net in the consolidated balance sheets): December 31, June 30, 2014 2015 (in thousands) Investment, at gross fair value $ $ — Valuation allowance on investment —

Impairment of Oil and Gas Prope

Impairment of Oil and Gas Properties	6 Months Ended
	Jun. 30, 2015
Impairment of Oil and Gas Properties [Abstract]
Impairment of Oil and Gas Properties	Note 6 — Impairments of Oil and Gas Properties Our oil and natural gas properties are subject to quarterly full cost ceiling tests. Under the ceiling test, capitalized costs, less accumulated depreciation, depletion and amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues less estimated future expenditures to be incurred in developing and producing the proved reserves, less any related income tax effects. Estimated future net revenues for the quarterly ceiling limit are calculated using the average of commodity prices on the first day of the month over the trailing 12-month period. In the c urrent q uarter, net capitalized costs of oil and natural gas properties exceeded the ceiling, resulting in an impairment to the carrying value of our oil and natural gas properties of $ 39.4 million .

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligations [Abstract]
Asset Retirement Obligations	Note 7 — Asset Retirement Obligations The following table reflects the changes to asset retirement obligations for the periods indicated: Six Months Ended June 30, 2014 2015 (in thousands) Asset retirement obligations at beginning of period $ $ Liabilities incurred — Liabilities settled Accretion Asset retirement obligations at end of period Current portion of asset retirement obligations Noncurrent portion of asset retirement obligations $ $

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-Term Debt [Abstract]
Long-Term Debt	Note 8 — Long-Term Debt The Company has a $200 million senior secured revolving credit facility (the “Borrowing Base Facility”) with the following outstanding balances: December 31, June 30, 2014 2015 (in thousands) Borrowing Base Facility $ $ Less current maturities — Total long-term debt $ $ On June 24, 2015, the Company entered into an amendment to its senior secured revolving credit facility , which among other things, (a) r educes the borrowing base to $76 million as a result of the May 2015 redetermination, (b) establishes a six-month schedule for the repayment or reduction of the resulting $10.4 million borrowing base deficiency by December 22, 2015, and (c) provides for a further redetermination of the borrowing base to be effective on or about August 1, 2015 based on the Company’s December 31, 2014 reserve report, which redetermined borrowing base will then be in effect until the next regularly scheduled borrowing base determination in November 2015. PostRock intends to repay the borrowing base deficiency using cash on hand, cash flow from operations, proceeds from the sale of assets and/or settlements of hedges. Until the borrowing base deficiency is paid in full, the Company will not be able to reborrow any amounts repaid under the c redit facility . The Company was in compliance with all of its financial covenants under the credit facility at June 30, 2015 .

Redeemable Preferred Stock and

Redeemable Preferred Stock and Warrants	6 Months Ended
	Jun. 30, 2015
Redeemable Preferred Stock and Warrants [Abstract]
Redeemable Preferred Stock and Warrants	Note 9 — Redeemable Preferred Stock and Warrants Prior to June 30, 2016, the Company may accru e dividends rather than pay them in cash for all outstanding Series A Preferred Stock. Whenever dividends are accrued on a quarterly dividend payment date, the liquidation preference of the Series A Preferred Stock is increased by the amount of the accrued dividends and additional warrants to purchase shares of PostRock common stock are issued. The Company records the in crease in liquidation pref erence and the issuance of additional warrants by allocating their relative fair values to the amount of accrued dividends. The allocation results in an increase to the Company’s mandatorily redeemable preferred stock related to the Series A Preferred Stock and an increase to additional paid in capital related to the additional warrants issued. The increase to additional paid in capital related to additional warrants issued for dividends paid in kind was $1.6 million during the six months ended June 30, 2015 . The following table summarizes changes in the Series A Preferred Stock and associated warrants : Number of Liquidation Carrying Value Outstanding Value of Number of Weighted Average of Series A Series A Series A Outstanding Exercise Price of Preferred Stock Preferred Shares Preferred Stock Warrants Warrants (in thousands except share, warrant and per unit data) December 31, 2014 $ $ $ Accrued dividends — Accretion — — — — June 30, 2015 $ $ $

Equity and Earnings per Share

Equity and Earnings per Share	6 Months Ended
	Jun. 30, 2015
Equity and Earnings per Share [Abstract]
Equity and Earnings per Share	Note 10 — Equity and Earnings per Share Share-Based Payments — The Company recorded share based compensation expense of $241,000 and $76,000 for the three months ended June 30, 2014 and 2015, respectively, and $346,000 and $317,000 for the six months ended June 30, 2014 and 2015, respectively. Total share-based compensation to be recognized on unvested stock awards and options at June 30, 2015 , is $ 646,000 over a weighted average period of 1.3 year s . The following table summarizes option and restricted awards granted during 2015 and their associated valuation assumptions: Weighted Number of fair value per Weighted Weighted Weighted awards granted option or share exercise price risk free rate volatility Options First quarter 2015 employee awards — $ — $ — — % — % Second quarter 2015 employee awards (3) $ $ % % Restricted Stock Awards First quarter 2015 employee awards — $ — n/a n/a n/a First quarter 2015 director awards (1) $ n/a n/a n/a Second quarter 2015 employee awards (3) $ n/a n/a n/a Second quarter 2015 director awards (1)(2) $ n/a n/a n/a ________ (1) Awards vest immediately. (2) Awards vest in one year – 14,000 shares (3) Awards vest ratably over 3 years Income/(Loss) per Share — A reconciliation of the denominator (number of shares) used in the basic and diluted per share calculations for the periods indicated is as follows: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Denominator for basic earnings per share Effect of potentially dilutive securities Stock options — — — — Warrants — — — — Denominator for diluted earnings per share Securities excluded from earnings per share calculation due to antidilutive effect Stock options Warrants Common Stock Issuance — The Company had an effective universal shelf registration statement on Form S-3 until March of 2015. Pursuant to the registration statement, we implemented an at-the-market program under which shares of our common stock could be sold. In March 2015, our Board of Directors suspended the program. There were sales of 28,416 shares of common stock for net proceeds of $134,000 in the first two months of the year.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies Litigation — The Company is subject, from time to time, to certain legal proceedings and claims in the ordinary course of conducting its business. It records a liability related to its legal proceedings and claims when it has determined that it is probable that it will be obligated to pay and the related amount can be reasonably estimated. The Company currently believes that there are no pending legal proceedings in which it is currently involved which have a reasonable possibility of materially affecting its financial position, results of operations or cash flows in an adverse manner. Contractual Commitments — The Company has numerous contractual commitments in the ordinary course of business including debt service requirements, operating leases and purchase obligations. During the three and six months ended June 30, 2015, we have not entered into any significant contractual commitments that would increase the amounts included in our outstanding contractual commitments table at December 31, 2014.

Profit Sharing and Deferred Com

Profit Sharing and Deferred Compensation Plans	6 Months Ended
	Jun. 30, 2015
Profit Sharing and Deferred Compensation Plans [Abstract]
Profit Sharing and Deferred Compensation Plans	Note 1 2 — Profit sharing and deferred compensation plans 401K plan — Substantially all of the Company’s employees are eligible to participate in a profit sharing plan under Section 401(k) of the Internal Revenue Code (the “401K plan”). Prior to 2013, employer matching contributions to the 401K plan were made in cash. Beginning in 2013, employer matching contributions to the 401K plan have been made in Company common stock. In general, the Company issues common stock to fund its matching contributions although, from time to time, purchases of common stock on the open market by the 401K plan trust may occur if funds are available as a result of forfeitures. During the six months ended June 30, 2015 , 87,091 shares of common stock were contributed to the 401K plan, of which 86,992 shares were issued by the Company . The following table presents the expense incurred by the Company related to the 401K plan which is reflected in the condensed consolidated statements of operations as a component of general and admin istrative expense : Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) 401(k) profit sharing plan cost $ $ $ $ Deferred compensation plan — Effective January 1, 2013, the Company established a deferred compensation plan that permits members of its board and certain employees to defer part or all of their eligible compensation. The Company issues common stock into a rabbi trust created to hold the assets associated with the plan. A participant’s deferred compensation is credited with earnings, gains and losses based on the Company’s common stock, the only investment option currently available under the plan. The Company may also make discretionary employer credits in an amount it determines each plan year. Distributions to participants will be made in shares of the Company’s common stock. Company shares held in the rabbi trust are recorded as treasury stock in the condensed consolidated balance sheets. Changes in the fair value of the deferred compensation obligation, currently recorded as a component of paid-in capital, are not recognized. The following table presents the number of shares and the related fair values of common stock contributed by the Company to the deferred compensation plan for the three and six months ended June 30, 2014 and 2015. The fair value of common stock is based on the market price of the stock on the preceding day that the stock is transferred and thus deemed to be a Level 1 measurement under the fair value hierarchy. Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands, except per share amounts) Shares of common stock contributed Fair value of common stock contributed $ $ $ $

Restatement of Previously Issue

Restatement of Previously Issued Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2015
Restatement of Previously Issued Consolidated Financial Statements [Abstract]
Restatement of Previously Issued Consolidated Financial Statements	Note 13 — Restatement of Previously Issued Consolidated Financial Statements Prior to the issuance of the Company’s 2014 consolidated financial statements, the Company concluded that its previously issued 2010, 2011, 2012 and 2013 consolidated financial statements should be restated because of a misinterpretation of the guidance around accounting for its Series A Preferred Stock issued in September 2010. Background of Restatement – As discussed further in Note 12 of Item 8. Financial Statements and Supplementary Data in the 2014 10-K, on September 21, 2010 and from time to time thereafter, the Company issued to White Deer Series A Preferred Stock, Series B Preferred Stock and warrants to purchase shares of the Company’s common stock in exchange for cash. The Series A Preferred Stock was recorded outside of permanent equity and liabilities, in the Company’s consolidated balance sheet because the settlement provisions of the warrants allowed White Deer to “net exercise” the warrants by permitting White Deer to pay the exercise price of the warrant by delivering the Series A Preferred Stock with a liquidation preference equal to the exercise price that would otherwise be due from White Deer in cash. Although the terms of the Series A Preferred Stock has a mandatory redemption date attributed to it, the Company believed this provision associated with the warrants excluded the Series A Preferred Stock from the definition of mandatorily redeemable preferred stock under FASB ASC 480, “Distinguishing Liabilities from Equity.” The Company now believes that under U.S. generally accepted accounting principles, because the warrants are detachable, and thus are separate from the Series A Preferred Stock, the features of the warrants cannot be considered when evaluating the classification of the Series A Preferred Stock, and the Company therefore believes that the Series A Preferred Stock should have been classified as a liability for all periods from its issuance date. Impact of the Restatement - The effect of the restatement on the Company’s consolidated balance sheets for each quarter and annual period end, beginning with September 30, 2010, consists of reclassifications of the Series A Preferred Stock from temporary equity to a liability. Additionally, dividends and accretion, originally taken to additional paid-in capital, have been reclassified to interest expense on the statement of operations. While these non-cash reclassifications have the effect of reducing net income (or increasing the net loss) in each period, they have no material impact on total stockholders’ equity, net income (loss) attributable to common stockholders, net income (loss) per common share or cash flows. Details of the restatement for the quarter ended June 30, 2014 are as follows: For the three months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Operating income $ $ — $ Other income (expense) Loss from derivative financial instruments — Gain on investment — Other income (expense), net — Interest expense, net Total Loss before income taxes Income taxes — — — Net Loss Preferred stock dividends — Accretion of redeemable preferred stock — Net Loss attributable to common stockholders $ $ — $ Net loss per common share Basic $ $ — $ Diluted $ $ — $ Weighted average common shares outstanding Basic — Diluted — Details of the restatement for the six months ended June 30, 2014 are as follows: For the six months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Operating income $ $ — $ Other income (expense) Loss from derivative financial instruments — Gain on investment — Other income (expense), net — Interest expense, net Total Loss before income taxes Income taxes — — — Net Loss Preferred stock dividends — Accretion of redeemable preferred stock — Net Loss attributable to common stockholders $ $ — $ Net loss per common share Basic $ $ — $ Diluted $ $ — $ Weighted average common shares outstanding Basic — Diluted — For the six months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Cash flows from operating activities Net loss $ $ $ Adjustments to reconcile net loss to net cash flows from operating activities Depreciation, depletion and amortization Share-based and other compensation Amortization of deferred loan costs — Loss from derivative financial instruments — Settlement of derivative financial instruments — Gain on disposal of assets — Gain on investment — Other non-cash changes to items affecting net loss Changes in operating assets and liabilities Accounts receivable — Accounts payable — Other — Net cash flows from operating activities — Cash flows (used in) investing activities Restricted cash — Proceeds from sale of investment — Expenditures for equipment, development and leasehold — Proceeds from sale of assets — Net cash flows used in investing activities — Cash flows (used in) financing activities Proceeds from debt — Repayments of debt — Debt and equity financing costs — Net cash flows used in financing activities — Net decrease in cash and cash equivalents — Cash and equivalents beginning of period — Cash and equivalents end of period $ — $ — $ —

Other Balance Sheet Items (Tabl

Other Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2015
Other Balance Sheet Items [Abstract]
Other Balance Sheet Items	December 31, June 30, 2014 2015 (in thousands) Other current assets Prepaid fees and deposits $ $ Other Total $ $ Other noncurrent assets, net Deferred financing costs $ $ Noncurrent deposits and other Total $ $ Accrued expenses and other Interest $ $ Employee-related costs and benefits Non-income related taxes Fees for services Asset retirement obligations Other Total $ $ Other noncurrent liabilities Other $ $ — Total $ $ —

Derivative Financial Instrume21

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments on Consolidated Balance Sheets	December 31, June 30, Derivative Financial Instruments Balance Sheet location 2014 2015 (in thousands) Commodity contracts Current derivative financial instrument asset $ $ Commodity contracts Long-term derivative financial instrument asset $ $
Gains and Losses Associated with Derivative Financial Instruments	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) Realized gains (losses) $ $ $ $ Unrealized gains (losses) Total gain (loss) from derivative financial instruments $ $ $ $
Estimated Volumes, Fixed Prices and Fair Values Attributable to All of Company Oil and Gas Derivative Contracts	Remainder of Year Ending December 31, 2015 2016 Total ($ in thousands, except per unit data) Natural Gas Swaps Contract volumes (MMBtu) Weighted-average fixed price per MMBtu $ $ $ Fair value, net $ $ $ Crude Oil Swaps Contract volumes (Bbl) Weighted-average fixed price per Bbl $ $ $ Fair value, net $ $ $ Total fair value, net $ $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Total Net Fair Level 1 Level 2 Level 3 Value (in thousands) At December 31, 2014 Investment, gross $ $ — $ — $ Derivative financial instruments—assets — — Derivative financial instruments—liabilities — — — — Total $ $ $ — $ At June 30, 2015 Investment, gross $ — $ — $ — $ — Derivative financial instruments—assets — — Derivative financial instruments—liabilities — — — — Total $ — $ $ — $

Investment (Tables)

Investment (Tables)	6 Months Ended
	Jun. 30, 2015
Investment [Abstract]
Effect of Mark-to-Market and Realized Gains on Investment	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) Mark-to-market gain (loss) on investment $ $ — $ $ Realized gain — — —
Investment at Gross Fair Value and Valuation Allowance	December 31, June 30, 2014 2015 (in thousands) Investment, at gross fair value $ $ — Valuation allowance on investment —

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligations [Abstract]
Schedule of Changes in Asset Retirement Obligations	Six Months Ended June 30, 2014 2015 (in thousands) Asset retirement obligations at beginning of period $ $ Liabilities incurred — Liabilities settled Accretion Asset retirement obligations at end of period Current portion of asset retirement obligations Noncurrent portion of asset retirement obligations $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Long-Term Debt [Abstract]
Summary of Long-Term Debt	December 31, June 30, 2014 2015 (in thousands) Borrowing Base Facility $ $ Less current maturities — Total long-term debt $ $

Redeemable Preferred Stock an26

Redeemable Preferred Stock and Warrants (Tables)	6 Months Ended
	Jun. 30, 2015
Redeemable Preferred Stock and Warrants [Abstract]
Changes in Series A Preferred Stock and Associated Warrants	Number of Liquidation Carrying Value Outstanding Value of Number of Weighted Average of Series A Series A Series A Outstanding Exercise Price of Preferred Stock Preferred Shares Preferred Stock Warrants Warrants (in thousands except share, warrant and per unit data) December 31, 2014 $ $ $ Accrued dividends — Accretion — — — — June 30, 2015 $ $ $

Equity And Earnings per Share (

Equity And Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Equity and Earnings per Share [Abstract]
Option and Restricted Awards Granted and Associated Valuation Assumptions	Weighted Number of fair value per Weighted Weighted Weighted awards granted option or share exercise price risk free rate volatility Options First quarter 2015 employee awards — $ — $ — — % — % Second quarter 2015 employee awards (3) $ $ % % Restricted Stock Awards First quarter 2015 employee awards — $ — n/a n/a n/a First quarter 2015 director awards (1) $ n/a n/a n/a Second quarter 2015 employee awards (3) $ n/a n/a n/a Second quarter 2015 director awards (1)(2) $ n/a n/a n/a ________ (1) Awards vest immediately. (2) Awards vest in one year – 14,000 shares (3) Awards vest ratably over 3 years
Reconciliation of Denominator Used in Basic and Diluted Per Share Calculations	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Denominator for basic earnings per share Effect of potentially dilutive securities Stock options — — — — Warrants — — — — Denominator for diluted earnings per share Securities excluded from earnings per share calculation due to antidilutive effect Stock options Warrants

Profit Sharing And Deferred C28

Profit Sharing And Deferred Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Profit Sharing and Deferred Compensation Plans [Abstract]
Schedule of Profit Sharing Plan Expense	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands) 401(k) profit sharing plan cost $ $ $ $
Schedule of Deferred Compensation	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (in thousands, except per share amounts) Shares of common stock contributed Fair value of common stock contributed $ $ $ $

Restatement of Previously Iss29

Restatement of Previously Issued Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2015
Restatement of Previously Issued Consolidated Financial Statements [Abstract]
Schedule of Impact of Restatement	For the three months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Operating income $ $ — $ Other income (expense) Loss from derivative financial instruments — Gain on investment — Other income (expense), net — Interest expense, net Total Loss before income taxes Income taxes — — — Net Loss Preferred stock dividends — Accretion of redeemable preferred stock — Net Loss attributable to common stockholders $ $ — $ Net loss per common share Basic $ $ — $ Diluted $ $ — $ Weighted average common shares outstanding Basic — Diluted — Details of the restatement for the six months ended June 30, 2014 are as follows: For the six months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Operating income $ $ — $ Other income (expense) Loss from derivative financial instruments — Gain on investment — Other income (expense), net — Interest expense, net Total Loss before income taxes Income taxes — — — Net Loss Preferred stock dividends — Accretion of redeemable preferred stock — Net Loss attributable to common stockholders $ $ — $ Net loss per common share Basic $ $ — $ Diluted $ $ — $ Weighted average common shares outstanding Basic — Diluted — For the six months ended June 30, 2014 As Reported Adjustment Restated (in thousands, except per share data) Cash flows from operating activities Net loss $ $ $ Adjustments to reconcile net loss to net cash flows from operating activities Depreciation, depletion and amortization Share-based and other compensation Amortization of deferred loan costs — Loss from derivative financial instruments — Settlement of derivative financial instruments — Gain on disposal of assets — Gain on investment — Other non-cash changes to items affecting net loss Changes in operating assets and liabilities Accounts receivable — Accounts payable — Other — Net cash flows from operating activities — Cash flows (used in) investing activities Restricted cash — Proceeds from sale of investment — Expenditures for equipment, development and leasehold — Proceeds from sale of assets — Net cash flows used in investing activities — Cash flows (used in) financing activities Proceeds from debt — Repayments of debt — Debt and equity financing costs — Net cash flows used in financing activities — Net decrease in cash and cash equivalents — Cash and equivalents beginning of period — Cash and equivalents end of period $ — $ — $ —

Basis of Presentation (Details)

Basis of Presentation (Details) - Jun. 30, 2015 $ in Millions	USD ($)county
Basis of Presentation [Abstract]
Number of counties | county	15
Line of credit facility, current borrowing capacity	$ 76
Borrowing base deficiency	$ 10.4

Other Balance Sheet Items (Othe

Other Balance Sheet Items (Other Balance Sheet Items) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Other current assets
Prepaid fees and deposits	$ 803	$ 975
Other	43	56
Total	846	1,031
Other noncurrent assets, net
Deferred financing costs	843	1,126
Noncurrent deposits and other	449	453
Total	1,292	1,579
Accrued expenses and other
Interest	254	26
Employee-related costs and benefits	1,006	1,870
Non-income related taxes	1,291	40
Fees for services	172	316
Asset retirement obligations	134	134	$ 134
Other	1,190	897
Total	$ 4,047	3,283
Other noncurrent liabilities
Other		1
Total		$ 1

Derivative Financial Instrume32

Derivative Financial Instruments (Derivative Financial Instruments on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Financial Instruments [Abstract]
Current derivative financial instrument asset	$ 8,613	$ 11,151
Long-term derivative financial instrument asset	1,816	6,162
Net amounts of assets presented in the balance sheet	$ 10,429	$ 17,313

Derivative Financial Instrume33

Derivative Financial Instruments (Gains and Losses Associated with Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Financial Instruments [Abstract]
Realized gains (losses)	$ 7,554	$ (1,925)	$ 10,645	$ (4,432)
Unrealized gains (losses)	(8,977)	(894)	(6,884)	(3,502)
Total gain (loss) from derivative financial instruments	$ (1,423)	$ (2,819)	$ 3,761	$ (7,934)

Derivative Financial Instrume34

Derivative Financial Instruments (Estimated Volumes, Fixed Prices and Fair Values Attributable to All of Company Oil and Gas Derivative Contracts) (Details) - Jun. 30, 2015 - Not Designated as Hedging Instrument [Member] $ in Thousands	USD ($)MMBTU$ / bbl$ / MMBTUbbl
Derivatives, Fair Value [Line Items]
Fair value, net	$ 10,429
NYMEX Swap – Natural Gas Remainder of 2015 [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (MMBtu) | MMBTU	4,491,780
Weighted-average fixed price per MMBtu | $ / MMBTU	4.01
Fair value, net	$ 4,962
NYMEX Swap – Natural Gas 2016 [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (MMBtu) | MMBTU	3,765,840
Weighted-average fixed price per MMBtu | $ / MMBTU	3.96
Fair value, net	$ 2,921
NYMEX Swap – Oil Remainder of 2015 [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (Bbl) | bbl	35,784
Weighted-average fixed price per Bbl | $ / bbl	92.73
Fair value, net	$ 1,156
NYMEX Swap – Oil 2016 [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (Bbl) | bbl	49,176
Weighted-average fixed price per Bbl | $ / bbl	90.33
Fair value, net	$ 1,390
Remainder of 2015 [Member]
Derivatives, Fair Value [Line Items]
Fair value, net	6,118
2016 [Member]
Derivatives, Fair Value [Line Items]
Fair value, net	$ 4,311
Natural Gas Swaps [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (MMBtu) | MMBTU	8,257,620
Weighted-average fixed price per MMBtu | $ / MMBTU	3.99
Fair value, net	$ 7,883
Crude Oil Swaps [Member]
Derivatives, Fair Value [Line Items]
Contract volumes (Bbl) | bbl	84,960
Weighted-average fixed price per Bbl | $ / bbl	91.34
Fair value, net	$ 2,546

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements [Line Items]
Mandatorily redeemable preferred stock, carrying value	$ 69,426	$ 63,954
Series A Preferred Stock [Member]
Fair Value Measurements [Line Items]
Preferred stock, shares outstanding	5,075	5,075
Mandatorily redeemable preferred stock, fair value	$ 84,600	$ 79,800
Mandatorily redeemable preferred stock, carrying value	$ 69,426	$ 63,954
LIBOR interest rate and risk premium used to discount cash flows for determining fair value	10.00%	10.00%
Class B Units [Member] | SPP [Member]
Fair Value Measurements [Line Items]
Equity investment member interest number		224,850
Fair value, per unit		$ 1.40

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, gross		$ 315
Derivative financial instruments-assets	$ 10,429	17,313
Assets and liabilities fair value, Total	10,429	17,628
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, gross		315
Assets and liabilities fair value, Total		315
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments-assets	10,429	17,313
Assets and liabilities fair value, Total	$ 10,429	$ 17,313

Investment (Effect of Mark-to-M

Investment (Effect of Mark-to-Market and Realized Gains on Investment) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Mark-to-market gain (loss) on investment	$ 87	$ 289	$ 1,706
Equity Method Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Mark-to-market gain (loss) on investment	$ 87	(24)	$ 1,706
Realized gain		$ 313

Investment (Investment at Gross

Investment (Investment at Gross Fair Value and Valuation Allowance) (Details) - Equity Method Investments [Member] $ in Thousands	Dec. 31, 2014USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment, at gross fair value	$ 315
Valuation allowance on investment	$ (315)

Impairment of Oil and Gas Pro39

Impairment of Oil and Gas Properties (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Impairment of Oil and Gas Properties [Abstract]
Impairments of oil and gas properties	$ 39,394	$ 39,394

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule of Changes in Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Asset Retirement Obligations [Abstract]
Asset retirement obligations at beginning of period	$ 14,018	$ 13,228
Liabilities incurred		37
Liabilities settled	(239)	(118)
Accretion	446	518
Asset retirement obligations at end of period	14,225	13,665
Current portion of asset retirement obligations	134	134	$ 134
Noncurrent portion of asset retirement obligations	$ 14,091	$ 13,531	$ 13,884

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) $ in Millions	Jun. 30, 2015USD ($)
Long-Term Debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 200
Line of credit facility, current borrowing capacity	76
Borrowing base deficiency	$ 10.4

Long-Term Debt (Summary of Long

Long-Term Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Less current maturities	$ (10,380)
Total long-term debt	74,620	$ 83,000
Secured Debt [Member]
Line of Credit Facility [Line Items]
Borrowing Base Facility	85,000	83,000
Less current maturities	(10,380)
Total long-term debt	$ 74,620	$ 83,000

Redeemable Preferred Stock an43

Redeemable Preferred Stock and Warrants (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Redeemable Preferred Stock and Warrants [Abstract]
Issuance of warrants	$ 1,623

Redeemable Preferred Stock an44

Redeemable Preferred Stock and Warrants (Changes in Series A Preferred Stock and Associated Warrants) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Class of Stock [Line Items]
Carrying Value of Series A Preferred Stock, Beginning balance	$ 63,954
Carrying Value of Series A Preferred Stock, Ending balance	$ 69,426
Number of Outstanding Warrants, Beginning balance	3,301,249
Number of Outstanding Warrants, Accrued dividends	1,793,472
Number of Outstanding Warrants, Ending Balance	5,094,721
Weighted Average Exercise Price of Warrants, Beginning Balance	$ 13
Weighted Average Exercise Price of Warrants, Accrued dividends	2.71
Weighted Average Exercise Price of Warrants, Ending Balance	$ 9.38
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Carrying Value of Series A Preferred Stock, Beginning balance	$ 63,954
Carrying Value of Series A Preferred Stock, Accrued dividends	3,234
Carrying Value of Series A Preferred Stock, Accretion	2,238
Carrying Value of Series A Preferred Stock, Ending balance	$ 69,426
Beginning balance, preferred shares	5,075
Ending balance, preferred shares	5,075
Liquidation Value of Series A Preferred Stock, Beginning balance	$ 79,760
Liquidation Value of Series A Preferred Stock, Accrued dividends	4,857
Liquidation Value of Series A Preferred Stock, Ending balance	$ 84,617

Equity and Earnings per Share45

Equity and Earnings per Share (Narrative) (Details) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity and Earnings per Share [Abstract]
Share based compensation expense		$ 76,000	$ 241,000	$ 317,000	$ 346,000
Total share-based compensation to be recognized on unvested stock awards and options		$ 646,000		$ 646,000
Share-based compensation to be recognized over weighted average period				1 year 3 months 18 days
Issuance of stock, shares	28,416
Proceeds from common shares	$ 134,000			$ 134,000

Equity and Earnings per Share46

Equity and Earnings per Share (Option and Restricted Awards Granted and Associated Valuation Assumptions) (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015
Option awards granted and their associated valuation assumptions
Award vesting period				3 years
Options [Member]
Option awards granted and their associated valuation assumptions
Number of awards granted	[1]	312,542
Weighted fair value per option or share	[1]	$ 0.59
Weighted exercise price	[1]	$ 1.84		$ 1.84
Weighted risk free rate	[1]	0.20%
Weighted volatility	[1]	95.40%
Restricted Stock Awards [Member]
Option awards granted and their associated valuation assumptions
Number of awards granted	[1]			87,571
Weighted fair value per option or share	[1]			$ 1.84
Restricted Stock Awards [Member] | Director [Member]
Option awards granted and their associated valuation assumptions
Number of awards granted	[2]		3,750	28,674	[3]
Weighted fair value per option or share	[2]		$ 3.04	$ 3.03	[3]
Award vesting period				1 year
Award vesting shares		14,000		14,000
[1]	Awards vest ratably over 3 years
[2]	Awards vest immediately.
[3]	Awards vest in one year - 14,000 shares

Equity and Earnings per Share47

Equity and Earnings per Share (Reconciliation of Denominator Used in Basic and Diluted Per Share Calculations) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Denominator for basic earnings per share	6,745,325	3,179,936	6,635,839	3,140,876
Denominator for diluted earnings per share	6,745,325	3,179,936	6,635,839	3,140,876
Options [Member]
Securities excluded from earnings per share calculation
Securities excluded from earnings per share calculation due to antidilutive effect	510,166	267,112	510,166	267,112
Antidilutive Warrants [Member]
Securities excluded from earnings per share calculation
Securities excluded from earnings per share calculation due to antidilutive effect	4,377,902	2,282,324	4,377,902	2,282,324

Profit Sharing and Deferred C48

Profit Sharing and Deferred Compensation Plans (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015shares
Profit Sharing and Deferred Compensation Plans [Abstract]
Number of shares transferred to profit sharing plan	87,091
Shares issued to 401(k) plan	86,992

Profit Sharing and Deferred C49

Profit Sharing and Deferred Compensation Plans (Schedule of Profit Sharing Plan Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Profit Sharing and Deferred Compensation Plans [Abstract]
401(k) profit sharing plan cost	$ 143	$ 155	$ 293	$ 304

Profit Sharing and Deferred C50

Profit Sharing and Deferred Compensation Plans (Schedule of Deferred Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Profit Sharing and Deferred Compensation Plans [Abstract]
Shares of common stock contributed	319,864	576,552	332,607	1,492,361
Fair value of common stock contributed	$ 724	$ 801	$ 770	$ 1,924

Restatement of Previously Iss51

Restatement of Previously Issued Consolidated Financial Statements (Schedule of Impact of Restatement on Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating income (loss)	$ (47,447)	$ 222	$ (55,263)	$ 925
Other income (expense)
Loss from derivative financial instruments	(1,423)	(2,819)	3,761	(7,934)
Unrealized loss from derivative financial instruments	(8,977)	(894)	(6,884)	(3,502)
Gain on investment		87	289	1,706
Other income (expense), net	27	5	335	5
Interest expense, net	(4,474)	(4,940)	(8,815)	(9,769)
Total	(5,870)	(7,667)	(4,430)	(15,992)
Loss before income taxes	$ (53,317)	$ (7,445)	$ (59,693)	$ (15,067)
Income taxes
Net income (loss)	$ (53,317)	$ (7,445)	$ (59,693)	$ (15,067)
Net loss attributable to common stockholders		$ (7,445)		$ (15,067)
Net loss per common share
Basic	$ (7.90)	$ (2.34)	$ (9)	$ (4.80)
Diluted	$ (7.90)	$ (2.34)	$ (9)	$ (4.80)
Weighted average common shares outstanding
Basic	6,745,325	3,179,936	6,635,839	3,140,876
Diluted	6,745,325	3,179,936	6,635,839	3,140,876
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating income (loss)		$ 222		$ 925
Other income (expense)
Loss from derivative financial instruments		(2,819)		(7,934)
Gain on investment		87		1,706
Other income (expense), net		5		5
Interest expense, net		(3,483)		(7,013)
Total		(6,210)		(13,236)
Loss before income taxes		(5,988)		(12,311)
Net income (loss)		(5,988)		(12,311)
Preferred stock dividends		(1,021)		(1,950)
Accretion of redeemable preferred stock		(436)		(806)
Net loss attributable to common stockholders		$ (7,445)		$ (15,067)
Net loss per common share
Basic		$ (2.34)		$ (4.74)
Diluted		$ (2.34)		$ (4.74)
Adjustment [Member]
Other income (expense)
Interest expense, net		$ (1,457)		$ (2,756)
Total		(1,457)		(2,756)
Loss before income taxes		(1,457)		(2,756)
Net income (loss)		(1,457)		(2,756)
Preferred stock dividends		1,021		1,950
Accretion of redeemable preferred stock		$ 436		$ 806

Restatement of Previously Iss52

Restatement of Previously Issued Consolidated Financial Statements (Schedule of Impact of Restatement on Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (53,317)	$ (7,445)	$ (59,693)	$ (15,067)
Adjustments to reconcile net loss to net cash flows from operating activities
Depreciation, depletion and amortization	7,310	7,357	14,609	14,259
Share-based and other compensation			1,153	1,921
Amortization of deferred loan costs			283	260
(Gain) loss from derivative financial instruments	1,423	2,819	(3,761)	7,934
Settlement of derivative financial instruments			6,589	(4,432)
Gain on disposal of assets			(199)	(78)
Gain on investment		(87)	(289)	(1,706)
Other non-cash changes to items affecting net loss			7,095	7,889
Changes in operating assets and liabilities
Accounts receivable			4,538	(416)
Accounts payable			(2,193)	(1,304)
Other			(80)	(809)
Net cash flows from operating activities			7,446	8,451
Cash flows from (used in) investing activities
Restricted cash				(56)
Proceeds from sale of investment			289	10,778
Expenditures for equipment, development and leasehold			(7,090)	(14,737)
Proceeds from sale of assets			234	538
Net cash flows used in investing activities			(6,567)	(3,477)
Cash flows from (used in) financing activities
Proceeds from debt			18,000	36,000
Repayments of debt			(16,000)	(41,000)
Debt and equity financing costs				(11)
Net cash flows from (used in) financing activities			2,134	(5,011)
Net increase (decrease) in cash and cash equivalents			3,013	(37)
Cash and cash equivalents beginning of period			46	37
Cash and cash equivalents end of period	$ 3,059		$ 3,059
As Reported [Member]
Cash flows from operating activities
Net loss		(5,988)		(12,311)
Adjustments to reconcile net loss to net cash flows from operating activities
Depreciation, depletion and amortization				14,259
Share-based and other compensation				1,921
Amortization of deferred loan costs				260
(Gain) loss from derivative financial instruments		2,819		7,934
Settlement of derivative financial instruments				(4,432)
Gain on disposal of assets				(78)
Gain on investment		(87)		(1,706)
Other non-cash changes to items affecting net loss				5,133
Changes in operating assets and liabilities
Accounts receivable				(416)
Accounts payable				(1,304)
Other				(809)
Net cash flows from operating activities				8,451
Cash flows from (used in) investing activities
Restricted cash				(56)
Proceeds from sale of investment				10,778
Expenditures for equipment, development and leasehold				(14,737)
Proceeds from sale of assets				538
Net cash flows used in investing activities				(3,477)
Cash flows from (used in) financing activities
Proceeds from debt				36,000
Repayments of debt				(41,000)
Debt and equity financing costs				(11)
Net cash flows from (used in) financing activities				(5,011)
Net increase (decrease) in cash and cash equivalents				(37)
Cash and cash equivalents beginning of period				37
Adjustment [Member]
Cash flows from operating activities
Net loss		$ (1,457)		(2,756)
Adjustments to reconcile net loss to net cash flows from operating activities
Other non-cash changes to items affecting net loss				$ 2,756