Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'Alta Mesa Holdings, LP |
Entity Central Index Key | '0001518403 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $5,704 | $6,537 |
Short-term restricted cash | 25,783 | ' |
Accounts receivable, net | 60,450 | 43,486 |
Other receivables | 1,130 | 2,552 |
Prepaid expenses and other current assets | 2,783 | 3,077 |
Derivative financial instruments | 7,377 | 5,572 |
TOTAL CURRENT ASSETS | 103,227 | 61,224 |
PROPERTY AND EQUIPMENT | ' | ' |
Oil and natural gas properties, successful efforts method, net | 694,685 | 691,770 |
Other property and equipment, net | 10,474 | 9,100 |
TOTAL PROPERTY AND EQUIPMENT, NET | 705,159 | 700,870 |
OTHER ASSETS | ' | ' |
Long-term restricted cash | 9,162 | ' |
Investment in Partnership - cost | 9,000 | 9,000 |
Deferred financing costs, net | 8,827 | 10,943 |
Derivative financial instruments | 1,782 | 3,405 |
Advances to operators | 1,073 | 6,863 |
Deposits and other assets | 1,139 | 1,186 |
TOTAL OTHER ASSETS | 30,983 | 31,397 |
TOTAL ASSETS | 839,369 | 793,491 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 136,798 | 96,095 |
Current portion, asset retirement obligations | 7,065 | 3,844 |
Derivative financial instruments | ' | 4,483 |
TOTAL CURRENT LIABILITIES | 143,863 | 104,422 |
LONG-TERM LIABILITIES | ' | ' |
Asset retirement obligations, net of current portion | 51,925 | 52,179 |
Long-term debt | 695,481 | 766,868 |
Notes payable to founder | 24,235 | 23,331 |
Derivative financial instruments | 763 | 4,486 |
Other long-term liabilities | 5,802 | 2,312 |
TOTAL LONG-TERM LIABILITIES | 778,206 | 849,176 |
TOTAL LIABILITIES | 922,069 | 953,598 |
COMMITMENTS AND CONTINGENCIES (NOTE10) | ' | ' |
PARTNERS' CAPITAL (DEFICIT) | -82,700 | -160,107 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | $839,369 | $793,491 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Oil | $104,196 | $81,088 | $276,524 | $221,198 |
Natural gas | 16,165 | 15,470 | 52,705 | 46,652 |
Natural gas liquids | 4,787 | 3,006 | 14,653 | 10,030 |
Other revenues | 496 | -48 | 784 | 1,110 |
Total | 125,644 | 99,516 | 344,666 | 278,990 |
Gain (loss) on sale of oil and gas property | 18,556 | -1,077 | 87,107 | -2,267 |
Gain (loss) --- oil and natural gas derivative contracts | 39,911 | -20,680 | 4,483 | -6,855 |
TOTAL REVENUES | 184,111 | 77,759 | 436,256 | 269,868 |
EXPENSES | ' | ' | ' | ' |
Lease and plant operating expense | 18,440 | 18,031 | 55,022 | 51,681 |
Production and ad valorem taxes | 8,357 | 8,130 | 22,985 | 21,326 |
Workover expense | 2,316 | 3,428 | 7,279 | 12,013 |
Exploration expense | 15,779 | 13,508 | 44,015 | 22,374 |
Depreciation, depletion, and amortization expense | 39,880 | 30,667 | 102,357 | 83,547 |
Impairment expense | 8,706 | 2,072 | 27,908 | 28,618 |
Accretion expense | 365 | 460 | 1,536 | 1,352 |
General and administrative expense | 17,243 | 13,378 | 55,854 | 32,139 |
TOTAL EXPENSES | 111,086 | 89,674 | 316,956 | 253,050 |
INCOME (LOSS) FROM OPERATIONS | 73,025 | -11,915 | 119,300 | 16,818 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -13,701 | -13,845 | -41,621 | -40,794 |
Interest income | 2 | 23 | 11 | 121 |
TOTAL OTHER INCOME (EXPENSE) | -13,699 | -13,822 | -41,610 | -40,673 |
INCOME (LOSS) BEFORE STATE INCOME TAXES | 59,326 | -25,737 | 77,690 | -23,855 |
BENEFIT FROM (PROVISION FOR) STATE INCOME TAXES | ' | ' | -283 | ' |
NET INCOME (LOSS) | $59,326 | ($25,737) | $77,407 | ($23,855) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $77,407 | ($23,855) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation, depletion, and amortization expense | 102,357 | 83,547 |
Impairment expense | 27,908 | 28,618 |
Accretion expense | 1,536 | 1,352 |
Amortization of loan costs | 2,158 | 2,121 |
Amortization of debt discount | 383 | 383 |
Dry hole expense | 24,911 | 13,700 |
Expired leases | 1,016 | 223 |
(Gain) loss on derivative contracts | -4,483 | 6,855 |
Settlements on derivative contracts | -3,905 | 13,550 |
Interest converted into debt | 904 | 904 |
Gain (loss on sale of oil and gas property | -87,107 | 2,267 |
Changes in assets and liabilities: | ' | ' |
Restricted cash unrelated to property divestiture | -105 | 2,305 |
Accounts receivable | -16,964 | -2,310 |
Other receivables | 1,422 | 3,133 |
Prepaid expenses and other non-current assets | 6,131 | 6,564 |
Settlement of asset retirement obligation | -3,278 | -1,358 |
Accounts payable, accrued liabilities, and other long-term liabilities | 26,816 | 9,231 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 157,107 | 147,230 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures for property and equipment | -269,827 | -254,955 |
Proceeds from sale of property | 218,539 | 7,401 |
Investment in restricted cash related to property divestiture, net | -34,840 | ' |
NET CASH USED IN INVESTING ACTIVITIES | -86,128 | -247,554 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from long-term debt | 97,500 | 119,500 |
Repayments of long-term debt | -169,270 | -18,000 |
Additions to deferred financing costs | -42 | -97 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | -71,812 | 101,403 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -833 | 1,079 |
CASH AND CASH EQUIVALENTS, beginning of period | 6,537 | 5,786 |
CASH AND CASH EQUIVALENTS, end of period | 5,704 | 6,865 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid during the period for interest | 27,387 | 26,696 |
Cash paid during the period for state taxes | -125 | 18 |
Change in asset retirement obligations | 1,760 | 1,001 |
Asset retirement obligations assumed, purchased properties | ' | 169 |
Change in accruals or liabilities for capital expenditures | $20,056 | ($20,686) |
Operations_Consolidation_And_B
Operations, Consolidation And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Operations, Consolidation And Basis Of Presentation [Abstract] | ' |
Operations, Consolidation And Basis Of Presentation | ' |
1. OPERATIONS, CONSOLIDATION AND BASIS OF PRESENTATION | |
Alta Mesa Holdings, LP and its subsidiaries (“we,” “us,” “our,” the “Company,” and “Alta Mesa”) is an independent energy company engaged primarily in the acquisition, exploration, development, and production of onshore oil and natural gas properties. Our core properties are located primarily in Texas, Louisiana, and Oklahoma. | |
The consolidated financial statements reflect our accounts after elimination of all significant intercompany transactions and balances. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual consolidated financial statements for the year ended December 31, 2013, which were filed with the Securities and Exchange Commission in our 2013 Annual Report on Form 10-K. | |
The consolidated financial statements included herein as of September 30, 2014, and for the three month and nine month periods ended September 30, 2014 and 2013, are unaudited, and in the opinion of management, the information furnished reflects all material adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of consolidated financial position and of the results of operations for the interim periods presented. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Certain minor reclassifications of prior period consolidated financial statements have been made to conform to current reporting practices. The consolidated results of operations for interim periods are not necessarily indicative of results to be expected for a full year. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
As of September 30, 2014, our significant accounting policies are consistent with those discussed in Note 2 of the consolidated financial statements for the fiscal year ended December 31, 2013. | |
Use of Estimates: The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. | |
Reserve estimates significantly impact depreciation, depletion and amortization expense and potential impairments of oil and natural gas properties and are subject to change based on changes in oil and natural gas prices and trends and changes in estimated reserve quantities. We analyze estimates, including those related to oil and natural gas reserves, oil and natural gas revenues, the value of oil and natural gas properties, bad debts, asset retirement obligations, derivative contracts, income taxes and contingencies and litigation. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. | |
Reclassifications: Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the 2014 presentation. The reclassifications had no impact on net income (loss) or partners’ capital (deficit). | |
Property and Equipment: Oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, lease acquisition costs and all development costs, including unsuccessful development wells, are capitalized. | |
Unproved Properties — Acquisition costs associated with the acquisition of leases are recorded as unproved leasehold costs and capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or right in a property such as a lease, in addition to options to lease, broker fees, recording fees and other similar costs related to activities in acquiring properties. Unproved properties are classified as unproved until proved reserves are discovered, at which time related costs are transferred to proved oil and natural gas properties. | |
Exploration Expense — Exploration expenses, other than exploration drilling costs, are charged to expense as incurred. These costs include seismic expenditures and other geological and geophysical costs, expired leases, gain or loss on settlement of asset retirement obligations and lease rentals. The costs of drilling exploratory wells and exploratory-type stratigraphic wells are initially capitalized pending determination of whether the well has discovered proved commercial reserves. If the exploratory well is determined to be unsuccessful, the cost of the well is transferred to expense. Exploratory well drilling costs may continue to be capitalized if the reserve quantity is sufficient to justify completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made. Assessments of such capitalized costs are made quarterly. | |
Proved Oil and Natural Gas Properties — Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering, and storing oil and natural gas are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, and service wells, including unsuccessful development wells, are capitalized. | |
Impairment — The capitalized costs of proved oil and natural gas properties are reviewed quarterly for impairment following the guidance provided in Accounting Standards Codification (“ASC”) 360-10-35, “Property, Plant and Equipment, Subsequent Measurement,” or whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset or asset group exceeds its fair market value and is not recoverable. The determination of recoverability is based on comparing the estimated undiscounted future net cash flows at a producing field level to the carrying value of the assets. If the future undiscounted cash flows, based on estimates of anticipated production from proved reserves and future crude oil and natural gas prices and operating costs, are lower than the carrying cost, the carrying cost of the asset or group of assets is reduced to fair value. For our proved oil and natural gas properties, we estimate fair value by discounting the projected future cash flows at an appropriate risk-adjusted discount rate. Unproved leasehold costs are assessed quarterly to determine whether they have been impaired. Individually significant properties are assessed for impairment on a property-by-property basis, while individually insignificant unproved leasehold costs may be assessed in the aggregate. If unproved leasehold costs are found to be impaired, an impairment allowance is provided and a loss is recognized in the consolidated statement of operations. | |
Depreciation, Depletion, and Amortization — Depreciation, depletion, and amortization (“DD&A”) of capitalized costs of proved oil and natural gas properties is computed using the unit-of-production method based upon estimated proved reserves. Assets are grouped for DD&A on the basis of reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. The reserve base used to calculate DD&A for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate DD&A for lease and well equipment costs, which include development costs and successful exploration drilling costs, includes only proved developed reserves. | |
Restricted cash: The balance in restricted cash is invested in a money market fund held by a qualified intermediary in anticipation of property acquisitions designed to defer for our partners a potential taxable gain on the sale of our Hilltop field in the third quarter of 2014. The funds are restricted until the earlier of expenditure or March 18, 2015. Approximately $9.2 million was expended or committed from the restricted account for purchase of qualifying properties in October 2014. We have classified this portion of the balance as non-current as of September 30, 2014. | |
Accounts Receivable, net: Our receivables arise from the sale of oil and natural gas to third parties and joint interest owner receivables for properties in which we serve as the operator. This concentration of customers may impact our overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions affecting the oil and gas industry. Accounts receivable are generally not collateralized. Accounts receivable are shown net of an allowance for doubtful accounts of $1.2 million and $1.4 million at September 30, 2014 and December 31, 2013, respectively. | |
Deferred Financing Costs: Deferred financing costs and the amount of discount at which notes payable have been issued (debt discount) are amortized using the straight-line method, which approximates the interest method, over the term of the related debt. For the three month periods ended September 30, 2014 and 2013, amortization of deferred financing costs included in interest expense amounted to $0.7 million and $0.7 million, respectively. For the nine month periods ended September 30, 2014 and 2013, amortization of deferred financing costs included in interest expense amounted to $2.2 million and $2.1 million, respectively. Deferred financing costs are listed among our long-term assets, net of accumulated amortization of $14.9 million and $12.8 million at September 30, 2014 and December 31, 2013, respectively. | |
Fair Value of Financial Instruments: The fair value of cash, accounts receivable, other current assets, and current liabilities approximate book value due to their short-term nature. The estimate of fair value of long-term debt under our senior secured revolving credit facility is not considered to be materially different from carrying value due to market rates of interest. The fair value of the notes payable to our founder is not practicable to determine. We have estimated the fair value of our $450 million senior notes payable at $460.1 million at September 30, 2014. See Note 5 for further information on fair values of financial instruments. See Note 8 for information on long-term debt. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 narrows the definition of “discontinued operations” to dispositions that represent a strategic shift that has or will have a significant impact on the entity’s operations and financial results. The ASU requires additional disclosures regarding assets and liabilities held for sale, and income and losses, including gain or loss on sale, and cash flows from discontinued operations. In addition, the ASU requires disclosures for disposals of individually significant components of the business which do not qualify as discontinued operations, including general information about the disposition and disclosure of the pretax profit or loss from the component for the period of disposal and all comparable historic periods presented. ASU 2014-08 is effective for all fiscal years beginning after December 15, 2014, and can be adopted early for certain asset dispositions and reclassifications of assets from “held and used” to “held for sale.” | |
In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides guidance concerning the recognition and measurement of revenue from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. The update is effective for the Company beginning in calendar year 2017. We are evaluating the impact this standard will have on our consolidated financial statements and related disclosures. | |
In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The new standard requires management to assess the company’s ability to continue as a going concern. Disclosures are required if there is substantial doubt as to the company’s continuation as a going concern within one year after the issue date of financial statements. The standard provides guidance for making the assessment, including consideration of management’s plans which may alleviate doubt regarding the company’s ability to continue as a going concern. ASU 2014-15 is effective for years beginning after December 15, 2016. We do not expect the adoption of this pronouncement to have a material impact on our consolidated financial statements. | |
Significant_Acquisitions_And_D
Significant Acquisitions And Divestitures | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Significant Acquisitions And Divestitures [Abstract] | ' | |||||
Significant Acquisitions And Divestitures | ' | |||||
NOTE 3 — SIGNIFICANT ACQUISITIONS AND DIVESTITURES | ||||||
Eagleville Divestiture | ||||||
On March 25, 2014 we closed the sale of certain of our properties located primarily in Karnes County, Texas to Memorial Production Operating LLC, comprising a portion of our Eagleville field (“Eagleville divestiture”). The properties sold included a working interest in all of our producing wells as of the effective date of January 1, 2014. We retained a net profits interest in these wells based on 50% of our original working interest in 2014, declining to 30% in 2015, 15% in 2016, and zero in 2017. Also included in the sale was a 30% undivided interest in all our Eagleville mineral leases and interests, and 30% of our working interest in all our wells in progress on December 31, 2013 or drilled after January 1, 2014. The initial cash purchase price was $173 million, subsequently adjusted to approximately $168 million for settlement adjustments through September 30, 2014. The purchase and sale agreement provides for customary adjustments to the purchase price for revenues and expenses incurred after the effective date. As of January 1, 2014, estimated net proved reserves associated with the sold portion of these properties were approximately 7.7 MMBOE. We recorded a preliminary gain on sale from the Eagleville divestiture of $69.3 million during the first nine months of 2014, based on a preliminary allocation of basis between the properties sold and properties retained. | ||||||
The sold portion of Eagleville field contributed approximately $9.9 million and $26.3 million in net pre-tax profit for the three months and nine months ended September 30, 2013, respectively, and $6.6 million in the first quarter of 2014, prior to its sale. | ||||||
Hilltop Divestiture | ||||||
On October 2, 2013 we closed the sale of certain of our properties in East Texas, comprising a portion of our Hilltop field (“Hilltop divestiture”). The properties sold were primarily producers of dry natural gas located in Leon County, Texas. As of July 1, 2013, estimated net proved reserves associated with these properties were 11.2 BCFE. The net cash purchase price was approximately $19 million. There was no material gain on the sale. | ||||||
On September 19, 2014, we sold our remaining interests in the Hilltop field for a cash payment of $41.6 million, which will be subject to customary settlement adjustments. We recorded a preliminary gain on the sale of $18.3 million. As of the date of sale, estimated proved reserves associated with these properties were 29.8 BCFE. | ||||||
The Hilltop interests contributed approximately $0.5 million and $3.6 million in net pre-tax income during the three months and nine months ended September 30, 2013, respectively. Both these periods were prior to the first sale, and include income from the wells sold in each of the two separate sales. | ||||||
Weeks Island Acquisition | ||||||
On October 1, 2013 we closed a transaction to purchase certain producing properties in South Louisiana from Stone Energy Offshore, L.L.C. (“Stone”) for cash consideration of approximately $42 million cash plus related abandonment costs. This purchase increased our working interest in our Weeks Island field. Total estimated net proved reserves associated with the acquisition were 1.8 MMBOE as of the effective date of July 1, 2013. | ||||||
A summary of the consideration paid and the preliminary allocation of the purchase prices are as follows: | ||||||
October 1, | ||||||
2013 | ||||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Summary of Consideration | ||||||
Cash | $ | 41,841 | ||||
Fair value of asset retirement obligations assumed | 5,311 | |||||
Total | $ | 47,152 | ||||
Summary of Purchase Price Allocation | ||||||
Proved oil and natural gas properties | $ | 30,279 | ||||
Unproved oil and natural gas properties | 16,873 | |||||
Total | $ | 47,152 | ||||
The revenue and earnings related to the Weeks Island acquisition are included in our consolidated statement of operations for the year ended December 31, 2013 from date of acquisition. The revenue and earnings of the combined entity, had the acquisitions occurred at January 1, 2013, are provided below. This unaudited pro forma information has been derived from historical information and is for illustrative purposes only. The unaudited pro forma financial information does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period. | ||||||
Total | Income | |||||
Revenue | (Loss) | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Pro forma results for the nine months ended September 30, 2013 | $ | 289,691 | $ | -18,792 | ||
Property_And_Equipment
Property And Equipment | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
4. PROPERTY AND EQUIPMENT | ||||||
Property and equipment consists of the following: | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
OIL AND NATURAL GAS PROPERTIES | ||||||
Unproved properties | $ | 81,711 | $ | 86,721 | ||
Accumulated impairment | -3,995 | -7,356 | ||||
Unproved properties, net | 77,716 | 79,365 | ||||
Proved oil and natural gas properties | 1,345,326 | 1,405,658 | ||||
Accumulated depreciation, depletion, amortization and impairment | -728,357 | -793,253 | ||||
Proved oil and natural gas properties, net | 616,969 | 612,405 | ||||
TOTAL OIL AND NATURAL GAS PROPERTIES, net | 694,685 | 691,770 | ||||
LAND | 2,166 | 1,418 | ||||
OTHER PROPERTY AND EQUIPMENT | ||||||
Office furniture and equipment, vehicles | 16,192 | 13,802 | ||||
Accumulated depreciation | -7,884 | -6,120 | ||||
OTHER PROPERTY AND EQUIPMENT, net | 8,308 | 7,682 | ||||
TOTAL PROPERTY AND EQUIPMENT, net | $ | 705,159 | $ | 700,870 | ||
Capitalized exploratory well costs | ||||||
Deferred exploratory well costs were $6.6 million and $18.4 million at September 30, 2014 and December 31, 2013, respectively. The decrease in deferred costs during 2014 is primarily the result of the transfer of $13.5 million for the costs of a New Mexico exploratory well to dry hole expense. As of September 30, 2014 deferred exploratory well costs include approximately $5.3 million capitalized for greater than one year. | ||||||
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Disclosures | ' | |||||||||||
5. FAIR VALUE DISCLOSURES | ||||||||||||
We follow the guidance of ASC 820, “Fair Value Measurements and Disclosures,” in the estimation of fair values. ASC 820 provides a hierarchy of fair value measurements, based on the inputs to the fair value estimation process. It requires disclosure of fair values classified according to defined “levels,” which are based on the reliability of the evidence used to determine fair value, with Level 1 being the most reliable and Level 3 the least reliable. Level 1 evidence consists of observable inputs, such as quoted prices in an active market. Level 2 inputs typically correlate the fair value of the asset or liability to a similar, but not identical item which is actively traded. Level 3 inputs include at least some unobservable inputs, such as valuation models developed using the best information available in the circumstances. | ||||||||||||
We utilize the modified Black-Scholes and the Turnbull Wakeman option pricing models to estimate the fair values of oil and natural gas derivative contracts. Inputs to these models include observable inputs from the New York Mercantile Exchange (“NYMEX”) for futures contracts, and inputs derived from NYMEX observable inputs, such as implied volatility of oil and natural gas prices. We have classified the fair values of all our oil and natural gas derivative contracts as Level 2. | ||||||||||||
Our senior notes are carried at historical cost, net of amortized discount; we estimate the fair value of the senior notes for disclosure purposes (see Note 2). This estimation is based on the most recent trading values of the notes at or near the reporting dates, which is a Level 1 determination. | ||||||||||||
Oil and natural gas properties are subject to impairment testing and potential impairment write down. Oil and gas properties with a carrying amount of $74.1 million were written down to their fair value of $46.2 million, resulting in an impairment charge of $27.9 million for the nine months ended September 30, 2014. Oil and gas properties with a carrying amount of $50.1 million were written down to their fair value of $21.5 million, resulting in an impairment charge of $28.6 million for the nine months ended September 30, 2013. Oil and gas properties with a carrying amount of $13.8 million were written down to their fair value of $5.1 million, resulting in an impairment charge of $8.7 million for the three months ended September 30, 2014. For the three months ended September 30, 2013, oil and gas properties with a carrying amount of $3.6 million were written down to their fair value of $1.5 million, resulting in an impairment charge of $2.1 million. Significant Level 3 assumptions used in the calculation of estimated discounted cash flows in the impairment analysis included our estimate of future oil and natural gas prices, production costs, development expenditures, estimated timing of production of proved reserves, appropriate risk-adjusted discount rates, and other relevant data. | ||||||||||||
New additions to asset retirement obligations result from estimations for new properties, and fair values for them are categorized as Level 3. Such estimations are based on present value techniques that utilize company-specific information for such inputs as cost and timing of plugging and abandonment of wells and facilities. We recorded $0.8 million and $0.8 million in additions to asset retirement obligations measured at fair value during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value: | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(dollars in thousands) | ||||||||||||
At September 30, 2014 (unaudited): | ||||||||||||
Financial Assets: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 30,027 | — | $ | 30,027 | ||||||
Financial Liabilities: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 21,631 | — | $ | 21,631 | ||||||
At December 31, 2013: | ||||||||||||
Financial Assets: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 27,850 | — | $ | 27,850 | ||||||
Financial Liabilities: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 27,842 | — | $ | 27,842 | ||||||
The amounts above are presented on a gross basis; presentation on our consolidated balance sheets utilizes netting of assets and liabilities with the same counterparty where master netting agreements are in place. For additional information on derivative contracts, see Note 6. | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||
We account for our derivative contracts under the provisions of ASC 815, “Derivatives and Hedging.” We have entered into forward-swap contracts and collar contracts to reduce our exposure to price risk in the spot market for oil and natural gas. We also have utilized financial basis swap contracts, which address the price differential between market-wide benchmark prices and other benchmark pricing referenced in certain of our crude oil and natural gas sales contracts. Substantially all of our hedging agreements are executed by affiliates of our lenders under the credit facility described in Note 8 below, and are collateralized by the security interests of the respective affiliated lenders in certain of our assets under the credit facility. The contracts settle monthly and are scheduled to coincide with either oil production equivalent to barrels (Bbl) per month or gas production equivalent to volumes in millions of British thermal units (MMbtu) per month. The contracts represent agreements between us and the counter-parties to exchange cash based on a designated price, or in the case of financial basis hedging contracts, based on a designated price differential between various benchmark prices. Cash settlement occurs monthly. No derivative contracts have been entered into for trading purposes. | |||||||||||||||
We have not designated any of our derivative contracts as fair value or cash flow hedges; accordingly we use mark-to-market accounting, recognizing changes in the fair value of derivative contracts in the consolidated statement of operations at each reporting date. | |||||||||||||||
Derivative contracts are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets. This netting can cause derivative assets to be ultimately presented in a (liability) account on the consolidated balance sheets. Likewise, derivative (liabilities) could be presented in an asset account. | |||||||||||||||
The following table summarizes the fair value (see Note 5 for further discussion of fair value) and classification of our derivative instruments, none of which have been designated as hedging instruments under ASC 815. | |||||||||||||||
Fair Values of Derivative Contracts | |||||||||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Assets | |||||||||||||
30-Sep-14 | Fair Value | offset against assets | presented in | ||||||||||||
Balance sheet location | of Assets | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Derivative financial instruments, current assets | $ | 13,580 | $ | -6,203 | $ | 7,377 | |||||||||
Derivative financial instruments, long-term assets | 16,447 | -14,665 | 1,782 | ||||||||||||
Total | $ | 30,027 | $ | -20,868 | $ | 9,159 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Liabilities | |||||||||||||
30-Sep-14 | Fair Value | offset against liabilities | presented in | ||||||||||||
Balance sheet location | of Liabilities | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Derivative financial instruments, current liabilities | $ | 6,203 | $ | -6,203 | $ | — | |||||||||
Derivative financial instruments, long-term liabilities | 15,428 | -14,665 | 763 | ||||||||||||
Total | $ | 21,631 | $ | -20,868 | $ | 763 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Assets | |||||||||||||
31-Dec-13 | Fair Value | offset against assets | presented in | ||||||||||||
Balance sheet location | of Assets | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
Derivative financial instruments, current assets | $ | 13,218 | $ | -7,646 | $ | 5,572 | |||||||||
Derivative financial instruments, long-term assets | 14,632 | -11,227 | 3,405 | ||||||||||||
Total | $ | 27,850 | $ | -18,873 | $ | 8,977 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Liabilities | |||||||||||||
31-Dec-13 | Fair Value | offset against liabilities | presented in | ||||||||||||
Balance sheet location | of Liabilities | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
Derivative financial instruments, current liabilities | $ | 12,129 | $ | -7,646 | $ | 4,483 | |||||||||
Derivative financial instruments, long-term liabilities | 15,713 | -11,227 | 4,486 | ||||||||||||
Total | $ | 27,842 | $ | -18,873 | $ | 8,969 | |||||||||
The following table summarizes the effect of our derivative instruments in the consolidated statements of operations: | |||||||||||||||
Derivatives not | Three Months Ended | Nine Months Ended | |||||||||||||
designated as hedging | Location of | September 30, | September 30, | ||||||||||||
instruments under ASC 815 | Gain (Loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Oil commodity contracts | Gain (loss) — | ||||||||||||||
oil and natural gas | |||||||||||||||
derivative contracts | $ | 33,035 | $ | -22,898 | $ | 4,525 | $ | -10,688 | |||||||
Natural gas commodity contracts | Gain (loss) — | ||||||||||||||
oil and natural gas | |||||||||||||||
derivative contracts | 6,876 | 2,218 | -42 | 3,833 | |||||||||||
Total gains (losses) from | |||||||||||||||
derivatives not designated as hedges | $ | 39,911 | $ | -20,680 | $ | 4,483 | $ | -6,855 | |||||||
Although our counterparties provide no collateral, the master derivative agreements with each counterparty effectively allow us, so long as we are not a defaulting party, after a default or the occurrence of a termination event, to set-off an unpaid hedging agreement receivable against the interest of the counterparty in any outstanding balance under the credit facility. | |||||||||||||||
If a counterparty were to default in payment of an obligation under the master derivative agreements, we could be exposed to commodity price fluctuations, and the protection intended by the hedge could be lost. The value of our derivative financial instruments would be impacted. | |||||||||||||||
We had the following open derivative contracts for natural gas at September 30, 2014 (unaudited): | |||||||||||||||
NATURAL GAS DERIVATIVE CONTRACTS | |||||||||||||||
Volume in | Weighted | Range | |||||||||||||
Period and Type of Contract | MMBtu | Average | High | Low | |||||||||||
2014 | |||||||||||||||
Price Swap Contracts | 1,765,000 | $ | 4.50 | $ | 5.60 | $ | 4.01 | ||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 2,739,000 | 5.41 | 7.92 | 4.75 | |||||||||||
Long Put Options | 760,000 | 4.74 | 5.50 | 4.25 | |||||||||||
Long Call Options | 1,569,871 | 5.63 | 7.92 | 4.50 | |||||||||||
Short Put Options | 2,268,800 | 3.52 | 4.00 | 3.00 | |||||||||||
2015 | |||||||||||||||
Price Swap Contracts | 3,832,500 | 5.07 | 5.91 | 4.31 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 7,750,000 | 4.59 | 5.75 | 4.51 | |||||||||||
Long Put Options | 8,113,500 | 4.01 | 5.00 | 3.50 | |||||||||||
Long Call Options | 495,000 | 4.31 | 4.31 | 4.31 | |||||||||||
Short Put Options | 9,116,000 | 3.34 | 4.45 | 3.25 | |||||||||||
2016 | |||||||||||||||
Price Swap Contracts | 8,418,000 | 4.22 | 4.23 | 4.22 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 455,000 | 7.50 | 7.50 | 7.50 | |||||||||||
Long Put Options | 455,000 | 5.50 | 5.50 | 5.50 | |||||||||||
Short Put Options | 1,681,100 | 3.64 | 4.00 | 3.50 | |||||||||||
2017 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 6,570,000 | 5.00 | 5.00 | 4.98 | |||||||||||
Long Put Options | 6,570,000 | 4.50 | 4.50 | 4.50 | |||||||||||
Short Put Options | 6,570,000 | 4.00 | 4.00 | 4.00 | |||||||||||
2018 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 5,475,000 | 5.50 | 5.53 | 5.48 | |||||||||||
Long Put Options | 5,475,000 | 4.50 | 4.50 | 4.50 | |||||||||||
Short Put Options | 5,475,000 | 4.00 | 4.00 | 4.00 | |||||||||||
We had the following open derivative contracts for crude oil at September 30, 2014 (unaudited): | |||||||||||||||
OIL DERIVATIVE CONTRACTS | |||||||||||||||
Volume | Weighted | Range | |||||||||||||
Period and Type of Contract | in Bbls | Average | High | Low | |||||||||||
2014 | |||||||||||||||
Price Swap Contracts | 430,100 | $ | 95.80 | $ | 105.48 | $ | 87.50 | ||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 255,760 | 104.00 | 111.30 | 97.00 | |||||||||||
Long Put Options | 259,900 | 91.59 | 95.00 | 70.00 | |||||||||||
Long Call Options | 310,960 | 101.83 | 110.00 | 90.00 | |||||||||||
Short Put Options | 286,764 | 74.39 | 80.00 | 65.00 | |||||||||||
2015 | |||||||||||||||
Price Swap Contracts | 1,587,000 | 94.44 | 99.30 | 86.45 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 392,350 | 114.10 | 135.98 | 95.50 | |||||||||||
Long Put Options | 1,049,350 | 85.78 | 90.00 | 85.00 | |||||||||||
Short Put Options | 2,363,350 | 70.81 | 75.00 | 60.00 | |||||||||||
2016 | |||||||||||||||
Price Swap Contracts | 366,000 | 93.00 | 94.92 | 85.35 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 859,700 | 107.97 | 130.00 | 103.87 | |||||||||||
Long Put Options | 859,700 | 85.98 | 95.00 | 80.00 | |||||||||||
Short Put Options | 859,700 | 65.98 | 75.00 | 60.00 | |||||||||||
2017 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 744,950 | 107.99 | 113.83 | 104.15 | |||||||||||
Long Put Options | 744,950 | 83.26 | 90.00 | 80.00 | |||||||||||
Short Put Options | 744,950 | 63.26 | 70.00 | 60.00 | |||||||||||
2018 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 307,400 | 104.39 | 104.65 | 104.15 | |||||||||||
Long Put Options | 307,400 | 80.00 | 80.00 | 80.00 | |||||||||||
Short Put Options | 307,400 | 60.00 | 60.00 | 60.00 | |||||||||||
In those instances where contracts are identical as to time period, volume and strike price, and counterparty, but opposite as to direction (long and short), the volumes and average prices have been netted in the two tables above. Prices stated in the table above for oil may settle against either the NYMEX or Brent ICE indices or may reflect a mix of positions settling on these two indices. | |||||||||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||
Sep. 30, 2014 | |||
Asset Retirement Obligations [Abstract] | ' | ||
Asset Retirement Obligations | ' | ||
7. ASSET RETIREMENT OBLIGATIONS | |||
A summary of the changes in asset retirement obligations is included in the table below (unaudited, dollars in thousands): | |||
Balance, beginning of year | $ | 56,023 | |
Liabilities incurred | 760 | ||
Liabilities settled | -3,278 | ||
Liabilities transferred in sales of properties | -1,868 | ||
Revisions to estimates | 5,817 | ||
Accretion expense | 1,536 | ||
Balance, September 30, 2014 | 58,990 | ||
Less: Current portion | 7,065 | ||
Long term portion | $ | 51,925 | |
The total revisions include $3.1 million related to additions to oil and natural gas properties. | |||
LongTerm_Debt_And_Notes_Payabl
Long-Term Debt And Notes Payable To Founder | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Long-Term Debt And Notes Payable To Founder [Abstract] | ' | |||||
Long-Term Debt And Notes Payable To Founder | ' | |||||
8. LONG-TERM DEBT AND NOTES PAYABLE TO FOUNDER | ||||||
Long-term debt and notes payable to founder consists of the following: | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Credit Facility | $ | 247,520 | $ | 319,290 | ||
Senior Notes , net of discount | 447,961 | 447,578 | ||||
Total long-term debt | $ | 695,481 | $ | 766,868 | ||
Notes payable to founder | $ | 24,235 | $ | 23,331 | ||
Credit Facility. On May 13, 2010, we entered into a Sixth Amended and Restated Credit Agreement (as amended, the “credit facility”). The credit facility matures on May 23, 2016 and is secured by substantially all of our oil and gas properties. The credit facility borrowing base is redetermined periodically and, as of September 30, 2014, the borrowing base under the facility was $350 million. The credit facility bears interest at LIBOR plus applicable margins between 2.00% and 2.75% or a “Reference Rate,” which is based on the prime rate of Wells Fargo Bank, N. A., plus a margin ranging from 1.00% to 1.75%, depending on the utilization of our borrowing base. The weighted average rate on outstanding borrowings was 2.50% as of September 30, 2014 and 2.75% as of December 31, 2013. | ||||||
The credit facility contains customary covenants including, among others, defined financial covenants, including minimum working capital levels (the ratio of current assets plus the unused borrowing base, to current liabilities, excluding assets and liabilities related to derivative contracts) of 1.0 to 1.0, minimum coverage of interest expenses of 3.0 to 1.0, and maximum leverage of 4.00 to 1.00. The interest coverage and leverage ratios refer to the ratio of earnings before interest, taxes, depreciation, depletion, amortization, and exploration expense (“EBITDAX”, as defined more specifically in the credit agreement) to interest expense and to total debt (as defined), respectively. Financial ratios are calculated quarterly using EBITDAX for the most recent twelve months. As of September 30, 2014, we were in compliance with all covenants. | ||||||
Senior Notes. We have $450 million in outstanding registered senior notes due October 15, 2018 that carry a stated interest rate of 9.625% and an effective rate of 9.783%. Interest is payable semi-annually each April 15th and October 15th. The senior notes are unsecured and are general obligations of the Company, and effectively rank junior to any of our existing or future secured indebtedness, which includes the credit facility. The senior notes are unconditionally guaranteed on a senior unsecured basis by each of our material subsidiaries. The balance is presented net of unamortized discount of $2.0 million and $2.4 million at September 30, 2014 and December 31, 2013, respectively. | ||||||
The senior notes contain an optional redemption provision that began on October 15, 2014 allowing us to retire the principal outstanding, in whole or in part, at 104.813%. Additional optional redemption provisions allow for retirement at 102.406% and 100.0% beginning on each of October 15, 2015 and 2016, respectively. | ||||||
Notes Payable to Founder. We have notes payable to our founder that bear simple interest at 10% with a balance of $24.2 million and $23.3 million at September 30, 2014 and December 31, 2013, respectively. The maturity date was extended from December 31, 2018 to December 31, 2021 on March 25, 2014. Interest and principal are payable at maturity. The notes are convertible into shares of our Class B partner, Alta Mesa Investment Holdings, Inc., common stock upon certain conditions in the event of an initial public offering. | ||||||
These founder notes are unsecured and subordinate to all debt. In connection with the March 25, 2014 recapitalization of our Class B partner described in Note 12, the founder notes were amended and restated to subordinate them to the paid in kind (“PIK”) notes of our Class B partner. The founder notes were also subordinated to the rights of the holders of Class B units to receive distributions under our amended partnership agreement and subordinated to the rights of the holders of Series B Preferred Stock to receive payments. | ||||||
Interest on the notes payable to our founder amounted to $0.9 million and $0.9 million for the nine months ended September 30, 2014 and 2013, respectively, and $0.3 million and $0.3 million for the three months ended September 30, 2014 and 2013, respectively. Such amounts have been added to the balance of the founder notes. | ||||||
Accounts_Payable_And_Accrued_L
Accounts Payable And Accrued Liabilities | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | |||||
Accounts Payable And Accrued Liabilities | ' | |||||
9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||||||
The following provides the detail of accounts payable and accrued liabilities: | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Capital expenditures | $ | 37,474 | $ | 18,629 | ||
Revenues and royalties payable | 8,463 | 9,699 | ||||
Operating expenses/taxes | 28,500 | 17,071 | ||||
Interest | 19,936 | 9,146 | ||||
Compensation | 8,058 | 8,862 | ||||
Other | 1,914 | 2,711 | ||||
Total accrued liabilities | 104,345 | 66,118 | ||||
Accounts payable | 32,453 | 29,977 | ||||
Accounts payable and accrued liabilities | $ | 136,798 | $ | 96,095 | ||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
10. COMMITMENTS AND CONTINGENCIES | |
Contingencies | |
Board of Commissioners of the Southeast Louisiana Flood Protection Authority – East: On July 24, 2013, the Board of Commissioners of the Southeast Louisiana Flood Protection Authority – East sued us and approximately 100 other energy companies for long-term damage to the wetlands in southeast Louisiana. Case No. 2013-6911 was filed in state court and subsequently remanded to federal court. The plaintiff seeks damages and injunctive relief in the form of abatement and restoration of wetlands, alleging that the activities of the oil and gas industry over the past century have contributed significantly to the degradation of the wetlands that protect the populated areas in and around New Orleans from storm surge and other extreme weather effects. The plaintiff alleges damages from increased costs of providing man-made storm protection structures, and emphasizes the destructive effect of canals built by the oil and gas industry. Legal arguments include breach of the restoration and maintenance clauses of contracts with the State of Louisiana for drilling, dredging, and right-of-way agreements for pipelines. Other legal arguments include negligence, strict liability, natural servitude of drain, public nuisance and private nuisance. Our wholly-owned subsidiary The Meridian Resource & Exploration LLC is named as a defendant with 32 wells, two dredging permits and four right of way agreements in the relevant area. Almost all of these wells are inactive. In June 2014, Act 544 of the Louisiana Legislature was enacted, stating that the plaintiff does not have the authority to bring this suit. However, the constitutionality of Act 544 may be litigated, and this development does not end the litigation to which we are a party. | |
The overall exposure related to this lawsuit is not currently determinable. While an adverse judgment against us might be possible, we intend to vigorously defend the case. We have not provided any amount for this matter in our consolidated financial statements at September 30, 2014. | |
Environmental claims: Various landowners have sued the Company and/or our wholly owned subsidiaries, in lawsuits concerning several fields in which we have or historically had operations in Louisiana. The lawsuits seek injunctive relief and other relief, including unspecified amounts in both actual and punitive damages for alleged breaches of mineral leases and alleged failure to restore the plaintiffs’ lands from alleged contamination and otherwise from our oil and natural gas operations. We are unable to express an opinion with respect to the likelihood of an unfavorable outcome of the various environmental claims or to estimate the amount or range of potential loss should the outcome be unfavorable. Therefore, we have not provided any material amounts for these claims in our consolidated financial statements at September 30, 2014. | |
Due to the nature of our business, some contamination of the real estate property owned or leased by us is possible. Environmental site assessments of the property would be necessary to adequately determine remediation costs, if any. Management has established a liability for soil contamination in Florida of $1.1 million and $1.1 million at September 30, 2014 and December 31, 2013, respectively, based on our undiscounted engineering estimates. The obligations are included in other long-term liabilities in the accompanying consolidated balance sheets. | |
Title/lease disputes: Title and lease disputes may arise in the normal course of our operations. These disputes are usually small but could result in an increase or decrease in reserves and/or other forms of settlement, such as cash, once a final resolution to the title dispute is made. | |
Performance appreciation rights: In the third quarter of 2014 we adopted the Alta Mesa Holdings, LP Amended and Restated Performance Appreciation Rights Plan (the “Plan”), effective September 24, 2014. The Plan is intended to provide incentive compensation to key employees and consultants who make significant contributions to the Company. Under the Plan, participants are granted Performance Appreciation Rights (“PARs”) with a stipulated initial value. The PARs vest over time (as specified in each grant, typically five years) and entitle the owner to receive a cash amount equal to the increase, if any, between the initial stipulated value and the designated value of the PAR on the payment valuation date. The payment valuation date is the earlier of a liquidity event (as defined in the Plan, but generally intended to be either a recapitalization or an initial public offering of Company equity) or as selected by the participant, but no earlier than five years from the end of the year of the grant. Both the initial designated value and the designated payment value of the PAR are determined by the Plan’s administrative committee, composed of members of our board of directors. In the case of a liquidity event, the designated value of all PARs is to be based on the net sale proceeds (as defined in the Plan) from the liquidity event. After any payment valuation date, regardless of payment or none, vested PARs expire. During the third quarter of 2014 we granted 261,500 PARs at a weighted average initial value of $32.93. We are unable to express an opinion with respect to the likelihood of a qualifying liquidity event which would result in any payment under the Plan or to estimate any amount which may become payable under the Plan. We consider the possibility of payment at a fixed determination date absent a positive liquidity event to be remote. Therefore, we have not provided any amount for this contingent liability in our consolidated financial statements at September 30, 2014. | |
Other contingencies: We are subject to legal proceedings, claims and liabilities arising in the ordinary course of business for which the outcome cannot be reasonably estimated; however, in the opinion of management, such litigation and claims will be resolved without material adverse effect on our financial position, results of operations or cash flows. Accruals for losses associated with litigation are made when losses are deemed probable and can be reasonably estimated. | |
Significant_Risks_And_Uncertai
Significant Risks And Uncertainties | 9 Months Ended |
Sep. 30, 2014 | |
Significant Risks And Uncertainties [Abstract] | ' |
Significant Risks And Uncertainties | ' |
11. SIGNIFICANT RISKS AND UNCERTAINTIES | |
Our business makes us vulnerable to changes in wellhead prices of crude oil and natural gas. Such prices have been volatile in the past and can be expected to be volatile in the future. By definition, proved reserves are based on analysis of current oil and natural gas prices. Price declines reduce the estimated value of proved reserves and may increase annual amortization expense (which is based on proved reserves). Price declines may also result in impairments, or non-cash write-downs, of the value of our oil and natural gas properties. We mitigate a portion of this vulnerability by entering into oil and natural gas price derivative contracts. See Note 6. | |
Partners_Capital_Deficit
Partners' Capital (Deficit) | 9 Months Ended |
Sep. 30, 2014 | |
Partners' Capital (Deficit) [Abstract] | ' |
Partners' Capital (Deficit) | ' |
12. PARTNERS’ CAPITAL (DEFICIT) | |
Our business and affairs are managed by Alta Mesa Holdings GP, LLC, our general partner (“General Partner”) as provided in the Alta Mesa Holdings, LP partnership agreement. Our partnership agreement provides for two classes of limited partners. Class A partners include our founder and other parties. Our Class B partner is Alta Mesa Investment Holdings, Inc. (“AMIH”). Prior to March 25, 2014, AMIH was an affiliate of Denham Capital Management LP, a private equity firm focused on energy and commodities. | |
On March 25, 2014, AMIH completed a $350 million recapitalization with an investment from Highbridge Principal Strategies LLC (“Highbridge”). Proceeds from the investment were used in part to purchase the investment of Denham Capital Management LP in AMIH. Highbridge received convertible PIK preferred stock in AMIH and senior PIK notes from AMIH. We expanded our Board of Directors to include one member nominated by Highbridge and one new employee member, our Chief Financial Officer, Michael A. McCabe. AMIH has subsequently changed its name to High Mesa, Inc. High Mesa, Inc. is our sole Class B partner. | |
In connection with the recapitalization, our partnership agreement was amended and restated to provide, among other things, that all distributions under the partnership agreement shall first be made to holders of Class B Units, until all principal and interest has been extinguished under the senior PIK notes issued to Highbridge. After such extinguishment of the senior PIK notes, distributions shall then be made to holders of Class A and Class B Units pursuant to the distribution formulas set forth in the amended partnership agreement. | |
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended |
Sep. 30, 2014 | |
Subsidiary Guarantors [Abstract] | ' |
Subsidiary Guarantors | ' |
13. SUBSIDIARY GUARANTORS | |
All of our material wholly-owned subsidiaries are guarantors under the terms of both our senior notes and our credit facility. Our consolidated financial statements reflect the combined financial position of these subsidiary guarantors. Our parent company, Alta Mesa Holdings, LP, has no independent operations, assets, or liabilities. The guarantees are full and unconditional and joint and several. Those subsidiaries which are not wholly owned and are not guarantors are minor. There are no restrictions on dividends, distributions, loans, or other transfers of funds from the subsidiary guarantors to our parent company. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Use Of Estimates | ' |
Use of Estimates: The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. | |
Reserve estimates significantly impact depreciation, depletion and amortization expense and potential impairments of oil and natural gas properties and are subject to change based on changes in oil and natural gas prices and trends and changes in estimated reserve quantities. We analyze estimates, including those related to oil and natural gas reserves, oil and natural gas revenues, the value of oil and natural gas properties, bad debts, asset retirement obligations, derivative contracts, income taxes and contingencies and litigation. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. | |
Reclassifications | ' |
Reclassifications: Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the 2014 presentation. The reclassifications had no impact on net income (loss) or partners’ capital (deficit). | |
Restricted cash | ' |
Restricted cash: The balance in restricted cash is invested in a money market fund held by a qualified intermediary in anticipation of property acquisitions designed to defer for our partners a potential taxable gain on the sale of our Hilltop field in the third quarter of 2014. The funds are restricted until the earlier of expenditure or March 18, 2015. Approximately $9.2 million was expended or committed from the restricted account for purchase of qualifying properties in October 2014. We have classified this portion of the balance as non-current as of September 30, 2014. | |
Accounts Receivable | ' |
Accounts Receivable, net: Our receivables arise from the sale of oil and natural gas to third parties and joint interest owner receivables for properties in which we serve as the operator. This concentration of customers may impact our overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions affecting the oil and gas industry. Accounts receivable are generally not collateralized. Accounts receivable are shown net of an allowance for doubtful accounts of $1.2 million and $1.4 million at September 30, 2014 and December 31, 2013, respectively. | |
Deferred Financing Costs | ' |
Deferred Financing Costs: Deferred financing costs and the amount of discount at which notes payable have been issued (debt discount) are amortized using the straight-line method, which approximates the interest method, over the term of the related debt. For the three month periods ended September 30, 2014 and 2013, amortization of deferred financing costs included in interest expense amounted to $0.7 million and $0.7 million, respectively. For the nine month periods ended September 30, 2014 and 2013, amortization of deferred financing costs included in interest expense amounted to $2.2 million and $2.1 million, respectively. Deferred financing costs are listed among our long-term assets, net of accumulated amortization of $14.9 million and $12.8 million at September 30, 2014 and December 31, 2013, respectively. | |
Property And Equipment | ' |
Property and Equipment: Oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, lease acquisition costs and all development costs, including unsuccessful development wells, are capitalized. | |
Unproved Properties — Acquisition costs associated with the acquisition of leases are recorded as unproved leasehold costs and capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or right in a property such as a lease, in addition to options to lease, broker fees, recording fees and other similar costs related to activities in acquiring properties. Unproved properties are classified as unproved until proved reserves are discovered, at which time related costs are transferred to proved oil and natural gas properties. | |
Exploration Expense — Exploration expenses, other than exploration drilling costs, are charged to expense as incurred. These costs include seismic expenditures and other geological and geophysical costs, expired leases, gain or loss on settlement of asset retirement obligations and lease rentals. The costs of drilling exploratory wells and exploratory-type stratigraphic wells are initially capitalized pending determination of whether the well has discovered proved commercial reserves. If the exploratory well is determined to be unsuccessful, the cost of the well is transferred to expense. Exploratory well drilling costs may continue to be capitalized if the reserve quantity is sufficient to justify completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made. Assessments of such capitalized costs are made quarterly. | |
Proved Oil and Natural Gas Properties — Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering, and storing oil and natural gas are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, and service wells, including unsuccessful development wells, are capitalized. | |
Impairment — The capitalized costs of proved oil and natural gas properties are reviewed quarterly for impairment following the guidance provided in Accounting Standards Codification (“ASC”) 360-10-35, “Property, Plant and Equipment, Subsequent Measurement,” or whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset or asset group exceeds its fair market value and is not recoverable. The determination of recoverability is based on comparing the estimated undiscounted future net cash flows at a producing field level to the carrying value of the assets. If the future undiscounted cash flows, based on estimates of anticipated production from proved reserves and future crude oil and natural gas prices and operating costs, are lower than the carrying cost, the carrying cost of the asset or group of assets is reduced to fair value. For our proved oil and natural gas properties, we estimate fair value by discounting the projected future cash flows at an appropriate risk-adjusted discount rate. Unproved leasehold costs are assessed quarterly to determine whether they have been impaired. Individually significant properties are assessed for impairment on a property-by-property basis, while individually insignificant unproved leasehold costs may be assessed in the aggregate. If unproved leasehold costs are found to be impaired, an impairment allowance is provided and a loss is recognized in the consolidated statement of operations. | |
Depreciation, Depletion, and Amortization — Depreciation, depletion, and amortization (“DD&A”) of capitalized costs of proved oil and natural gas properties is computed using the unit-of-production method based upon estimated proved reserves. Assets are grouped for DD&A on the basis of reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. The reserve base used to calculate DD&A for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate DD&A for lease and well equipment costs, which include development costs and successful exploration drilling costs, includes only proved developed reserves. | |
Derivative Financial Instruments | ' |
We have not designated any of our derivative contracts as fair value or cash flow hedges; accordingly we use mark-to-market accounting, recognizing changes in the fair value of derivative contracts in the consolidated statement of operations at each reporting date. | |
Derivative contracts are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets. This netting can cause derivative assets to be ultimately presented in a (liability) account on the consolidated balance sheets. Likewise, derivative (liabilities) could be presented in an asset account. | |
Fair Value Of Financial Instruments | ' |
Fair Value of Financial Instruments: The fair value of cash, accounts receivable, other current assets, and current liabilities approximate book value due to their short-term nature. The estimate of fair value of long-term debt under our senior secured revolving credit facility is not considered to be materially different from carrying value due to market rates of interest. The fair value of the notes payable to our founder is not practicable to determine. We have estimated the fair value of our $450 million senior notes payable at $460.1 million at September 30, 2014. See Note 5 for further information on fair values of financial instruments. See Note 8 for information on long-term debt. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 narrows the definition of “discontinued operations” to dispositions that represent a strategic shift that has or will have a significant impact on the entity’s operations and financial results. The ASU requires additional disclosures regarding assets and liabilities held for sale, and income and losses, including gain or loss on sale, and cash flows from discontinued operations. In addition, the ASU requires disclosures for disposals of individually significant components of the business which do not qualify as discontinued operations, including general information about the disposition and disclosure of the pretax profit or loss from the component for the period of disposal and all comparable historic periods presented. ASU 2014-08 is effective for all fiscal years beginning after December 15, 2014, and can be adopted early for certain asset dispositions and reclassifications of assets from “held and used” to “held for sale.” | |
In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides guidance concerning the recognition and measurement of revenue from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. The update is effective for the Company beginning in calendar year 2017. We are evaluating the impact this standard will have on our consolidated financial statements and related disclosures. | |
In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The new standard requires management to assess the company’s ability to continue as a going concern. Disclosures are required if there is substantial doubt as to the company’s continuation as a going concern within one year after the issue date of financial statements. The standard provides guidance for making the assessment, including consideration of management’s plans which may alleviate doubt regarding the company’s ability to continue as a going concern. ASU 2014-15 is | |
Fair_Value_Disclosures_Policy
Fair Value Disclosures (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements And Disclosures | ' |
We follow the guidance of ASC 820, “Fair Value Measurements and Disclosures,” in the estimation of fair values. ASC 820 provides a hierarchy of fair value measurements, based on the inputs to the fair value estimation process. It requires disclosure of fair values classified according to defined “levels,” which are based on the reliability of the evidence used to determine fair value, with Level 1 being the most reliable and Level 3 the least reliable. Level 1 evidence consists of observable inputs, such as quoted prices in an active market. Level 2 inputs typically correlate the fair value of the asset or liability to a similar, but not identical item which is actively traded. Level 3 inputs include at least some unobservable inputs, such as valuation models developed using the best information available in the circumstances. | |
We utilize the modified Black-Scholes and the Turnbull Wakeman option pricing models to estimate the fair values of oil and natural gas derivative contracts. Inputs to these models include observable inputs from the New York Mercantile Exchange (“NYMEX”) for futures contracts, and inputs derived from NYMEX observable inputs, such as implied volatility of oil and natural gas prices. We have classified the fair values of all our oil and natural gas derivative contracts as Level 2. | |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Derivatives And Hedging | ' |
We have not designated any of our derivative contracts as fair value or cash flow hedges; accordingly we use mark-to-market accounting, recognizing changes in the fair value of derivative contracts in the consolidated statement of operations at each reporting date. | |
Derivative contracts are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets. This netting can cause derivative assets to be ultimately presented in a (liability) account on the consolidated balance sheets. Likewise, derivative (liabilities) could be presented in an asset account. | |
Energy Related Derivative [Member] | ' |
Derivatives, Use of Derivatives | 'We account for our derivative contracts under the provisions of ASC 815, "Derivatives and Hedging." We have entered into forward-swap contracts and collar contracts to reduce our exposure to price risk in the spot market for oil and natural gas. We also have utilized financial basis swap contracts, which address the price differential between market-wide benchmark prices and other benchmark pricing referenced in certain of our crude oil and natural gas sales contracts. Substantially all of our hedging agreements are executed by affiliates of our lenders under the credit facility described in Note 8 below, and are collateralized by the security interests of the respective affiliated lenders in certain of our assets under the credit facility. The contracts settle monthly and are scheduled to coincide with either oil production equivalent to barrels (Bbl) per month or gas production equivalent to volumes in millions of British thermal units (MMbtu) per month. The contracts represent agreements between us and the counter-parties to exchange cash based on a designated price, or in the case of financial basis hedging contracts, based on a designated price differential between various benchmark prices. Cash settlement occurs monthly. No derivative contracts have been entered into for trading purposes. |
Significant_Acquisitions_And_D1
Significant Acquisitions And Divestitures (Tables) (Stone [Member]) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Stone [Member] | ' | |||||
Summary Of Consideration Paid And The Preliminary Allocation Of Purchase Prices | ' | |||||
October 1, | ||||||
2013 | ||||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Summary of Consideration | ||||||
Cash | $ | 41,841 | ||||
Fair value of asset retirement obligations assumed | 5,311 | |||||
Total | $ | 47,152 | ||||
Summary of Purchase Price Allocation | ||||||
Proved oil and natural gas properties | $ | 30,279 | ||||
Unproved oil and natural gas properties | 16,873 | |||||
Total | $ | 47,152 | ||||
Summary Of Pro Forma Information | ' | |||||
Total | Income | |||||
Revenue | (Loss) | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Pro forma results for the nine months ended September 30, 2013 | $ | 289,691 | $ | -18,792 | ||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
OIL AND NATURAL GAS PROPERTIES | ||||||
Unproved properties | $ | 81,711 | $ | 86,721 | ||
Accumulated impairment | -3,995 | -7,356 | ||||
Unproved properties, net | 77,716 | 79,365 | ||||
Proved oil and natural gas properties | 1,345,326 | 1,405,658 | ||||
Accumulated depreciation, depletion, amortization and impairment | -728,357 | -793,253 | ||||
Proved oil and natural gas properties, net | 616,969 | 612,405 | ||||
TOTAL OIL AND NATURAL GAS PROPERTIES, net | 694,685 | 691,770 | ||||
LAND | 2,166 | 1,418 | ||||
OTHER PROPERTY AND EQUIPMENT | ||||||
Office furniture and equipment, vehicles | 16,192 | 13,802 | ||||
Accumulated depreciation | -7,884 | -6,120 | ||||
OTHER PROPERTY AND EQUIPMENT, net | 8,308 | 7,682 | ||||
TOTAL PROPERTY AND EQUIPMENT, net | $ | 705,159 | $ | 700,870 | ||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Measurement Of Fair Value Of Assets And Liabilities On Recurring Basis | ' | |||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(dollars in thousands) | ||||||||||||
At September 30, 2014 (unaudited): | ||||||||||||
Financial Assets: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 30,027 | — | $ | 30,027 | ||||||
Financial Liabilities: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 21,631 | — | $ | 21,631 | ||||||
At December 31, 2013: | ||||||||||||
Financial Assets: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 27,850 | — | $ | 27,850 | ||||||
Financial Liabilities: | ||||||||||||
Derivative contracts for oil and natural gas | — | $ | 27,842 | — | $ | 27,842 | ||||||
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||
Fair Values Of Derivative Contracts | ' | ||||||||||||||
Fair Values of Derivative Contracts | |||||||||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Assets | |||||||||||||
30-Sep-14 | Fair Value | offset against assets | presented in | ||||||||||||
Balance sheet location | of Assets | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Derivative financial instruments, current assets | $ | 13,580 | $ | -6,203 | $ | 7,377 | |||||||||
Derivative financial instruments, long-term assets | 16,447 | -14,665 | 1,782 | ||||||||||||
Total | $ | 30,027 | $ | -20,868 | $ | 9,159 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Liabilities | |||||||||||||
30-Sep-14 | Fair Value | offset against liabilities | presented in | ||||||||||||
Balance sheet location | of Liabilities | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Derivative financial instruments, current liabilities | $ | 6,203 | $ | -6,203 | $ | — | |||||||||
Derivative financial instruments, long-term liabilities | 15,428 | -14,665 | 763 | ||||||||||||
Total | $ | 21,631 | $ | -20,868 | $ | 763 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Assets | |||||||||||||
31-Dec-13 | Fair Value | offset against assets | presented in | ||||||||||||
Balance sheet location | of Assets | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
Derivative financial instruments, current assets | $ | 13,218 | $ | -7,646 | $ | 5,572 | |||||||||
Derivative financial instruments, long-term assets | 14,632 | -11,227 | 3,405 | ||||||||||||
Total | $ | 27,850 | $ | -18,873 | $ | 8,977 | |||||||||
Net Fair | |||||||||||||||
Gross | Gross amounts | Value of Liabilities | |||||||||||||
31-Dec-13 | Fair Value | offset against liabilities | presented in | ||||||||||||
Balance sheet location | of Liabilities | in the Balance Sheet | the Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
Derivative financial instruments, current liabilities | $ | 12,129 | $ | -7,646 | $ | 4,483 | |||||||||
Derivative financial instruments, long-term liabilities | 15,713 | -11,227 | 4,486 | ||||||||||||
Total | $ | 27,842 | $ | -18,873 | $ | 8,969 | |||||||||
Effect Of Derivative Instruments In The Consolidated Statements Of Operations | ' | ||||||||||||||
Derivatives not | Three Months Ended | Nine Months Ended | |||||||||||||
designated as hedging | Location of | September 30, | September 30, | ||||||||||||
instruments under ASC 815 | Gain (Loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Oil commodity contracts | Gain (loss) — | ||||||||||||||
oil and natural gas | |||||||||||||||
derivative contracts | $ | 33,035 | $ | -22,898 | $ | 4,525 | $ | -10,688 | |||||||
Natural gas commodity contracts | Gain (loss) — | ||||||||||||||
oil and natural gas | |||||||||||||||
derivative contracts | 6,876 | 2,218 | -42 | 3,833 | |||||||||||
Total gains (losses) from | |||||||||||||||
derivatives not designated as hedges | $ | 39,911 | $ | -20,680 | $ | 4,483 | $ | -6,855 | |||||||
Natural Gas [Member] | ' | ||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||
Open Derivative Contracts | ' | ||||||||||||||
Volume in | Weighted | Range | |||||||||||||
Period and Type of Contract | MMBtu | Average | High | Low | |||||||||||
2014 | |||||||||||||||
Price Swap Contracts | 1,765,000 | $ | 4.50 | $ | 5.60 | $ | 4.01 | ||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 2,739,000 | 5.41 | 7.92 | 4.75 | |||||||||||
Long Put Options | 760,000 | 4.74 | 5.50 | 4.25 | |||||||||||
Long Call Options | 1,569,871 | 5.63 | 7.92 | 4.50 | |||||||||||
Short Put Options | 2,268,800 | 3.52 | 4.00 | 3.00 | |||||||||||
2015 | |||||||||||||||
Price Swap Contracts | 3,832,500 | 5.07 | 5.91 | 4.31 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 7,750,000 | 4.59 | 5.75 | 4.51 | |||||||||||
Long Put Options | 8,113,500 | 4.01 | 5.00 | 3.50 | |||||||||||
Long Call Options | 495,000 | 4.31 | 4.31 | 4.31 | |||||||||||
Short Put Options | 9,116,000 | 3.34 | 4.45 | 3.25 | |||||||||||
2016 | |||||||||||||||
Price Swap Contracts | 8,418,000 | 4.22 | 4.23 | 4.22 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 455,000 | 7.50 | 7.50 | 7.50 | |||||||||||
Long Put Options | 455,000 | 5.50 | 5.50 | 5.50 | |||||||||||
Short Put Options | 1,681,100 | 3.64 | 4.00 | 3.50 | |||||||||||
2017 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 6,570,000 | 5.00 | 5.00 | 4.98 | |||||||||||
Long Put Options | 6,570,000 | 4.50 | 4.50 | 4.50 | |||||||||||
Short Put Options | 6,570,000 | 4.00 | 4.00 | 4.00 | |||||||||||
2018 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 5,475,000 | 5.50 | 5.53 | 5.48 | |||||||||||
Long Put Options | 5,475,000 | 4.50 | 4.50 | 4.50 | |||||||||||
Short Put Options | 5,475,000 | 4.00 | 4.00 | 4.00 | |||||||||||
Oil [Member] | ' | ||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||
Open Derivative Contracts | ' | ||||||||||||||
Volume | Weighted | Range | |||||||||||||
Period and Type of Contract | in Bbls | Average | High | Low | |||||||||||
2014 | |||||||||||||||
Price Swap Contracts | 430,100 | $ | 95.80 | $ | 105.48 | $ | 87.50 | ||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 255,760 | 104.00 | 111.30 | 97.00 | |||||||||||
Long Put Options | 259,900 | 91.59 | 95.00 | 70.00 | |||||||||||
Long Call Options | 310,960 | 101.83 | 110.00 | 90.00 | |||||||||||
Short Put Options | 286,764 | 74.39 | 80.00 | 65.00 | |||||||||||
2015 | |||||||||||||||
Price Swap Contracts | 1,587,000 | 94.44 | 99.30 | 86.45 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 392,350 | 114.10 | 135.98 | 95.50 | |||||||||||
Long Put Options | 1,049,350 | 85.78 | 90.00 | 85.00 | |||||||||||
Short Put Options | 2,363,350 | 70.81 | 75.00 | 60.00 | |||||||||||
2016 | |||||||||||||||
Price Swap Contracts | 366,000 | 93.00 | 94.92 | 85.35 | |||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 859,700 | 107.97 | 130.00 | 103.87 | |||||||||||
Long Put Options | 859,700 | 85.98 | 95.00 | 80.00 | |||||||||||
Short Put Options | 859,700 | 65.98 | 75.00 | 60.00 | |||||||||||
2017 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 744,950 | 107.99 | 113.83 | 104.15 | |||||||||||
Long Put Options | 744,950 | 83.26 | 90.00 | 80.00 | |||||||||||
Short Put Options | 744,950 | 63.26 | 70.00 | 60.00 | |||||||||||
2018 | |||||||||||||||
Collar Contracts | |||||||||||||||
Short Call Options | 307,400 | 104.39 | 104.65 | 104.15 | |||||||||||
Long Put Options | 307,400 | 80.00 | 80.00 | 80.00 | |||||||||||
Short Put Options | 307,400 | 60.00 | 60.00 | 60.00 | |||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Asset Retirement Obligations [Abstract] | ' | ||
Summary Of Changes In Asset Retirement Obligations | ' | ||
Balance, beginning of year | $ | 56,023 | |
Liabilities incurred | 760 | ||
Liabilities settled | -3,278 | ||
Liabilities transferred in sales of properties | -1,868 | ||
Revisions to estimates | 5,817 | ||
Accretion expense | 1,536 | ||
Balance, September 30, 2014 | 58,990 | ||
Less: Current portion | 7,065 | ||
Long term portion | $ | 51,925 | |
LongTerm_Debt_And_Notes_Payabl1
Long-Term Debt And Notes Payable To Founder (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Long-Term Debt And Notes Payable To Founder [Abstract] | ' | |||||
Long-Term Debt | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Credit Facility | $ | 247,520 | $ | 319,290 | ||
Senior Notes , net of discount | 447,961 | 447,578 | ||||
Total long-term debt | $ | 695,481 | $ | 766,868 | ||
Notes payable to founder | $ | 24,235 | $ | 23,331 | ||
Accounts_Payable_And_Accrued_L1
Accounts Payable And Accrued Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | |||||
Detail Of Accounts Payable And Accrued Liabilities | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Capital expenditures | $ | 37,474 | $ | 18,629 | ||
Revenues and royalties payable | 8,463 | 9,699 | ||||
Operating expenses/taxes | 28,500 | 17,071 | ||||
Interest | 19,936 | 9,146 | ||||
Compensation | 8,058 | 8,862 | ||||
Other | 1,914 | 2,711 | ||||
Total accrued liabilities | 104,345 | 66,118 | ||||
Accounts payable | 32,453 | 29,977 | ||||
Accounts payable and accrued liabilities | $ | 136,798 | $ | 96,095 | ||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents, Noncurrent | $9,162,000 | ' | $9,162,000 | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 1,200,000 | ' | 1,200,000 | ' | 1,400,000 |
Amortization of loan costs | 700,000 | 700,000 | 2,158,000 | 2,121,000 | ' |
Accumulated amortization, deferred financing costs | 14,900,000 | ' | 14,900,000 | ' | 12,800,000 |
Face value of senior notes issued | 450,000,000 | ' | 450,000,000 | ' | ' |
Fair value of senior notes payable | $460,100,000 | ' | $460,100,000 | ' | ' |
Significant_Acquisitions_And_D2
Significant Acquisitions And Divestitures (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2013 | Sep. 30, 2014 | Sep. 19, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 01, 2014 | |
Stone [Member] | Stone [Member] | Hilltop Divestiture 2013 [Member] | Hilltop Divestiture 2013 [Member] | Hilltop Divestiture 2014 [Member] | Hilltop Divestiture 2014 [Member] | Hilltop Field [Member] | Hilltop Field [Member] | Eagleville Divestiture [Member] | Eagleville Divestiture [Member] | Eagleville Divestiture [Member] | Eagleville Divestiture [Member] | Eagleville Divestiture [Member] | |
Barrels of Oil Equivalent [Member] | Natural Gas in MMcf [Member] | Natural Gas in MMcf [Member] | Barrels of Oil Equivalent [Member] | ||||||||||
bbl | MMcf | MMcf | bbl | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $41,841,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proved Reserves Acquired | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition effective date | 1-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition or sale of properties | ' | ' | 2-Oct-13 | ' | 19-Sep-14 | ' | ' | ' | ' | ' | 25-Mar-14 | ' | ' |
Estimated proved reserves associated with sold property | ' | ' | ' | 11,200 | ' | 29,800 | ' | ' | ' | ' | ' | ' | 7,700,000 |
Initial Cash Price For Properties Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,000,000 | ' | ' |
Cash Purchase Price For Properties Sold | ' | ' | 19,000,000 | ' | 41,600,000 | ' | ' | ' | ' | ' | 168,000,000 | ' | ' |
Percentage Of Original Working Interest Net Profits Interest In Wells Is Retained On, Year One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage Of Original Working Interest Net Profits Interest In Wells Is Retained On, Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Percentage Of Original Working Interest Net Profits Interest In Wells Is Retained On, Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Percentage Of Original Working Interest Net Profits Interest In Wells Is Retained On, Year Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' |
Percentage Of Undivided Interest In Mineral Leases And Interests Included In Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Percentage Of Working Interest In All Wells In Progress Included In Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Gain on sale of oil and gas properties | ' | ' | 0 | ' | 18,300,000 | ' | ' | ' | ' | ' | 69,300,000 | ' | ' |
Operating income from sold oil and gas properties | ' | ' | ' | ' | ' | ' | $500,000 | $3,600,000 | $6,600,000 | $9,900,000 | ' | $26,300,000 | ' |
Significant_Acquisitions_And_D3
Significant Acquisitions And Divestitures (Summary Of Consideration Paid And The Preliminary Allocation Of Purchase Prices) (Details) (Stone [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Stone [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | $41,841 |
Fair value of asset retirement obligations assumed | 5,311 |
Total | 47,152 |
Proved oil and natural gas properties | 30,279 |
Unproved oil and natural gas properties | 16,873 |
Total | $47,152 |
Significant_Acquisitions_And_D4
Significant Acquisitions And Divestitures (Summary Of Pro Forma Information) (Details) (Stone [Member], Pro Forma [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Stone [Member] | Pro Forma [Member] | ' |
Business Acquisition [Line Items] | ' |
Pro Forma Revenue | $289,691 |
Pro Forma Income (Loss) | ($18,792) |
Property_And_Equipment_Propert
Property And Equipment (Property And Equipment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
Unproved properties | $81,711 | $86,721 |
Accumulated impairment | -3,995 | -7,356 |
Unproved properties, net | 77,716 | 79,365 |
Proved oil and natural gas properties | 1,345,326 | 1,405,658 |
Accumulated depreciation, depletion, amortization and impairment | -728,357 | -793,253 |
Proved oil and natural gas properties, net | 616,969 | 612,405 |
TOTAL OIL AND NATURAL GAS PROPERTIES, net | 694,685 | 691,770 |
LAND | 2,166 | 1,418 |
Office furniture and equipment, vehicles | 16,192 | 13,802 |
Accumulated depreciation | -7,884 | -6,120 |
OTHER PROPERTY AND EQUIPMENT, net | 8,308 | 7,682 |
TOTAL PROPERTY AND EQUIPMENT, NET | $705,159 | $700,870 |
Property_And_Equipment_Capital
Property And Equipment (Capitalized Exploratory Well Costs) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves | ' |
Capitalized Exploratory Well Costs, Beginning Balance | $18.40 |
Capitalized exploratory well costs charged to expense | 13.5 |
Capitalized Exploratory Well Costs, Ending Balance | 6.6 |
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | $5.30 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Carrying value of oil and gas properties | $13,800,000 | $3,600,000 | $74,100,000 | $50,100,000 |
Written down fair value of oil and gas properties | 5,100,000 | 1,500,000 | 46,200,000 | 21,500,000 |
Impairment charges to oil and gas properties | 8,706,000 | 2,072,000 | 27,908,000 | 28,618,000 |
Asset retirement obligation measured at fair value | ' | ' | $800,000 | $800,000 |
Fair_Value_Disclosures_Measure
Fair Value Disclosures (Measurement Of Fair Value Of Assets And Liabilities On Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Derivative contracts for oil and natural gas, gross | $30,027 | $27,850 |
Financial Liabilities: | ' | ' |
Derivative contracts for oil and natural gas, gross | 21,631 | 27,842 |
Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Derivative contracts for oil and natural gas, gross | ' | ' |
Financial Liabilities: | ' | ' |
Derivative contracts for oil and natural gas, gross | ' | ' |
Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Derivative contracts for oil and natural gas, gross | 30,027 | 27,850 |
Financial Liabilities: | ' | ' |
Derivative contracts for oil and natural gas, gross | 21,631 | 27,842 |
Level 3 [Member] | ' | ' |
Financial Assets: | ' | ' |
Derivative contracts for oil and natural gas, gross | ' | ' |
Financial Liabilities: | ' | ' |
Derivative contracts for oil and natural gas, gross | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Fair Values Of Derivative Contracts) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $30,027 | $27,850 |
Derivative liabilities, Gross, offset against assets for presentation in the Balance Sheet | -20,868 | -18,873 |
Derivative Assets, Current | 7,377 | 5,572 |
Derivative Assets, Noncurrent | 1,782 | 3,405 |
Derivative assets, net, total | 9,159 | 8,977 |
Derivative Liability, Fair Value, Gross Liability | 21,631 | 27,842 |
Derivative assets, Gross, offset against liabilities for presentation in the Balance Sheet | -20,868 | -18,873 |
Derivative Liabilities, Current | ' | 4,483 |
Derivative Liabilities, Noncurrent | 763 | 4,486 |
Derivative liabilities, net, total | 763 | 8,969 |
Derivative Assets Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 13,580 | 13,218 |
Derivative liabilities, Gross, offset against assets for presentation in the Balance Sheet | -6,203 | -7,646 |
Derivative Assets, Current | 7,377 | 5,572 |
Derivative Asset Non-Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 16,447 | 14,632 |
Derivative liabilities, Gross, offset against assets for presentation in the Balance Sheet | -14,665 | -11,227 |
Derivative Assets, Noncurrent | 1,782 | 3,405 |
Derivative Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 6,203 | 12,129 |
Derivative assets, Gross, offset against liabilities for presentation in the Balance Sheet | -6,203 | -7,646 |
Derivative Liabilities, Current | ' | 4,483 |
Derivative Liabilities Non Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 15,428 | 15,713 |
Derivative assets, Gross, offset against liabilities for presentation in the Balance Sheet | -14,665 | -11,227 |
Derivative Liabilities, Noncurrent | $763 | $4,486 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Effect Of Derivative Instruments In The Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) --- oil and natural gas derivative contracts | $39,911 | ($20,680) | $4,483 | ($6,855) |
Not Designated As Hedging Instrument [Member] | Oil Revenues [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) --- oil and natural gas derivative contracts | 33,035 | -22,898 | 4,525 | -10,688 |
Not Designated As Hedging Instrument [Member] | Natural Gas Revenues [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) --- oil and natural gas derivative contracts | $6,876 | $2,218 | ($42) | $3,833 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Natural Gas Derivative Contracts) (Details) (Natural Gas Derivative Contracts [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
MMBTU | |
2014 [Member] | Price Swap Contracts [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 1,765,000 |
Weighted Average Swap Price | 4.5 |
2014 [Member] | Price Swap Contracts [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 5.6 |
2014 [Member] | Price Swap Contracts [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 4.01 |
2014 [Member] | Short Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 2,739,000 |
Weighted Average Option Price | 5.41 |
2014 [Member] | Short Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 7.92 |
2014 [Member] | Short Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.75 |
2014 [Member] | Long Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 760,000 |
Weighted Average Option Price | 4.74 |
2014 [Member] | Long Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.5 |
2014 [Member] | Long Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.25 |
2014 [Member] | Long Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 1,569,871 |
Weighted Average Option Price | 5.63 |
2014 [Member] | Long Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 7.92 |
2014 [Member] | Long Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.5 |
2014 [Member] | Short Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 2,268,800 |
Weighted Average Option Price | 3.52 |
2014 [Member] | Short Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
2014 [Member] | Short Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 3 |
2015 [Member] | Price Swap Contracts [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 3,832,500 |
Weighted Average Swap Price | 5.07 |
2015 [Member] | Price Swap Contracts [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 5.91 |
2015 [Member] | Price Swap Contracts [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 4.31 |
2015 [Member] | Short Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 7,750,000 |
Weighted Average Option Price | 4.59 |
2015 [Member] | Short Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.75 |
2015 [Member] | Short Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.51 |
2015 [Member] | Long Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 8,113,500 |
Weighted Average Option Price | 4.01 |
2015 [Member] | Long Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5 |
2015 [Member] | Long Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 3.5 |
2015 [Member] | Long Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 495,000 |
Weighted Average Option Price | 4.31 |
2015 [Member] | Long Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.31 |
2015 [Member] | Long Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.31 |
2015 [Member] | Short Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 9,116,000 |
Weighted Average Option Price | 3.34 |
2015 [Member] | Short Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.45 |
2015 [Member] | Short Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 3.25 |
2016 [Member] | Price Swap Contracts [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 8,418,000 |
Weighted Average Swap Price | 4.22 |
2016 [Member] | Price Swap Contracts [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 4.23 |
2016 [Member] | Price Swap Contracts [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 4.22 |
2016 [Member] | Short Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 455,000 |
Weighted Average Option Price | 7.5 |
2016 [Member] | Short Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 7.5 |
2016 [Member] | Short Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 7.5 |
2016 [Member] | Long Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 455,000 |
Weighted Average Option Price | 5.5 |
2016 [Member] | Long Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.5 |
2016 [Member] | Long Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.5 |
2016 [Member] | Short Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 1,681,100 |
Weighted Average Option Price | 3.64 |
2016 [Member] | Short Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
2016 [Member] | Short Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 3.5 |
2017 [Member] | Short Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 6,570,000 |
Weighted Average Option Price | 5 |
2017 [Member] | Short Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5 |
2017 [Member] | Short Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.98 |
2017 [Member] | Long Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 6,570,000 |
Weighted Average Option Price | 4.5 |
2017 [Member] | Long Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.5 |
2017 [Member] | Long Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.5 |
2017 [Member] | Short Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 6,570,000 |
Weighted Average Option Price | 4 |
2017 [Member] | Short Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
2017 [Member] | Short Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
2018 [Member] | Short Call Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 5,475,000 |
Weighted Average Option Price | 5.5 |
2018 [Member] | Short Call Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.53 |
2018 [Member] | Short Call Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 5.48 |
2018 [Member] | Long Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 5,475,000 |
Weighted Average Option Price | 4.5 |
2018 [Member] | Long Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.5 |
2018 [Member] | Long Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4.5 |
2018 [Member] | Short Put Options [Member] | ' |
Derivative [Line Items] | ' |
Volume in MMbtu | 5,475,000 |
Weighted Average Option Price | 4 |
2018 [Member] | Short Put Options [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
2018 [Member] | Short Put Options [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 4 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Oil Derivative Contracts) (Details) (Oil Derivative Contracts [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
bbl | |
Price Swap Contracts [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 430,100 |
Weighted Average Swap Price | 95.8 |
Price Swap Contracts [Member] | 2014 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 105.48 |
Price Swap Contracts [Member] | 2014 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 87.5 |
Price Swap Contracts [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 1,587,000 |
Weighted Average Swap Price | 94.44 |
Price Swap Contracts [Member] | 2015 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 99.3 |
Price Swap Contracts [Member] | 2015 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 86.45 |
Price Swap Contracts [Member] | 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 366,000 |
Weighted Average Swap Price | 93 |
Price Swap Contracts [Member] | 2016 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 94.92 |
Price Swap Contracts [Member] | 2016 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Swap Price | 85.35 |
Short Call Options [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 255,760 |
Weighted Average Option Price | 104 |
Short Call Options [Member] | 2014 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 111.3 |
Short Call Options [Member] | 2014 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 97 |
Short Call Options [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 392,350 |
Weighted Average Option Price | 114.1 |
Short Call Options [Member] | 2015 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 135.98 |
Short Call Options [Member] | 2015 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 95.5 |
Short Call Options [Member] | 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 859,700 |
Weighted Average Option Price | 107.97 |
Short Call Options [Member] | 2016 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 130 |
Short Call Options [Member] | 2016 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 103.87 |
Short Call Options [Member] | 2017 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 744,950 |
Weighted Average Option Price | 107.99 |
Short Call Options [Member] | 2017 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 113.83 |
Short Call Options [Member] | 2017 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 104.15 |
Short Call Options [Member] | 2018 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 307,400 |
Weighted Average Option Price | 104.39 |
Short Call Options [Member] | 2018 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 104.65 |
Short Call Options [Member] | 2018 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 104.15 |
Long Put Options [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 259,900 |
Weighted Average Option Price | 91.59 |
Long Put Options [Member] | 2014 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 95 |
Long Put Options [Member] | 2014 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 70 |
Long Put Options [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 1,049,350 |
Weighted Average Option Price | 85.78 |
Long Put Options [Member] | 2015 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 90 |
Long Put Options [Member] | 2015 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 85 |
Long Put Options [Member] | 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 859,700 |
Weighted Average Option Price | 85.98 |
Long Put Options [Member] | 2016 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 95 |
Long Put Options [Member] | 2016 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 80 |
Long Put Options [Member] | 2017 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 744,950 |
Weighted Average Option Price | 83.26 |
Long Put Options [Member] | 2017 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 90 |
Long Put Options [Member] | 2017 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 80 |
Long Put Options [Member] | 2018 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 307,400 |
Weighted Average Option Price | 80 |
Long Put Options [Member] | 2018 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 80 |
Long Put Options [Member] | 2018 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 80 |
Long Call Options [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 310,960 |
Weighted Average Option Price | 101.83 |
Long Call Options [Member] | 2014 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 110 |
Long Call Options [Member] | 2014 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 90 |
Short Put Options [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 286,764 |
Weighted Average Option Price | 74.39 |
Short Put Options [Member] | 2014 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 80 |
Short Put Options [Member] | 2014 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 65 |
Short Put Options [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 2,363,350 |
Weighted Average Option Price | 70.81 |
Short Put Options [Member] | 2015 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 75 |
Short Put Options [Member] | 2015 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 60 |
Short Put Options [Member] | 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 859,700 |
Weighted Average Option Price | 65.98 |
Short Put Options [Member] | 2016 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 75 |
Short Put Options [Member] | 2016 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 60 |
Short Put Options [Member] | 2017 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 744,950 |
Weighted Average Option Price | 63.26 |
Short Put Options [Member] | 2017 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 70 |
Short Put Options [Member] | 2017 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 60 |
Short Put Options [Member] | 2018 [Member] | ' |
Derivative [Line Items] | ' |
Volume in Bbls | 307,400 |
Weighted Average Option Price | 60 |
Short Put Options [Member] | 2018 [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 60 |
Short Put Options [Member] | 2018 [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Option Price | 60 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Asset Retirement Obligations [Abstract] | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | $56,023,000 | ' | ' |
Liabilities incurred | ' | ' | 760,000 | ' | ' |
Liabilities settled | ' | ' | -3,278,000 | ' | ' |
Liabilities transferred in sales of properties | ' | ' | -1,868,000 | ' | ' |
Revisions to estimates | ' | ' | 5,817,000 | ' | ' |
Accretion expense | 365,000 | 460,000 | 1,536,000 | 1,352,000 | ' |
Balance, end of period | 58,990,000 | ' | 58,990,000 | ' | ' |
Less: Current portion | 7,065,000 | ' | 7,065,000 | ' | 3,844,000 |
Long-term portion | 51,925,000 | ' | 51,925,000 | ' | 52,179,000 |
Additions To PPE Included In ARO Revisions | ' | ' | $3,100,000 | ' | ' |
LongTerm_Debt_And_Notes_Payabl2
Long-Term Debt And Notes Payable To Founder (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Notes Payable To Founder [Member] | Notes Payable To Founder [Member] | Notes Payable To Founder [Member] | ||||
LIBOR [Member] | Prime [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Twelve Mos Beginning October 15, 2014 [Member] | Twelve Mos Beginning October 15, 2015 [Member] | Twelve Mos Beginning October 15, 2016 [Member] | ||||||||||||
LIBOR [Member] | Prime [Member] | LIBOR [Member] | Prime [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of sixth amended and restated credit agreement | ' | ' | ' | 13-May-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of maturity of credit facility | ' | ' | ' | 23-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowing base | ' | ' | ' | $350,000,000 | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility applicable interest rate, description | ' | ' | ' | ' | ' | ' | 'LIBOR plus applicable margins between 2.00% and 2.75% | 'prime rate of Wells Fargo Bank, N. A., plus a margin ranging from 1.00% to 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 2.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate | ' | ' | ' | 2.50% | 2.50% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenants description | ' | ' | ' | 'The credit facility contains customary covenants including, among others, defined financial covenants, including minimum working capital levels (the ratio of current assets plus the unused borrowing base, to current liabilities, excluding assets and liabilities related to derivative contracts) of 1.0 to 1.0, minimum coverage of interest expenses of 3.0 to 1.0, and maximum leverage of 4.00 to 1.00. The interest coverage and leverage ratios refer to the ratio of earnings before interest, taxes, depreciation, depletion, amortization, and exploration expense ("EBITDAX", as defined more specifically in the credit agreement) to interest expense and to total debt (as defined), respectively. Financial ratios are calculated quarterly using EBITDAX for the most recent twelve months. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant compliance description | ' | ' | ' | 'As of September 30, 2014, we were in compliance with all covenants. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Working Capital Ratio | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Coverage of Interest Expense Ratio | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Leverage Ratio | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument collateral | ' | ' | ' | 'The credit facility matures on MayB 23, 2016 and is secured by substantially all of our oil and gas properties. | ' | ' | ' | ' | ' | ' | ' | ' | 'The senior notes are unsecured and are general obligations of the Company, and effectively rank junior to any of our existing or future secured indebtedness, which includes the credit facility. The senior notes are unconditionally guaranteed on a senior unsecured basis by each of our material subsidiaries. | ' | ' | ' | ' | 'These founder notes are unsecured and subordinate to all debt. In connection with the March 25, 2014 recapitalization of our Class B partner described in Note 12, the founder notesB were amended and restated to subordinate them to the paid in kind ("PIK") notes of our Class B partner. The founder notes were also subordinated to the rights of the holders of Class B units to receive distributions under our amended partnership agreement and subordinated to the rights of the holders of Series B Preferred StockB to receive payments. | ' | ' |
Maturity Date of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-18 | ' | ' | ' | ' | 31-Dec-21 | ' | ' |
Face value of senior notes issued | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.63% | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '. Interest is payable semi-annually each AprilB 15th and OctoberB 15th | ' | ' | ' | ' | ' | ' | ' |
Effective rate of interest on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.78% | ' | ' | ' | ' | ' | ' | ' |
Remaining unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,400,000 | ' | ' | ' | ' | ' | ' |
Optional redemption price of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.81% | 102.41% | 100.00% | ' | ' | ' |
Notes payable to founder | 24,235,000 | ' | 23,331,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,200,000 | ' | 23,300,000 |
Rate of interest on notes payable to founder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Payment terms, notes payable to founder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest and principal are payable at maturity. | ' | ' |
Interest on notes payable to founder | $904,000 | $904,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $300,000 | ' |
Conversion feature, notes payable to founder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The notesB are convertible into shares of our Class B partner, Alta Mesa Investment Holdings, Inc., common stock upon certain conditions in the event of an initial public offering. | ' | ' |
LongTerm_Debt_And_Notes_Payabl3
Long-Term Debt And Notes Payable To Founder (Long-Term Debt) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt And Notes Payable To Founder [Abstract] | ' | ' |
Credit Facility | $247,520 | $319,290 |
Senior Notes, net of discount | 447,961 | 447,578 |
Total long-term debt | 695,481 | 766,868 |
Notes payable to founder | $24,235 | $23,331 |
Accounts_Payable_And_Accrued_L2
Accounts Payable And Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities [Abstract] | ' | ' |
Capital expenditures | $37,474 | $18,629 |
Revenues and royalties payable | 8,463 | 9,699 |
Operating expenses/taxes | 28,500 | 17,071 |
Interest | 19,936 | 9,146 |
Compensation | 8,058 | 8,862 |
Other | 1,914 | 2,711 |
Total accrued liabilities | 104,345 | 66,118 |
Accounts payable | 32,453 | 29,977 |
Accounts payable and accrued liabilities | $136,798 | $96,095 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
item | ||
agreement | ||
Commitments And Contingencies [Abstract] | ' | ' |
Number of wells | 32 | ' |
Number of dredging permits | 2 | ' |
Number of right of way agreements | 4 | ' |
Liability for soil contamination | $1,100,000 | $1,100,000 |
Number of performance appreciation rights granted | 261,500 | ' |
Weighted average stipulated price of PARs granted | $32.93 | ' |
Partners_Capital_Deficit_Detai
Partners' Capital (Deficit) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | employee |
item | |
Partners' Capital (Deficit) [Abstract] | ' |
Amount of recapitalization | $350 |
Number of members added to Board of Directors, nominated by Highbridge | 1 |
Number of employees added as member to board of directors | 1 |