Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||||
Sep. 30, 2013 | Nov. 12, 2013 | Nov. 12, 2013 | Nov. 12, 2013 | Nov. 12, 2013 | |
Common Class A | Common Class B | Common Class C | Common Class E | ||
Document Information [Line Items] | ' | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' | ' |
Trading Symbol | 'CK0001518909 | ' | ' | ' | ' |
Entity Registrant Name | 'Black Elk Energy Offshore Operations, LLC | ' | ' | ' | ' |
Entity Central Index Key | '0001518909 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,361,300 | 114,277,308.50 | 12,031,250 | 104,988,929 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $6,686 | $1,383 |
Restricted cash | 694 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $817 at September 30, 2013 and $509 at December 31, 2012 | 60,361 | 46,553 |
Accounts receivable - insurance recovery | 254 | 3,100 |
Due from affiliates | 273 | 347 |
Prepaid expenses and other current assets | 11,092 | 27,972 |
Current portion of escrow for abandonment costs | 4,323 | 0 |
Derivative assets | 0 | 2,408 |
TOTAL CURRENT ASSETS | 83,683 | 81,763 |
OIL AND GAS PROPERTIES, successful efforts method of accounting, net of accumulated depreciation, depletion, amortization and impairment of $265,893 and $191,326 at September 30, 2013 and December 31, 2012, respectively | 234,918 | 260,012 |
OTHER PROPERTY AND EQUIPMENT, net of accumulated depreciation of $4,792 and $1,717 at September 30, 2013 and December 31, 2012, respectively | 5,334 | 1,968 |
OTHER ASSETS | ' | ' |
Debt issue costs, net | 1,889 | 3,230 |
Asset retirement obligation escrow receivable | 20,348 | 20,348 |
Escrow for abandonment costs, net of current portion | 234,334 | 215,263 |
Other assets | 7,068 | 7,880 |
TOTAL OTHER ASSETS | 263,639 | 246,721 |
TOTAL ASSETS | 587,574 | 590,464 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable and accrued expenses | 193,419 | 108,736 |
Derivative liabilities | 7,523 | 0 |
Asset retirement obligations | 32,124 | 41,572 |
Current portion of debt and notes payable | 243 | 3,552 |
TOTAL CURRENT LIABILITIES | 233,309 | 153,860 |
LONG-TERM LIABILITIES | ' | ' |
Gas imbalance payable | 2,147 | 2,521 |
Dividends payable | 0 | 12,408 |
Derivative liabilities | 1,149 | 5,091 |
Asset retirement obligations, net of current portion | 270,762 | 303,933 |
Debt, net of current portion, net of unamortized discount of $686 and $882 at September 30, 2013 and December 31, 2012, respectively | 184,367 | 201,118 |
TOTAL LONG-TERM LIABILITIES | 458,425 | 525,071 |
TOTAL LIABILITIES | 691,734 | 678,931 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
MEMBERSb DEFICIT | -209,149 | -118,467 |
TOTAL LIABILITIES AND MEMBERSb DEFICIT | 587,574 | 590,464 |
Class E And Class D Cumulative Convertible Participating Preferred Units [Member] | ' | ' |
LONG-TERM LIABILITIES | ' | ' |
CLASS E AND CLASS D PREFERRED UNITS | $104,989 | $30,000 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEET (PARENTHETICALS) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $817 | $509 |
Accumulated depreciation, depletion, amortization and impairment | 265,893 | 191,326 |
Accumulated depreciation for other property and equipment | 4,792 | 1,717 |
Unamortized discount of debt | $686 | $882 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES: | ' | ' | ' | ' |
Oil sales | $50,479 | $50,721 | $136,415 | $165,441 |
Natural gas sales | 12,600 | 13,289 | 40,046 | 36,754 |
Plant product sales | 1,457 | 2,876 | 5,831 | 11,079 |
Realized (loss) gain on derivative financial instruments | -2,725 | 3,284 | -2,573 | 11,189 |
Unrealized (loss) gain on derivative financial instruments | -5,143 | -16,129 | -5,989 | 7,375 |
Other revenues | 7,089 | 3,084 | 16,389 | 8,062 |
TOTAL REVENUES | 63,757 | 57,125 | 190,119 | 239,900 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Lease operating | 50,995 | 43,840 | 141,168 | 131,055 |
Production taxes | 173 | 192 | 489 | 744 |
Workover | 1,028 | 4,395 | 7,312 | 10,485 |
Exploration | 0 | 311 | 0 | 1,249 |
Depreciation, depletion and amortization | 10,027 | 12,302 | 32,727 | 36,546 |
Impairment of oil and gas properties | 402 | 3,681 | 55,779 | 6,992 |
General and administrative | 9,621 | 8,301 | 28,250 | 20,668 |
Gain on involuntary conversion of asset | -7,194 | 0 | -17,827 | 0 |
Accretion of asset retirement obligations | 4,458 | 9,256 | 19,551 | 27,228 |
Loss (gain) on sale of assets | 424 | 0 | -35,367 | 120 |
Other operating expenses | 2,704 | 0 | 5,117 | 0 |
TOTAL OPERATING EXPENSES | 72,638 | 82,278 | 237,199 | 235,087 |
(LOSS) INCOME FROM OPERATIONS | -8,881 | -25,153 | -47,080 | 4,813 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest income | 30 | 11 | 81 | 305 |
Miscellaneous expense | -2,674 | -919 | -7,620 | -2,408 |
Interest expense | -6,890 | -6,514 | -19,526 | -19,422 |
TOTAL OTHER EXPENSE, NET | -9,534 | -7,422 | -27,065 | -21,525 |
NET LOSS | -18,415 | -32,575 | -74,145 | -16,712 |
LESS: PREFERRED UNIT DIVIDENDS | 4,755 | 2,232 | 12,581 | 5,976 |
NET LOSS ATTRIBUTABLE TO COMMON UNIT HOLDERS | ($23,170) | ($34,807) | ($86,726) | ($22,688) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($74,145) | ($16,712) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation, depletion, and amortization | 32,727 | 36,546 |
Impairment of oil and gas properties | 55,779 | 6,992 |
Accretion of asset retirement obligations | 19,551 | 27,228 |
Amortization of debt issue costs | 4,595 | 3,455 |
Accretion of debt discount | 195 | 171 |
Unrealized loss (gain) on derivative financial instruments | 5,989 | -7,375 |
(Gain) loss on sale of assets | -35,367 | 120 |
Provision on doubtful accounts | 308 | 0 |
Gain on involuntary conversion of asset | -17,827 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -13,086 | 10,514 |
Due from affiliates, net | 74 | -1 |
Prepaid expenses and other assets | 16,440 | -6,920 |
Other assets | 464 | 0 |
Accounts payable and accrued liabilities | 74,560 | 2,737 |
Gas imbalance | -16 | 896 |
Settlement of asset retirement obligations | -41,512 | -13,623 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 28,729 | 44,028 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to oil and gas properties | -112,719 | -18,153 |
Acquisition of oil and gas properties | -3,250 | -3,454 |
Sale of oil and gas properties | 65,741 | -120 |
Additions to property and equipment | -683 | -252 |
Cash assumed in consolidation of Freedom Well Services, LLC | 473 | 0 |
Proceeds received from insurance recovery | 23,837 | 0 |
Deposits | -9 | -272 |
Restricted cash | -694 | 0 |
Escrow payments, net | -23,394 | -38,878 |
NET CASH USED IN INVESTING ACTIVITIES | -50,698 | -61,129 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds on short term notes | 348 | 17,644 |
Payments on short term notes | -3,827 | -12,940 |
Borrowing on bank debt | 23,168 | 145,000 |
Payments on bank debt | -40,168 | -112,500 |
Debt issuance costs | -2,249 | -3,022 |
Contributions from members | 50,000 | 0 |
Distributions to members | 0 | -16,694 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 27,272 | 17,488 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,303 | 387 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 1,383 | 17,260 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 6,686 | 17,647 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 11,773 | 12,603 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Asset retirement obligations relieved due to sale of properties | -22,999 | 0 |
Increase in asset retirement due to revaluation | 2,341 | 0 |
Paid-in-kind dividends on preferred equity and accrued distributions to members | $12,581 | $5,976 |
BASIS_OF_PRESENTATION_Notes
BASIS OF PRESENTATION (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Nature of Operations: Black Elk Energy Offshore Operations, LLC and our wholly-owned subsidiaries (collectively, “Black Elk”, "BEEOO", “we”, “our” or “us”) is a Houston-based oil and natural gas company engaged in the exploration, development, production and exploitation of oil and natural gas properties. We were formed on November 20, 2007 for the purpose of acquiring oil and natural gas producing properties within the Outer Continental Shelf of the United States in the Gulf of Mexico. | |
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation of our interim and prior period results have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for any other interim period or for the entire fiscal year. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”). | |
Reclassifications: Certain reclassifications have been made to conform 2012 balances to our 2013 presentation. Such reclassifications had no effect on net loss or cash flow. | |
Principles of Consolidation: The consolidated financial statements include the accounts of Black Elk Energy Offshore Operations, LLC and our wholly-owned subsidiaries, Black Elk Energy Land Operations, LLC and Black Elk Energy Finance Corp. Effective January 1, 2013, in accordance with accounting guidelines for consolidation of variable interest entities, we consolidated Freedom Well Services, LLC (“FWS”), as we determined that we are the primary beneficiary of FWS and will have the power to direct the activities of FWS. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates in Preparation of Financial Statements: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. We analyze our estimates based on historical experience, current factors and various other assumptions that we believe to be reasonable under the circumstances. However, actual results could differ from such estimates. | |
Recent Accounting Pronouncements: In December 2011, the FASB issued accounting guidance which increases disclosures about offsetting assets and liabilities. New disclosures are required to enable users of financial statements to understand significant quantitative differences in balance sheets prepared under GAAP and International Financial Reporting Standards (“IFRS”) related to the offsetting of financial instruments. The existing GAAP guidance allowing balance sheet offsetting, including industry-specific guidance, remains unchanged. The guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013. The disclosures should be applied retrospectively for all prior periods presented. The adoption of this amendment did not have a material impact on our consolidated financial statements. |
OIL_AND_GAS_PROPERTIES_Notes
OIL AND GAS PROPERTIES (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
OIL AND GAS PROPERTIES | ' | |||||||
OIL AND GAS PROPERTIES | ||||||||
The following table reflects capitalized costs related to our oil and gas properties: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
(Unaudited) | ||||||||
(in thousands) | ||||||||
Proved properties | $ | 500,811 | $ | 451,338 | ||||
Accumulated depreciation, depletion, amortization and impairment | (265,893 | ) | (191,326 | ) | ||||
Oil and gas properties, net | $ | 234,918 | $ | 260,012 | ||||
The following table describes the changes to our asset retirement obligations (unaudited): | ||||||||
(in thousands) | ||||||||
Balance at December 31, 2012 | $ | 345,505 | ||||||
Revaluation of liability | 2,341 | |||||||
Liabilities relieved due to sale of properties | (22,999 | ) | ||||||
Liabilities settled | (41,512 | ) | ||||||
Accretion expense | 19,551 | |||||||
Balance at September 30, 2013 | $ | 302,886 | ||||||
Less: current portion | (32,124 | ) | ||||||
Total Long-Term Asset Retirement Obligations | $ | 270,762 | ||||||
ACQUISITIONS_AND_DIVESTITURES_
ACQUISITIONS AND DIVESTITURES (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
ACQUISITIONS AND DIVESTITURES | ' |
NOTE 4—ACQUISITIONS AND DIVESTITURES | |
On March 26, 2013, we completed the sale of four fields to Renaissance for approximately $52.5 million subject to normal adjustments. Funds were used to reduce the amount borrowed under the Credit Facility by $36 million and for general corporate purposes. We sold an additional interest in one field to Renaissance on July 31, 2013 for $10.5 million subject to normal adjustments. Funds were used for general corporate purposes. |
DERIVATIVE_INSTRUMENTS_Notes
DERIVATIVE INSTRUMENTS (Notes) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||||||||||||||||||||||||||||
We enter into hedging transactions with major financial institutions to reduce exposure to fluctuations in the price of oil and natural gas. We use financially settled crude oil and natural gas swaps. With a swap, the counterparty is required to make a payment to us if the settlement price for a settlement period is below the hedged price for the transaction, and we are required to make a payment to the counterparty if the settlement price for any settlement period is above the hedged price for the transaction. We elected not to designate any of our derivative contracts as qualifying hedges for financial reporting purposes, therefore all of the derivative instruments are categorized as standalone derivatives and are being marked-to-market with “Unrealized (loss) gain on derivative financial instruments” recorded in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||
At September 30, 2013, we had the following contracts outstanding (Asset (Liability) and Fair Value Gain (Loss) (unaudited)): | |||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas | Total | |||||||||||||||||||||||||||||||||||||
Period | Monthly Volume | Contract | Asset | Fair Value | Monthly Volume | Contract | Asset | Fair Value | Asset | Fair Value | |||||||||||||||||||||||||||||
(Bbls) | Price | (Liability) | Gain | (MMBtu) | Price | (Liability) | Gain | (Liability) | Gain | ||||||||||||||||||||||||||||||
($/Bbl) | (Loss) | ($/MMBtu) | (Loss) | (Loss) | |||||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||
10/13 - 10/13 | 27,750 | $ | 96.9 | $ | (140 | ) | $ | (140 | ) | 104,000 | $ | 4.6 | $ | 114 | $ | 114 | $ | (26 | ) | $ | (26 | ) | |||||||||||||||||
11/13 - 11/13 | 26,800 | 96.9 | (121 | ) | (121 | ) | 104,000 | 4.6 | $ | 106 | 106 | (15 | ) | (15 | ) | ||||||||||||||||||||||||
12/13 - 12/13 | 27,750 | 96.9 | (101 | ) | (101 | ) | 104,000 | 4.6 | 88 | 88 | (13 | ) | (13 | ) | |||||||||||||||||||||||||
1/14 - 2/14 | 19,000 | 96.9 | (84 | ) | (84 | ) | 82,000 | 4.6 | 120 | 120 | 36 | 36 | |||||||||||||||||||||||||||
10/13 - 10/13 | 3,259 | 100.8 | (4 | ) | (4 | ) | 91,166 | 4.94 | 132 | 132 | 128 | 128 | |||||||||||||||||||||||||||
11/13 - 11/13 | — | — | — | — | 64,926 | 4.94 | 88 | 88 | 88 | 88 | |||||||||||||||||||||||||||||
12/13 - 12/13 | 10,042 | 100.8 | 1 | 1 | 119,462 | 4.94 | 141 | 141 | 142 | 142 | |||||||||||||||||||||||||||||
1/14 - 5/14 | 10,083 | 100.8 | 139 | 139 | 129,960 | 4.94 | 694 | 694 | 833 | 833 | |||||||||||||||||||||||||||||
6/14 - 6/14 | — | — | — | — | 129,960 | 4.94 | 133 | 133 | 133 | 133 | |||||||||||||||||||||||||||||
10/13 - 12/13 | 19,750 | 85.9 | (905 | ) | (905 | ) | 47,000 | 5 | 196 | 196 | (709 | ) | (709 | ) | |||||||||||||||||||||||||
1/14 - 12/14 | 15,000 | 65 | (4,947 | ) | (4,947 | ) | — | — | — | — | (4,947 | ) | (4,947 | ) | |||||||||||||||||||||||||
10/13 - 10/13 | 28,006 | 88.8 | (368 | ) | (368 | ) | 34,551 | 4.09 | 20 | 20 | (348 | ) | (348 | ) | |||||||||||||||||||||||||
11/13 - 11/13 | 31,605 | 88.8 | (395 | ) | (395 | ) | 28,939 | 4.09 | 15 | 15 | (380 | ) | (380 | ) | |||||||||||||||||||||||||
12/13 - 12/13 | 38,743 | 88.8 | (448 | ) | (448 | ) | 37,906 | 4.09 | 13 | 13 | (435 | ) | (435 | ) | |||||||||||||||||||||||||
1/14 - 1/14 | 4,723 | 88.8 | (49 | ) | (49 | ) | 43,347 | 4.09 | 11 | 11 | (38 | ) | (38 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 13,313 | 88.8 | (126 | ) | (126 | ) | 32,636 | 4.09 | 8 | 8 | (118 | ) | (118 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 8,413 | 88.8 | (71 | ) | (71 | ) | 46,764 | 4.09 | 12 | 12 | (59 | ) | (59 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 12,473 | 88.8 | (95 | ) | (95 | ) | 41,253 | 4.09 | 13 | 13 | (82 | ) | (82 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 11,793 | 88.8 | (79 | ) | (79 | ) | 40,391 | 4.09 | 11 | 11 | (68 | ) | (68 | ) | |||||||||||||||||||||||||
6/14 - 6/14 | 15,546 | 88.8 | (92 | ) | (92 | ) | 20,112 | 4.09 | 5 | 5 | (87 | ) | (87 | ) | |||||||||||||||||||||||||
7/14 - 7/14 | 11,845 | 88.8 | (62 | ) | (62 | ) | 39,283 | 4.09 | 9 | 9 | (53 | ) | (53 | ) | |||||||||||||||||||||||||
8/14 - 8/14 | 13,165 | 88.8 | (61 | ) | (61 | ) | 34,246 | 4.09 | 7 | 7 | (54 | ) | (54 | ) | |||||||||||||||||||||||||
9/14 - 9/14 | 16,235 | 88.8 | (66 | ) | (66 | ) | 29,753 | 4.09 | 6 | 6 | (60 | ) | (60 | ) | |||||||||||||||||||||||||
10/14 - 10/14 | 15,605 | 88.8 | (55 | ) | (55 | ) | 28,635 | 4.09 | 5 | 5 | (50 | ) | (50 | ) | |||||||||||||||||||||||||
11/14 - 11/14 | 18,525 | 88.8 | (57 | ) | (57 | ) | 27,081 | 4.09 | 3 | 3 | (54 | ) | (54 | ) | |||||||||||||||||||||||||
12/14 - 12/14 | 22,526 | 88.8 | (56 | ) | (56 | ) | 34,114 | 4.09 | (1 | ) | (1 | ) | (57 | ) | (57 | ) | |||||||||||||||||||||||
10/13 - 10/13 | 4,000 | 87.85 | (56 | ) | (56 | ) | — | — | — | — | (56 | ) | (56 | ) | |||||||||||||||||||||||||
11/13 - 11/13 | 250 | 87.85 | (3 | ) | (3 | ) | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||
12/13 - 12/13 | 2,500 | 87.85 | (31 | ) | (31 | ) | — | — | — | — | (31 | ) | (31 | ) | |||||||||||||||||||||||||
1/14 - 1/14 | 46,000 | 87.85 | (523 | ) | (523 | ) | — | — | — | — | (523 | ) | (523 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 25,000 | 87.85 | (259 | ) | (259 | ) | — | — | — | — | (259 | ) | (259 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 56,000 | 87.85 | (524 | ) | (524 | ) | — | — | — | — | (524 | ) | (524 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 45,000 | 87.85 | (382 | ) | (382 | ) | — | — | — | — | (382 | ) | (382 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 46,000 | 87.85 | (349 | ) | (349 | ) | — | — | — | — | (349 | ) | (349 | ) | |||||||||||||||||||||||||
6/14 - 6/14 | 48,000 | 87.85 | (326 | ) | (326 | ) | 40,391 | 4.19 | 14 | 14 | (312 | ) | (312 | ) | |||||||||||||||||||||||||
7/14 - 7/14 | 36,000 | 87.85 | (219 | ) | (219 | ) | 20,112 | 4.19 | 6 | 6 | (213 | ) | (213 | ) | |||||||||||||||||||||||||
8/14 - 8/14 | 34,000 | 87.85 | (186 | ) | (186 | ) | 39,283 | 4.19 | 11 | 11 | (175 | ) | (175 | ) | |||||||||||||||||||||||||
9/14 - 9/14 | 26,000 | 87.85 | (128 | ) | (128 | ) | 34,246 | 4.19 | 10 | 10 | (118 | ) | (118 | ) | |||||||||||||||||||||||||
10/14 - 10/14 | 27,000 | 87.85 | (118 | ) | (118 | ) | 29,753 | 4.19 | 8 | 8 | (110 | ) | (110 | ) | |||||||||||||||||||||||||
11/14 - 11/14 | 20,000 | 87.85 | (78 | ) | (78 | ) | 28,635 | 4.19 | 6 | 6 | (72 | ) | (72 | ) | |||||||||||||||||||||||||
12/14 - 12/14 | 31,000 | 87.85 | (101 | ) | (101 | ) | 27,081 | 4.19 | 2 | 2 | (99 | ) | (99 | ) | |||||||||||||||||||||||||
1/15 - 1/15 | — | — | — | — | 34,114 | 4.19 | — | — | — | — | |||||||||||||||||||||||||||||
2/15 - 2/15 | — | — | — | — | 27,838 | 4.19 | — | — | — | — | |||||||||||||||||||||||||||||
3/15 - 3/15 | — | — | — | — | 24,461 | 4.19 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||
1/15 - 1/15 | — | — | — | — | 27,838 | 4.09 | (3 | ) | (3 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||||||
2/15 - 2/15 | — | — | — | — | 24,461 | 4.09 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||||
3/15 - 3/15 | — | — | — | — | 26,443 | 4.09 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||||
10/13 - 10/13 | 67,513 | 108.44 | 181 | 181 | — | — | — | — | 181 | 181 | |||||||||||||||||||||||||||||
11/13 - 11/13 | 64,159 | 108.44 | 184 | 184 | — | — | — | — | 184 | 184 | |||||||||||||||||||||||||||||
12/13 - 12/13 | 45,392 | 108.44 | 162 | 162 | — | — | — | — | 162 | 162 | |||||||||||||||||||||||||||||
1/14 - 1/14 | 46,006 | 100.72 | (142 | ) | (142 | ) | — | — | — | — | (142 | ) | (142 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 39,159 | 100.72 | (88 | ) | (88 | ) | — | — | — | — | (88 | ) | (88 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 36,822 | 100.72 | (55 | ) | (55 | ) | — | — | — | — | (55 | ) | (55 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 34,069 | 100.72 | (25 | ) | (25 | ) | — | — | — | — | (25 | ) | (25 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 35,200 | 100.72 | 1 | 1 | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
6/14 - 6/14 | 31,668 | 100.72 | 23 | 23 | — | — | — | — | 23 | 23 | |||||||||||||||||||||||||||||
7/14 - 7/14 | 48,509 | 100.72 | 64 | 64 | — | — | — | — | 64 | 64 | |||||||||||||||||||||||||||||
8/14 - 8/14 | 46,473 | 100.72 | 87 | 87 | — | — | — | — | 87 | 87 | |||||||||||||||||||||||||||||
9/14 - 9/14 | 45,830 | 100.72 | 110 | 110 | — | — | — | — | 110 | 110 | |||||||||||||||||||||||||||||
10/14 - 10/14 | 44,282 | 100.72 | 125 | 125 | — | — | — | — | 125 | 125 | |||||||||||||||||||||||||||||
11/14 - 11/14 | 40,874 | 100.72 | 130 | 130 | — | — | — | — | 130 | 130 | |||||||||||||||||||||||||||||
12/14 - 12/14 | 26,424 | 100.72 | 95 | 95 | — | — | — | — | 95 | 95 | |||||||||||||||||||||||||||||
$ | (10,673 | ) | $ | (10,673 | ) | $ | 2,001 | $ | 2,001 | $ | (8,672 | ) | $ | (8,672 | ) | ||||||||||||||||||||||||
The fair values of derivative instruments in our consolidated balance sheets were as follows (in thousands) (unaudited): | |||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset (Liability) Derivatives Total | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under Accounting Guidance | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | |||||||||||||||||||||||||||||||||
Location | September 30, | Location | September 30, | Location | September 30, | ||||||||||||||||||||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative financial | Derivative financial | Derivative financial | ||||||||||||||||||||||||||||||||||||
instruments | instruments | instruments | |||||||||||||||||||||||||||||||||||||
Current | $ | 2,934 | Current | $ | (10,457 | ) | Current | $ | (7,523 | ) | |||||||||||||||||||||||||||||
Non-current | 376 | Non-current | (1,525 | ) | Non-current | (1,149 | ) | ||||||||||||||||||||||||||||||||
Total derivative instruments | $ | 3,310 | $ | (11,982 | ) | $ | (8,672 | ) | |||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset (Liability) Derivatives Total | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | |||||||||||||||||||||||||||||||||
Instruments under Accounting Guidance | Location | December 31, | Location | December 31, | Location | December 31, | |||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative financial | Derivative financial | Derivative financial | ||||||||||||||||||||||||||||||||||||
instruments | instruments | instruments | |||||||||||||||||||||||||||||||||||||
Current | $ | 6,808 | Current | $ | (4,400 | ) | Current | $ | 2,408 | ||||||||||||||||||||||||||||||
Non-current | 1,235 | Non-current | (6,326 | ) | Non-current | (5,091 | ) | ||||||||||||||||||||||||||||||||
Total derivative instruments | $ | 8,043 | $ | (10,726 | ) | $ | (2,683 | ) | |||||||||||||||||||||||||||||||
We have a netting agreement with our financial institution that permits net settlement of gross commodity derivative assets against gross commodity derivative liabilities, and we routinely exercise our contractual right to offset realized gains against realized losses when settling with our derivative counterparty. | |||||||||||||||||||||||||||||||||||||||
The effect of derivate instruments on our consolidated statements of operations was as follows (in thousands) (unaudited): | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under Accounting Guidance | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||
Statements of Operations Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commodity Contracts | Realized (loss) gain on derivative financial instruments | $ | (2,725 | ) | $ | 3,284 | $ | (2,573 | ) | $ | 11,189 | ||||||||||||||||||||||||||||
Commodity Contracts | Unrealized (loss) gain on derivative financial instruments | (5,143 | ) | (16,129 | ) | (5,989 | ) | 7,375 | |||||||||||||||||||||||||||||||
Total derivative instruments | $ | (7,868 | ) | $ | (12,845 | ) | $ | (8,562 | ) | $ | 18,564 | ||||||||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Notes
FAIR VALUE MEASUREMENTS (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Accounting guidance for fair value measurements clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about fair value measurements. The three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: | ||||||||||||||||
• | Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||||||
• | Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||||||||
As required by accounting guidance for fair value measurements, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
The following tables present information about our assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands) (unaudited): | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at September 30, 2013 | ||||||||||||||||
Using Fair Value Hierarchy | ||||||||||||||||
Fair Value as of | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2013 | ||||||||||||||||
Assets | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | 3,310 | $ | — | $ | 3,310 | $ | — | ||||||||
$ | 3,310 | $ | — | $ | 3,310 | $ | — | |||||||||
Liabilities | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | (11,982 | ) | $ | — | $ | (11,982 | ) | $ | — | ||||||
$ | (11,982 | ) | $ | — | $ | (11,982 | ) | $ | — | |||||||
Fair Value Measurements | ||||||||||||||||
at December 31, 2012 | ||||||||||||||||
Using Fair Value Hierarchy | ||||||||||||||||
Fair Value as of | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | ||||||||||||||||
Assets | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | 8,043 | $ | — | $ | 8,043 | $ | — | ||||||||
$ | 8,043 | $ | — | $ | 8,043 | $ | — | |||||||||
Liabilities | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | (10,726 | ) | $ | — | $ | (10,726 | ) | $ | — | ||||||
$ | (10,726 | ) | $ | — | $ | (10,726 | ) | $ | — | |||||||
At September 30, 2013 and December 31, 2012, management estimates that the derivative contracts had a fair value of $(8.7) million and $(2.7) million, respectively. We estimated the fair value of derivative instruments using internally-developed models that use as their basis readily observable market parameters. | ||||||||||||||||
The determination of the fair values above incorporates various factors required under accounting guidance for fair value measurements. These factors include not only the impact of our nonperformance risk but also the credit standing of the counterparties involved in our derivative contracts. | ||||||||||||||||
As of September 30, 2013, the estimated fair value of cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities approximated their carrying value due to their short-term nature. The estimated fair value of our debt was primarily based on quoted market prices as well as prices for similar debt based on recent market transactions. The fair value of debt at September 30, 2013 was $182.7 million. | ||||||||||||||||
Fair Value on a Non-Recurring Basis | ||||||||||||||||
Oil and gas properties with a carrying value of $290.7 million were written down to their fair value of $234.9 million, resulting in an impairment charge of $0.4 million and $55.8 million for the three and nine months ended September 30, 2013, respectively, which is recognized under “Impairments of oil and gas properties” in the consolidated statements of operations. As of September 30, 2012, oil and gas properties with a carrying value of $224.4 million were written down to their fair value of $217.4 million, resulting in an impairment charge of $3.7 million and $7.0 million for the three and nine months ended September 30, 2012, respectively. The impairment analysis is based on the estimated discounted future cash flows for those properties. Significant Level 3 assumptions used in the calculation of estimated discounted cash flows included our estimate of future oil and gas prices, production costs, development expenditures, estimated quantities and timing of production of proved reserves, appropriate risk-adjusted discount rates, and other relevant data. | ||||||||||||||||
The revaluation to asset retirement obligations resulted from revised estimations. Fair values for the asset retirement obligations are categorized as Level 3. Such estimations are based on present value techniques which utilize company-specific information for such inputs as cost and timing of plugging and abandonment of wells and facilities. We recorded $2.3 million in additions to asset retirement obligations measured at fair value during the nine months ended September 30, 2013. |
DEBT_AND_NOTES_PAYABLE_Notes
DEBT AND NOTES PAYABLE (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT AND NOTES PAYABLE | ' | |||||||
DEBT AND NOTES PAYABLE | ||||||||
Our debt and notes payable are summarized as follows: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Senior Secured Revolving Credit Facility | $ | 35,000 | $ | 52,000 | ||||
13.75% Senior Secured Notes, net of discount | 149,314 | 149,118 | ||||||
AFCO Credit Corporation-insurance note payable | — | 3,552 | ||||||
Other debt | 296 | — | ||||||
Total debt | 184,610 | 204,670 | ||||||
Less: current portion | (243 | ) | (3,552 | ) | ||||
Total long-term debt | $ | 184,367 | $ | 201,118 | ||||
Senior Secured Revolving Credit Facility | ||||||||
On December 24, 2010, we entered into a Credit Facility comprised of a senior secured revolving credit facility of up to $35 million and a $75 million secured letter of credit facility to be used exclusively for the issuance of letters of credit in support of our future P&A liabilities relating to our oil and natural gas properties (the “Letter of Credit Facility”). The Credit Facility bears interest based on the borrowing base usage, at the applicable London Interbank Offered Rate, plus applicable margins ranging from 4.75% to 5.5%, or an alternate base rate based on the federal funds effective rate plus applicable margins ranging from 3.25% to 4.00%. The applicable margin is computed based on the borrowing based utilization percentage in effect from time to time. On August 30, 2013, we consented to the assignment by Capital One Bank, N.A. and the other lenders of all of their rights and obligations under the Credit Facility to White Elk LLC, as Administrative Agent and Lender, and Resource Value Group LLC, as Lender. Resource Value Group LLC is affiliated with our majority owner, Platinum Partners Value Arbitrage Fund L.P. | ||||||||
We have entered into various amendments to the Credit Facility and the Letter of Credit Facility. These amendments have, among other things, (1) changed our amount available for borrowing under the Credit Facility from $35 million to a current borrowing base of $47 million, (2) adjusted the commitments under the Letter of Credit Facility to a current level of approximately $66.6 million, (3) increased the applicable margin with respect to each ABR loan or Eurodollar loan outstanding by a total of 2%, (4) amended certain provisions governing our swap agreements, (5) updated the fees on the letters of credit to 2% on a go-forward basis, (6) updated the “change in control” definition, (7) amended the definition of debt included in the calculation of the covenants, (8) changed the maturity date from December 24, 2013 to January 1, 2015 on the Credit Facility and to June 22, 2014 on the Letter of Credit Facility, (9) added affirmative covenants to be furnished on a weekly basis including updated cash flow projections, updated accounts payable and accounts receivable schedules, and daily production reports for the week, (10) added an affirmative covenant that we would receive certain specified capital contributions from Platinum Partners Black Elk Opportunities Fund LLC (“PPBE”) or entities designated by PPBE during the first quarter of 2013, (11) revised the definition of “Event of Default” to include non-compliance with new affirmative covenants and (12) restricted returns of capital to our unit holders or distributions of our property to our equity interest holders. | ||||||||
On August 30, 2013, we entered into a Limited Waiver and Eleventh Amendment to our Credit Facility (the "Eleventh Amendment") to (1) obtain waivers related to our financial covenants for the third and fourth quarters of 2013, (2) extend the maturity date under the credit facility to January 1, 2015, (3) increase the Applicable Margin under the Credit Facility by one percent (for a total increase of two percent when combined with the one percent increase pursuant to the Eighth Amendment), (4) maintain the borrowing base at $25 million, subject to the right of Resource Value Group LLC to require the Administrative Agent to increase the borrowing base up to a maximum of $50 million and (5) waive our right and the right of the Lenders to request or obtain a borrowing base redetermination prior to the first scheduled redetermination date in 2014. The borrowing base under the Credit Facility was increased to $35 million on September 30, 2013 and as of that date we had $35 million outstanding. Subsequently, the borrowing base was increased to $47 million on October 15, 2013. As of November 14, 2013, we had $45 million drawn on the Credit Facility. | ||||||||
As of September 30, 2013, letters of credit in the aggregate amount of $96.6 million were outstanding under the Letter of Credit Facility. We had $35.0 million in borrowings under the Credit Facility. As of November 14, 2013, we had $2.0 million available for additional borrowings under the Credit Facility. | ||||||||
A commitment fee of 0.5% per annum is computed based on the unused borrowing base and paid quarterly. For each of the three and nine months ended September 30, 2013, we recognized $4,125 in commitment fees, which have been included in “Interest expense” on the consolidated statements of operations. A letter of credit fee is computed based on the same applicable margin used to determine the interest rate to Eurodollar loans times the stated face amount of each letter of credit. | ||||||||
The Credit Facility is secured by mortgages on at least 80% of the total value of our proved oil and gas reserves. The borrowing base is re-determined semi-annually on or around April 1st and October 1st of each year. | ||||||||
The Credit Facility requires us and our subsidiaries to maintain certain financial covenants. Specifically, we may not permit, in each case as calculated as of the end of each fiscal quarter, our total leverage ratio to be more than 2.5 to 1.0, our interest coverage ratio to be less than 3.0 to 1.0, or our payables restriction covenant, which does not allow accounts payable greater than 90 days old to exceed $6.0 million in the aggregate, excluding certain vendors (in each case as defined in our revolving Credit Facility). In addition, we and our subsidiaries are subject to various covenants, including, but not limited to, restrictions on our and our subsidiaries’ ability to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets subject to their security interests, pay dividends, make acquisitions, loans, advances or investments, sell or otherwise transfer assets, enter into transactions with affiliates or change our line of business. As of September 30, 2013, we were not in compliance with the total leverage ratio covenant, the hedging requirement covenant and the interest coverage ratio covenant. Our total leverage ratio was calculated to be 6.0 to 1.0, which was higher than the required maximum of 2.5 to 1.0. Our hedging requirement of our notional volumes exceeded 60% for the months of October and November 2013 by 21% and 13%, respectively, of the reasonably anticipated total volume of projected production from proved, developed, and producing oil and gas properties. Our interest coverage ratio covenant was calculated to be 1.2 to 1.0, which was lower than the minimum 3.0 to 1.0. Our payables restriction covenant was calculated to be $27.2 million which was higher than the maximum of $6.0 million. We received a limited waiver relating to such covenants in the Eleventh Amendment for only the fiscal quarters ended September 30, 2013 and December 31, 2013 as well as a limited waiver and amendment on our Letter of Credit Facility in the Limited Waiver, Tenth Amendment to Letter of Credit Facility Agreement (the "Waiver and Tenth Amendment") for the fiscal quarter ended September 30, 2013. | ||||||||
13.75% Senior Secured Notes | ||||||||
On November 23, 2010, we issued $150 million face value of 13.75% Notes discounted at 99.109%. The net proceeds were used to repay all of the outstanding indebtedness under our prior revolving credit facility, to fund BOEM collateral requirements, and to prefund our escrow accounts. We pay interest on the Notes semi-annually in arrears, on June 1 and December 1 of each year, which commenced on June 1, 2011. The Notes will mature on December 1, 2015, at which time all principal then outstanding will be due. As of September 30, 2013, the recorded value of the Notes was $149.3 million, which includes the unamortized discount of $0.7 million. We incurred underwriting and debt issue costs of $7.2 million, which have been capitalized and are being amortized over the life of the Notes. | ||||||||
The Notes are secured by a security interest in our and the guarantors’ assets (excluding the W&T Escrow Accounts (as defined below)) to the extent they constitute collateral under our existing unused Credit Facility and derivative contract obligations. The liens securing the Notes will be subordinated and junior to any first lien indebtedness, including our derivative contracts obligations and Credit Facility. | ||||||||
We have the right to redeem the Notes under various circumstances. If we experience a change of control, the holders of the Notes may require us to repurchase the Notes at 101% of the principal amount thereof, plus accrued unpaid interest. We also have an optional redemption in which we may redeem up to 35% of the aggregate principal amount of the Notes at a price equal to 110.0% of the principal amount, plus accrued interest and unpaid interest to the date of redemption, with the net cash proceeds of certain equity offerings until December 1, 2013. From December 1, 2013 until December 1, 2014, we may redeem some or all of the Notes at an initial redemption price equal to par value plus one-half the coupon which equals 106.875% plus accrued and unpaid interest to the date of the redemption. On or after December 1, 2014, we may redeem some or all of the Notes at a redemption price equal to par plus accrued and unpaid interest to the date of redemption. | ||||||||
On May 23, 2011, we commenced a Consent Solicitation that resulted in our entry into the First Supplemental Indenture. We paid a consent solicitation fee of $4.5 million. The First Supplemental Indenture amended the Indenture, among other things, to: (1) increase the amount of capital expenditures permitted to be made by us on an annual basis, (2) enable us to obtain financial support from our majority equity holder by way of a $30 million investment in Sponsor Preferred Stock, which can be repaid over time, and (3) obligate us to make an offer to repurchase the Notes semi-annually at an offer price equal to 103% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest to the extent we meet certain defined financial tests and as permitted by our credit facilities. | ||||||||
The Notes require us to maintain certain financial covenants. Specifically, we may not permit our SEC PV-10 to consolidated leverage to be less than 1.4 to 1.0 as of the last day of each fiscal year. In addition, we and our subsidiaries are subject to various covenants, including restricted payments, incurrence of indebtedness and issuance of preferred stock, liens, dividends and other payments, merger, consolidation or sale of assets, transactions with affiliates, designation of restricted and unrestricted subsidiaries, and a maximum limit for capital expenditures. Our limitation on capital expenditures was amended in conjunction with the Consent Solicitation on May 31, 2011 to 30% of consolidated earnings before interest expense, income taxes, DD&A, impairment of oil and gas properties, and exploration expense for any year thereafter. As of September 30, 2013, we were in compliance with all covenants under the Indenture. We believe anticipated capital expenditures in 2013 will exceed the amount provided for in a covenant regarding maximum capital expenditures. However, the Indenture also provides that we may use proceeds from the sale of assets for capital expenditures that we believe is not limited by the previously referenced capital expenditure covenant. In the event our interpretation of the Indenture is not upheld or if our cash proceeds from the sale of assets are not sufficient to reduce our capital expenditures to a level that makes us compliant with the maximum capital expenditure covenant, we have the option under the Indenture to redeem the Notes, beginning December 1, 2013, at a redemption price of 106.875% of par plus accrued interest and may seek to redeem the Notes; however, there can be no assurance that we will have sufficient funds to do so. We also have the option to solicit a waiver from the holders of the Notes. In these circumstances, absent a waiver and following notice to us of the default and lapse of the 30-day grace period as provided in the Indenture, the Indenture trustee or the holders of at least 25% in aggregate principal amount of the Notes would have the right to declare all the Notes to be due and payable immediately. A default under the Indenture covenant could also result in a cross-default under our credit facility. | ||||||||
The amounts of required principal payments based on our outstanding debt amounts as of September 30, 2013, were as follows: | ||||||||
Period Ending September 30, | (in thousands) | |||||||
2014 | $ | 243 | ||||||
2015 | 35,030 | |||||||
2016 | 150,023 | |||||||
185,296 | ||||||||
Unamortized discount on 13.75% Senior Secured Notes | (686 | ) | ||||||
Total debt | $ | 184,610 | ||||||
PREFERRED_UNITS_Notes
PREFERRED UNITS (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
PREFERRED UNITS | ' |
PREFERRED UNITS AND MEMBERS' DEFICIT | |
In the first quarter of 2013, we entered into contribution agreements with PPVA (Equity) and Platinum Partners Black Elk Opportunities Fund LLC (“PPBE”) or entities designated by PPBE (together, the “Platinum Group”) pursuant to which we have issued 50.0 million additional Class E Preferred Units (the “Class E Units”) and 3.8 million additional Class B Units to the Platinum Group for an aggregate offering price of $50.0 million. The Class E Units are recorded under "Preferred Units" and the Class B Units are included in "Members Deficit" in the consolidated balance sheets. In addition, we also agreed to issue an additional 43 million Class E Units in exchange for $30.0 million of outstanding Class D Preferred Units and $13.0 million of paid-in-kind dividends. The Class D Preferred Units were recorded under "Preferred Units" in the consolidated balance sheets. The Class E Units will receive a preferred return of 20% per annum, which will increase from and after March 25, 2014 to 36% per annum (such date as determined by our Fifth Amendment to Second Amended and Restated Limited Liability Operating Agreement). For the nine months ended September 30, 2013, we issued an additional amount of Class E Units of approximately 12.0 million as paid-in-kind dividends to the holders of Class E Units. | |
On February 12, 2013, we entered into an agreement with Platinum under which we agreed to issue Class B Units to Platinum in exchange for financial consulting services, including (1) analysis and assessment of our business and financial condition and compliance with financial covenants in our Credit Facility, (2) discussion with us and senior bank lenders regarding capital contributions and divestitures of non-core assets, and (3) coordination with our attorneys, accountants, and other professionals. On February 12, 2013, we issued 1,131,458.5 Class B Units to PPVA Black Elk (Equity) LLC, an affiliate of Platinum, pursuant to such agreement. | |
On February 12, 2013, we entered into the Fourth Amendment to the Second Amended and Restated Limited Liability Operating Agreement of the Company (the “Fourth Amendment”). The Fourth Amendment amended the Company’s operating agreement to effectuate a 10,000 to 1 unit split for each of the Class A Units, Class B Units and Class C Units. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
General | ||||
Due to the nature of our business, some contamination of the real estate property owned or leased by us is possible. Environmental site assessment of the property would be necessary to adequately determine remediation costs, if any. Management does not consider the amounts that would result from any environmental site assessments to be significant to the consolidated financial position or results of our operations. Accordingly, no provision for potential remediation costs is reflected in the accompanying consolidated financial statements. | ||||
We are subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on our consolidated financial position or results of operations. | ||||
For each of the following proceedings, we are currently evaluating the plaintiff’s claims and determining appropriate courses of response with the aid of outside legal counsel and insurance defense counsel. These proceedings are at a preliminary stage; accordingly, we currently cannot assess the probability of losses, or reasonably estimate a range of any potential losses related to the proceedings. Some or all of the costs of defense and liability (if any) may be covered under our Commercial General Liability insurance policy. We intend to vigorously defend ourselves in these proceedings. We are currently in the early stages of litigation for each proceeding and are therefore unable to determine whether these proceedings would have a material adverse effect on our financial position, results of operations or cash flows. | ||||
West Delta 32 | ||||
On November 16, 2012, an explosion and fire occurred on our West Delta 32-E platform (the “West Delta 32 Incident”). The investigation in regards to the West Delta 32 Incident has been concluded by BSEE. On November 4, 2013, BSEE issued its investigation report (the “BSEE Panel Report 2013-002”) on the West Delta 32 Incident. The report recommends that contractors Wood Group Production Service Network, Grand Isle Shipyard, and Compass Engineering Consultants, as well as Black Elk Energy be issued the following types of Incidents of Non-Compliance: G-110, G-112, G-116, G-303, G-310, G-311, G-312 and E-100. The report also recommends that contractor Wood Group Production Service Network and Black Elk Energy be issued the additional following types of Incidents of Non-Compliance: G-309 and G-317. The report states that BSEE will issue Incidents of Non-Compliance based upon evidence contained in the report and/or other relevant evidence. No Incidents of Non-Compliance have been issued yet, and Black Elk Energy has and will continue to fully cooperate with BSEE. Black Elk Energy will be carefully reviewing the BSEE Panel Report 2013-002 over the coming weeks. | ||||
At BSEE’s direction, we engaged an independent third-party auditor to audit our SEMS program. BSEE participated in the audit and after reviewing the results, it issued a letter to BEEOO stating that “BEEOO’s SEMS meets the intent of BSEE regulations and policies, provided that the Corrective Action Plan (“CAP”) is implemented in accordance with BEEOO’s SEMS Audit Report. We are currently providing regular updates on our CAP progress. | ||||
In August 2013, ABSG Consulting (“ABSG”), a third party investigator, concluded that on the day of the West Delta 32 Incident contractors were welding a flange on open piping leading to an oil tank that contained flammable vapors. The piping had not been isolated and made safe for welding activities as required by Black Elk Energy safe work practices. The ABSG report further found that flammable vapors in the piping ignited, and within seconds reached the three oil tanks. The welding work was performed under contract by Grand Isle Shipyard. At the time of the incident, the platform production was shut in and no oil was flowing to or through the platform. | ||||
On October 15, 2013, the Department of Justice, U.S. Attorney’s Office issued a subpoena pertaining to all physical evidence collected and maintained by BEEOO and ABSG Consulting as part of the investigation of the West Delta Incident. | ||||
As of November 12, 2013, several civil lawsuits have been filed as a result of the West Delta 32 Incident. The courts held a status conference ordering procedural matters to be filed on the court’s docket. All civil cases filed both in Texas and Louisiana as a result of the West Delta 32 Incident are being defended by insurance defense counsel. We believe we have strong defenses and cross-claims and intend to defend ourselves vigorously. | ||||
On January 8, 2013, five investors in Black Elk Energy, LLC (“BEE”) filed a purported derivative action on behalf of BEE in the 164th Judicial District of Harris County, Texas against our President and CEO, John Hoffman; our majority unit holder, PPVA Black Elk (Equity) LLC; several entities affiliated with PPVA Black Elk (Equity) LLC; and Iron Island Technologies, Inc. The lawsuit originally alleged that the defendants improperly diluted BEE’s percentage ownership in our company and that the defendants’ alleged gross mismanagement harmed BEE by allegedly causing a credit rating downgrade and a prospective buyer to reduce an alleged offer price for our company. The plaintiffs seek an unspecified amount of damages on behalf of BEE in connection with these claims. On July 26, 2013, in response to a motion to dismiss by PPVA Black Elk (Equity) LLC and its affiliated entities, the court dismissed all claims against all defendants. The claims were dismissed with prejudice to re-filing in Texas. | ||||
In the previously reported investor plaintiff civil matter, the same plaintiffs filed a Temporary Restraining Order and Preliminary Injunction in the Supreme Court of the State of New York, County of New York, restraining BEEOO from dispersing any proceeds from the sale of 43 oil and gas offshore fields being marketed at an oil and gas clearing house until 27.01% of the sale proceeds are placed in an escrow account during the pendency of the litigation. The Judge dismissed the Temporary Restraining Order and set a hearing for the Motion for the Injunction. The court heard oral arguments on the preliminary injunction motion on October 31, 2013 and reserved decision; a ruling is expected later this month. The Company intends to file a motion to dismiss the complaint in its entirety for failure to state a cause of action and based on documentary evidence that refutes the claims. | ||||
On April 29, 2013, Grand Isle Shipyards, Inc. (“GIS”) sued BEEOO, Enviro Tech Systems, LLC, Wood Group USA, Inc., and Compass Engineering & Consultants, LLC in the United States District Court for the Eastern District of Louisiana for damages it alleged incurred in connection with the West Delta 32 Incident. GIS specifically sought damages for loss of property and equipment, expenses in the form of indemnity and medical benefits paid to or on behalf of its employees, and for unpaid invoices in connection with the work it performed at West Delta 32. Upon motion by BEEOO, however, the court dismissed GIS’ lawsuit and ordered GIS and BEEOO to first attempt to resolve their claims through mediation, and if that is unsuccessful, then through binding arbitration, pursuant to and in accordance with the MSA. The mediation is scheduled on November 12, 2013. If that is unsuccessful, then the arbitration process will proceed. | ||||
Operating Leases | ||||
We lease office space and certain equipment under non-cancelable operating lease agreements that expire on various dates through 2020. | ||||
During 2012, we entered into two drilling unit contracts. One of the contracts was amended in June 2013 and was extended an additional 180 days to begin in January 2014. The second contract was for the duration of one drill well and was extended to include one additional drill well, which has now been completed. Additionally, we purchased leasehold in South Texas and drilled and completed one well in the third quarter of 2013. | ||||
Approximate future minimum lease payments for operating leases at September 30, 2013 were as follows: | ||||
Period Ending September 30, | (in thousands) | |||
2014 | $ | 31,860 | ||
2015 | 2,201 | |||
2016 | 2,029 | |||
2017 | 1,740 | |||
2018 | 1,577 | |||
Thereafter | 3,476 | |||
$ | 42,883 | |||
Escrow Accounts | ||||
Pursuant to the purchase agreement from W&T Offshore, Inc. (the “W&T Acquisition”), we are required to fund two escrow accounts (the “W&T Escrow Accounts”), relating to the operating and non-operating properties that were acquired in maximum aggregate amount of $63.8 million ($32.6 million operated and $31.2 million non-operated) for future P&A costs that may be incurred on such properties. As of November 2010, we fully funded the operating escrow account in the amount of $32.6 million and the payment schedule for the Non-Operated Properties Escrow Account was amended and commenced on December 2011. As of September 30, 2013, we have funded $16.4 million into the non-operating escrow account, leaving $14.8 million to be funded through May 1, 2017. | ||||
The obligations under the W&T Escrow Accounts are fully guaranteed by an affiliate of Platinum. W&T Offshore Inc. (“W&T”) has a first lien on the entirety of the W&T Escrow Accounts, and BP Corporation North America Inc. and Platinum are pari passu second lien holders. Once P&A obligations with respect to the interest in properties acquired from the W&T Acquisition have been fully satisfied, the lien on the W&T Escrow Accounts will be automatically extinguished. W&T also has a second priority lien with respect to the interest in properties acquired from the W&T Acquisition (with Platinum and BNP Paribas sharing a first priority lien), which lien will be released once the W&T Escrow Accounts have been fully funded. On December 19, 2012, we entered into a Third Amendment to Purchase and Sale Agreement (the “Third Amendment”) with W&T. Pursuant to the Third Amendment, we caused performance bonds (the “ARGO Bonds”) in an aggregate amount of $32.6 million to be issued by Argonaut Insurance Company to W&T to guaranty our performance of certain plugging and abandonment obligations. Upon receipt of the ARGO Bonds, W&T (i) released its rights to any money held in an escrow account established to secure our performance of certain plugging and abandonment obligations with respect to the Operated Properties Escrow Account, (ii) released the security interest and deposit account control agreement formerly securing its rights in the Operated Properties Escrow Account and (iii) authorized the escrow agent to release such funds from the Operated Properties Escrow Account to or at our direction. In addition, we and W&T agreed that until the funding of an escrow account established to our performance of certain plugging and abandonment obligations with respect to certain non-operated properties is complete, we may not obtain reductions of the ARGO Bonds under any circumstances without W&T’s consent. | ||||
Pursuant to the purchase agreement for the Maritech Acquisition, we are required to fund an escrow account (the “Maritech Escrow Account”), relating to the properties that were acquired, of $13.1 million to be used for future P&A costs that may be incurred on such properties. As of September 30, 2013, we have funded $11.3 million, leaving $1.8 million to be funded through February 2014. | ||||
In regards to the Merit Acquisition, we are required to establish an escrow account to secure the performance of our P&A obligations and other indemnity obligations with respect to P&A and/or decommissioning of the acquired wells and facilities. We paid $33 million in surety bonds at closing and are required to, over time, deposit in the escrow account an amount equal to $60 million, which is to be paid in 30 equal monthly installments payable on the first day of each month commencing on June 1, 2011. As of September 30, 2013, we have funded $56.0 million, leaving $4.0 million to be funded through November 2013. |
GAIN_ON_INVOLUNTARY_CONVERSION
GAIN ON INVOLUNTARY CONVERSION (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Gain On Involuntary Conversion [Abstract] | ' |
GAIN ON INVOLUNTARY CONVERSION | ' |
GAIN ON INVOLUNTARY CONVERSION | |
High Island 443 A-2 | |
On September 27, 2012, an incident occurred on our High Island 443 A-2 ST well which required the closing of the blind/shear rams to properly shut in and maintain control of the well due to several days of unsuccessful attempts to repair a small hydrocarbon leak on a conductor riser. Additional surface diagnostics found the inner casing strings to be most likely compromised. On October 12, 2012, BSEE advised us to plug and abandon the well. We have well control insurance and pursued reimbursement for this incident. Additionally, once the High Island 443 A-2 ST well was plugged, we started operations to sidetrack the High Island 443 A-5 well on the same platform. The costs associated with the High Island 443 A-5 drilling are also insurance recoverable. | |
The claim was approved and paid by insurance underwriters. We recorded a receivable of $3.1 million for reimbursement, after a deductible of $0.5 million, under our insurance policy at December 31, 2012 and received the funds during the first quarter of 2013. As of September 30, 2013, we recorded a receivable of $0.3 million for additional reimbursement and received these final funds in October 2013. The claim has been finalized. We received a total of approximately $24.1 million, net of the deductible, in cash for the claim during 2013. |
RELATED_PARTY_TRANSACTIONS_Not
RELATED PARTY TRANSACTIONS (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
We pay for certain operating and general and administration expenses on behalf of Black Elk Energy, LLC. At both September 30, 2013 and December 31, 2012, we had receivables from Black Elk Energy, LLC in the amount of $23,430. | |
On August 30, 2013, we consented to the assignment by Capital One Bank, N.A. and the other lenders of all of their rights and obligations under our Credit Facility to White Elk LLC, as Administrative Agent and Lender, and Resource Value Group LLC, as Lender. Resource Value Group LLC is affiliated with Platinum. As part of this transaction, we paid a required $0.3 million purchase fee on behalf of Platinum pursuant to the Loan Purchase Agreement. | |
During 2011, we entered into a contribution agreement with Platinum. We also entered into additional contributions with (PPVA (Equity)) and the Platinum Group in 2013. See Note 8. | |
On May 28, 2013, FWS entered into an equipment lease agreement with Pea and Eigh Company, LLC (“Pea and Eigh”), a related party of Platinum. The lease began on July 1, 2013 and is payable in monthly installments of approximately $35,000, maturing on December 31, 2013, with an option to purchase the equipment for $1.5 million. As of September 30, 2013, we have not purchased all of the equipment. We currently have restricted cash of $0.6 million for the additional equipment to be purchased as well as advances due to Pea and Eigh, which is included in “Accounts payable and accrued expenses”. | |
In October 2010, Freedom Logistics LLC (“Freedom”) was formed by Platinum, our majority equity holder, and Freedom HHC Management, LLC, the members of which are Messrs. John Hoffman (our President and Chief Executive Officer) and David Cantu (a former employee), for the purpose of holding certain aircraft equipment, including two helicopters. On October 8, 2010, we guaranteed the loan that Freedom used to purchase two helicopters in the aggregate principal amount of $3.2 million. The loan was paid off in December 2012 in connection with the sale of Freedom. Before the sale, Freedom provided us with aircraft services, which were prepaid on a monthly basis. As of December 31, 2012, we had a receivable of $0.3 million from Freedom. The receivable was paid on February 26, 2013. |
SUBSEQUENT_EVENTS_Notes
SUBSEQUENT EVENTS (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Option to Purchase Golden Gate Oil. On November 14, 2013, we entered into a Purchase Option Agreement with the owners of Golden Gate Oil LLC pursuant to which we have the option to purchase 100% of the equity of Golden Gate for an aggregate purchase price equal to $60 million plus the amount of any advances made to Golden Gate by its members after October 29, 2013 plus the principal, interest and fees outstanding under certain debt of Golden Gate. Golden Gate and its principal owner are affiliated with Platinum. | |
The Golden Gate Oil Project is located in the Santa Maria Oil Basin, Santa Barbara, California. The Project is an in-fill horizontal opportunity, targeting the highly fractured Monterrey Shale oil reservoir. | |
Letter of Credit Facility Amendment. On November 14, 2013, we entered into the Waiver and Tenth Amendment on our Letter of Credit Facility to (1) obtain waivers related to our financial covenants for the third quarter of 2013, (2) cap the outstanding principal balance under the Letter of Credit Facility at approximately $66.6 million, (3) no longer issue or renew existing Letters of Credit and (4) remove the financial covenant requirements and the restriction of asset sales. |
LIQUIDITY_RISKS_AND_UNCERTAINT
LIQUIDITY RISKS AND UNCERTAINTIES (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
LIQUIDITY RISKS AND UNCERTAINTIES | ' |
LIQUIDITY RISKS AND UNCERTAINTIES | |
As shown in the accompanying consolidated financial statements, we had a net working capital deficit of approximately $(149.6) million at September 30, 2013. The combination of restricted credit availability, lower production since the fourth quarter of 2012, our drilling program, settlement of our plugging and abandonment ("P&A") liabilities and additional collateral requirements related to the surety bonds that secure our P&A obligations led to significant reductions in our working capital in the fourth quarter of 2012 and the first nine months of 2013. To increase liquidity, we stretched accounts payable, aggressively pursued accounts receivable and sold assets. We continue to optimize our production portfolio and recommenced our drilling program in the fourth quarter of 2012, which is substantially complete for 2013. We have completed six operated wells and two non-operated wells in 2013. We expect to drill or complete two non-operated wells during the fourth quarter of 2013. To fund our drilling programs and operations, we expect to continue to raise additional capital over the next several years. To improve our access to funding, on August 30, 2013, we consented to the assignment by Capital One Bank, N.A. and the other lenders of all of their rights and obligations under our Credit Agreement, dated as of December 24, 2010 (the “Credit Facility”), to White Elk LLC, as Administrative Agent and Lender, and Resource Value Group LLC, as Lender. Resource Value Group LLC is affiliated with our majority owner, Platinum Partners Value Arbitrage Fund L.P. Also, we are evaluating additional potential asset sales of core and non-core assets to optimize our portfolio and normalize the age of our accounts payable. On March 26, 2013, we sold four producing fields to Renaissance Offshore, LLC ("Renaissance") for approximately $52.5 million subject to normal adjustments. A portion of the proceeds from the sale were used to reduce the amount borrowed under the Credit Facility by $36 million and the remainder was used for general corporate purposes. Cash collateral securing surety bonds of approximately $9.0 million related to the sold properties were released and received in the third quarter of 2013. The remainder of the cash collateral securing surety bonds for the sold properties was used to increase the collateral with the surety companies relating to bonds that had previously been issued to satisfy the bonding and security requirements of the Bureau of Ocean Energy Management (“BOEM”). We sold an additional interest in one field to Renaissance on July 31, 2013 for $10.5 million subject to normal adjustments. | |
Our primary use of capital has been for the acquisition, development and exploitation of oil and natural gas properties, settlement of our P&A as well as providing collateral to secure our P&A obligations. As we plug and abandon certain fields and meet the various criteria related to the corresponding escrow accounts, we expect to release funds from the escrow accounts. Also, our letters of credit with Capital One are backed entirely by cash. We use letters of credit to back a portion of our surety bonds for P&A obligations. | |
On August 30, 2013, we entered into a Limited Waiver and Eleventh Amendment to our Credit Facility to (1) obtain waivers related to our financial covenants for the third and fourth quarters of 2013, (2) extend the maturity date under the credit facility to January 1, 2015, (3) increase the Applicable Margin under the Credit Facility by one percent (for a total increase of two percent when combined with the one percent increase pursuant to the Eighth Amendment), (4) maintain the borrowing base at $25 million, subject to the right of Resource Value Group LLC to require the Administrative Agent to increase the borrowing base up to a maximum of $50 million, and (5) waive our right and the right of the Lenders to request or obtain a borrowing base redetermination prior to the first scheduled redetermination date in 2014. The borrowing base under the Credit Facility was increased to $35 million on September 30, 2013 and as of that date we had $35 million outstanding. Subsequently, the borrowing base was increased to $47 million on October 15, 2013. As of November 14, 2013, we had $45 million drawn on the Credit Facility. | |
As of September 30, 2013, we were in compliance with all covenants under the Indenture. We believe anticipated capital expenditures in 2013 will exceed the amount provided for in a covenant regarding maximum capital expenditures. However, the Indenture also provides that we may use proceeds from the sale of assets for capital expenditures that we believe is not limited by the previously referenced capital expenditure covenant. In the event our interpretation of the Indenture is not upheld or if our cash proceeds from the sale of assets are not sufficient to reduce our capital expenditures to a level that makes us compliant with the maximum capital expenditure covenant, we have the option under the Indenture to redeem the 13.75% Senior Secured Notes due 2015 (the "Notes"), beginning December 1, 2013, at a redemption price of 106.875% of par plus accrued interest and may seek to redeem the Notes; however, there can be no assurance that we will have sufficient funds to do so. We also have the option to solicit a waiver from the holders of the Notes. In these circumstances, absent a waiver and following notice to us of the default and lapse of the 30-day grace period as provided in the Indenture, the Indenture trustee or the holders of at least 25% in aggregate principal amount of the Notes would have the right to declare all the Notes to be due and payable immediately. A default under the Indenture covenant could also result in a cross-default under our credit facility. | |
We are currently evaluating new sources of liquidity including, but not limited to, accessing the debt capital markets and potential asset sales of non-core and core properties to optimize our portfolio. The accompanying financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amount and classifications of liabilities that might result from the uncertainty associated with our ability to meet our obligations as they come due. For additional information, please see “Risk Factors” under Item 1A of this Form 10-Q. | |
Our capital budget may be adjusted in the future as business conditions warrant and the ultimate amount of capital we expend may fluctuate materially based on market conditions and the success of our drilling program as the year progresses. The amount, timing and allocation of capital expenditures are largely discretionary and within our control. If oil and natural gas prices decline or costs increase significantly, we could defer a significant portion of our budgeted capital expenditures until later periods to prioritize capital projects that we believe have the highest expected returns and potential to generate near-term cash flows. We routinely monitor and adjust our capital expenditures in response to changes in prices, availability of financing, drilling and acquisition costs, industry conditions, the timing of regulatory approvals, the availability of rigs, success or lack of success in drilling activities, contractual obligations, internally generated cash flows and other factors both within and outside our control. Our planned operations for the remainder of 2013 reflect our expectations for production based on actual production history and new production expected to be brought online, the continuation of commodity prices near current levels and the higher cost of servicing our additional financing and other obligations. | |
Our cash flow projections are highly dependent upon numerous assumptions including the timing and rates of production from our wells, the sales prices we realize for our oil and natural gas, the cost to develop and produce our reserves, our ability to monetize our properties and future production through asset sales and financial derivatives, and a number of other factors, some of which are beyond our control. Our inability to increase near-term production levels and generate sufficient liquidity through the actions noted above could result in our inability to meet our obligations as they come due which would have a material adverse effect on our financial position, results of operation and cash flows. In the event we do not achieve the projected production and cash flow increases, we will attempt to fund any short-term liquidity needs through other financing sources; however, there is no assurance that we will be able to do so in the future if required to meet any short-term liquidity needs. | |
Our estimates of proved oil and natural gas reserves and the estimated future net revenues from such reserves are based upon various assumptions, including assumptions relating to oil and natural gas prices, drilling and operating expenses, capital expenditures, taxes and availability of funds. The estimation process requires significant assumptions in the evaluation of available geological, geophysical, engineering and economic data for each reservoir. Therefore, these estimates are inherently imprecise and the quality and reliability of this data can vary. Estimates of our oil and natural gas reserves and the costs and timing associated with developing these reserves are subject to change, and may differ materially from our actual results. A substantial portion of our total proved reserves are undeveloped and recognition of such reserves requires us to expect that capital will be available to fund their development. The size of our operations and our capital expenditures budget limit the number of properties that we can develop in any given year and we intend to continue to develop these reserves, but there is no assurance we will be successful. Development of these reserves may not yield the expected results, or the development may be delayed or the costs may exceed our estimates, any of which may materially affect our financial position, results of operations, cash flows, the quantity of proved reserves that we report, and our ability to meet the requirements of our financing obligations. | |
Our current production is concentrated in the Gulf of Mexico, which is characterized by production declines more rapid than those of conventional onshore properties. As a result, we are particularly vulnerable to a near-term severe impact resulting from unanticipated complications in the development of, or production from, any single material well or infrastructure installation, including lack of sufficient capital, delays in receiving necessary drilling and operating permits, increased regulation, reduced access to equipment and services, mechanical or operational failures, and severe weather. Any unanticipated significant disruption to, or decline in, our current production levels or prolonged negative changes in commodity prices or operating cost levels could have a material adverse effect on our financial position, results of operations, cash flows, the quantity of proved reserves that we report, and our ability to meet our commitments as they come due. | |
Oil and natural gas development and production in the Gulf of Mexico are regulated by the BOEM and the Bureau of Safety and Environmental Enforcement ("BSEE") of the Department of the Interior (“DOI”). We cannot predict future changes in laws and regulations governing oil and gas operations in the Gulf of Mexico. New regulations issued since the Deepwater Horizon incident in 2010 have changed the way we conduct our business and increased our costs of developing and commissioning new assets. Should there be additional significant future regulations or additional statutory limitations, they could require further changes in the way we conduct our business, further increase our costs of doing business or ultimately prohibit us from drilling for or producing hydrocarbons in the Gulf of Mexico. | |
As an oil and gas company, our revenue, profitability, cash flows, proved reserves and future rate of growth are substantially dependent on prevailing prices for oil and natural gas. Historically, the energy markets have been very volatile, and we expect such price volatility to continue. Any extended decline in oil or gas prices could have a material adverse effect on our financial position, results of operations, cash flows, the quantities of oil and gas reserves that we can economically produce, and may restrict our ability to obtain additional financing or to meet the contractual requirements of our debt and other obligations. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations: Black Elk Energy Offshore Operations, LLC and our wholly-owned subsidiaries (collectively, “Black Elk”, "BEEOO", “we”, “our” or “us”) is a Houston-based oil and natural gas company engaged in the exploration, development, production and exploitation of oil and natural gas properties. We were formed on November 20, 2007 for the purpose of acquiring oil and natural gas producing properties within the Outer Continental Shelf of the United States in the Gulf of Mexico. | |
Basis of Presentation | ' |
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation of our interim and prior period results have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for any other interim period or for the entire fiscal year. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”). | |
Reclassifications | ' |
Reclassifications: Certain reclassifications have been made to conform 2012 balances to our 2013 presentation. Such reclassifications had no effect on net loss or cash flow. | |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of Black Elk Energy Offshore Operations, LLC and our wholly-owned subsidiaries, Black Elk Energy Land Operations, LLC and Black Elk Energy Finance Corp. Effective January 1, 2013, in accordance with accounting guidelines for consolidation of variable interest entities, we consolidated Freedom Well Services, LLC (“FWS”), as we determined that we are the primary beneficiary of FWS and will have the power to direct the activities of FWS. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates in Preparation of Financial Statements | ' |
Use of Estimates in Preparation of Financial Statements: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. We analyze our estimates based on historical experience, current factors and various other assumptions that we believe to be reasonable under the circumstances. However, actual results could differ from such estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements: In December 2011, the FASB issued accounting guidance which increases disclosures about offsetting assets and liabilities. New disclosures are required to enable users of financial statements to understand significant quantitative differences in balance sheets prepared under GAAP and International Financial Reporting Standards (“IFRS”) related to the offsetting of financial instruments. The existing GAAP guidance allowing balance sheet offsetting, including industry-specific guidance, remains unchanged. The guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013. The disclosures should be applied retrospectively for all prior periods presented. The adoption of this amendment did not have a material impact on our consolidated financial statements. | |
Liquidity, Risks and Uncertainties | ' |
NOTE 2—LIQUIDITY RISKS AND UNCERTAINTIES | |
As shown in the accompanying consolidated financial statements, we had a net working capital deficit of approximately $(149.6) million at September 30, 2013. The combination of restricted credit availability, lower production since the fourth quarter of 2012, our drilling program, settlement of our plugging and abandonment ("P&A") liabilities and additional collateral requirements related to the surety bonds that secure our P&A obligations led to significant reductions in our working capital in the fourth quarter of 2012 and the first nine months of 2013. To increase liquidity, we stretched accounts payable, aggressively pursued accounts receivable and sold assets. We continue to optimize our production portfolio and recommenced our drilling program in the fourth quarter of 2012, which is substantially complete for 2013. We have completed six operated wells and two non-operated wells in 2013. We expect to drill or complete two non-operated wells during the fourth quarter of 2013. To fund our drilling programs and operations, we expect to continue to raise additional capital over the next several years. To improve our access to funding, on August 30, 2013, we consented to the assignment by Capital One Bank, N.A. and the other lenders of all of their rights and obligations under our Credit Agreement, dated as of December 24, 2010 (the “Credit Facility”), to White Elk LLC, as Administrative Agent and Lender, and Resource Value Group LLC, as Lender. Resource Value Group LLC is affiliated with our majority owner, Platinum Partners Value Arbitrage Fund L.P. Also, we are evaluating additional potential asset sales of core and non-core assets to optimize our portfolio and normalize the age of our accounts payable. On March 26, 2013, we sold four producing fields to Renaissance Offshore, LLC ("Renaissance") for approximately $52.5 million subject to normal adjustments. A portion of the proceeds from the sale were used to reduce the amount borrowed under the Credit Facility by $36 million and the remainder was used for general corporate purposes. Cash collateral securing surety bonds of approximately $9.0 million related to the sold properties were released and received in the third quarter of 2013. The remainder of the cash collateral securing surety bonds for the sold properties was used to increase the collateral with the surety companies relating to bonds that had previously been issued to satisfy the bonding and security requirements of the Bureau of Ocean Energy Management (“BOEM”). We sold an additional interest in one field to Renaissance on July 31, 2013 for $10.5 million subject to normal adjustments. | |
Our primary use of capital has been for the acquisition, development and exploitation of oil and natural gas properties, settlement of our P&A as well as providing collateral to secure our P&A obligations. As we plug and abandon certain fields and meet the various criteria related to the corresponding escrow accounts, we expect to release funds from the escrow accounts. Also, our letters of credit with Capital One are backed entirely by cash. We use letters of credit to back a portion of our surety bonds for P&A obligations. | |
On August 30, 2013, we entered into a Limited Waiver and Eleventh Amendment to our Credit Facility to (1) obtain waivers related to our financial covenants for the third and fourth quarters of 2013, (2) extend the maturity date under the credit facility to January 1, 2015, (3) increase the Applicable Margin under the Credit Facility by one percent (for a total increase of two percent when combined with the one percent increase pursuant to the Eighth Amendment), (4) maintain the borrowing base at $25 million, subject to the right of Resource Value Group LLC to require the Administrative Agent to increase the borrowing base up to a maximum of $50 million, and (5) waive our right and the right of the Lenders to request or obtain a borrowing base redetermination prior to the first scheduled redetermination date in 2014. The borrowing base under the Credit Facility was increased to $35 million on September 30, 2013 and as of that date we had $35 million outstanding. Subsequently, the borrowing base was increased to $47 million on October 15, 2013. As of November 14, 2013, we had $45 million drawn on the Credit Facility. | |
As of September 30, 2013, we were in compliance with all covenants under the Indenture. We believe anticipated capital expenditures in 2013 will exceed the amount provided for in a covenant regarding maximum capital expenditures. However, the Indenture also provides that we may use proceeds from the sale of assets for capital expenditures that we believe is not limited by the previously referenced capital expenditure covenant. In the event our interpretation of the Indenture is not upheld or if our cash proceeds from the sale of assets are not sufficient to reduce our capital expenditures to a level that makes us compliant with the maximum capital expenditure covenant, we have the option under the Indenture to redeem the 13.75% Senior Secured Notes due 2015 (the "Notes"), beginning December 1, 2013, at a redemption price of 106.875% of par plus accrued interest and may seek to redeem the Notes; however, there can be no assurance that we will have sufficient funds to do so. We also have the option to solicit a waiver from the holders of the Notes. In these circumstances, absent a waiver and following notice to us of the default and lapse of the 30-day grace period as provided in the Indenture, the Indenture trustee or the holders of at least 25% in aggregate principal amount of the Notes would have the right to declare all the Notes to be due and payable immediately. A default under the Indenture covenant could also result in a cross-default under our credit facility. | |
We are currently evaluating new sources of liquidity including, but not limited to, accessing the debt capital markets and potential asset sales of non-core and core properties to optimize our portfolio. The accompanying financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amount and classifications of liabilities that might result from the uncertainty associated with our ability to meet our obligations as they come due. For additional information, please see “Risk Factors” under Item 1A of this Form 10-Q. | |
Our capital budget may be adjusted in the future as business conditions warrant and the ultimate amount of capital we expend may fluctuate materially based on market conditions and the success of our drilling program as the year progresses. The amount, timing and allocation of capital expenditures are largely discretionary and within our control. If oil and natural gas prices decline or costs increase significantly, we could defer a significant portion of our budgeted capital expenditures until later periods to prioritize capital projects that we believe have the highest expected returns and potential to generate near-term cash flows. We routinely monitor and adjust our capital expenditures in response to changes in prices, availability of financing, drilling and acquisition costs, industry conditions, the timing of regulatory approvals, the availability of rigs, success or lack of success in drilling activities, contractual obligations, internally generated cash flows and other factors both within and outside our control. Our planned operations for the remainder of 2013 reflect our expectations for production based on actual production history and new production expected to be brought online, the continuation of commodity prices near current levels and the higher cost of servicing our additional financing and other obligations. | |
Our cash flow projections are highly dependent upon numerous assumptions including the timing and rates of production from our wells, the sales prices we realize for our oil and natural gas, the cost to develop and produce our reserves, our ability to monetize our properties and future production through asset sales and financial derivatives, and a number of other factors, some of which are beyond our control. Our inability to increase near-term production levels and generate sufficient liquidity through the actions noted above could result in our inability to meet our obligations as they come due which would have a material adverse effect on our financial position, results of operation and cash flows. In the event we do not achieve the projected production and cash flow increases, we will attempt to fund any short-term liquidity needs through other financing sources; however, there is no assurance that we will be able to do so in the future if required to meet any short-term liquidity needs. | |
Our estimates of proved oil and natural gas reserves and the estimated future net revenues from such reserves are based upon various assumptions, including assumptions relating to oil and natural gas prices, drilling and operating expenses, capital expenditures, taxes and availability of funds. The estimation process requires significant assumptions in the evaluation of available geological, geophysical, engineering and economic data for each reservoir. Therefore, these estimates are inherently imprecise and the quality and reliability of this data can vary. Estimates of our oil and natural gas reserves and the costs and timing associated with developing these reserves are subject to change, and may differ materially from our actual results. A substantial portion of our total proved reserves are undeveloped and recognition of such reserves requires us to expect that capital will be available to fund their development. The size of our operations and our capital expenditures budget limit the number of properties that we can develop in any given year and we intend to continue to develop these reserves, but there is no assurance we will be successful. Development of these reserves may not yield the expected results, or the development may be delayed or the costs may exceed our estimates, any of which may materially affect our financial position, results of operations, cash flows, the quantity of proved reserves that we report, and our ability to meet the requirements of our financing obligations. | |
Our current production is concentrated in the Gulf of Mexico, which is characterized by production declines more rapid than those of conventional onshore properties. As a result, we are particularly vulnerable to a near-term severe impact resulting from unanticipated complications in the development of, or production from, any single material well or infrastructure installation, including lack of sufficient capital, delays in receiving necessary drilling and operating permits, increased regulation, reduced access to equipment and services, mechanical or operational failures, and severe weather. Any unanticipated significant disruption to, or decline in, our current production levels or prolonged negative changes in commodity prices or operating cost levels could have a material adverse effect on our financial position, results of operations, cash flows, the quantity of proved reserves that we report, and our ability to meet our commitments as they come due. | |
Oil and natural gas development and production in the Gulf of Mexico are regulated by the BOEM and the Bureau of Safety and Environmental Enforcement ("BSEE") of the Department of the Interior (“DOI”). We cannot predict future changes in laws and regulations governing oil and gas operations in the Gulf of Mexico. New regulations issued since the Deepwater Horizon incident in 2010 have changed the way we conduct our business and increased our costs of developing and commissioning new assets. Should there be additional significant future regulations or additional statutory limitations, they could require further changes in the way we conduct our business, further increase our costs of doing business or ultimately prohibit us from drilling for or producing hydrocarbons in the Gulf of Mexico. | |
As an oil and gas company, our revenue, profitability, cash flows, proved reserves and future rate of growth are substantially dependent on prevailing prices for oil and natural gas. Historically, the energy markets have been very volatile, and we expect such price volatility to continue. Any extended decline in oil or gas prices could have a material adverse effect on our financial position, results of operations, cash flows, the quantities of oil and gas reserves that we can economically produce, and may restrict our ability to obtain additional financing or to meet the contractual requirements of our debt and other obligations. |
OIL_AND_GAS_PROPERTIES_Tables
OIL AND GAS PROPERTIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Capitalized Costs Related to Oil and Gas Properties | ' | |||||||
The following table reflects capitalized costs related to our oil and gas properties: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
(Unaudited) | ||||||||
(in thousands) | ||||||||
Proved properties | $ | 500,811 | $ | 451,338 | ||||
Accumulated depreciation, depletion, amortization and impairment | (265,893 | ) | (191,326 | ) | ||||
Oil and gas properties, net | $ | 234,918 | $ | 260,012 | ||||
Schedules of Change to Our Asset Retirement Obligations | ' | |||||||
The following table describes the changes to our asset retirement obligations (unaudited): | ||||||||
(in thousands) | ||||||||
Balance at December 31, 2012 | $ | 345,505 | ||||||
Revaluation of liability | 2,341 | |||||||
Liabilities relieved due to sale of properties | (22,999 | ) | ||||||
Liabilities settled | (41,512 | ) | ||||||
Accretion expense | 19,551 | |||||||
Balance at September 30, 2013 | $ | 302,886 | ||||||
Less: current portion | (32,124 | ) | ||||||
Total Long-Term Asset Retirement Obligations | $ | 270,762 | ||||||
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Commodity Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||||||
At September 30, 2013, we had the following contracts outstanding (Asset (Liability) and Fair Value Gain (Loss) (unaudited)): | |||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas | Total | |||||||||||||||||||||||||||||||||||||
Period | Monthly Volume | Contract | Asset | Fair Value | Monthly Volume | Contract | Asset | Fair Value | Asset | Fair Value | |||||||||||||||||||||||||||||
(Bbls) | Price | (Liability) | Gain | (MMBtu) | Price | (Liability) | Gain | (Liability) | Gain | ||||||||||||||||||||||||||||||
($/Bbl) | (Loss) | ($/MMBtu) | (Loss) | (Loss) | |||||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||
10/13 - 10/13 | 27,750 | $ | 96.9 | $ | (140 | ) | $ | (140 | ) | 104,000 | $ | 4.6 | $ | 114 | $ | 114 | $ | (26 | ) | $ | (26 | ) | |||||||||||||||||
11/13 - 11/13 | 26,800 | 96.9 | (121 | ) | (121 | ) | 104,000 | 4.6 | $ | 106 | 106 | (15 | ) | (15 | ) | ||||||||||||||||||||||||
12/13 - 12/13 | 27,750 | 96.9 | (101 | ) | (101 | ) | 104,000 | 4.6 | 88 | 88 | (13 | ) | (13 | ) | |||||||||||||||||||||||||
1/14 - 2/14 | 19,000 | 96.9 | (84 | ) | (84 | ) | 82,000 | 4.6 | 120 | 120 | 36 | 36 | |||||||||||||||||||||||||||
10/13 - 10/13 | 3,259 | 100.8 | (4 | ) | (4 | ) | 91,166 | 4.94 | 132 | 132 | 128 | 128 | |||||||||||||||||||||||||||
11/13 - 11/13 | — | — | — | — | 64,926 | 4.94 | 88 | 88 | 88 | 88 | |||||||||||||||||||||||||||||
12/13 - 12/13 | 10,042 | 100.8 | 1 | 1 | 119,462 | 4.94 | 141 | 141 | 142 | 142 | |||||||||||||||||||||||||||||
1/14 - 5/14 | 10,083 | 100.8 | 139 | 139 | 129,960 | 4.94 | 694 | 694 | 833 | 833 | |||||||||||||||||||||||||||||
6/14 - 6/14 | — | — | — | — | 129,960 | 4.94 | 133 | 133 | 133 | 133 | |||||||||||||||||||||||||||||
10/13 - 12/13 | 19,750 | 85.9 | (905 | ) | (905 | ) | 47,000 | 5 | 196 | 196 | (709 | ) | (709 | ) | |||||||||||||||||||||||||
1/14 - 12/14 | 15,000 | 65 | (4,947 | ) | (4,947 | ) | — | — | — | — | (4,947 | ) | (4,947 | ) | |||||||||||||||||||||||||
10/13 - 10/13 | 28,006 | 88.8 | (368 | ) | (368 | ) | 34,551 | 4.09 | 20 | 20 | (348 | ) | (348 | ) | |||||||||||||||||||||||||
11/13 - 11/13 | 31,605 | 88.8 | (395 | ) | (395 | ) | 28,939 | 4.09 | 15 | 15 | (380 | ) | (380 | ) | |||||||||||||||||||||||||
12/13 - 12/13 | 38,743 | 88.8 | (448 | ) | (448 | ) | 37,906 | 4.09 | 13 | 13 | (435 | ) | (435 | ) | |||||||||||||||||||||||||
1/14 - 1/14 | 4,723 | 88.8 | (49 | ) | (49 | ) | 43,347 | 4.09 | 11 | 11 | (38 | ) | (38 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 13,313 | 88.8 | (126 | ) | (126 | ) | 32,636 | 4.09 | 8 | 8 | (118 | ) | (118 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 8,413 | 88.8 | (71 | ) | (71 | ) | 46,764 | 4.09 | 12 | 12 | (59 | ) | (59 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 12,473 | 88.8 | (95 | ) | (95 | ) | 41,253 | 4.09 | 13 | 13 | (82 | ) | (82 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 11,793 | 88.8 | (79 | ) | (79 | ) | 40,391 | 4.09 | 11 | 11 | (68 | ) | (68 | ) | |||||||||||||||||||||||||
6/14 - 6/14 | 15,546 | 88.8 | (92 | ) | (92 | ) | 20,112 | 4.09 | 5 | 5 | (87 | ) | (87 | ) | |||||||||||||||||||||||||
7/14 - 7/14 | 11,845 | 88.8 | (62 | ) | (62 | ) | 39,283 | 4.09 | 9 | 9 | (53 | ) | (53 | ) | |||||||||||||||||||||||||
8/14 - 8/14 | 13,165 | 88.8 | (61 | ) | (61 | ) | 34,246 | 4.09 | 7 | 7 | (54 | ) | (54 | ) | |||||||||||||||||||||||||
9/14 - 9/14 | 16,235 | 88.8 | (66 | ) | (66 | ) | 29,753 | 4.09 | 6 | 6 | (60 | ) | (60 | ) | |||||||||||||||||||||||||
10/14 - 10/14 | 15,605 | 88.8 | (55 | ) | (55 | ) | 28,635 | 4.09 | 5 | 5 | (50 | ) | (50 | ) | |||||||||||||||||||||||||
11/14 - 11/14 | 18,525 | 88.8 | (57 | ) | (57 | ) | 27,081 | 4.09 | 3 | 3 | (54 | ) | (54 | ) | |||||||||||||||||||||||||
12/14 - 12/14 | 22,526 | 88.8 | (56 | ) | (56 | ) | 34,114 | 4.09 | (1 | ) | (1 | ) | (57 | ) | (57 | ) | |||||||||||||||||||||||
10/13 - 10/13 | 4,000 | 87.85 | (56 | ) | (56 | ) | — | — | — | — | (56 | ) | (56 | ) | |||||||||||||||||||||||||
11/13 - 11/13 | 250 | 87.85 | (3 | ) | (3 | ) | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||
12/13 - 12/13 | 2,500 | 87.85 | (31 | ) | (31 | ) | — | — | — | — | (31 | ) | (31 | ) | |||||||||||||||||||||||||
1/14 - 1/14 | 46,000 | 87.85 | (523 | ) | (523 | ) | — | — | — | — | (523 | ) | (523 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 25,000 | 87.85 | (259 | ) | (259 | ) | — | — | — | — | (259 | ) | (259 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 56,000 | 87.85 | (524 | ) | (524 | ) | — | — | — | — | (524 | ) | (524 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 45,000 | 87.85 | (382 | ) | (382 | ) | — | — | — | — | (382 | ) | (382 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 46,000 | 87.85 | (349 | ) | (349 | ) | — | — | — | — | (349 | ) | (349 | ) | |||||||||||||||||||||||||
6/14 - 6/14 | 48,000 | 87.85 | (326 | ) | (326 | ) | 40,391 | 4.19 | 14 | 14 | (312 | ) | (312 | ) | |||||||||||||||||||||||||
7/14 - 7/14 | 36,000 | 87.85 | (219 | ) | (219 | ) | 20,112 | 4.19 | 6 | 6 | (213 | ) | (213 | ) | |||||||||||||||||||||||||
8/14 - 8/14 | 34,000 | 87.85 | (186 | ) | (186 | ) | 39,283 | 4.19 | 11 | 11 | (175 | ) | (175 | ) | |||||||||||||||||||||||||
9/14 - 9/14 | 26,000 | 87.85 | (128 | ) | (128 | ) | 34,246 | 4.19 | 10 | 10 | (118 | ) | (118 | ) | |||||||||||||||||||||||||
10/14 - 10/14 | 27,000 | 87.85 | (118 | ) | (118 | ) | 29,753 | 4.19 | 8 | 8 | (110 | ) | (110 | ) | |||||||||||||||||||||||||
11/14 - 11/14 | 20,000 | 87.85 | (78 | ) | (78 | ) | 28,635 | 4.19 | 6 | 6 | (72 | ) | (72 | ) | |||||||||||||||||||||||||
12/14 - 12/14 | 31,000 | 87.85 | (101 | ) | (101 | ) | 27,081 | 4.19 | 2 | 2 | (99 | ) | (99 | ) | |||||||||||||||||||||||||
1/15 - 1/15 | — | — | — | — | 34,114 | 4.19 | — | — | — | — | |||||||||||||||||||||||||||||
2/15 - 2/15 | — | — | — | — | 27,838 | 4.19 | — | — | — | — | |||||||||||||||||||||||||||||
3/15 - 3/15 | — | — | — | — | 24,461 | 4.19 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||
1/15 - 1/15 | — | — | — | — | 27,838 | 4.09 | (3 | ) | (3 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||||||
2/15 - 2/15 | — | — | — | — | 24,461 | 4.09 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||||
3/15 - 3/15 | — | — | — | — | 26,443 | 4.09 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||||
10/13 - 10/13 | 67,513 | 108.44 | 181 | 181 | — | — | — | — | 181 | 181 | |||||||||||||||||||||||||||||
11/13 - 11/13 | 64,159 | 108.44 | 184 | 184 | — | — | — | — | 184 | 184 | |||||||||||||||||||||||||||||
12/13 - 12/13 | 45,392 | 108.44 | 162 | 162 | — | — | — | — | 162 | 162 | |||||||||||||||||||||||||||||
1/14 - 1/14 | 46,006 | 100.72 | (142 | ) | (142 | ) | — | — | — | — | (142 | ) | (142 | ) | |||||||||||||||||||||||||
2/14 - 2/14 | 39,159 | 100.72 | (88 | ) | (88 | ) | — | — | — | — | (88 | ) | (88 | ) | |||||||||||||||||||||||||
3/14 - 3/14 | 36,822 | 100.72 | (55 | ) | (55 | ) | — | — | — | — | (55 | ) | (55 | ) | |||||||||||||||||||||||||
4/14 - 4/14 | 34,069 | 100.72 | (25 | ) | (25 | ) | — | — | — | — | (25 | ) | (25 | ) | |||||||||||||||||||||||||
5/14 - 5/14 | 35,200 | 100.72 | 1 | 1 | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
6/14 - 6/14 | 31,668 | 100.72 | 23 | 23 | — | — | — | — | 23 | 23 | |||||||||||||||||||||||||||||
7/14 - 7/14 | 48,509 | 100.72 | 64 | 64 | — | — | — | — | 64 | 64 | |||||||||||||||||||||||||||||
8/14 - 8/14 | 46,473 | 100.72 | 87 | 87 | — | — | — | — | 87 | 87 | |||||||||||||||||||||||||||||
9/14 - 9/14 | 45,830 | 100.72 | 110 | 110 | — | — | — | — | 110 | 110 | |||||||||||||||||||||||||||||
10/14 - 10/14 | 44,282 | 100.72 | 125 | 125 | — | — | — | — | 125 | 125 | |||||||||||||||||||||||||||||
11/14 - 11/14 | 40,874 | 100.72 | 130 | 130 | — | — | — | — | 130 | 130 | |||||||||||||||||||||||||||||
12/14 - 12/14 | 26,424 | 100.72 | 95 | 95 | — | — | — | — | 95 | 95 | |||||||||||||||||||||||||||||
$ | (10,673 | ) | $ | (10,673 | ) | $ | 2,001 | $ | 2,001 | $ | (8,672 | ) | $ | (8,672 | ) | ||||||||||||||||||||||||
Fair Values, on a Gross Basis, of Derivatives Not Designated as Hedging Instruments Recorded in the Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||
The fair values of derivative instruments in our consolidated balance sheets were as follows (in thousands) (unaudited): | |||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset (Liability) Derivatives Total | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under Accounting Guidance | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | |||||||||||||||||||||||||||||||||
Location | September 30, | Location | September 30, | Location | September 30, | ||||||||||||||||||||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative financial | Derivative financial | Derivative financial | ||||||||||||||||||||||||||||||||||||
instruments | instruments | instruments | |||||||||||||||||||||||||||||||||||||
Current | $ | 2,934 | Current | $ | (10,457 | ) | Current | $ | (7,523 | ) | |||||||||||||||||||||||||||||
Non-current | 376 | Non-current | (1,525 | ) | Non-current | (1,149 | ) | ||||||||||||||||||||||||||||||||
Total derivative instruments | $ | 3,310 | $ | (11,982 | ) | $ | (8,672 | ) | |||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset (Liability) Derivatives Total | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | Balance Sheet | Fair Value at | |||||||||||||||||||||||||||||||||
Instruments under Accounting Guidance | Location | December 31, | Location | December 31, | Location | December 31, | |||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative financial | Derivative financial | Derivative financial | ||||||||||||||||||||||||||||||||||||
instruments | instruments | instruments | |||||||||||||||||||||||||||||||||||||
Current | $ | 6,808 | Current | $ | (4,400 | ) | Current | $ | 2,408 | ||||||||||||||||||||||||||||||
Non-current | 1,235 | Non-current | (6,326 | ) | Non-current | (5,091 | ) | ||||||||||||||||||||||||||||||||
Total derivative instruments | $ | 8,043 | $ | (10,726 | ) | $ | (2,683 | ) | |||||||||||||||||||||||||||||||
Fair Values, on a Gross Basis, of Derivatives Not Designated as Hedging Instruments Recorded in the Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||||
The effect of derivate instruments on our consolidated statements of operations was as follows (in thousands) (unaudited): | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under Accounting Guidance | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||
Statements of Operations Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commodity Contracts | Realized (loss) gain on derivative financial instruments | $ | (2,725 | ) | $ | 3,284 | $ | (2,573 | ) | $ | 11,189 | ||||||||||||||||||||||||||||
Commodity Contracts | Unrealized (loss) gain on derivative financial instruments | (5,143 | ) | (16,129 | ) | (5,989 | ) | 7,375 | |||||||||||||||||||||||||||||||
Total derivative instruments | $ | (7,868 | ) | $ | (12,845 | ) | $ | (8,562 | ) | $ | 18,564 | ||||||||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Assets and Liabilities by Level within Fair Value Hierarchy Table | ' | |||||||||||||||
The following tables present information about our assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands) (unaudited): | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at September 30, 2013 | ||||||||||||||||
Using Fair Value Hierarchy | ||||||||||||||||
Fair Value as of | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2013 | ||||||||||||||||
Assets | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | 3,310 | $ | — | $ | 3,310 | $ | — | ||||||||
$ | 3,310 | $ | — | $ | 3,310 | $ | — | |||||||||
Liabilities | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | (11,982 | ) | $ | — | $ | (11,982 | ) | $ | — | ||||||
$ | (11,982 | ) | $ | — | $ | (11,982 | ) | $ | — | |||||||
Fair Value Measurements | ||||||||||||||||
at December 31, 2012 | ||||||||||||||||
Using Fair Value Hierarchy | ||||||||||||||||
Fair Value as of | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | ||||||||||||||||
Assets | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | 8,043 | $ | — | $ | 8,043 | $ | — | ||||||||
$ | 8,043 | $ | — | $ | 8,043 | $ | — | |||||||||
Liabilities | ||||||||||||||||
Oil and Natural Gas Derivatives | $ | (10,726 | ) | $ | — | $ | (10,726 | ) | $ | — | ||||||
$ | (10,726 | ) | $ | — | $ | (10,726 | ) | $ | — | |||||||
DEBT_AND_NOTES_PAYABLE_Tables
DEBT AND NOTES PAYABLE (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Notes Payable | ' | |||||||
Our debt and notes payable are summarized as follows: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Senior Secured Revolving Credit Facility | $ | 35,000 | $ | 52,000 | ||||
13.75% Senior Secured Notes, net of discount | 149,314 | 149,118 | ||||||
AFCO Credit Corporation-insurance note payable | — | 3,552 | ||||||
Other debt | 296 | — | ||||||
Total debt | 184,610 | 204,670 | ||||||
Less: current portion | (243 | ) | (3,552 | ) | ||||
Total long-term debt | $ | 184,367 | $ | 201,118 | ||||
Scheduled Maturities of Principal Amounts of Debt Obligations | ' | |||||||
The amounts of required principal payments based on our outstanding debt amounts as of September 30, 2013, were as follows: | ||||||||
Period Ending September 30, | (in thousands) | |||||||
2014 | $ | 243 | ||||||
2015 | 35,030 | |||||||
2016 | 150,023 | |||||||
185,296 | ||||||||
Unamortized discount on 13.75% Senior Secured Notes | (686 | ) | ||||||
Total debt | $ | 184,610 | ||||||
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Payments Table | ' | |||
Approximate future minimum lease payments for operating leases at September 30, 2013 were as follows: | ||||
Period Ending September 30, | (in thousands) | |||
2014 | $ | 31,860 | ||
2015 | 2,201 | |||
2016 | 2,029 | |||
2017 | 1,740 | |||
2018 | 1,577 | |||
Thereafter | 3,476 | |||
$ | 42,883 | |||
LIQUIDITY_RISKS_AND_UNCERTAINT1
LIQUIDITY RISKS AND UNCERTAINTIES (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 26, 2013 | Aug. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 14, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Nov. 23, 2010 | Sep. 30, 2013 | |
Fields | Line of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | 13.75% Senior Secured Notes, net of discount [Member] | 13.75% Senior Secured Notes, net of discount [Member] | Minimum [Member] | |||
Well | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 13.75% Senior Secured Notes, net of discount [Member] | |||||||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital deficit | ' | ($149,600,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operated wells expected to be drilled in 2013 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-operated wells to be drilled in 2013 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of divested producing fields | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price received from sale of four fields | ' | 52,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partial sale proceeds from disposition used to reduce the credit facility | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Escrows related to sold properties | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of oil and gas properties | 10,500,000 | 65,741,000 | -120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional redemption repurchase percentage for the 13.75% Senior Secured Notes from December 1, 2013 until December 1, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.88% | ' | ' |
Grace period provided in the indenture | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Aggregated principal amount percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Line of credit facility, increase in applicable margin after specified credit exposure | ' | ' | ' | ' | 1.00% | 2.00% | 1.00% | ' | ' | ' | ' | ' |
Borrowing capacity under line of credit | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes/Fee percentage on letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.75% | ' |
Aggregate maximum capacity under credit facility | ' | ' | ' | ' | 50,000,000 | 35,000,000 | ' | ' | 47,000,000 | ' | ' | ' |
Outstanding balance | ' | ' | ' | ' | ' | $35,000,000 | ' | $45,000,000 | ' | ' | ' | ' |
Oil_and_Gas_Properties_Capital
Oil and Gas Properties - Capitalized Costs Related to Oil and Gas Properties (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Proved properties | $500,811 | $451,338 |
Accumulated depreciation, depletion, amortization and impairment | -265,893 | -191,326 |
Oil and gas properties, net | $234,918 | $260,012 |
Oil_and_Gas_Properties_Schedul
Oil and Gas Properties - Schedules of Change to Our Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Movement in Property, Plant and Equipment [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $345,505 | ' | ' |
Revaluation of liability | ' | ' | 2,341 | 0 | ' |
Liabilities relieved due to sale of properties | ' | ' | -22,999 | ' | ' |
Liabilities settled | ' | ' | -41,512 | ' | ' |
Accretion expense | 4,458 | 9,256 | 19,551 | 27,228 | ' |
Ending balance | 302,886 | ' | 302,886 | ' | ' |
Less: current portion | -32,124 | ' | -32,124 | ' | -41,572 |
Total Long-Term Asset Retirement Obligations | $270,762 | ' | $270,762 | ' | $303,933 |
ACQUISITIONS_AND_DIVESTITURES_1
ACQUISITIONS AND DIVESTITURES Acquisitions and Divestitures - Additional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Jul. 31, 2013 | Mar. 26, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fields | ||||
Acquisitions And Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of fields sold to Renaissance | ' | 4 | ' | ' |
Sale price of business fields sold subject to purchases price adjustment | ' | $52,500,000 | ' | ' |
Sale of oil and gas properties | 10,500,000 | ' | 65,741,000 | -120,000 |
Line of Credit [Member] | ' | ' | ' | ' |
Acquisitions And Discontinued Operations [Line Items] | ' | ' | ' | ' |
Partial sale proceeds from disposition used to reduce the credit facility | ' | $36,000,000 | ' | ' |
Derivative_Instruments_Commodi
Derivative Instruments - Commodity Derivative Instruments (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Bbls | |
Derivative [Line Items] | ' |
Asset (Liability) | ($8,672) |
Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -10,673 |
Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 2,001 |
10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -26 |
10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,750 |
Contract Price ($/MMBtu) | 96.9 |
Asset (Liability) | -140 |
10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 104,000 |
Contract Price ($/MMBtu) | 4.6 |
Asset (Liability) | 114 |
11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -15 |
11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 26,800 |
Contract Price ($/MMBtu) | 96.9 |
Asset (Liability) | -121 |
11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 104,000 |
Contract Price ($/MMBtu) | 4.6 |
Asset (Liability) | 106 |
12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -13 |
12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,750 |
Contract Price ($/MMBtu) | 96.9 |
Asset (Liability) | -101 |
12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 104,000 |
Contract Price ($/MMBtu) | 4.6 |
Asset (Liability) | 88 |
1/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 36 |
1/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 19,000 |
Contract Price ($/MMBtu) | 96.9 |
Asset (Liability) | -84 |
1/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 82,000 |
Contract Price ($/MMBtu) | 4.6 |
Asset (Liability) | 120 |
10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 128 |
10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 3,259 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | -4 |
10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 91,166 |
Contract Price ($/MMBtu) | 4.94 |
Asset (Liability) | 132 |
11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 88 |
11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 64,926 |
Contract Price ($/MMBtu) | 4.94 |
Asset (Liability) | 88 |
12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 142 |
12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 10,042 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 1 |
12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 119,462 |
Contract Price ($/MMBtu) | 4.94 |
Asset (Liability) | 141 |
1/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 833 |
1/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 10,083 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 139 |
1/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 129,960 |
Contract Price ($/MMBtu) | 4.94 |
Asset (Liability) | 694 |
6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 133 |
6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 129,960 |
Contract Price ($/MMBtu) | 4.94 |
Asset (Liability) | 133 |
10/13 -12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -709 |
10/13 -12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 19,750 |
Contract Price ($/MMBtu) | 85.9 |
Asset (Liability) | -905 |
10/13 -12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 47,000 |
Contract Price ($/MMBtu) | 5 |
Asset (Liability) | 196 |
1/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -4,947 |
1/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 15,000 |
Contract Price ($/MMBtu) | 65 |
Asset (Liability) | -4,947 |
1/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -348 |
10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 28,006 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -368 |
10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,551 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 20 |
11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -380 |
11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 31,605 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -395 |
11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 28,939 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 15 |
12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -435 |
12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 38,743 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -448 |
12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 37,906 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 13 |
1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -38 |
1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 4,723 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -49 |
1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 43,347 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 11 |
2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -118 |
2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 13,313 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -126 |
2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 32,636 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 8 |
3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -59 |
3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 8,413 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -71 |
3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 46,764 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 12 |
4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -82 |
4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 12,473 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -95 |
4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 41,253 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 13 |
5/14- 5/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -68 |
5/14- 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 11,793 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -79 |
5/14- 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 40,391 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 11 |
6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -87 |
6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 15,546 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -92 |
6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 20,112 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 5 |
7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -53 |
7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 11,845 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -62 |
7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 39,283 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 9 |
8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -54 |
8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 13,165 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -61 |
8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,246 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 7 |
9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -60 |
9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 16,235 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -66 |
9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 29,753 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 6 |
10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -50 |
10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 15,605 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -55 |
10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 28,635 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 5 |
11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -54 |
11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 18,525 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -57 |
11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,081 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | 3 |
12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -57 |
12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 22,526 |
Contract Price ($/MMBtu) | 88.8 |
Asset (Liability) | -56 |
12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,114 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | -1 |
10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -56 |
10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 4,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -56 |
10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -3 |
11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 250 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -3 |
11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -31 |
12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 2,500 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -31 |
12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -523 |
1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 46,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -523 |
1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -259 |
2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 25,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -259 |
2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -524 |
3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 56,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -524 |
3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -382 |
4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 45,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -382 |
4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
5/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -349 |
5/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 46,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -349 |
5/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -312 |
6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 48,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -326 |
6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 40,391 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 14 |
7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -213 |
7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 36,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -219 |
7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 20,112 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 6 |
8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -175 |
8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -186 |
8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 39,283 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 11 |
9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -118 |
9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 26,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -128 |
9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,246 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 10 |
10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -110 |
10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -118 |
10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 29,753 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 8 |
11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -72 |
11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 20,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -78 |
11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 28,635 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 6 |
12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -99 |
12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 31,000 |
Contract Price ($/MMBtu) | 87.85 |
Asset (Liability) | -101 |
12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,081 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 2 |
1/15 - 1/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 0 |
1/15 - 1/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
1/15 - 1/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,114 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 0 |
2/15 - 2/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 0 |
2/15 - 2/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
2/15 - 2/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,838 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 0 |
3/15 - 3/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 1 |
3/15 - 3/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
3/15 - 3/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 24,461 |
Contract Price ($/MMBtu) | 4.19 |
Asset (Liability) | 1 |
1/15 - 1/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -3 |
1/15 - 1/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
1/15 - 1/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 27,838 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | -3 |
2/15 - 2/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -2 |
2/15 - 2/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
2/15 - 2/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 24,461 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | -2 |
3/15 - 3/15 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -1 |
3/15 - 3/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
3/15 - 3/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 26,443 |
Contract Price ($/MMBtu) | 4.09 |
Asset (Liability) | -1 |
10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 181 |
10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 67,513 |
Contract Price ($/MMBtu) | 108 |
Asset (Liability) | 181 |
10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 184 |
11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 64,159 |
Contract Price ($/MMBtu) | 108 |
Asset (Liability) | 184 |
11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 162 |
12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 45,392 |
Contract Price ($/MMBtu) | 108 |
Asset (Liability) | 162 |
12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -142 |
1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 46,006 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | -142 |
1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -88 |
2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 39,159 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | -88 |
2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -55 |
3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 36,822 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | -55 |
3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | -25 |
4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 34,069 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | -25 |
4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
5/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 1 |
5/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 35,200 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 1 |
5/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 23 |
6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 31,668 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 23 |
6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 64 |
7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 48,509 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 64 |
7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 87 |
8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 46,473 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 87 |
8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 110 |
9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 45,830 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 110 |
9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 125 |
10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 44,282 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 125 |
10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 130 |
11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 40,874 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 130 |
11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Asset (Liability) | 95 |
12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Volume | 26,424 |
Contract Price ($/MMBtu) | 101 |
Asset (Liability) | 95 |
12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Volume | 0 |
Contract Price ($/MMBtu) | 0 |
Asset (Liability) | 0 |
Fair Value [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -8,672 |
Fair Value [Member] | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -10,673 |
Fair Value [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 2,001 |
Fair Value [Member] | 10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -26 |
Fair Value [Member] | 10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -140 |
Fair Value [Member] | 10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 114 |
Fair Value [Member] | 11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -15 |
Fair Value [Member] | 11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -121 |
Fair Value [Member] | 11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 106 |
Fair Value [Member] | 12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -13 |
Fair Value [Member] | 12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -101 |
Fair Value [Member] | 12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 88 |
Fair Value [Member] | 1/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 36 |
Fair Value [Member] | 1/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -84 |
Fair Value [Member] | 1/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 120 |
Fair Value [Member] | 10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 128 |
Fair Value [Member] | 10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -4 |
Fair Value [Member] | 10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 132 |
Fair Value [Member] | 11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 88 |
Fair Value [Member] | 11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 88 |
Fair Value [Member] | 12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 142 |
Fair Value [Member] | 12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 1 |
Fair Value [Member] | 12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 141 |
Fair Value [Member] | 1/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 833 |
Fair Value [Member] | 1/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 139 |
Fair Value [Member] | 1/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 694 |
Fair Value [Member] | 6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 133 |
Fair Value [Member] | 6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 133 |
Fair Value [Member] | 10/13 -12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -709 |
Fair Value [Member] | 10/13 -12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -905 |
Fair Value [Member] | 10/13 -12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 196 |
Fair Value [Member] | 1/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -4,947 |
Fair Value [Member] | 1/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -4,947 |
Fair Value [Member] | 1/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -348 |
Fair Value [Member] | 10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -368 |
Fair Value [Member] | 10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 20 |
Fair Value [Member] | 11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -380 |
Fair Value [Member] | 11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -395 |
Fair Value [Member] | 11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 15 |
Fair Value [Member] | 12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -435 |
Fair Value [Member] | 12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -448 |
Fair Value [Member] | 12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 13 |
Fair Value [Member] | 1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -38 |
Fair Value [Member] | 1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -49 |
Fair Value [Member] | 1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 11 |
Fair Value [Member] | 2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -118 |
Fair Value [Member] | 2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -126 |
Fair Value [Member] | 2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 8 |
Fair Value [Member] | 3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -59 |
Fair Value [Member] | 3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -71 |
Fair Value [Member] | 3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 12 |
Fair Value [Member] | 4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -82 |
Fair Value [Member] | 4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -95 |
Fair Value [Member] | 4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 13 |
Fair Value [Member] | 5/14- 5/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -68 |
Fair Value [Member] | 5/14- 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -79 |
Fair Value [Member] | 5/14- 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 11 |
Fair Value [Member] | 6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -87 |
Fair Value [Member] | 6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -92 |
Fair Value [Member] | 6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 5 |
Fair Value [Member] | 7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -53 |
Fair Value [Member] | 7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -62 |
Fair Value [Member] | 7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 9 |
Fair Value [Member] | 8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -54 |
Fair Value [Member] | 8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -61 |
Fair Value [Member] | 8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 7 |
Fair Value [Member] | 9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -60 |
Fair Value [Member] | 9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -66 |
Fair Value [Member] | 9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 6 |
Fair Value [Member] | 10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -50 |
Fair Value [Member] | 10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -55 |
Fair Value [Member] | 10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 5 |
Fair Value [Member] | 11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -54 |
Fair Value [Member] | 11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -57 |
Fair Value [Member] | 11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 3 |
Fair Value [Member] | 12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -57 |
Fair Value [Member] | 12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -56 |
Fair Value [Member] | 12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -1 |
Fair Value [Member] | 10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -56 |
Fair Value [Member] | 10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -56 |
Fair Value [Member] | 10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -3 |
Fair Value [Member] | 11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -3 |
Fair Value [Member] | 11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -31 |
Fair Value [Member] | 12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -31 |
Fair Value [Member] | 12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -523 |
Fair Value [Member] | 1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -523 |
Fair Value [Member] | 1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -259 |
Fair Value [Member] | 2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -259 |
Fair Value [Member] | 2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -524 |
Fair Value [Member] | 3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -524 |
Fair Value [Member] | 3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -382 |
Fair Value [Member] | 4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -382 |
Fair Value [Member] | 4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 5/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -349 |
Fair Value [Member] | 5/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -349 |
Fair Value [Member] | 5/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -312 |
Fair Value [Member] | 6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -326 |
Fair Value [Member] | 6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 14 |
Fair Value [Member] | 7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -213 |
Fair Value [Member] | 7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -219 |
Fair Value [Member] | 7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 6 |
Fair Value [Member] | 8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -175 |
Fair Value [Member] | 8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -186 |
Fair Value [Member] | 8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 11 |
Fair Value [Member] | 9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -118 |
Fair Value [Member] | 9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -128 |
Fair Value [Member] | 9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 10 |
Fair Value [Member] | 10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -110 |
Fair Value [Member] | 10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -118 |
Fair Value [Member] | 10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 8 |
Fair Value [Member] | 11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -72 |
Fair Value [Member] | 11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -78 |
Fair Value [Member] | 11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 6 |
Fair Value [Member] | 12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -99 |
Fair Value [Member] | 12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -101 |
Fair Value [Member] | 12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 2 |
Fair Value [Member] | 1/15 - 1/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 1/15 - 1/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 1/15 - 1/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/15 - 2/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/15 - 2/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/15 - 2/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 3/15 - 3/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 1 |
Fair Value [Member] | 3/15 - 3/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 3/15 - 3/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 1 |
Fair Value [Member] | 1/15 - 1/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -3 |
Fair Value [Member] | 1/15 - 1/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 1/15 - 1/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -3 |
Fair Value [Member] | 2/15 - 2/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -2 |
Fair Value [Member] | 2/15 - 2/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/15 - 2/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -2 |
Fair Value [Member] | 3/15 - 3/15 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -1 |
Fair Value [Member] | 3/15 - 3/15 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 3/15 - 3/15 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -1 |
Fair Value [Member] | 10/13 - 10/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 181 |
Fair Value [Member] | 10/13 - 10/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 181 |
Fair Value [Member] | 10/13 - 10/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 11/13 - 11/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 184 |
Fair Value [Member] | 11/13 - 11/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 184 |
Fair Value [Member] | 11/13 - 11/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 12/13 - 12/13 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 162 |
Fair Value [Member] | 12/13 - 12/13 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 162 |
Fair Value [Member] | 12/13 - 12/13 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 1/14 - 1/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -142 |
Fair Value [Member] | 1/14 - 1/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -142 |
Fair Value [Member] | 1/14 - 1/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 2/14 - 2/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -88 |
Fair Value [Member] | 2/14 - 2/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -88 |
Fair Value [Member] | 2/14 - 2/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 3/14 - 3/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -55 |
Fair Value [Member] | 3/14 - 3/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -55 |
Fair Value [Member] | 3/14 - 3/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 4/14 - 4/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -25 |
Fair Value [Member] | 4/14 - 4/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | -25 |
Fair Value [Member] | 4/14 - 4/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 5/14 - 5/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 1 |
Fair Value [Member] | 5/14 - 5/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 1 |
Fair Value [Member] | 5/14 - 5/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 6/14 - 6/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 23 |
Fair Value [Member] | 6/14 - 6/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 23 |
Fair Value [Member] | 6/14 - 6/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 7/14 - 7/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 64 |
Fair Value [Member] | 7/14 - 7/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 64 |
Fair Value [Member] | 7/14 - 7/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 8/14 - 8/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 87 |
Fair Value [Member] | 8/14 - 8/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 87 |
Fair Value [Member] | 8/14 - 8/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 9/14 - 9/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 110 |
Fair Value [Member] | 9/14 - 9/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 110 |
Fair Value [Member] | 9/14 - 9/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 10/14 - 10/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 125 |
Fair Value [Member] | 10/14 - 10/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 125 |
Fair Value [Member] | 10/14 - 10/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 11/14 - 11/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 130 |
Fair Value [Member] | 11/14 - 11/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 130 |
Fair Value [Member] | 11/14 - 11/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 0 |
Fair Value [Member] | 12/14 - 12/14 | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 95 |
Fair Value [Member] | 12/14 - 12/14 | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | 95 |
Fair Value [Member] | 12/14 - 12/14 | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Fair Value Gain (Loss) | $0 |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Values, on a Gross Basis, of Derivatives Not Designated as Hedging Instruments Recorded in the Consolidated Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $3,310 | $8,043 |
Liability Derivatives | -11,982 | -10,726 |
Asset (Liability) Derivatives Total | -8,672 | -2,683 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset (Liability) Derivatives Total | -8,672 | -2,683 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Asset (Liability) Derivatives, Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset (Liability) Derivatives Total | -7,523 | 2,408 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Asset (Liability) Derivatives, Non-current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset (Liability) Derivatives Total | -1,149 | -5,091 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Current Assets Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 2,934 | 6,808 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Current Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -10,457 | -4,400 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Non-current Assets Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 376 | 1,235 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Non-current Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -1,525 | -6,326 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Assets Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 3,310 | 8,043 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments under Accounting Guidance [Member] | Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | ($11,982) | ($10,726) |
Derivative_Instruments_Fair_Va1
Derivative Instruments - Fair Values, on a Gross Basis, of Derivatives Not Designated as Hedging Instruments Recorded in the Statement of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Realized (loss) gain on derivative financial instruments | ($2,725) | $3,284 | ($2,573) | $11,189 |
Unrealized gain (loss) on derivative financial instruments | -5,143 | -16,129 | -5,989 | 7,375 |
Total gain (loss) on derivative financial instruments | ($7,868) | ($12,845) | ($8,562) | $18,564 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Assets and Liabilities by Level within Fair Value Hierarchy Table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | $3,310 | $8,043 |
Fair Value of Derivative Liability | -11,982 | -10,726 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liability | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 3,310 | 8,043 |
Fair Value of Derivative Liability | -11,982 | -10,726 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liability | 0 | 0 |
Oil and Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 3,310 | 8,043 |
Fair Value of Derivative Liability | -11,982 | -10,726 |
Oil and Natural Gas Derivatives [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liability | 0 | 0 |
Oil and Natural Gas Derivatives [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 3,310 | 8,043 |
Fair Value of Derivative Liability | -11,982 | -10,726 |
Oil and Natural Gas Derivatives [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Assets | 0 | 0 |
Fair Value of Derivative Liability | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Asset (Liability) Derivatives Total | ($8,672,000) | ' | ($8,672,000) | ' | ($2,683,000) |
Debt, fair value | 182,700,000 | ' | 182,700,000 | ' | ' |
Oil and gas properties, fair value | 234,918,000 | ' | 234,918,000 | ' | 260,012,000 |
Impairment | 402,000 | 3,681,000 | 55,779,000 | 6,992,000 | ' |
Additional asset retirement obligations | 302,886,000 | ' | 302,886,000 | ' | 345,505,000 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Oil and gas properties with a carrying value | 290,700,000 | 224,400,000 | 290,700,000 | 224,400,000 | ' |
Oil and gas properties, fair value | 234,900,000 | 217,400,000 | 234,900,000 | 217,400,000 | ' |
Impairment | 400,000 | 3,700,000 | 55,800,000 | 7,000,000 | ' |
Additional asset retirement obligations | $2,300,000 | ' | $2,300,000 | ' | ' |
Debt_and_Notes_Payable_Debt_an
Debt and Notes Payable - Debt and Notes Payable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $184,610 | $204,670 |
Less: current portion | -243 | -3,552 |
Total long-term debt | 184,367 | 201,118 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 35,000 | 52,000 |
13.75% Senior Secured Notes, net of discount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 149,314 | 149,118 |
Notes Payable to Banks [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 3,552 |
Other debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $296 | ' |
Debt_and_Notes_Payable_Additio
Debt and Notes Payable - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 24, 2010 | 23-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 23, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 24, 2010 | Sep. 30, 2013 | Dec. 24, 2010 | Nov. 12, 2013 | Oct. 31, 2013 | Nov. 14, 2013 | Nov. 12, 2013 | Oct. 15, 2013 | |
Letter of Credit [Member] | Letter of Credit [Member] | 13.75% Senior Secured Notes, net of discount [Member] | 13.75% Senior Secured Notes, net of discount [Member] | 13.75% Senior Secured Notes, net of discount [Member] | 13.75% Senior Secured Notes, net of discount [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
13.75% Senior Secured Notes, net of discount [Member] | 13.75% Senior Secured Notes, net of discount [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Credit Facility bears interest based on the borrowing base usage, at the applicable London Interbank Offered Rate, plus applicable margins ranging from 2.75% to 3.5%, or an alternate base rate based on the federal funds effective rate plus applicable margins ranging from 1.25% to 2.00%. The applicable margin is computed based on the borrowing based utilization percentage in effect from time to time. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of amendments to credit facility | ' | 'Increased the applicable margin with respect to each ABR loan or Eurodollar loan outstanding by 1% if the credit exposure is greater than $15 million, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum capacity under credit facility | ' | ' | ' | $66,600,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | $50,000,000 | $35,000,000 | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,000,000 |
Contribution from our majority equity holder | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase percentage for 13.75% Senior Secured Notes | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin Applicable in Interest in Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 5.50% | ' | ' | ' | ' | ' |
Margin applicable on alternative base rate based on federal funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | 4.00% | ' | ' | ' | ' | ' |
Line of credit facility, increase in applicable margin after specified credit exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 2.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes/Fee percentage on letter of credit | ' | ' | ' | 2.00% | ' | ' | ' | ' | 13.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue Price Of 13.75% Senior secured notes debt instruments as percentage of face amount | ' | ' | ' | ' | ' | ' | ' | ' | 99.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility date in original agreement | ' | ' | ' | ' | ' | ' | 1-Dec-15 | ' | ' | ' | ' | ' | ' | 24-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility revise maturity date after amendment | ' | ' | ' | 22-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of Credit Outstanding | ' | ' | ' | 96,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Commitment fee percentage per annum computed on unused borrowings base, paid quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees recognized included in interest expense | 4,125 | 4,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility covenant requiring percentage of mortgages on total value of the proved oil and gas reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1.4 | ' | ' | 6 | ' | 1 | ' | 2.5 | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage | 60.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage Surplus (Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 21.00% | ' | ' | ' |
Maximum percent limit on capital expenditure covenant | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | 1 | ' | 3 | ' | ' | ' | ' | ' | ' |
Payables restriction covenant calculated amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,200,000 | 27,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face value | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable restriction covenant, Number of days | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payables restriction covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' |
Total debt | 184,610,000 | 184,610,000 | 204,670,000 | ' | ' | ' | 149,314,000 | 149,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount on 13.75% Senior Secured Notes | -686,000 | -686,000 | -882,000 | ' | ' | ' | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting and debt issue costs capitalized | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase percentage for 13.75% Senior Secured Notes for a Change of Control | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the 13.75% Senior Secured Notes redeemable until December 1, 2013 | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable amount as a percentage of principal amount | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional redemption repurchase percentage for the 13.75% Senior Secured Notes from December 1, 2013 until December 1, 2014 | ' | ' | ' | ' | ' | ' | 106.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent solicitation fee | ' | ' | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grace period provided in the indenture | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Notes_Payable_Schedul
Debt and Notes Payable - Scheduled Maturities of Principal Amounts of Debt Obligations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $243 | ' |
2015 | 35,030 | ' |
2016 | 150,023 | ' |
Notes and loans payable | 185,296 | ' |
Unamortized discount on 13.75% Senior Secured Notes | -686 | -882 |
Total debt | $184,610 | $204,670 |
Preferred_Units_Additional_Inf
Preferred Units - Additional Information (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Feb. 12, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
Class E units [Member] | Class D Preferred Units [Member] | PPBE [Member] | Capital Unit Class B [Member] | Capital Unit Class B [Member] | Minimum [Member] | Maximum [Member] | ||
Class E units [Member] | PPBE [Member] | PPVA (Equity) [Member] | Class E units [Member] | Class E units [Member] | ||||
Class B units [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution | ' | ' | ' | $50 | ' | ' | ' | ' |
Additional units issued | ' | ' | ' | ' | 3,800,000 | 1,131,458 | ' | ' |
Class D Units Exchanged for Class E Units | ' | 43,000,000 | ' | ' | ' | ' | ' | ' |
Temporary Units Issued | ' | ' | 30,000,000 | 50,000,000 | ' | ' | ' | ' |
Paid-in-kind dividends converted to Class E stock | ' | ' | $13 | ' | ' | ' | ' | ' |
Rate of accruing dividends payable in kind | ' | ' | ' | ' | ' | ' | 20.00% | 36.00% |
Paid-in-kind dividends issued as Class E Stock | ' | ' | ' | 11,960,929 | ' | ' | ' | ' |
Stock Split ratio | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Commitments and Contingencies - Additional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 26, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 08, 2013 | Aug. 08, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Fields | Well | Contract | tank | W&T Total [Member] | W&T Operating Properties [Member] | W&T Operating Properties [Member] | W&T Non-operating Properties [Member] | ARGO [Member] | Maritech [Member] | Merit [Member] | Merit [Member] | Puported Derivative Action [Member] | Puported Derivative Action [Member] | West Delta Thirty Two Block Platform [Member] | Drilling Unit Contract Number One | Drilling Unit Contract Number Two | Drilling Unit Contract Number Two | Drilling Unit Contract Number Three | |
Installment | Fields | Person | Scenario, Forecast [Member] | Contract | Contract | Contract | Contract | ||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of oil tanks involved in incident | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency New Claims Filed Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Several civil lawsuits have been filed | ' | ' | ' | ' |
Escrow to be funded | ' | ' | ' | ' | $63.80 | $32.60 | ' | $31.20 | ' | $13.10 | $60 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of monthly installments to be deposited in escrow account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investors in Black Elk Energy, LLC (BEE) filed a derivative action on behalf of BEE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Number of fields sold | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' |
Percentage of Sale Proceeds Sought As Escrow Deposit, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.01% | ' | ' | ' | ' | ' | ' |
Number of drilling unit contract | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Additional lease period for drilling contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' |
Number of operated wells expected to be drilled | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 |
Escrow paid/funded | ' | ' | ' | ' | ' | ' | 32.6 | 16.4 | ' | 11.3 | ' | 56 | ' | ' | ' | ' | ' | ' | ' |
Remaining balance of escrow to be paid | ' | ' | ' | ' | ' | ' | ' | 14.8 | ' | 1.8 | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Payments for surety bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of performance bonds | ' | ' | ' | ' | ' | ' | ' | ' | $32.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Commitments and Contingencies - Future Minimum Lease Payments Table (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $31,860 |
2015 | 2,201 |
2016 | 2,029 |
2017 | 1,740 |
2018 | 1,577 |
Thereafter | 3,476 |
Operating lease, total | $42,883 |
Recovered_Sheet3
Gain on Involuntary Conversion - Additional Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
High Island Four Hundred Forty Three [Member] | High Island Four Hundred Forty Three [Member] | Subsequent Event [Member] | |||
High Island Four Hundred Forty Three [Member] | |||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' |
Receivable under our insurance policy | $254,000 | $3,100,000 | $300,000 | $3,100,000 | ' |
Insurance claim, deductible amount | ' | ' | ' | 500,000 | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | ' | ' | ' | $24,100,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||||
Aug. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 08, 2010 | |
Pea and Eigh Company, LLC [Member] | Freedom Logistics LLC [Member] | Freedom Logistics LLC [Member] | ||||
Helicopter | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Receivables from Black Elk Energy, LLC | ' | $23,430 | $23,430 | ' | ' | ' |
Related Party Transaction, Commitment Fee | 300,000 | ' | ' | ' | ' | ' |
Lease monthly installments | ' | ' | ' | 35,000 | ' | ' |
Lease maturing | ' | ' | ' | 31-Dec-13 | ' | ' |
Option to purchase equipment | ' | ' | ' | 1,500,000 | ' | ' |
Restricted cash for additional equipment purchased | ' | ' | ' | 600,000 | ' | ' |
Number of helicopters as per purchase agreement | ' | ' | ' | ' | ' | 2 |
Guarantee of Freedom Logistics loan | ' | ' | ' | ' | ' | 3,200,000 |
Receivable from Freedom Logistics | ' | ' | ' | ' | $300,000 | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Details) (Subsequent Event [Member], USD $) | Nov. 14, 2013 |
In Millions, unless otherwise specified | |
Golden Gate Oil, LLC [Member] | ' |
Subsequent Event [Line Items] | ' |
Percentage of acquiree equity to be purchased under option agreement | 100.00% |
Purchase price of acquisition under purchase option | $60 |
Letter of Credit [Member] | ' |
Subsequent Event [Line Items] | ' |
Aggregate maximum capacity under credit facility | $66.60 |