Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Matador Resources Co | ' |
Entity Central Index Key | '0001520006 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 65,633,487 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | $3,609 | ' |
Current assets | ' | ' |
Cash | 6,330 | 2,095 |
Certificates of deposit | 40 | 230 |
Accounts receivable | ' | ' |
Oil and natural gas revenues | 26,722 | 24,422 |
Joint interest billings | 2,600 | 4,118 |
Other | 1,077 | 974 |
Derivative instruments | 1,037 | 4,378 |
Deferred Tax Assets, Net | 1,948 | ' |
Lease and well equipment inventory | 687 | 877 |
Prepaid expenses | 3,250 | 1,103 |
Total current assets | 43,691 | 38,197 |
Oil and natural gas properties, full-cost method | ' | ' |
Evaluated | 951,736 | 763,527 |
Unproved and unevaluated | 213,084 | 149,675 |
Other property and equipment | 29,219 | 27,258 |
Less accumulated depletion, depreciation and amortization | -445,193 | -349,370 |
Net property and equipment | 748,846 | 591,090 |
Other assets | ' | ' |
Derivative instruments | 995 | 771 |
Deferred income taxes | ' | 411 |
Other assets | 2,288 | 1,560 |
Total other assets | 3,283 | 2,742 |
Total assets | 795,820 | 632,029 |
Current liabilities | ' | ' |
Accounts payable | 20,280 | 28,120 |
Accrued liabilities | 50,048 | 59,179 |
Royalties payable | 10,352 | 6,541 |
Derivative instruments | 4,178 | 670 |
Advances from joint interest owners | 10 | 1,515 |
Income taxes payable | 980 | ' |
Deferred income taxes | ' | 411 |
Other current liabilities | 87 | 56 |
Total current liabilities | 85,935 | 96,492 |
Long-term liabilities | ' | ' |
Borrowings under Credit Agreement | 145,000 | 150,000 |
Asset retirement obligations | 6,147 | 5,109 |
Other long-term liabilities | 2,463 | 1,324 |
Total long-term liabilities | 157,219 | 156,433 |
Commitments and contingencies (Note 9) | ' | ' |
Shareholders' equity | ' | ' |
Common stock - $0.01 par value, 80,000,000 shares authorized; 66,927,261 and 56,778,718 shares issued; and 65,625,418 and 55,577,667 shares outstanding, respectively | 670 | 568 |
Additional paid-in capital | 548,051 | 404,311 |
Retained deficit | 14,710 | -15,010 |
Treasury stock, at cost, 1,301,843 and 1,201,051 shares, respectively | -10,765 | -10,765 |
Total shareholders' equity | 552,666 | 379,104 |
Total liabilities and shareholders' equity | $795,820 | $632,029 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 57,139,755 | 56,778,718 |
Common stock, shares outstanding | 55,837,912 | 55,577,667 |
Treasury stock, shares | 1,301,843 | 1,201,051 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Oil and natural gas revenues | $81,868 | $38,008 | $199,367 | $103,250 |
Realized gain on derivatives | -1,165 | 3,371 | -519 | 11,147 |
Unrealized loss on derivatives | -9,327 | -12,993 | -6,626 | -1,149 |
Total revenues | 71,376 | 28,386 | 192,222 | 113,248 |
Expenses | ' | ' | ' | ' |
Production taxes and marketing | 6,559 | 2,822 | 15,107 | 7,605 |
Lease operating | 8,569 | 6,491 | 29,608 | 17,511 |
Depletion, depreciation and amortization | 26,127 | 21,680 | 74,593 | 52,799 |
Accretion of asset retirement obligations | 86 | 59 | 248 | 170 |
Full-cost ceiling impairment | 0 | 3,596 | 21,229 | 36,801 |
General and administrative | 5,395 | 3,439 | 14,146 | 11,321 |
Total expenses | 46,736 | 38,087 | 154,931 | 126,207 |
Operating (loss) income | 24,640 | -9,701 | 37,291 | -12,959 |
Other income (expense) | ' | ' | ' | ' |
Net loss on asset sales and inventory impairment | 0 | 0 | -192 | -60 |
Interest expense | -2,038 | -144 | -4,919 | -453 |
Interest and other income | 66 | 55 | 181 | 157 |
Total other expense | -1,972 | -89 | -4,930 | -356 |
Income (loss) before income taxes | 22,668 | -9,790 | 32,361 | -13,315 |
Income tax provision (benefit) | ' | ' | ' | ' |
Current | 902 | 188 | 980 | 188 |
Deferred | 1,661 | -781 | 1,661 | -1,430 |
Total income tax provision (benefit) | 2,563 | -593 | 2,641 | -1,242 |
Net income (loss) | $20,105 | ($9,197) | $29,720 | ($12,073) |
Basic | ' | ' | ' | ' |
Basic (shares) | 58,016 | 55,271 | 55,766 | 53,519 |
Diluted | ' | ' | ' | ' |
Diluted (shares) | 58,152 | 55,271 | 55,889 | 53,519 |
Class A | ' | ' | ' | ' |
Basic | ' | ' | ' | ' |
Basic (usd per share) | $0.35 | ($0.17) | $0.53 | ($0.23) |
Diluted | ' | ' | ' | ' |
Diluted (usd per share) | $0.35 | ($0.17) | $0.53 | ($0.23) |
Basic | ' | ' | ' | ' |
Basic (shares) | 58,016 | 55,271 | 55,766 | 53,379 |
Diluted | ' | ' | ' | ' |
Diluted (shares) | 58,152 | 55,271 | 55,889 | 53,379 |
Class B | ' | ' | ' | ' |
Basic | ' | ' | ' | ' |
Basic (usd per share) | $0 | $0 | $0 | ($0.03) |
Diluted | ' | ' | ' | ' |
Diluted (usd per share) | $0 | $0 | $0 | ($0.03) |
Basic | ' | ' | ' | ' |
Basic (shares) | 0 | 0 | 0 | 140 |
Diluted | ' | ' | ' | ' |
Diluted (shares) | 0 | 0 | 0 | 140 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Deficit | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2012 | $379,104 | $568 | $404,311 | ($15,010) | ($10,765) |
Beginning Balance, shares at Dec. 31, 2012 | 55,577,667 | 56,779,000 | ' | ' | 1,201,000 |
Stock Issued During Period, Shares, New Issues | ' | 9,778,000 | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 149,069 | 98 | 148,971 | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -7,389 | ' | -7,389 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Common stock issued to Board advisors | 38 | 0 | 38 | 0 | 0 |
Common stock issued to Board advisors, shares | ' | 16,000 | ' | ' | ' |
Stock options expense related to equity based awards | 882 | 0 | 882 | 0 | 0 |
Liability based stock option awards forfeited or expired | 114 | 0 | 114 | 0 | 0 |
Restricted stock issued | ' | 4 | -4 | 0 | 0 |
Restricted stock issued, shares | ' | 354,000 | ' | ' | ' |
Restricted stock forfeited | -22 | 0 | -22 | 0 | 0 |
Restricted stock forfeited, shares | ' | ' | ' | ' | 101,000 |
Restricted stock and restricted stock units expense | 1,150 | 0 | 1,150 | 0 | 0 |
Current period net loss | 29,720 | 0 | 0 | 29,720 | 0 |
Ending Balance at Sep. 30, 2013 | $552,666 | $670 | $548,051 | $14,710 | ($10,765) |
Ending Balance, shares at Sep. 30, 2013 | 55,837,912 | 66,927,000 | ' | ' | 1,302,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net (loss) income | ($29,720) | $12,073 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ' | ' |
Unrealized loss on derivatives | 6,626 | 1,149 |
Depletion, depreciation and amortization | 74,593 | 52,799 |
Accretion of asset retirement obligations | 248 | 170 |
Full-cost ceiling impairment | 21,229 | 36,801 |
Stock-based compensation expense | -2,763 | 223 |
Deferred income tax provision | 1,661 | -1,430 |
Net loss on asset sales and inventory impairment | 192 | 60 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -886 | -8,718 |
Lease and well equipment inventory | 198 | -285 |
Prepaid expenses | -2,148 | 179 |
Other assets | -728 | -650 |
Accounts payable, accrued liabilities and other current liabilities | -10,702 | 6,105 |
Royalties payable | -3,812 | -4,065 |
Advances from joint interest owners | -1,505 | 1,782 |
Income taxes payable | 980 | 188 |
Other long-term liabilities | 1,139 | 406 |
Net cash provided by operating activities | 127,192 | 80,325 |
Investing activities | ' | ' |
Oil and natural gas properties capital expenditures | -257,216 | -212,702 |
Expenditures for other property and equipment | -3,058 | -5,297 |
Purchases of certificates of deposit | -61 | -416 |
Maturities of certificates of deposit | 251 | 1,485 |
Net cash used in investing activities | -260,084 | -216,930 |
Financing activities | ' | ' |
Repayments of borrowings under Credit Agreement | -130,000 | -123,000 |
Borrowings under Credit Agreement | 125,000 | 116,000 |
Proceeds from issuance of common stock | 149,069 | 146,510 |
Swing Sale Profit | 0 | 24 |
Cost to issue equity | -6,933 | -11,599 |
Proceeds from stock options exercised | 0 | 2,660 |
Taxes paid related to net share settlement of stock-based compensation | -9 | 0 |
Payment of dividends - Class B | 0 | -96 |
Net cash provided by financing activities | 137,127 | 130,499 |
Increase (decrease) in cash | 4,235 | -6,106 |
Cash at beginning of period | 2,095 | 10,284 |
Cash at end of period | $6,330 | $4,178 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NATURE OF OPERATIONS | |
Matador Resources Company (“Matador” and, collectively with its subsidiaries, the “Company”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Eagle Ford shale play in South Texas and the Wolfcamp and Bone Spring plays in the Permian Basin in Southeast New Mexico and West Texas. The Company also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. In addition, the Company has a large exploratory leasehold position in Southwest Wyoming and adjacent areas of Utah and Idaho where it is testing the Meade Peak shale. | |
On November 22, 2010, the company formerly known as Matador Resources Company, a Texas corporation founded on July 3, 2003, formed a wholly-owned subsidiary, Matador Holdco, Inc. Pursuant to the terms of a corporate reorganization that was completed on August 9, 2011, the former Matador Resources Company became a wholly-owned subsidiary of Matador Holdco, Inc. and changed its corporate name to MRC Energy Company, and Matador Holdco, Inc. changed its corporate name to Matador Resources Company. | |
MRC Energy Company holds the primary assets of the Company and has four wholly-owned subsidiaries: Matador Production Company, MRC Permian Company, MRC Rockies Company and Longwood Gathering and Disposal Systems GP, Inc. Matador Production Company serves as the oil and natural gas operating entity. MRC Permian Company conducts oil and natural gas exploration and development activities in Southeast New Mexico and West Texas. MRC Rockies Company conducts oil and natural gas exploration and development activities in the Rocky Mountains and specifically in the states of Wyoming, Utah and Idaho. Longwood Gathering and Disposal Systems GP, Inc. serves as the general partner of Longwood Gathering and Disposal Systems, LP, which owns a majority of the pipeline systems and salt water disposal wells used in the Company’s operations, transports limited quantities of third-party natural gas and disposes of limited quantities of third-party salt water. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | ||||||||||||||||
The unaudited condensed consolidated financial statements of Matador and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC (the “Annual Report”). All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2013, consolidated results of operations for the three and nine months ended September 30, 2013 and 2012, consolidated changes in shareholders’ equity for the nine months ended September 30, 2013 and consolidated cash flows for the nine months ended September 30, 2013 and 2012. Certain reclassifications have been made to prior period items to conform to the current period presentation. These reclassifications had no effect on previously reported results of operations, cash flows or retained earnings. Amounts as of December 31, 2012 are derived from the audited consolidated financial statements in the Annual Report. | ||||||||||||||||
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown in this report are not necessarily indicative of results to be expected for the full year due in part to volatility in oil, natural gas and natural gas liquids prices, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, oil, natural gas and natural gas liquids supply and demand, market competition and interruptions of production. | ||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s consolidated financial statements are based on a number of significant estimates, including accruals for oil and natural gas revenues, accrued assets and liabilities primarily related to oil and natural gas operations, stock-based compensation, valuation of derivative instruments and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. | ||||||||||||||||
Property and Equipment | ||||||||||||||||
The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method of accounting, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and general and administrative expenses directly related to exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized approximately $2.3 million and $1.7 million of its general and administrative costs for the nine months ended September 30, 2013 and 2012, respectively. The Company capitalized approximately $1.2 million and $1.0 million of its interest expense for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The net capitalized costs of oil and natural gas properties are limited to the lower of unamortized costs less related deferred income taxes or the cost center ceiling, with any excess above the cost center ceiling charged to operations as a full-cost ceiling impairment. The need for a full-cost ceiling impairment is assessed on a quarterly basis. The cost center ceiling is defined as the sum of (a) the present value discounted at 10 percent of future net revenues of proved oil and natural gas reserves, plus (b) unproved and unevaluated property costs not being amortized, plus (c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less (d) income tax effects related to the properties involved. Future net revenues from proved non-producing and proved undeveloped reserves are reduced by the estimated costs for developing these reserves. The fair value of the Company’s derivative instruments is not included in the ceiling test computation as the Company does not designate these instruments as hedge instruments for accounting purposes. | ||||||||||||||||
The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent on the commodity prices used in these estimates. These estimates are determined in accordance with guidelines established by the SEC for estimating and reporting oil and natural gas reserves. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost escalations in future periods except by contractual arrangements. | ||||||||||||||||
The commodity prices used to estimate oil and natural gas reserves are based on unweighted, arithmetic averages of first-day-of-the-month oil and natural gas prices for the previous 12-month period. For the period from October 2012 through September 2013, these average oil and natural gas prices were $91.69 per Bbl and $3.605 per MMBtu (million British thermal units), respectively. For the period from October 2011 through September 2012, these average oil and natural gas prices were $91.48 per Bbl and $2.826 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were adjusted by property for energy content, transportation and marketing fees and regional price differentials. At September 30, 2013 and 2012, the Company’s oil and natural gas reserves estimates were prepared by the Company’s engineering staff in accordance with guidelines established by the SEC and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. | ||||||||||||||||
Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at September 30, 2013, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended September 30, 2013. At March 31, 2013, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $13.7 million. The Company recorded an impairment charge of $21.2 million to its net capitalized costs and a deferred income tax credit of $7.5 million for the three months ended March 31, 2013. These charges are reflected in the Company’s unaudited condensed consolidated statement of operations for the nine months ended September 30, 2013. Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2012 and September 30, 2012, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $21.3 million and $2.3 million, respectively. The Company recorded an impairment charge of $33.2 million and $3.6 million to its net capitalized costs and a deferred income tax credit of $11.9 million and $1.3 million, related to the full-cost ceiling limitation at June 30, 2012 and September 30, 2012, respectively. These charges are reflected in the Company's unaudited condensed consolidated statement of operations for the nine months ended September 30, 2012. Changes in oil and natural gas production rates, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods. | ||||||||||||||||
As a non-cash item, the full-cost ceiling impairment impacts the accumulated depletion and the net carrying value of the Company’s assets on its consolidated balance sheet, as well as the corresponding consolidated shareholders’ equity, but it has no impact on the Company’s consolidated net cash flows as reported. | ||||||||||||||||
Capitalized costs of oil and natural gas properties are amortized using the unit-of-production method based upon production and estimates of proved reserves quantities. Unproved and unevaluated property costs are excluded from the amortization base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the amortization base. Dry holes are included in the amortization base immediately upon determination that the well is not productive. | ||||||||||||||||
Earnings Per Common Share | ||||||||||||||||
The Company reports basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities, unless their impact is anti-dilutive. | ||||||||||||||||
Prior to the consummation of the Company’s initial public offering in February 2012, the Company had issued two classes of common stock, Class A and Class B. The holders of the Class B shares were entitled to be paid cumulative dividends at a per share rate of $0.26-2/3 annually out of funds legally available for the payment of dividends. These dividends were accrued and paid quarterly. Dividends declared during the nine months ended September 30, 2013 and 2012 totaled zero and $27,643, respectively. Class B dividends declared during the fourth quarter of 2011 and the first quarter of 2012 were paid during the first quarter of 2012 totaling $96,356. As of September 30, 2013, the Company had not paid any dividends to holders of the Class A shares. Concurrent with the completion of the Company’s initial public offering, all 1,030,700 shares of the Company’s Class B common stock were converted to Class A common stock on a one-for-one basis. The Class A common stock is now referred to as the common stock. | ||||||||||||||||
The following are reconciliations of the numerators and denominators used to compute the Company’s basic and diluted distributed and undistributed earnings (loss) per common share as reported for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data). | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) - numerator | ||||||||||||||||
Net income (loss) | $ | 20,105 | $ | (9,197 | ) | $ | 29,720 | $ | (12,073 | ) | ||||||
Less dividends to Class B shareholders - distributed earnings | — | — | — | (28 | ) | |||||||||||
Undistributed earnings (loss) | $ | 20,105 | $ | (9,197 | ) | $ | 29,720 | $ | (12,101 | ) | ||||||
Weighted average common shares outstanding - denominator | ||||||||||||||||
Basic | ||||||||||||||||
Class A | 58,016 | 55,271 | 55,766 | 53,379 | ||||||||||||
Class B | — | — | — | 140 | ||||||||||||
Total | 58,016 | 55,271 | 55,766 | 53,519 | ||||||||||||
Diluted | ||||||||||||||||
Class A | ||||||||||||||||
Weighted average common shares outstanding for basic earnings | ||||||||||||||||
(loss) per share | 58,016 | 55,271 | 55,766 | 53,379 | ||||||||||||
Dilutive effect of options and restricted stock units | 136 | — | 123 | — | ||||||||||||
Class A weighted average common shares outstanding - diluted | 58,152 | 55,271 | 55,889 | 53,379 | ||||||||||||
Class B | ||||||||||||||||
Weighted average common shares outstanding - no associated | ||||||||||||||||
dilutive shares | — | — | — | 140 | ||||||||||||
Total diluted weighted average common shares outstanding | 58,152 | 55,271 | 55,889 | 53,519 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings (loss) per common share | ||||||||||||||||
Basic | ||||||||||||||||
Class A | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss) | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Total | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Class B | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||
Undistributed loss | $ | — | $ | — | $ | — | $ | (0.23 | ) | |||||||
Total | $ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
Diluted | ||||||||||||||||
Class A | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss) | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Total | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Class B | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||
Undistributed loss | $ | — | $ | — | $ | — | $ | (0.23 | ) | |||||||
Total | $ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
A total of 1,085,152 options to purchase shares of the Company’s Class A common stock and 151,051 restricted stock units were excluded from the calculations above for the three and nine months ended September 30, 2012, because their effects were anti-dilutive. Additionally, 233,349 restricted shares, which are participating securities, were excluded from the calculations above for the three and nine months ended September 30, 2012, as these security holders do not have the obligation to share in the losses of the Company. | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company measures and reports certain assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows Financial Accounting Standards Board (“FASB”) guidance establishing a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
Balance Sheet. In January 2013, the FASB issued Accounting Standards Update, or ASU, 2013-01, Balance Sheet. The ASU clarifies the scope of ASU 2011-11 to limit the application of ASU 2011-11 to derivatives accounted for in accordance with Accounting Standards Codification, or ASC, 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The Company adopted ASU 2013-01 effective January 1, 2013, together with the adoption of ASU 2011-11. The adoption of ASUs 2013-01 and 2011-11 did not have a material effect on the Company’s consolidated financial statements but did require certain additional disclosures (see Note 8). | ||||||||||||||||
Balance Sheet. In December 2011, the FASB issued ASU 2011-11, Balance Sheet. The requirements amend the disclosure requirements related to offsetting in ASC 210-20-50. The amendments require enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. The Company adopted ASU 2011-11 effective January 1, 2013, together with the adoption of ASU 2013-01. The adoption of ASUs 2011-11 and 2013-01 did not have a material effect on the Company’s consolidated financial statements but did require certain additional disclosures (see Note 8). |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
ASSET RETIREMENT OBLIGATIONS | ' | |||
ASSET RETIREMENT OBLIGATIONS | ||||
The following table summarizes the changes in the Company’s asset retirement obligations for the nine months ended September 30, 2013 (in thousands). | ||||
Beginning asset retirement obligations | $ | 5,769 | ||
Liabilities incurred during period | 417 | |||
Liabilities settled during period | (57 | ) | ||
Revisions in estimated cash flows | 533 | |||
Accretion expense | 248 | |||
Ending asset retirement obligations | 6,910 | |||
Less: current asset retirement obligations(1) | (763 | ) | ||
Long-term asset retirement obligations | $ | 6,147 | ||
_______________ | ||||
(1) | Included in accrued liabilities in the Company’s unaudited condensed consolidated balance sheet at September 30, 2013. |
Revolving_Credit_Agreement
Revolving Credit Agreement | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
REVOLVING CREDIT AGREEMENT | ' | |
REVOLVING CREDIT AGREEMENT | ||
On September 28, 2012, the Company amended and restated its revolving credit agreement. This third amended and restated credit agreement (the “Credit Agreement”) increased the maximum facility amount from $400.0 million to $500.0 million. The Credit Agreement matures December 29, 2016. MRC Energy Company is the borrower under the Credit Agreement. Borrowings are secured by mortgages on substantially all of the Company’s oil and natural gas properties and by the equity interests of all of MRC Energy Company’s wholly-owned subsidiaries, which are also guarantors. In addition, all obligations under the Credit Agreement are guaranteed by Matador Resources Company, the parent corporation. Various commodity hedging agreements with certain of the lenders under the Credit Agreement (or affiliates thereof) are also secured by the collateral of and guaranteed by the eligible subsidiaries of MRC Energy Company. | ||
The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. Both the Company and the lenders may request an unscheduled redetermination of the borrowing base once each between scheduled redetermination dates. During the first quarter of 2013, the lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2012, and on March 11, 2013, the borrowing base was increased from $215.0 million to $255.0 million. In connection with this borrowing base redetermination, the conforming borrowing base was increased to $220.0 million. At that time, the Company also amended the Credit Agreement to include Capital One, N.A., BMO Harris Financing, Inc. (Bank of Montreal) and IberiaBank in the Company’s lending group, which also includes RBC, as administrative agent, Comerica Bank, Citibank, N.A., The Bank of Nova Scotia and SunTrust Bank. This March 11, 2013 redetermination constituted the regularly scheduled May 1 redetermination. In late April 2013, the Company requested an unscheduled redetermination of the borrowing base, and on June 4, 2013, the borrowing base was increased from $255.0 million to $280.0 million. | ||
On August 7, 2013, the borrowing base under the Credit Agreement was increased to $350.0 million and the conforming borrowing base was increased to $275.0 million. At that time, the Company amended the Credit Agreement to provide that the borrowing base will automatically be reduced to the conforming borrowing base at the earlier of (i) June 30, 2014 or (ii) concurrent with the issuance by the Company of senior unsecured notes in an amount greater than or equal to $10.0 million. This August redetermination constituted the regularly scheduled November 1 redetermination. The Company may request one additional unscheduled redetermination of its borrowing base prior to the next scheduled redetermination. | ||
In the event of a borrowing base increase, the Company is required to pay a fee to the lenders equal to a percentage of the amount of the increase, which is determined based on market conditions at the time of the borrowing base increase. If, upon a redetermination or the automatic reduction of the borrowing base to the conforming borrowing base, the borrowing base were to be less than the outstanding borrowings under the Credit Agreement at any time, the Company would be required to provide additional collateral satisfactory in nature and value to the lenders to increase the borrowing base to an amount sufficient to cover such excess or to repay the deficit in equal installments over a period of six months. | ||
In connection with the March, June and August 2013 borrowing base redeterminations, the Company incurred $1.1 million of additional deferred loan costs. These costs were included with the remaining unamortized balance of the deferred loan costs incurred previously. As a result, total deferred loan costs were $2.3 million at September 30, 2013, and these costs are being amortized over the term of the agreement, which approximates the amortization of these costs using the effective interest method. On September 12, 2013, using a portion of the net proceeds from its public equity offering, the Company repaid $130.0 million of its outstanding borrowings under the Credit Agreement. At September 30, 2013, the Company had $145.0 million in borrowings outstanding under the Credit Agreement and approximately $0.3 million in outstanding letters of credit issued pursuant to the Credit Agreement. At September 30, 2013, the outstanding borrowings bore interest at an effective interest rate of approximately 4.0% per annum. Subsequent to September 30, 2013, the Company borrowed an additional $15.0 million to fund a portion of its working capital requirements and the acquisition of additional leasehold interests. At November 7, 2013, the Company had $160.0 million in borrowings outstanding under the Credit Agreement and approximately $0.3 million in outstanding letters of credit issued pursuant to the Credit Agreement. | ||
If the Company borrows funds as a base rate loan, such borrowings will bear interest at a rate equal to the higher of (i) the prime rate for such day or (ii) the Federal Funds Effective Rate on such day, plus 0.50% or (iii) the daily adjusting LIBOR rate plus 1.0% plus, in each case, an amount from 0.75% to 3.00% of such outstanding loan depending on the level of borrowings under the agreement. If the Company borrows funds as a Eurodollar loan, such borrowings will bear interest at a rate equal to (i) the quotient obtained by dividing (A) the LIBOR rate by (B) a percentage equal to 100% minus the maximum rate during such interest calculation period at which RBC is required to maintain reserves on Eurocurrency Liabilities (as defined in Regulation D of the Board of Governors of the Federal Reserve System) plus (ii) an amount from 1.75% to 4.00% of such outstanding loan depending on the level of borrowings under the Credit Agreement. The interest period for Eurodollar borrowings may be one, two, three or six months as designated by the Company. A commitment fee of 0.375% to 0.50%, depending on the unused availability under the Credit Agreement, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination, borrowing base increase and amendment fees) and annual agency fees as interest expense and in its interest rate calculations and related disclosures. Key financial covenants under the Credit Agreement require the Company to maintain (1) a current ratio, which is defined as consolidated total current assets plus the unused availability under the Credit Agreement divided by consolidated total current liabilities, of 1.0 or greater measured at the end of each fiscal quarter beginning June 30, 2014 and (2) a debt to EBITDA ratio, which is defined as total debt outstanding divided by a rolling four quarter EBITDA calculation, of 4.0 or less. | ||
Subject to certain exceptions, the Credit Agreement contains various covenants that limit the Company’s ability to take certain actions, including, but not limited to, the following: | ||
• | incur indebtedness or grant liens on any of its assets; | |
• | enter into commodity hedging agreements; | |
• | declare or pay dividends, distributions or redemptions; | |
• | merge or consolidate; | |
• | make any loans or investments; | |
• | engage in transactions with affiliates; and | |
• | engage in certain asset dispositions, including a sale of all or substantially all of its assets. | |
If an event of default exists under the Credit Agreement, the lenders will be able to accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include, but are not limited to, the following events: | ||
• | failure to pay any principal or interest on the notes or any reimbursement obligation under any letter of credit when due or any fees or other amounts within certain grace periods; | |
• | failure to perform or otherwise comply with the covenants and obligations in the Credit Agreement or other loan documents, subject, in certain instances, to certain grace periods; | |
• | bankruptcy or insolvency events involving the Company; and | |
• | a change of control, as defined in the Credit Agreement. | |
At September 30, 2013, the Company believes that it was in compliance with the terms of its Credit Agreement. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company had an effective tax rate of 11.3% and 8.2% for the three and nine months ended September 30, 2013, respectively. Total income tax expense for the three and nine months ended September 30, 2013 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to the reversal of a valuation allowance of approximately $6.7 million on the Company's federal deferred tax assets at September 30, 2013, as the Company's federal deferred tax liabilities exceeded its federal deferred tax assets at September 30, 2013, and the impact of permanent differences between book and taxable income. The Company had a net loss for the three and nine months ended September 30, 2012. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
STOCK-BASED COMPENSATION | ' |
STOCK-BASED COMPENSATION | |
In March 2013, the Company granted awards of options to purchase 507,500 and 284,292 shares of the Company’s common stock at exercise prices of $8.21 per share and $8.18 per share, respectively, to certain of its employees. The fair value of these awards was approximately $2.8 million. The Company also granted awards of 324,771 shares of restricted stock to certain of its employees in March 2013. The fair value of these restricted stock awards was approximately $2.4 million. All of these awards vest over a term of three or four years. | |
In February 2013, options to purchase 408,000 shares of the Company’s common stock at $10.00 per share expired unexercised or were forfeited. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and natural gas liquids prices. These instruments consist of put and call options in the form of costless collars and swap contracts. The Company records derivative financial instruments in its consolidated balance sheet as either assets or liabilities measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments. As a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statement of operations as an unrealized gain or loss. The fair value of the Company’s derivative financial instruments is determined using purchase and sale information available for similarly traded securities. Comerica Bank, The Bank of Nova Scotia and RBC (or affiliates thereof) were the counterparties for the Company's commodity derivatives at September 30, 2013. The Company has considered the credit standings of the counterparties in determining the fair value of its derivative financial instruments. | ||||||||||||||||||
The Company has entered into various costless collar contracts to mitigate its exposure to fluctuations in oil prices, each with an established price floor and ceiling. For each calculation period, the specified price for determining the realized gain or loss pursuant to any of these transactions is the arithmetic average of the settlement prices for the NYMEX West Texas Intermediate oil futures contract for the first nearby month corresponding to the calculation period’s calendar month. When the settlement price is below the price floor established by one or more of these collars, the Company receives from the counterparty an amount equal to the difference between the settlement price and the price floor multiplied by the contract oil volume. When the settlement price is above the price ceiling established by one or more of these collars, the Company pays to the counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the contract oil volume. | ||||||||||||||||||
The Company has also entered into various swap contracts to mitigate its exposure to fluctuations in oil prices, each with an established fixed price. For each calculation period, the specified price for determining the realized gain or loss pursuant to any of these transactions is the arithmetic average of the settlement prices for the NYMEX West Texas Intermediate oil futures contract for the first nearby month corresponding to the calculation period’s calendar month. When the settlement price is below the fixed price established by one or more of these swaps, the Company receives from the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract oil volume. When the settlement price is above the fixed price established by one or more of these swaps, the Company pays to the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract oil volume. | ||||||||||||||||||
The Company has entered into various costless collar transactions for natural gas, each with an established price floor and ceiling. For each calculation period, the specified price for determining the realized gain or loss to the Company pursuant to any of these transactions is the settlement price for the NYMEX Henry Hub natural gas futures contract for the delivery month corresponding to the calculation period’s calendar month for the last day of that contract period. When the settlement price is below the price floor established by one or more of these collars, the Company receives from the counterparty an amount equal to the difference between the settlement price and the price floor multiplied by the contract natural gas volume. When the settlement price is above the price ceiling established by one or more of these collars, the Company pays to the counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the contract natural gas volume. | ||||||||||||||||||
The Company has entered into various swap contracts to mitigate its exposure to fluctuations in natural gas liquids (“NGL”) prices, each with an established fixed price. For each calculation period, the settlement price for determining the realized gain or loss to the Company pursuant to any of these transactions is the arithmetic average of any current month for delivery on the nearby month futures contracts of the underlying commodity, except for purity ethane, as stated on the “Mont Belvieu Spot Gas Liquids Prices: NON-TET prop” on the pricing date. The settlement price for purity ethane is the arithmetic average of any current month for delivery on the nearby month futures contracts as stated on the “Mont Belvieu Spot Gas Liquids Prices” on the pricing date. When the settlement price is below the fixed price established by one or more of these swaps, the Company receives from the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract NGL volume. When the settlement price is above the fixed price established by one or more of these swaps, the Company pays to the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract NGL volume. | ||||||||||||||||||
At September 30, 2013, the Company had various costless collar contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling. Each contract is set to expire at varying times during 2013, 2014 and 2015. | ||||||||||||||||||
At September 30, 2013, the Company had various swap contracts open and in place to mitigate its exposure to oil and NGL price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and fixed price. Each contract is set to expire at varying times during 2013 and 2014. | ||||||||||||||||||
The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for oil and natural gas liquids at September 30, 2013. | ||||||||||||||||||
Commodity | Calculation Period | Notional | Price Floor | Price | Fair Value of | |||||||||||||
Quantity | ($/Bbl) | Ceiling | Asset | |||||||||||||||
(Bbl/month) | ($/Bbl) | (Liability) | ||||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 102.25 | $ | (131 | ) | |||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 108.8 | (22 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 110.4 | (13 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 90 | 102.8 | (105 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 90 | 115 | 13 | |||||||||||||
Oil | 10/01/2013 - 06/30/2014 | 8,000 | 90 | 114 | 101 | |||||||||||||
Oil | 10/01/2013 - 06/30/2014 | 12,000 | 90 | 115.5 | 163 | |||||||||||||
Oil | 10/01/2013 - 12/31/2014 | 12,200 | 85 | 100.4 | (249 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 85 | 97.5 | (399 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 30,000 | 85 | 98 | (767 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 12,000 | 85 | 100 | (154 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 87 | 97 | (357 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 20,000 | 88 | 95.6 | (593 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 20,000 | 90 | 97 | (294 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 12,000 | 90 | 97.9 | (97 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 97.9 | (124 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 98 | (135 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 101.15 | 133 | |||||||||||||
Total open oil costless collar contracts | (3,030 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional | Price Floor | Price | Fair Value of | |||||||||||||
Quantity | ($/MMBtu) | Ceiling | Asset | |||||||||||||||
(MMBtu/month) | ($/MMBtu) | (Liability) | ||||||||||||||||
(thousands) | ||||||||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 3.83 | (16 | ) | ||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 4.95 | 1 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 4.96 | 1 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 150,000 | 3 | 4.24 | (5 | ) | ||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.25 | 4.41 | 3 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.25 | 4.44 | 3 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.5 | 4.37 | 15 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 80,000 | 3.75 | 4.57 | 54 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3 | 5.15 | (2 | ) | ||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.21 | 59 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.22 | 60 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.37 | 76 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.42 | 79 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.5 | 4.9 | 118 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.77 | 227 | |||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 200,000 | 3.75 | 5.04 | 331 | |||||||||||||
Total open natural gas costless collar contracts | 1,004 | |||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of | ||||||||||||||
(Bbl/month) | ($/Bbl) | Liability | ||||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 10,000 | 90.2 | (341 | ) | |||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 10,000 | 90.65 | (327 | ) | |||||||||||||
Total open oil swap contracts | (668 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of Asset (Liability) | ||||||||||||||
(Gal/month) | ($/Gal) | (thousands) | ||||||||||||||||
Purity Ethane | 10/01/2013 - 12/31/2013 | 110,000 | 0.335 | 28 | ||||||||||||||
Purity Ethane | 10/01/2013 - 12/31/2013 | 110,000 | 0.355 | 35 | ||||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 53,000 | 0.953 | (20 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 106,000 | 0.96 | (37 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 53,000 | 1.001 | (12 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 150,000 | 1.103 | 16 | ||||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 116,000 | 0.95 | (87 | ) | |||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 116,000 | 1.003 | 8 | ||||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 60,000 | 1.015 | 13 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 14,700 | 1.455 | 3 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 14,700 | 1.56 | 8 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 21,000 | 1.575 | 12 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 117,000 | 1.575 | 63 | ||||||||||||||
Normal Butane | 01/01/2014 - 12/31/2014 | 17,500 | 1.54 | 57 | ||||||||||||||
Normal Butane | 01/01/2014 - 12/31/2014 | 45,500 | 1.55 | 143 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 7,000 | 1.515 | 2 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 7,000 | 1.625 | 4 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 43,500 | 1.675 | 34 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 23,000 | 1.675 | 18 | ||||||||||||||
Isobutane | 01/01/2014 - 12/31/2014 | 22,000 | 1.64 | 87 | ||||||||||||||
Isobutane | 01/01/2014 - 12/31/2014 | 37,000 | 1.64 | 156 | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.025 | (3 | ) | |||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.085 | — | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.102 | — | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 36,000 | 2.105 | 1 | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 90,500 | 2.148 | 20 | ||||||||||||||
Natural Gasoline | 01/01/2014 - 12/31/2014 | 30,000 | 1.97 | (7 | ) | |||||||||||||
Natural Gasoline | 01/01/2014 - 12/31/2014 | 41,000 | 2 | 6 | ||||||||||||||
Total open NGL swap contracts | 548 | |||||||||||||||||
Total open derivative financial instruments | $ | (2,146 | ) | |||||||||||||||
These derivative financial instruments are subject to master netting arrangements within specific commodity types, i.e., oil, natural gas and natural gas liquids, by counterparty. Derivative financial instruments with Counterparty A are not subject to master netting across commodity types, while derivative financial instruments with Counterparties B and C allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its consolidated balance sheet. | ||||||||||||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of September 30, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | consolidated | presented in the | ||||||||||||||||
assets | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 2,104 | $ | (2,104 | ) | $ | — | $ | — | |||||||||
Other assets | 1,034 | (909 | ) | 125 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 1,741 | (1,289 | ) | 452 | 138 | |||||||||||||
Other assets | 1,553 | (1,039 | ) | 514 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 2,874 | (2,289 | ) | 585 | 301 | |||||||||||||
Other assets | 1,478 | (1,122 | ) | 356 | — | |||||||||||||
Total | $ | 10,784 | $ | (8,752 | ) | $ | 2,032 | $ | 439 | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of September 30, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | consolidated | presented in the | ||||||||||||||||
liabilities | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 3,329 | $ | (2,104 | ) | $ | 1,225 | $ | — | |||||||||
Long-term liabilities | 909 | (909 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,749 | (1,289 | ) | 1,460 | 138 | |||||||||||||
Long-term liabilities | 1,039 | (1,039 | ) | — | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 3,782 | (2,289 | ) | 1,493 | 301 | |||||||||||||
Long-term liabilities | 1,122 | (1,122 | ) | — | — | |||||||||||||
Total | $ | 12,930 | $ | (8,752 | ) | $ | 4,178 | $ | 439 | |||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2012 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
assets | consolidated | consolidated | ||||||||||||||||
balance sheet | balance sheet | |||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 6,445 | $ | (2,373 | ) | $ | 4,072 | $ | — | |||||||||
Other assets | 1,096 | (370 | ) | 726 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 530 | (224 | ) | 306 | 82 | |||||||||||||
Other assets | 384 | (339 | ) | 45 | — | |||||||||||||
Total | $ | 8,455 | $ | (3,306 | ) | $ | 5,149 | $ | 82 | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2012 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
liabilities | consolidated | condensed | ||||||||||||||||
balance sheet | consolidated | |||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 2,373 | $ | (2,373 | ) | $ | — | $ | — | |||||||||
Long-term liabilities | 370 | (370 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 894 | (224 | ) | 670 | 82 | |||||||||||||
Long-term liabilities | 339 | (339 | ) | — | — | |||||||||||||
Total | $ | 3,976 | $ | (3,306 | ) | $ | 670 | $ | 82 | |||||||||
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Type of Instrument | Location in Condensed Consolidated Statement of Operations | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivative Instrument | ||||||||||||||||||
Oil | Revenues: Realized (loss) gain on derivatives | $ | (1,519 | ) | $ | 374 | $ | (1,984 | ) | $ | 1,093 | |||||||
Natural Gas | Revenues: Realized gain on derivatives | 161 | 2,996 | 790 | 10,053 | |||||||||||||
NGL’s | Revenues: Realized gain on derivatives | 193 | 1 | 675 | 1 | |||||||||||||
Realized (loss) gain on derivatives | (1,165 | ) | 3,371 | (519 | ) | 11,147 | ||||||||||||
Oil | Revenues: Unrealized loss on derivatives | (8,132 | ) | (9,053 | ) | (6,818 | ) | (7,364 | ) | |||||||||
Natural Gas | Revenues: Unrealized gain (loss) on derivatives | 57 | (3,985 | ) | (132 | ) | 6,170 | |||||||||||
NGL’s | Revenues: Unrealized (loss) gain on derivatives | (1,252 | ) | 45 | 324 | 45 | ||||||||||||
Unrealized loss on derivatives | (9,327 | ) | (12,993 | ) | (6,626 | ) | (1,149 | ) | ||||||||||
Total | $ | (10,492 | ) | $ | (9,622 | ) | $ | (7,145 | ) | $ | 9,998 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. | ||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||
Level 2 | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||
Level 3 | Unobservable inputs that are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. | |||||||||||||||
Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying values reported on the unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses, accounts payable, accrued liabilities, royalties payable, advances from joint interest owners, income taxes payable and other current liabilities approximate their fair values due to their short-term maturities and are classified at Level 1. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying value of borrowings under the Credit Agreement approximates fair value as it is subject to short-term floating interest rates that reflect market rates available to the Company at the time and is classified at Level 2. | ||||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of September 30, 2013 and December 31, 2012 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Certificates of deposit | $ | — | $ | 40 | $ | — | $ | 40 | ||||||||
Oil, natural gas and NGL derivatives | — | 2,032 | — | 2,032 | ||||||||||||
Oil, natural gas and NGL derivatives | — | (4,178 | ) | — | (4,178 | ) | ||||||||||
Total | $ | — | $ | (2,106 | ) | $ | — | $ | (2,106 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Certificates of deposit | $ | — | $ | 230 | $ | — | $ | 230 | ||||||||
Oil, natural gas and NGL derivatives | — | 5,149 | — | 5,149 | ||||||||||||
Oil, natural gas and NGL derivatives | — | (670 | ) | — | (670 | ) | ||||||||||
Total | $ | — | $ | 4,709 | $ | — | $ | 4,709 | ||||||||
Additional disclosures related to derivative financial instruments are provided in Note 8. For purposes of fair value measurement, the Company determined that certificates of deposit and derivative financial instruments (e.g., oil, natural gas and NGL derivatives) should be classified at Level 2. | ||||||||||||||||
The Company accounts for additions to asset retirement obligations and lease and well equipment inventory when adjusted for impairment at fair value on a non-recurring basis. The following tables summarize the valuation of the Company’s assets and liabilities that were accounted for at fair value on a non-recurring basis for the periods ended September 30, 2013 and December 31, 2012 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (951 | ) | $ | (951 | ) | ||||||
Total | $ | — | $ | — | $ | (951 | ) | $ | (951 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (1,243 | ) | $ | (1,243 | ) | ||||||
Lease and well equipment inventory | — | — | 34 | 34 | ||||||||||||
Total | $ | — | $ | — | $ | (1,209 | ) | $ | (1,209 | ) | ||||||
For purposes of fair value measurement, the Company determined that additions and revisions to asset retirement obligations should be classified at Level 3. The Company recorded additions to asset retirement obligations and revisions of estimated cash flows of approximately $1.0 million for the nine months ended September 30, 2013 and $1.2 million for the year ended December 31, 2012. | ||||||||||||||||
For purposes of fair value measurement, the Company determined that lease and well equipment inventory should be classified at Level 3 when adjusted for impairment. No impairment to any equipment was recorded during the three months ended September 30, 2013. In 2012, the Company recorded an impairment to some of its equipment held in inventory consisting primarily of drilling rig parts of $425,000 and pipe and other equipment of $60,464. The Company periodically obtains estimates of the market value of its equipment held in inventory from an independent third-party contractor or seller of similar equipment and uses these estimates as a basis for its measurement of the fair value of this equipment. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
Office Lease | |
The Company’s corporate headquarters are located at One Lincoln Centre, 5400 LBJ Freeway, Suite 1500, Dallas, Texas. In April 2013, the Company entered into the fifth amendment to its office lease agreement. This amendment increased the square footage of its corporate headquarters to 40,071 square feet effective July 1, 2013. The lease expires on June 30, 2022. | |
Natural Gas and NGL Processing and Transportation Commitments | |
Effective September 1, 2012, the Company entered into a firm five-year natural gas processing and transportation agreement whereby the Company committed to transport the anticipated natural gas production from a significant portion of its Eagle Ford acreage in South Texas through the counterparty’s system for processing at the counterparty’s facilities. The agreement also includes firm transportation of the natural gas liquids extracted at the counterparty’s processing plant downstream for fractionation. After processing, the residue natural gas is purchased by the counterparty at the tailgate of its processing plant and further transported under its firm natural gas transportation agreements. The arrangement contains fixed processing and liquids transportation and fractionation fees, and the revenue the Company receives varies with the quality of natural gas transported to the processing facilities and the contract period. | |
Under this agreement, if the Company does not meet 80% of the maximum thermal quantity transportation and processing commitments in a contract year, it will be required to pay a deficiency fee per MMBtu of natural gas deficiency. Any quantity in excess of the maximum MMBtu delivered in a contract year can be carried over to the next contract year for purposes of calculating the natural gas deficiency. The Company believes that its current and anticipated production from the wells covered by this agreement is sufficient to meet 80% of the maximum thermal quantity transportation and processing commitments under this agreement. The Company’s remaining aggregate undiscounted minimum commitments under this agreement are $12.2 million at September 30, 2013. The Company paid approximately $2.0 million and $3.8 million in processing and transportation fees under this agreement during the three and nine months ended September 30, 2013. | |
Other Commitments | |
From time to time, the Company enters into contracts with third parties for drilling rigs. These contracts establish daily rates for the drilling rigs and the term of the Company’s commitment for the drilling services to be provided, which are typically for one year or less. Should the Company elect to terminate a contract and if the drilling contractor were unable to secure work for the contracted drilling rigs or if the drilling contractor were unable to secure work for the contracted drilling rigs at the same daily rates being charged to the Company prior to the end of their respective contract terms, the Company would incur termination obligations. The Company’s maximum outstanding aggregate termination obligations under its drilling rig contracts were approximately $7.7 million at September 30, 2013. | |
At September 30, 2013, the Company had agreed to participate in the drilling and completion of various non-operated wells. If all of these wells are drilled and completed, the Company will have minimum outstanding aggregate commitments for its participation in these wells of approximately $16.7 million at September 30, 2013, which it expects to incur within the next few months. | |
Legal Proceedings | |
Cynthia Fry Peironnet, et al. v. MRC Energy Company f/k/a Matador Resources Company. The Company was involved in a dispute over a mineral rights lease involving certain acreage in Louisiana. The dispute regarded an extension of the term of a lease in Caddo Parish, Louisiana (the “Lease”) where the Company had drilled or participated in the drilling of both Cotton Valley and Haynesville shale wells. At issue were the deep rights below the Cotton Valley formation on approximately 1,805 gross acres where the Company has the right to participate for up to a 25% working interest, and also retains a small overriding royalty interest, in Haynesville shale wells drilled in units that include portions of the acreage. The Company’s total net revenue and overriding royalty interests in several non-operated Haynesville shale wells previously drilled on this acreage range from approximately 2% to 23%, and only portions of these interests are attributable to this acreage. The sum of the Company’s overriding royalty and net revenue interests attributable to this acreage from Haynesville wells previously drilled on this acreage comprises less than one net well. | |
The plaintiffs brought this claim against the Company on May 15, 2008 in the First Judicial District Court, Caddo Parish, Louisiana (the “Trial Court”). The plaintiffs sought (i) reformation or rescission of the lease extension, (ii) an accounting for additional royalty, (iii) monetary damages and (iv) attorney’s fees. During the pendency of the case in the Trial Court, the Company settled with one lessor who owned a 1/6th undivided interest in the minerals. The Trial Court rendered multiple rulings in favor of the Company, including a unanimous jury verdict in favor of the Company in the fall of 2010. Final judgment of the Trial Court was rendered in favor of the Company on June 6, 2011. On August 1, 2012, the Louisiana Second Circuit Court of Appeal (the “Court of Appeal”) affirmed in part and reversed in part the judgment of the Trial Court and remanded the case to the Trial Court for determination of damages. The Court of Appeal affirmed the Trial Court with respect to the 1/6th royalty owner that settled and also affirmed that the Company’s lease extension was unambiguous. Nonetheless, the Court of Appeal reformed the lease extension to cover only approximately 169 gross acres, holding that the deep rights covering the remaining 1,636 gross acres had expired. The Court of Appeal denied the Company’s motion for rehearing, and the Company and certain other defendants filed an appeal with the Louisiana Supreme Court. The Louisiana Supreme Court granted the requests to hear an appeal of the Court of Appeal’s decision, and in June 2013, the Louisiana Supreme Court reversed the decision of the Court of Appeal and reinstated the Trial Court judgment in its entirety. The plaintiffs filed an application for rehearing with the Louisiana Supreme Court, which was denied on August 30, 2013. | |
MRC Energy Company f/k/a Matador Resources Company v. Orca ICI Development, J.V. The Company and Orca, a non-operator working interest owner, had various disputes regarding certain of the Company’s Eagle Ford shale wells and properties. Among other things, issues arose with respect to the rights and obligations of the Company and Orca under various agreements between the parties, and Orca sought the Company’s consent to Orca’s proposed assignment of its 50 percent working interest in the Cowey #3H and #4H wells to a non-industry person, despite the presence of a uniform maintenance of interest provision. On April 2, 2013, Orca brought suit against the Company in the 57th Judicial District Court of Bexar County, Texas and sought injunctive relief. The court denied Orca’s demand for injunctive relief, and on April 5, 2013, the Company moved to enforce arbitration provisions in the agreements between the parties. On April 22, 2013, the Company initiated an arbitration against Orca, seeking, among other things, a declaration that the Company could withhold its consent to Orca’s putative assignment of these interests. Pursuant to agreements reached between the parties in May and June 2013, Orca and the Company agreed to resolve all outstanding issues between the parties regarding the respective rights and obligations of the parties under the agreements between them. In addition, the Company agreed to bear 100% of the costs to drill, complete and equip the Cowey #3H and #4H wells. Until such time as the Company has recovered 100% of the costs to drill, complete and equip the wells, all revenues generated by production from these two wells will be attributable to the Company. Following the Company’s recovery of these amounts, Orca would participate in the wells for a 25% working interest. The Company has returned $8.7 million submitted by Orca’s putative assignee. The agreements also included a mutual release of claims between the Company and Orca and provided for the dismissal of the Bexar County litigation. Orca filed a notice of non-suit on August 7, 2013. | |
The Company is a defendant in several other lawsuits encountered in the ordinary course of its business. In the opinion of management, it is remote that these lawsuits will have a material adverse impact on the Company’s financial position, results of operations or cash flows. |
Supplemental_Disclosures
Supplemental Disclosures | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Disclosures [Abstract] | ' | |||||||
SUPPLEMENTAL DISCLOSURES | ' | |||||||
SUPPLEMENTAL DISCLOSURES | ||||||||
Accrued Liabilities | ||||||||
The following table summarizes the Company’s current accrued liabilities at September 30, 2013 and December 31, 2012 (in thousands). | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued evaluated and unproved and unevaluated property costs | $ | 38,879 | $ | 45,592 | ||||
Accrued support equipment and facilities costs | 228 | 1,382 | ||||||
Accrued cost to issue equity | 456 | — | ||||||
Accrued stock-based compensation | — | 65 | ||||||
Accrued lease operating expenses | 5,656 | 5,218 | ||||||
Accrued interest on borrowings under Credit Agreement | 117 | 255 | ||||||
Accrued asset retirement obligations | 763 | 660 | ||||||
Accrued partners’ share of joint interest charges | 890 | 3,597 | ||||||
Other | 3,059 | 2,410 | ||||||
Total accrued liabilities | $ | 50,048 | $ | 59,179 | ||||
Supplemental Cash Flow Information | ||||||||
The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2013 and 2012 (in thousands). | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Cash paid for interest expense, net of amounts capitalized | $ | 2,110 | $ | 442 | ||||
Asset retirement obligations related to mineral properties | 889 | 405 | ||||||
Asset retirement obligations related to support equipment and facilities | 4 | 54 | ||||||
(Decrease) increase in liabilities for oil and natural gas properties capital expenditures | (6,288 | ) | 19,067 | |||||
(Decrease) increase in liabilities for support equipment and facilities | (1,100 | ) | 482 | |||||
Increase (decrease) in liabilities for accrued cost to issue equity | 456 | (332 | ) | |||||
Issuance of restricted stock units for Board and advisor services | 186 | 34 | ||||||
Issuance of common stock for advisor services | 25 | 71 | ||||||
Stock-based compensation expense recognized as liability | 715 | (930 | ) | |||||
Transfer of inventory from oil and natural gas properties | 201 | (91 | ) | |||||
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended |
Sep. 30, 2013 | |
Subsidiary Guarantors [Abstract] | ' |
SUBSIDIARY GUARANTORS | ' |
SUBSIDIARY GUARANTORS | |
Matador filed a registration statement on Form S-3 with the SEC, which became effective May 9, 2013, and registered, among other securities, debt securities. The subsidiaries of Matador (the “Subsidiaries”) are co-registrants with Matador, and the registration statement registers guarantees of debt securities by the Subsidiaries. As of September 30, 2013, the Subsidiaries are 100 percent owned by Matador and any guarantees by the Subsidiaries will be full and unconditional (except for customary release provisions). Matador has no assets or operations independent of the Subsidiaries, and there are no significant restrictions upon the ability of the Subsidiaries to distribute funds to Matador. In the event that more than one of the Subsidiaries provide guarantees of any debt securities issued by Matador, such guarantees will constitute joint and several obligations. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
In October and November 2013, the Company acquired approximately 9,100 gross (4,800 net) acres prospective for the Wolfcamp and Bone Spring formations in Southeast New Mexico and West Texas and approximately 900 gross (900 net) acres in the Haynesville shale play in Northwest Louisiana. The Company paid approximately $9.7 million to acquire this acreage. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | ' |
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | |
The unaudited condensed consolidated financial statements of Matador and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC (the “Annual Report”). All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2013, consolidated results of operations for the three and nine months ended September 30, 2013 and 2012, consolidated changes in shareholders’ equity for the nine months ended September 30, 2013 and consolidated cash flows for the nine months ended September 30, 2013 and 2012. Certain reclassifications have been made to prior period items to conform to the current period presentation. These reclassifications had no effect on previously reported results of operations, cash flows or retained earnings. Amounts as of December 31, 2012 are derived from the audited consolidated financial statements in the Annual Report. | |
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown in this report are not necessarily indicative of results to be expected for the full year due in part to volatility in oil, natural gas and natural gas liquids prices, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, oil, natural gas and natural gas liquids supply and demand, market competition and interruptions of production. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s consolidated financial statements are based on a number of significant estimates, including accruals for oil and natural gas revenues, accrued assets and liabilities primarily related to oil and natural gas operations, stock-based compensation, valuation of derivative instruments and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. | |
Property and Equipment | ' |
Property and Equipment | |
The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method of accounting, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and general and administrative expenses directly related to exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized approximately $2.3 million and $1.7 million of its general and administrative costs for the nine months ended September 30, 2013 and 2012, respectively. The Company capitalized approximately $1.2 million and $1.0 million of its interest expense for the nine months ended September 30, 2013 and 2012, respectively. | |
The net capitalized costs of oil and natural gas properties are limited to the lower of unamortized costs less related deferred income taxes or the cost center ceiling, with any excess above the cost center ceiling charged to operations as a full-cost ceiling impairment. The need for a full-cost ceiling impairment is assessed on a quarterly basis. The cost center ceiling is defined as the sum of (a) the present value discounted at 10 percent of future net revenues of proved oil and natural gas reserves, plus (b) unproved and unevaluated property costs not being amortized, plus (c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less (d) income tax effects related to the properties involved. Future net revenues from proved non-producing and proved undeveloped reserves are reduced by the estimated costs for developing these reserves. The fair value of the Company’s derivative instruments is not included in the ceiling test computation as the Company does not designate these instruments as hedge instruments for accounting purposes. | |
The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent on the commodity prices used in these estimates. These estimates are determined in accordance with guidelines established by the SEC for estimating and reporting oil and natural gas reserves. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost escalations in future periods except by contractual arrangements. | |
The commodity prices used to estimate oil and natural gas reserves are based on unweighted, arithmetic averages of first-day-of-the-month oil and natural gas prices for the previous 12-month period. For the period from October 2012 through September 2013, these average oil and natural gas prices were $91.69 per Bbl and $3.605 per MMBtu (million British thermal units), respectively. For the period from October 2011 through September 2012, these average oil and natural gas prices were $91.48 per Bbl and $2.826 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were adjusted by property for energy content, transportation and marketing fees and regional price differentials. At September 30, 2013 and 2012, the Company’s oil and natural gas reserves estimates were prepared by the Company’s engineering staff in accordance with guidelines established by the SEC and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. | |
Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at September 30, 2013, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended September 30, 2013. At March 31, 2013, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $13.7 million. The Company recorded an impairment charge of $21.2 million to its net capitalized costs and a deferred income tax credit of $7.5 million for the three months ended March 31, 2013. These charges are reflected in the Company’s unaudited condensed consolidated statement of operations for the nine months ended September 30, 2013. Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2012 and September 30, 2012, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $21.3 million and $2.3 million, respectively. The Company recorded an impairment charge of $33.2 million and $3.6 million to its net capitalized costs and a deferred income tax credit of $11.9 million and $1.3 million, related to the full-cost ceiling limitation at June 30, 2012 and September 30, 2012, respectively. These charges are reflected in the Company's unaudited condensed consolidated statement of operations for the nine months ended September 30, 2012. Changes in oil and natural gas production rates, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods. | |
As a non-cash item, the full-cost ceiling impairment impacts the accumulated depletion and the net carrying value of the Company’s assets on its consolidated balance sheet, as well as the corresponding consolidated shareholders’ equity, but it has no impact on the Company’s consolidated net cash flows as reported. | |
Capitalized costs of oil and natural gas properties are amortized using the unit-of-production method based upon production and estimates of proved reserves quantities. Unproved and unevaluated property costs are excluded from the amortization base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the amortization base. Dry holes are included in the amortization base immediately upon determination that the well is not productive. | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
The Company reports basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities, unless their impact is anti-dilutive. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company measures and reports certain assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows Financial Accounting Standards Board (“FASB”) guidance establishing a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Balance Sheet. In January 2013, the FASB issued Accounting Standards Update, or ASU, 2013-01, Balance Sheet. The ASU clarifies the scope of ASU 2011-11 to limit the application of ASU 2011-11 to derivatives accounted for in accordance with Accounting Standards Codification, or ASC, 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The Company adopted ASU 2013-01 effective January 1, 2013, together with the adoption of ASU 2011-11. The adoption of ASUs 2013-01 and 2011-11 did not have a material effect on the Company’s consolidated financial statements but did require certain additional disclosures (see Note 8). | |
Balance Sheet. In December 2011, the FASB issued ASU 2011-11, Balance Sheet. The requirements amend the disclosure requirements related to offsetting in ASC 210-20-50. The amendments require enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. The Company adopted ASU 2011-11 effective January 1, 2013, together with the adoption of ASU 2013-01. The adoption of ASUs 2011-11 and 2013-01 did not have a material effect on the Company’s consolidated financial statements but did require certain additional disclosures (see Note 8). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share | ' | |||||||||||||||
The following are reconciliations of the numerators and denominators used to compute the Company’s basic and diluted distributed and undistributed earnings (loss) per common share as reported for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data). | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) - numerator | ||||||||||||||||
Net income (loss) | $ | 20,105 | $ | (9,197 | ) | $ | 29,720 | $ | (12,073 | ) | ||||||
Less dividends to Class B shareholders - distributed earnings | — | — | — | (28 | ) | |||||||||||
Undistributed earnings (loss) | $ | 20,105 | $ | (9,197 | ) | $ | 29,720 | $ | (12,101 | ) | ||||||
Weighted average common shares outstanding - denominator | ||||||||||||||||
Basic | ||||||||||||||||
Class A | 58,016 | 55,271 | 55,766 | 53,379 | ||||||||||||
Class B | — | — | — | 140 | ||||||||||||
Total | 58,016 | 55,271 | 55,766 | 53,519 | ||||||||||||
Diluted | ||||||||||||||||
Class A | ||||||||||||||||
Weighted average common shares outstanding for basic earnings | ||||||||||||||||
(loss) per share | 58,016 | 55,271 | 55,766 | 53,379 | ||||||||||||
Dilutive effect of options and restricted stock units | 136 | — | 123 | — | ||||||||||||
Class A weighted average common shares outstanding - diluted | 58,152 | 55,271 | 55,889 | 53,379 | ||||||||||||
Class B | ||||||||||||||||
Weighted average common shares outstanding - no associated | ||||||||||||||||
dilutive shares | — | — | — | 140 | ||||||||||||
Total diluted weighted average common shares outstanding | 58,152 | 55,271 | 55,889 | 53,519 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings (loss) per common share | ||||||||||||||||
Basic | ||||||||||||||||
Class A | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss) | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Total | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Class B | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||
Undistributed loss | $ | — | $ | — | $ | — | $ | (0.23 | ) | |||||||
Total | $ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
Diluted | ||||||||||||||||
Class A | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | — | ||||||||
Undistributed earnings (loss) | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Total | $ | 0.35 | $ | (0.17 | ) | $ | 0.53 | $ | (0.23 | ) | ||||||
Class B | ||||||||||||||||
Distributed earnings | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||
Undistributed loss | $ | — | $ | — | $ | — | $ | (0.23 | ) | |||||||
Total | $ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Schedule of changes in Company's asset retirement obligations | ' | |||
The following table summarizes the changes in the Company’s asset retirement obligations for the nine months ended September 30, 2013 (in thousands). | ||||
Beginning asset retirement obligations | $ | 5,769 | ||
Liabilities incurred during period | 417 | |||
Liabilities settled during period | (57 | ) | ||
Revisions in estimated cash flows | 533 | |||
Accretion expense | 248 | |||
Ending asset retirement obligations | 6,910 | |||
Less: current asset retirement obligations(1) | (763 | ) | ||
Long-term asset retirement obligations | $ | 6,147 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of gross asset balances of derivative instruments | ' | |||||||||||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2012 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
assets | consolidated | consolidated | ||||||||||||||||
balance sheet | balance sheet | |||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 6,445 | $ | (2,373 | ) | $ | 4,072 | $ | — | |||||||||
Other assets | 1,096 | (370 | ) | 726 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 530 | (224 | ) | 306 | 82 | |||||||||||||
Other assets | 384 | (339 | ) | 45 | — | |||||||||||||
Total | $ | 8,455 | $ | (3,306 | ) | $ | 5,149 | $ | 82 | |||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of September 30, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | consolidated | presented in the | ||||||||||||||||
assets | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 2,104 | $ | (2,104 | ) | $ | — | $ | — | |||||||||
Other assets | 1,034 | (909 | ) | 125 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 1,741 | (1,289 | ) | 452 | 138 | |||||||||||||
Other assets | 1,553 | (1,039 | ) | 514 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 2,874 | (2,289 | ) | 585 | 301 | |||||||||||||
Other assets | 1,478 | (1,122 | ) | 356 | — | |||||||||||||
Total | $ | 10,784 | $ | (8,752 | ) | $ | 2,032 | $ | 439 | |||||||||
Summary of gross liability balances of derivative instruments | ' | |||||||||||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of September 30, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | consolidated | presented in the | ||||||||||||||||
liabilities | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 3,329 | $ | (2,104 | ) | $ | 1,225 | $ | — | |||||||||
Long-term liabilities | 909 | (909 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,749 | (1,289 | ) | 1,460 | 138 | |||||||||||||
Long-term liabilities | 1,039 | (1,039 | ) | — | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 3,782 | (2,289 | ) | 1,493 | 301 | |||||||||||||
Long-term liabilities | 1,122 | (1,122 | ) | — | — | |||||||||||||
Total | $ | 12,930 | $ | (8,752 | ) | $ | 4,178 | $ | 439 | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2012 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
liabilities | consolidated | condensed | ||||||||||||||||
balance sheet | consolidated | |||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 2,373 | $ | (2,373 | ) | $ | — | $ | — | |||||||||
Long-term liabilities | 370 | (370 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 894 | (224 | ) | 670 | 82 | |||||||||||||
Long-term liabilities | 339 | (339 | ) | — | — | |||||||||||||
Total | $ | 3,976 | $ | (3,306 | ) | $ | 670 | $ | 82 | |||||||||
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | |||||||||||||||||
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Type of Instrument | Location in Condensed Consolidated Statement of Operations | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivative Instrument | ||||||||||||||||||
Oil | Revenues: Realized (loss) gain on derivatives | $ | (1,519 | ) | $ | 374 | $ | (1,984 | ) | $ | 1,093 | |||||||
Natural Gas | Revenues: Realized gain on derivatives | 161 | 2,996 | 790 | 10,053 | |||||||||||||
NGL’s | Revenues: Realized gain on derivatives | 193 | 1 | 675 | 1 | |||||||||||||
Realized (loss) gain on derivatives | (1,165 | ) | 3,371 | (519 | ) | 11,147 | ||||||||||||
Oil | Revenues: Unrealized loss on derivatives | (8,132 | ) | (9,053 | ) | (6,818 | ) | (7,364 | ) | |||||||||
Natural Gas | Revenues: Unrealized gain (loss) on derivatives | 57 | (3,985 | ) | (132 | ) | 6,170 | |||||||||||
NGL’s | Revenues: Unrealized (loss) gain on derivatives | (1,252 | ) | 45 | 324 | 45 | ||||||||||||
Unrealized loss on derivatives | (9,327 | ) | (12,993 | ) | (6,626 | ) | (1,149 | ) | ||||||||||
Total | $ | (10,492 | ) | $ | (9,622 | ) | $ | (7,145 | ) | $ | 9,998 | |||||||
Open costless collar contracts [Member] | ' | |||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of contracts for oil and natural gas | ' | |||||||||||||||||
The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for oil and natural gas liquids at September 30, 2013. | ||||||||||||||||||
Commodity | Calculation Period | Notional | Price Floor | Price | Fair Value of | |||||||||||||
Quantity | ($/Bbl) | Ceiling | Asset | |||||||||||||||
(Bbl/month) | ($/Bbl) | (Liability) | ||||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 102.25 | $ | (131 | ) | |||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 108.8 | (22 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 85 | 110.4 | (13 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 90 | 102.8 | (105 | ) | ||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 20,000 | 90 | 115 | 13 | |||||||||||||
Oil | 10/01/2013 - 06/30/2014 | 8,000 | 90 | 114 | 101 | |||||||||||||
Oil | 10/01/2013 - 06/30/2014 | 12,000 | 90 | 115.5 | 163 | |||||||||||||
Oil | 10/01/2013 - 12/31/2014 | 12,200 | 85 | 100.4 | (249 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 85 | 97.5 | (399 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 30,000 | 85 | 98 | (767 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 12,000 | 85 | 100 | (154 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 87 | 97 | (357 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 20,000 | 88 | 95.6 | (593 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 20,000 | 90 | 97 | (294 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 12,000 | 90 | 97.9 | (97 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 97.9 | (124 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 98 | (135 | ) | ||||||||||||
Oil | 01/01/2014 - 12/31/2014 | 15,000 | 90 | 101.15 | 133 | |||||||||||||
Total open oil costless collar contracts | (3,030 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional | Price Floor | Price | Fair Value of | |||||||||||||
Quantity | ($/MMBtu) | Ceiling | Asset | |||||||||||||||
(MMBtu/month) | ($/MMBtu) | (Liability) | ||||||||||||||||
(thousands) | ||||||||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 3.83 | (16 | ) | ||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 4.95 | 1 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3 | 4.96 | 1 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 150,000 | 3 | 4.24 | (5 | ) | ||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.25 | 4.41 | 3 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.25 | 4.44 | 3 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 100,000 | 3.5 | 4.37 | 15 | |||||||||||||
Natural Gas | 10/01/2013 - 12/31/2013 | 80,000 | 3.75 | 4.57 | 54 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3 | 5.15 | (2 | ) | ||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.21 | 59 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.22 | 60 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.37 | 76 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.42 | 79 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.5 | 4.9 | 118 | |||||||||||||
Natural Gas | 01/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.77 | 227 | |||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 200,000 | 3.75 | 5.04 | 331 | |||||||||||||
Total open natural gas costless collar contracts | 1,004 | |||||||||||||||||
Open Swap Contracts [Member] | ' | |||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of contracts for oil and natural gas | ' | |||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of | ||||||||||||||
(Bbl/month) | ($/Bbl) | Liability | ||||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 10,000 | 90.2 | (341 | ) | |||||||||||||
Oil | 10/01/2013 - 12/31/2013 | 10,000 | 90.65 | (327 | ) | |||||||||||||
Total open oil swap contracts | (668 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of Asset (Liability) | ||||||||||||||
(Gal/month) | ($/Gal) | (thousands) | ||||||||||||||||
Purity Ethane | 10/01/2013 - 12/31/2013 | 110,000 | 0.335 | 28 | ||||||||||||||
Purity Ethane | 10/01/2013 - 12/31/2013 | 110,000 | 0.355 | 35 | ||||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 53,000 | 0.953 | (20 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 106,000 | 0.96 | (37 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 53,000 | 1.001 | (12 | ) | |||||||||||||
Propane | 10/01/2013 - 12/31/2013 | 150,000 | 1.103 | 16 | ||||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 116,000 | 0.95 | (87 | ) | |||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 116,000 | 1.003 | 8 | ||||||||||||||
Propane | 01/01/2014 - 12/31/2014 | 60,000 | 1.015 | 13 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 14,700 | 1.455 | 3 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 14,700 | 1.56 | 8 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 21,000 | 1.575 | 12 | ||||||||||||||
Normal Butane | 10/01/2013 - 12/31/2013 | 117,000 | 1.575 | 63 | ||||||||||||||
Normal Butane | 01/01/2014 - 12/31/2014 | 17,500 | 1.54 | 57 | ||||||||||||||
Normal Butane | 01/01/2014 - 12/31/2014 | 45,500 | 1.55 | 143 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 7,000 | 1.515 | 2 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 7,000 | 1.625 | 4 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 43,500 | 1.675 | 34 | ||||||||||||||
Isobutane | 10/01/2013 - 12/31/2013 | 23,000 | 1.675 | 18 | ||||||||||||||
Isobutane | 01/01/2014 - 12/31/2014 | 22,000 | 1.64 | 87 | ||||||||||||||
Isobutane | 01/01/2014 - 12/31/2014 | 37,000 | 1.64 | 156 | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.025 | (3 | ) | |||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.085 | — | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 12,000 | 2.102 | — | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 36,000 | 2.105 | 1 | ||||||||||||||
Natural Gasoline | 10/01/2013 - 12/31/2013 | 90,500 | 2.148 | 20 | ||||||||||||||
Natural Gasoline | 01/01/2014 - 12/31/2014 | 30,000 | 1.97 | (7 | ) | |||||||||||||
Natural Gasoline | 01/01/2014 - 12/31/2014 | 41,000 | 2 | 6 | ||||||||||||||
Total open NGL swap contracts | 548 | |||||||||||||||||
Total open derivative financial instruments | $ | (2,146 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis | ' | |||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of September 30, 2013 and December 31, 2012 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Certificates of deposit | $ | — | $ | 40 | $ | — | $ | 40 | ||||||||
Oil, natural gas and NGL derivatives | — | 2,032 | — | 2,032 | ||||||||||||
Oil, natural gas and NGL derivatives | — | (4,178 | ) | — | (4,178 | ) | ||||||||||
Total | $ | — | $ | (2,106 | ) | $ | — | $ | (2,106 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Certificates of deposit | $ | — | $ | 230 | $ | — | $ | 230 | ||||||||
Oil, natural gas and NGL derivatives | — | 5,149 | — | 5,149 | ||||||||||||
Oil, natural gas and NGL derivatives | — | (670 | ) | — | (670 | ) | ||||||||||
Total | $ | — | $ | 4,709 | $ | — | $ | 4,709 | ||||||||
Additions to asset retirement obligations and lease and well equipment inventory at fair value on a non-recurring basis | ' | |||||||||||||||
The following tables summarize the valuation of the Company’s assets and liabilities that were accounted for at fair value on a non-recurring basis for the periods ended September 30, 2013 and December 31, 2012 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
September 30, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (951 | ) | $ | (951 | ) | ||||||
Total | $ | — | $ | — | $ | (951 | ) | $ | (951 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2012 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (1,243 | ) | $ | (1,243 | ) | ||||||
Lease and well equipment inventory | — | — | 34 | 34 | ||||||||||||
Total | $ | — | $ | — | $ | (1,209 | ) | $ | (1,209 | ) | ||||||
Supplemental_Disclosures_Table
Supplemental Disclosures (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Disclosures [Abstract] | ' | |||||||
Summary of current accrued liabilities | ' | |||||||
The following table summarizes the Company’s current accrued liabilities at September 30, 2013 and December 31, 2012 (in thousands). | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued evaluated and unproved and unevaluated property costs | $ | 38,879 | $ | 45,592 | ||||
Accrued support equipment and facilities costs | 228 | 1,382 | ||||||
Accrued cost to issue equity | 456 | — | ||||||
Accrued stock-based compensation | — | 65 | ||||||
Accrued lease operating expenses | 5,656 | 5,218 | ||||||
Accrued interest on borrowings under Credit Agreement | 117 | 255 | ||||||
Accrued asset retirement obligations | 763 | 660 | ||||||
Accrued partners’ share of joint interest charges | 890 | 3,597 | ||||||
Other | 3,059 | 2,410 | ||||||
Total accrued liabilities | $ | 50,048 | $ | 59,179 | ||||
Supplemental disclosures of cash flow information | ' | |||||||
The following table provides supplemental disclosures of cash flow information for the nine months ended September 30, 2013 and 2012 (in thousands). | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Cash paid for interest expense, net of amounts capitalized | $ | 2,110 | $ | 442 | ||||
Asset retirement obligations related to mineral properties | 889 | 405 | ||||||
Asset retirement obligations related to support equipment and facilities | 4 | 54 | ||||||
(Decrease) increase in liabilities for oil and natural gas properties capital expenditures | (6,288 | ) | 19,067 | |||||
(Decrease) increase in liabilities for support equipment and facilities | (1,100 | ) | 482 | |||||
Increase (decrease) in liabilities for accrued cost to issue equity | 456 | (332 | ) | |||||
Issuance of restricted stock units for Board and advisor services | 186 | 34 | ||||||
Issuance of common stock for advisor services | 25 | 71 | ||||||
Stock-based compensation expense recognized as liability | 715 | (930 | ) | |||||
Transfer of inventory from oil and natural gas properties | 201 | (91 | ) | |||||
Nature_of_Operations_Details
Nature of Operations (Details) | Sep. 30, 2013 |
subsidiary | |
Nature of Operations (Textual) [Abstract] | ' |
Number of wholly owned subsidiaries | 4 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) - numerator | ' | ' | ' | ' |
Net (loss) income | $20,105 | ($9,197) | $29,720 | ($12,073) |
Less dividends to Class B shareholders - distributed earnings | ' | 0 | 0 | -28 |
Undistributed (loss) earnings | $20,105 | ($9,197) | $29,720 | ($12,101) |
Weighted average common shares outstanding - denominator | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings (loss) per share | 58,016 | 55,271 | 55,766 | 53,519 |
Weighted average common shares outstanding - Diluted | 58,152 | 55,271 | 55,889 | 53,519 |
Class A [Member] | ' | ' | ' | ' |
Weighted average common shares outstanding - denominator | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings (loss) per share | 58,016 | 55,271 | 55,766 | 53,379 |
Dilutive effect of options and restricted stock units | 136 | 0 | 123 | 0 |
Weighted average common shares outstanding - Diluted | 58,152 | 55,271 | 55,889 | 53,379 |
Basic | ' | ' | ' | ' |
Distributed earnings | $0 | $0 | $0 | $0 |
Undistributed (loss) earnings | $0.35 | ($0.17) | $0.53 | ($0.23) |
Total | $0.35 | ($0.17) | $0.53 | ($0.23) |
Diluted | ' | ' | ' | ' |
Distributed earnings | ' | ' | $0 | ' |
Undistributed (loss) earnings | $0.35 | ($0.17) | $0.53 | ($0.23) |
Total | $0.35 | ($0.17) | $0.53 | ($0.23) |
Class B [Member] | ' | ' | ' | ' |
Weighted average common shares outstanding - denominator | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings (loss) per share | 0 | 0 | 0 | 140 |
Weighted average common shares outstanding - Diluted | 0 | 0 | 0 | 140 |
Basic | ' | ' | ' | ' |
Distributed earnings | $0 | $0 | $0 | $0.20 |
Undistributed (loss) earnings | $0 | $0 | $0 | ($0.23) |
Total | $0 | $0 | $0 | ($0.03) |
Diluted | ' | ' | ' | ' |
Distributed earnings | $0 | $0 | $0 | $0.20 |
Undistributed (loss) earnings | $0 | $0 | $0 | ($0.23) |
Total | $0 | $0 | $0 | ($0.03) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense Recorded | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | 0 | 96,000 | ' | ' |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized general and administrative costs | ' | ' | ' | ' | ' | 2,300,000 | 1,700,000 | ' | ' |
Capitalized interest expense | 1,000,000 | ' | ' | ' | ' | -1,200,000 | ' | ' | ' |
Present value discounted percent of future net revenues of proved oil and natural gas reserves | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Average oil and natural gas prices | ' | ' | ' | ' | ' | ' | ' | 91.69 | 91.48 |
Net capitalized costs less related deferred income taxes exceeded the full-cost ceiling | ' | ' | 13,700,000 | 2,300,000 | 21,300,000 | ' | ' | ' | ' |
Impairment charge of net capitalized costs | ' | 0 | 21,229,000 | 3,596,000 | 33,200,000 | 21,229,000 | 36,801,000 | ' | ' |
Deferred income tax credit | ' | ' | 7,500,000 | 1,300,000 | 11,900,000 | ' | ' | ' | ' |
Dividends declared | ' | ' | ' | ' | ' | 0 | 27,643 | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total options to purchase shares of the Company's common stock and restricted stock excluded from the calculations | ' | 1,085,152 | ' | ' | ' | 1,293,568 | ' | ' | ' |
Restricted stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total options to purchase shares of the Company's common stock and restricted stock excluded from the calculations | ' | ' | ' | 233,349 | ' | 139,963 | 231,683 | ' | ' |
Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Initial public offering | ' | ' | ' | ' | ' | 1,030,700 | ' | ' | ' |
Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dividend paid | ' | ' | ' | ' | $96,356 | ' | ' | ' | ' |
Class B [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative annual dividends per share rate | ' | $0.66 | ' | ' | ' | ' | ' | ' | ' |
Class B [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative annual dividends per share rate | ' | $0.26 | ' | ' | ' | ' | ' | ' | ' |
Asset_Retirement_Obligations_D
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 | ||
Changes in the Company's asset retirement obligations | ' | ' | ' | ' | ' | ||
Beginning asset retirement obligations | ' | ' | $5,769 | ' | ' | ||
Liabilities incurred during period | ' | ' | 417 | ' | ' | ||
Liabilities settled during period | ' | ' | -57 | ' | ' | ||
Revisions in estimated cash flows | ' | ' | 533 | ' | ' | ||
Accretion expense | 86 | 59 | 248 | 170 | ' | ||
Ending asset retirement obligations | 6,910 | ' | 6,910 | ' | ' | ||
Less: current asset retirement obligations | -763 | [1] | ' | -763 | [1] | ' | ' |
Long-term asset retirement obligations | $6,147 | ' | $6,147 | ' | $5,109 | ||
[1] | Included in accrued liabilities in the Companybs unaudited condensed consolidated balance sheet at SeptemberB 30, 2013. |
Revolving_Credit_Agreement_Det
Revolving Credit Agreement (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 12, 2013 | Dec. 20, 2012 | Sep. 30, 2012 | Sep. 27, 2012 | Nov. 07, 2013 | Oct. 09, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 04, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 04, 2013 | Dec. 20, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Second amended credit agreement [Member] | Third amended credit agreement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Base rate loan [Member] | LIBOR rate [Member] | Eurodollar Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
Base rate loan [Member] | Eurodollar Loan [Member] | Base rate loan [Member] | Eurodollar Loan [Member] | |||||||||||||||||||
Revolving Credit Agreement (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company amended and restated its senior secured revolving credit agreement | ' | ' | ' | ' | '2012-09-28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit maximum facility | ' | ' | ' | ' | ' | $400 | ' | ' | $350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | ' | 255 | 500 | ' | ' | ' | 280 | 215 | ' | ' |
Conforming borrowing base | ' | ' | ' | 220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, additional indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed under credit agreement | 145 | 145 | ' | ' | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings for working capital requirements | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 0.3 | 0.3 | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.0075 | 0.0175 | ' | ' | ' | 0.03 | 0.04 |
Credit facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Borrowings interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'If the Company borrows funds as a base rate loan, such borrowings will bear interest at a rate equal to the higher of (i)B the prime rate for such day or (ii)B the Federal Funds Effective Rate on such day, plus 0.50% or (iii)B the daily adjusting LIBOR rate plus 1.0% plus, in each case, an amount from 0.75% to 3.00% of such outstanding loan depending on the level of borrowings under the agreement. | ' | ' If the Company borrows funds as a Eurodollar loan, such borrowings will bear interest at a rate equal to (i)B the quotient obtained by dividing (A)B the LIBOR rate by (B)B a percentage equal to 100% minus the maximum rate during such interest calculation period at which RBC is required to maintain reserves on Eurocurrency Liabilities (as defined in Regulation D of the Board of Governors of the Federal Reserve System) plus (ii)B an amount from 1.75% to 4.00% of such outstanding loan depending on the level of borrowings under the Credit Agreement. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Agreement (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement, maturity date | ' | 29-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The borrowing base under the Credit Agreement determined | ' | 'semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repay deficit in agreement Period | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional deferred loan cost | 1.1 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs | 2.3 | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings bore interest effective rate | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Funds Effective Plus Rate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of reserves required to maintain | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt outstanding to EBITDA | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Decrease, Repayments | ' | ' | $130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate, Continuing Operations | 0.00% | 0.00% |
Income Taxes (Textual) [Abstract] | ' | ' |
Company established valuation allowance | ' | $6,700,000 |
Income tax expense recorded | ' | $0 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Feb. 28, 2013 |
Stock-Based Compensation (Textual) [Abstract] | ' | ' |
Option granted to purchase shares of its common stock, Exercise price one | 507,500 | ' |
Option granted to purchase shares of its common stock, Exercise price two | 284,292 | ' |
Granted option share purchase price, per share Exercise price one | $8.21 | ' |
Granted option share purchase price, per share Exercise price two | $8.18 | ' |
Grant date fair value, Option grants during period | $2.80 | ' |
Number of options, Options forfeited (in shares) | ' | 408,000 |
Options expired unexercised or were forfeited, share price | ' | $10 |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period of shares | '3 years | ' |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period of shares | '4 years | ' |
Restricted stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock grants during period | 324,771 | ' |
Grant date fair value, Total fair value | $2.40 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | ($2,146) |
Open costless collar contracts [Member] | Oil [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | -3,030 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 102.25 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 102 |
Fair Value of Asset (Liability) | -131 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 108.80 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 109 |
Fair Value of Asset (Liability) | -22 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 110.40 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 110 |
Fair Value of Asset (Liability) | -13 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 90 Price Floor, 102.80 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 20,000 |
Price Floor | 90 |
Price Ceiling | 103 |
Fair Value of Asset (Liability) | -105 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 90 Price Floor, 115 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 20,000 |
Price Floor | 90 |
Price Ceiling | 115 |
Fair Value of Asset (Liability) | 13 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 8,000 Notional Amount, 90 Price Floor, 114 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 06/30/2014 |
Notional Quantity | 8,000 |
Price Floor | 90 |
Price Ceiling | 114 |
Fair Value of Asset (Liability) | 101 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 90 Price Floor, 115.50 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 06/30/2014 |
Notional Quantity | 12,000 |
Price Floor | 90 |
Price Ceiling | 116 |
Fair Value of Asset (Liability) | 163 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,200 Notional Amount, 85 Price Floor, 100.40 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2014 |
Notional Quantity | 12,200 |
Price Floor | 85 |
Price Ceiling | 100 |
Fair Value of Asset (Liability) | -249 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 85 Price Floor, 97.50 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 85 |
Price Ceiling | 97.5 |
Fair Value of Asset (Liability) | -399 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 30,000 Notional Amount, 85 Price Floor, 98 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 30,000 |
Price Floor | 85 |
Price Ceiling | 98 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 85 Price Floor, 100 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 12,000 |
Price Floor | 85 |
Price Ceiling | 100 |
Fair Value of Asset (Liability) | -767 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 87 Price Floor, 97 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 87 |
Price Ceiling | 97 |
Fair Value of Asset (Liability) | -357 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 88 Price Floor, 95.60 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 20,000 |
Price Floor | 88 |
Price Ceiling | 95.6 |
Fair Value of Asset (Liability) | -593 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 90 Price Floor, 97 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 20,000 |
Price Floor | 90 |
Price Ceiling | 97 |
Fair Value of Asset (Liability) | -294 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 90 Price Floor, 97.90 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 12,000 |
Price Floor | 90 |
Price Ceiling | 97.9 |
Fair Value of Asset (Liability) | -97 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 97.90 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 97.9 |
Fair Value of Asset (Liability) | -124 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 98 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 98 |
Fair Value of Asset (Liability) | -135 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 101.15 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 101 |
Fair Value of Asset (Liability) | 133 |
Open costless collar contracts [Member] | Open Oil Collar Contract, 12,200 Notional Amount, 85 Price Floor, 100.40 Price Ceiling [Member] [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 85 Price Floor, 100 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | -154 |
Open costless collar contracts [Member] | Natural Gas [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | 1,004 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3 Price Floor, 3.83 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3 |
Price Ceiling | 3.83 |
Fair Value of Asset (Liability) | -16 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3 Price Floor, 4.95 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3 |
Price Ceiling | 4.95 |
Fair Value of Asset (Liability) | 1 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3 Price Floor, 4.96 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3 |
Price Ceiling | 4.96 |
Fair Value of Asset (Liability) | 1 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 150,000 Notional Amount, 3 Price Floor, 4.24 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 150,000 |
Price Floor | 3 |
Price Ceiling | 4.24 |
Fair Value of Asset (Liability) | -5 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 4.41 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 4.41 |
Fair Value of Asset (Liability) | 3 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 4.44 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 4.44 |
Fair Value of Asset (Liability) | 3 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.50 Price Floor, 4.37 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 100,000 |
Price Floor | 3.5 |
Price Ceiling | 4.37 |
Fair Value of Asset (Liability) | 15 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 80,000 Notional Amount, 3.75 Price Floor, 4.57 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 80,000 |
Price Floor | 3.75 |
Price Ceiling | 4.57 |
Fair Value of Asset (Liability) | 54 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3 Price Floor, 5.15 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3 |
Price Ceiling | 5.15 |
Fair Value of Asset (Liability) | -2 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.21 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.21 |
Fair Value of Asset (Liability) | 59 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.22 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.22 |
Fair Value of Asset (Liability) | 60 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.37 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.37 |
Fair Value of Asset (Liability) | 76 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.42 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.42 |
Fair Value of Asset (Liability) | 79 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.50 Price Floor, 4.90 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.5 |
Price Ceiling | 4.9 |
Fair Value of Asset (Liability) | 118 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.77 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.77 |
Fair Value of Asset (Liability) | 227 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 200,000 Notional Amount, 3.75 Price Floor, 5.04 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 200,000 |
Price Floor | 3.75 |
Price Ceiling | 5.04 |
Fair Value of Asset (Liability) | 331 |
Open Swap Contracts [Member] | Oil [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | -668 |
Open Swap Contracts [Member] | Oil [Member] | Open Oil Swap Contract, 10,000 Notional Amount, 90.20 Fixed Price [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 10,000 |
Price Floor | 90.2 |
Fair Value of Asset (Liability) | -341 |
Open Swap Contracts [Member] | Oil [Member] | Open Oil Swap Contract, 10,000 Notional Amount, 90.65 Fixed Price [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 10,000 |
Price Floor | 90.65 |
Fair Value of Asset (Liability) | ($327) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Open swap contracts for natural gas liquid | ' |
Fair Value of Asset (Liability) | ($2,146) |
NGL's [Member] | Open Swap Contract [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Fair Value of Asset (Liability) | 548 |
NGL's [Member] | Open Swap Contract [Member] | NGL Purity Ethane Swap Contract, 110,000 Notional Amount, 0.335 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 110,000 |
Fixed Price | 0.335 |
Fair Value of Asset (Liability) | 28 |
NGL's [Member] | Open Swap Contract [Member] | NGL Purity Ethane Swap Contract, 110,000 Notional Amount, 0.355 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 110,000 |
Fixed Price | 0.355 |
Fair Value of Asset (Liability) | 35 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 53,000 Notional Amount, 0.953 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 53,000 |
Fixed Price | 0.953 |
Fair Value of Asset (Liability) | -20 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 106,000 Notional Amount, 0.960 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 106,000 |
Fixed Price | 0.96 |
Fair Value of Asset (Liability) | -37 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 53,000 Notional Amount, 1.001 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 53,000 |
Fixed Price | 1.001 |
Fair Value of Asset (Liability) | -12 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 150,000 Notional Amount, 1.103 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 150,000 |
Fixed Price | 1.103 |
Fair Value of Asset (Liability) | 16 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 116,000 Notional Amount, 0.950 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 116,000 |
Fixed Price | 0.95 |
Fair Value of Asset (Liability) | -87 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 116,000 Notional Amount, 1.003 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 116,000 |
Fixed Price | 1.0025 |
Fair Value of Asset (Liability) | 8 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 60,000 Notional Amount, 1.015 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 60,000 |
Fixed Price | 1.015 |
Fair Value of Asset (Liability) | 13 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 14,700 Notional Amount, 1.455 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 14,700 |
Fixed Price | 1.455 |
Fair Value of Asset (Liability) | 3 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 14,700 Notional Amount, 1.560 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 14,700 |
Fixed Price | 1.56 |
Fair Value of Asset (Liability) | 8 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 21,000 Notional Amount, 1.575 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 21,000 |
Fixed Price | 1.575 |
Fair Value of Asset (Liability) | 12 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 117,000 Notional Amount, 1.575 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 117,000 |
Fixed Price | 1.575 |
Fair Value of Asset (Liability) | 63 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 17,500 Notional Amount, 1.540 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 17,500 |
Fixed Price | 1.54 |
Fair Value of Asset (Liability) | 57 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 45,500 Notional Amount, 1.550 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 45,500 |
Fixed Price | 1.55 |
Fair Value of Asset (Liability) | 143 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 7,000 Notional Amount, 1.515 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 7,000 |
Fixed Price | 1.515 |
Fair Value of Asset (Liability) | 2 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 7,000 Notional Amount, 1.625 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 7,000 |
Fixed Price | 1.625 |
Fair Value of Asset (Liability) | 4 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 43,000 Notional Amount, 1.675 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 43,500 |
Fixed Price | 1.675 |
Fair Value of Asset (Liability) | 34 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 23,000 Notional Amount, 1.675 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 23,000 |
Fixed Price | 1.675 |
Fair Value of Asset (Liability) | 18 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 22,000 Notional Amount, 1.640 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 22,000 |
Fixed Price | 1.64 |
Fair Value of Asset (Liability) | 87 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 37,000 Notional Amount, 1.640 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 37,000 |
Fixed Price | 1.64 |
Fair Value of Asset (Liability) | 156 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 12,000 Notional Amount, 2.025 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 12,000 |
Fixed Price | 2.025 |
Fair Value of Asset (Liability) | -3 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 12,000 Notional Amount, 2.085 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 12,000 |
Fixed Price | 2.085 |
Fair Value of Asset (Liability) | 0 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 12,000 Notional Amount, 2.102 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 12,000 |
Fixed Price | 2.102 |
Fair Value of Asset (Liability) | 0 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 36,000 Notional Amount, 2.105 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 36,000 |
Fixed Price | 2.105 |
Fair Value of Asset (Liability) | 1 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 90,500 Notional Amount, 2.148 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '10/01/2013 - 12/31/2013 |
Notional Quantity | 90,500 |
Fixed Price | 2.148 |
Fair Value of Asset (Liability) | 20 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 30,000 Notional Amount, 1.970 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 30,000 |
Fixed Price | 1.97 |
Fair Value of Asset (Liability) | -7 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 41,000 Notional Amount, 2.000 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2014 - 12/31/2014 |
Notional Quantity | 41,000 |
Fixed Price | 2 |
Fair Value of Asset (Liability) | $6 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | $10,784 | $8,455 |
Gross amounts netted in the consolidated balance sheet | -8,752 | -3,306 |
Net amounts of assets presented in the condensed consolidated balance sheet | 2,032 | 5,149 |
Amounts subject to master netting arrangements presented on a gross basis | 439 | 82 |
Counterparty A [Member] | Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 2,104 | 6,445 |
Gross amounts netted in the consolidated balance sheet | -2,104 | -2,373 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 4,072 |
Counterparty A [Member] | Other assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 1,034 | 1,096 |
Gross amounts netted in the consolidated balance sheet | -909 | -370 |
Net amounts of assets presented in the condensed consolidated balance sheet | 125 | 726 |
Counterparty B [Member] | Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 1,741 | 530 |
Gross amounts netted in the consolidated balance sheet | -1,289 | -224 |
Net amounts of assets presented in the condensed consolidated balance sheet | 452 | 306 |
Amounts subject to master netting arrangements presented on a gross basis | 138 | 82 |
Counterparty B [Member] | Other assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 1,553 | 384 |
Gross amounts netted in the consolidated balance sheet | -1,039 | -339 |
Net amounts of assets presented in the condensed consolidated balance sheet | 514 | 45 |
Counterparty C [Member] | Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 2,874 | ' |
Gross amounts netted in the consolidated balance sheet | -2,289 | ' |
Net amounts of assets presented in the condensed consolidated balance sheet | 585 | ' |
Amounts subject to master netting arrangements presented on a gross basis | 301 | ' |
Counterparty C [Member] | Other assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 1,478 | ' |
Gross amounts netted in the consolidated balance sheet | -1,122 | ' |
Net amounts of assets presented in the condensed consolidated balance sheet | $356 | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | $12,930 | $3,976 |
Gross amounts netted in the consolidated balance sheet | -8,752 | -3,306 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 4,178 | 670 |
Amounts subject to master netting arrangements presented on a gross basis | 439 | 82 |
Counterparty A [Member] | Current liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 3,329 | 2,373 |
Gross amounts netted in the consolidated balance sheet | -2,104 | -2,373 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 1,225 | 0 |
Counterparty A [Member] | Long-term liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 909 | 370 |
Gross amounts netted in the consolidated balance sheet | -909 | -370 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 0 | 0 |
Counterparty B [Member] | Current liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 2,749 | 894 |
Gross amounts netted in the consolidated balance sheet | -1,289 | -224 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 1,460 | 670 |
Counterparty B [Member] | Current Assets [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Amounts subject to master netting arrangements presented on a gross basis | 138 | 82 |
Counterparty B [Member] | Long-term liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 1,039 | 339 |
Gross amounts netted in the consolidated balance sheet | -1,039 | -339 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 0 | 0 |
Counterparty C [Member] | Current liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 3,782 | ' |
Gross amounts netted in the consolidated balance sheet | -2,289 | ' |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 1,493 | ' |
Counterparty C [Member] | Current Assets [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Amounts subject to master netting arrangements presented on a gross basis | 301 | ' |
Counterparty C [Member] | Long-term liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 1,122 | ' |
Gross amounts netted in the consolidated balance sheet | -1,122 | ' |
Net amounts of liabilities presented in the condensed consolidated balance sheet | $0 | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | ($1,165) | $3,371 | ($519) | $11,147 |
Unrealized gain (loss) on derivatives | -9,327 | -12,993 | -6,626 | -1,149 |
Total | -10,492 | -9,622 | -7,145 | 9,998 |
Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | -1,165 | 3,371 | -519 | 11,147 |
Unrealized gain (loss) on derivatives | -9,327 | -12,993 | -6,626 | -1,149 |
Oil [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | -1,519 | 374 | -1,984 | 1,093 |
Unrealized gain (loss) on derivatives | -8,132 | -9,053 | -6,818 | -7,364 |
Natural Gas [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | 161 | 2,996 | 790 | 10,053 |
Unrealized gain (loss) on derivatives | 57 | -3,985 | -132 | 6,170 |
NGL's [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | 193 | 1 | 675 | 1 |
Unrealized gain (loss) on derivatives | ($1,252) | $45 | $324 | $45 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets (Liabilities) | ' | ' |
Certificates of deposit | $40 | $230 |
Oil, natural gas and NGL derivatives | -2,146 | ' |
Fair value on a recurring basis [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Certificates of deposit | 40 | 230 |
Total | -2,106 | 4,709 |
Fair value on a recurring basis [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 2,032 | 5,149 |
Fair value on a recurring basis [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | -4,178 | -670 |
Fair value on a recurring basis [Member] | Level 1 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Certificates of deposit | 0 | 0 |
Total | ' | ' |
Fair value on a recurring basis [Member] | Level 1 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 1 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 2 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Certificates of deposit | 40 | 230 |
Total | -2,106 | 4,709 |
Fair value on a recurring basis [Member] | Level 2 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 2,032 | 5,149 |
Fair value on a recurring basis [Member] | Level 2 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | -4,178 | -670 |
Fair value on a recurring basis [Member] | Level 3 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Certificates of deposit | 0 | 0 |
Total | ' | ' |
Fair value on a recurring basis [Member] | Level 3 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 3 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets (Liabilities) | ' | ' |
Lease and well equipment inventory | $687 | $877 |
Fair value on a non-recurring basis [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Lease and well equipment inventory | ' | 34 |
Total | -951 | -1,209 |
Fair value on a non-recurring basis [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | -951 | -1,243 |
Fair value on a non-recurring basis [Member] | Level 1 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Lease and well equipment inventory | ' | 0 |
Total | ' | ' |
Fair value on a non-recurring basis [Member] | Level 1 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | 0 | 0 |
Fair value on a non-recurring basis [Member] | Level 2 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Lease and well equipment inventory | ' | 0 |
Total | ' | ' |
Fair value on a non-recurring basis [Member] | Level 2 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | 0 | 0 |
Fair value on a non-recurring basis [Member] | Level 3 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Lease and well equipment inventory | ' | 34 |
Total | -951 | -1,209 |
Fair value on a non-recurring basis [Member] | Level 3 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | ($951) | ($1,243) |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Net loss on asset sales and inventory impairment | $0 | $0 | ($192,000) | ($60,000) | ' |
Fair Value Measurements (Additional Textual) [Abstract] | ' | ' | ' | ' | ' |
Additions to asset retirement obligations | ' | ' | 1,000,000 | ' | 1,200,000 |
Drilling rig [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Impairment charge for equipments held in inventory | 425,000 | ' | ' | ' | ' |
Pipe and other equipment [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Impairment charge for equipments held in inventory | $60,464 | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 01, 2012 | 15-May-08 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
acre | acre | acre | Lease agreements [Member] | Lease agreements [Member] | Lease agreements [Member] | ||
Area of Land [Member] | |||||||
Maximum [Member] | |||||||
sqft | |||||||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Office space of headquarters | ' | ' | ' | ' | ' | ' | 40,071 |
Lease period | ' | 30-Jun-22 | ' | ' | ' | ' | ' |
Maximum termination outstanding obligations of contracts | $7.70 | $7.70 | ' | ' | ' | ' | ' |
Transportation and processing fee under the agreement | ' | ' | ' | ' | 2 | 3.8 | ' |
Commitments and Contingencies (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Natural gas processing and transportation agreement | ' | '5 years | ' | ' | ' | ' | ' |
Minimum delivery commitment to avoid paying gas deficiency fee | ' | 80.00% | ' | ' | ' | ' | ' |
Percentage of minimum delivery commitment to anticipated production | ' | 80.00% | ' | ' | ' | ' | ' |
Undiscounted minimum commitments | 12.2 | 12.2 | ' | ' | ' | ' | ' |
Minimum outstanding commitments | 16.7 | 16.7 | ' | ' | ' | ' | ' |
Issue on the deep rights below the Cotton Valley formation | 1,805 | 1,805 | ' | ' | ' | ' | ' |
Right to participate in working capital | 25.00% | 25.00% | ' | ' | ' | ' | ' |
Company's total revenue and overriding royalty interests on the acreage range Minimum | 2.00% | 2.00% | ' | ' | ' | ' | ' |
Company's total revenue and overriding royalty interests on the acreage range Maximum | 23.00% | 23.00% | ' | ' | ' | ' | ' |
Loss contingency, lawsuit filing date | ' | 'MayB 15, 2008 | ' | ' | ' | ' | ' |
Royalty owner undivided interest in mineral | ' | ' | ' | 0.167 | ' | ' | ' |
Acres reformed by court | ' | ' | 169 | ' | ' | ' | ' |
Rights on remaining acres | ' | ' | 1,636 | ' | ' | ' | ' |
Consent to the proposed assignment | 50.00% | ' | ' | ' | ' | ' | ' |
Percentage of costs assumed | 100.00% | ' | ' | ' | ' | ' | ' |
The amount recovered from company | 100.00% | ' | ' | ' | ' | ' | ' |
Remittance submitted to company | $8.70 | $8.70 | ' | ' | ' | ' | ' |
Lease expiring period | 30-Jun-22 | ' | ' | ' | ' | ' | ' |
Supplemental_Disclosures_Detai
Supplemental Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of current accrued liabilities | ' | ' |
Other | $3,059 | $2,410 |
Total accrued liabilities | 50,048 | 59,179 |
Accrued evaluated and unproved and unevaluated property costs [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 38,879 | 45,592 |
Accrued support equipment and facilities costs [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 228 | 1,382 |
Accrued stock-based compensation [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 0 | 65 |
Accrued lease operating expenses [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 5,656 | 5,218 |
Accrued interest on borrowings under Credit Agreement [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 117 | 255 |
Accrued asset retirement obligations [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | 763 | 660 |
Accrued partners share of joint interest charges [Member] | ' | ' |
Summary of current accrued liabilities | ' | ' |
Total accrued liabilities | $890 | $3,597 |
Supplemental_Disclosures_Detai1
Supplemental Disclosures (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest expense, net of amounts capitalized | $2,110 | $442 |
Asset retirement obligations related to mineral properties | 889 | 405 |
Asset retirement obligations related to support equipment and facilities | 4 | 54 |
(Decrease) increase in liabilities for oil and natural gas properties capital expenditures | -6,288 | 19,067 |
(Decrease) increase in liabilities for support equipment and facilities | -1,100 | 482 |
(Decrease) increase in liabilities for accrued cost to issue equity | 456 | -332 |
Issuance of restricted stock units for Board and advisor services | 186 | 34 |
Issuance of common stock for advisor services | 25 | 71 |
Stock based compensation expense recognized as liability | 715 | -930 |
Transfer of inventory to oil and natural gas properties | $201 | ($91) |
Subsidiary_Guarantors_Details
Subsidiary Guarantors (Details) | Sep. 30, 2013 |
Subsidiary Guarantors (Textual) [Abstract] | ' |
Ownership on subsidiaries | 100.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 2 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Aug. 06, 2013 | Nov. 30, 2013 |
Subsequent Event [Member] | Permian Basin [Member] | Haynesville Shale [Member] | |
acre | Subsequent Event [Member] | ||
acre | |||
Subsequent Event [Line Items] | ' | ' | ' |
Number of acres acquired, gross | ' | 9,100 | 900 |
Number of acres acquired, net | ' | 4,800 | 900 |
Payments to Acquire Land | $9.70 | ' | ' |
Public_Equity_Offering_Details
Public Equity Offering (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 10, 2013 | |
Public Equity Offering [Abstract] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Cash | 9,775,000 | ' | ' | ' |
Issuance Of Common Stock Under Public Offering To Underwriters By Company | ' | ' | ' | 1,275,000 |
Payments of Stock Issuance Costs | $7,400,000 | ' | ' | ' |
Proceeds from Issuance of Common Stock | 141,700,000 | 149,069,000 | 146,510,000 | ' |
Repayments of Long-term Debt | 130,000,000 | ' | ' | ' |
Proceeds From Public Offering Used to Fund Working Capital | $11,700,000 | ' | ' | ' |