Sanchez Energy (SNECQ) 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 06, 2013
Document and Entity Information	'	'
Entity Registrant Name	'Sanchez Energy Corp	'
Entity Central Index Key	'0001528837	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	46,359,613
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$479,999	$50,347
Investments	10,000	11,591
Oil and natural gas receivables	36,565	10,435
Joint interest billing receivables	3,452	'
Fair value of derivative instruments	40	2,145
Deferred tax asset	7,520	'
Other current assets	739	438
Total current assets	538,315	74,956
Oil and natural gas properties, at cost, using the full cost method:	'	'
Unproved oil and natural gas properties	268,556	138,937
Proved oil and natural gas properties	868,284	232,523
Total oil and natural gas properties	1,136,840	371,460
Less: Accumulated depreciation, depletion, amortization and impairment	-98,729	-22,605
Total oil and natural gas properties, net	1,038,111	348,855
Other assets:	'	'
Debt issuance costs, net	19,869	2,595
Fair value of derivative instruments	423	'
Other assets	2,575	168
Total assets	1,599,293	426,574
Current liabilities:	'	'
Accounts payable	26,779	'
Accounts payable - related entities	782	13,454
Other payables	2,973	'
Accrued liabilities	110,084	44,828
Dividends payable	5,485	'
Fair value of derivative instruments	7,033	1,003
Total current liabilities	153,136	59,285
Long term debt, net of discount	593,032	'
Asset retirement obligations	3,507	546
Deferred tax liability	3,852	'
Other non-current liabilities	478	'
Total liabilities	754,005	59,831
Commitments and contingencies (Note 16)	'	'
Stockholders' equity:	'	'
Preferred stock ($0.01 par value, 15,000,000 shares authorized; 3,000,000 shares of 4.875% Cumulative Perpetual Convertible, Series A, issued and outstanding as of each of September 30, 2013 and December 31, 2012, respectively; 4,500,000 and zero shares of 6.500% Cumulative Perpetual Convertible, Series B, issued and outstanding as of September 30, 2013 and December 31, 2012, respectively)	75	30
Common stock ($0.01 par value, 150,000,000 shares authorized; 46,350,513 and 33,762,400 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively)	464	338
Additional paid-in capital	863,805	385,086
Accumulated deficit	-19,056	-18,711
Total stockholders' equity	845,288	366,743
Total liabilities and stockholders' equity	$1,599,293	$426,574

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value (in dollars per share)	0.01	0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in dollars per share)	0.01	0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	46,350,513	33,762,400
Common stock, shares outstanding	46,350,513	33,762,400
Preferred stock, Cumulative Perpetual Convertible, Series A	'	'
Dividend rate (as a percent)	4.88%	4.88%
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, Cumulative Perpetual Convertible, Series B	'	'
Dividend rate (as a percent)	6.50%	6.50%
Preferred stock, shares issued	4,500,000	0
Preferred stock, shares outstanding	4,500,000	0

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 sales	$87,436	$12,308	$171,635	$25,858
Natural gas liquids sales	3,190	3	6,166	10
Natural gas sales	3,574	182	6,520	594
Total revenues	94,200	12,493	184,321	26,462
OPERATING COSTS AND EXPENSES:	'	'	'	'
Oil and natural gas production expenses	11,026	610	21,098	2,015
Production and ad valorem taxes	5,531	613	10,942	1,569
Depreciation, depletion, amortization and accretion	38,372	4,580	76,368	9,291
General and administrative (inclusive of stock-based compensation expense of $6,657 and $836, respectively, for the three months ended September 30, 2013 and 2012, and $14,369 and $24,800, respectively, for the nine months ended September 30, 2013 and 2012)	15,195	2,844	35,564	31,451
Total operating costs and expenses	70,124	8,647	143,972	44,326
Operating income (loss)	24,076	3,846	40,349	-17,864
Other income (expense):	'	'	'	'
Interest and other income	32	12	104	31
Interest expense	-9,460	'	-17,613	'
Realized and unrealized gains (losses) on derivative instruments	-14,436	-2,191	-13,812	809
Income (loss) before income taxes	212	1,667	9,028	-17,024
Income tax benefit	3,668	'	3,668	'
Net income (loss)	3,880	1,667	12,696	-17,024
Less:	'	'	'	'
Preferred stock dividends	-5,485	-264	-13,041	-264
Net income allocable to participating securities	'	-21	'	'
Net income (loss) attributable to common stockholders	($1,605)	$1,382	($345)	($17,288)
Net income (loss) per common share - basic and diluted (in dollars per share)	($0.05)	$0.04	($0.01)	($0.52)
Weighted average number of shares used to calculate net income (loss) attributable to common stockholders - basic and diluted (in shares)	34,737	33,000	33,651	33,000

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Operations	'	'	'	'
General and administrative, stock-based compensation expense (in dollars)	$6,657	$836	$14,369	$24,800

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Series A Preferred Stock	Series B Preferred Stock
In Thousands, unless otherwise specified
BALANCE at Dec. 31, 2012	$366,743	$338	$385,086	($18,711)	$30	'
BALANCE (in shares) at Dec. 31, 2012	'	33,762	'	'	3,000	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Common shares issued, net of offering costs of $12,422	241,498	111	241,387	'	'	'
Common shares issued, net of offering costs (in shares)	'	11,040	'	'	'	'
Issuance of Series B Preferred Stock, net of offering costs of $8,439	216,561	'	216,516	'	'	45
Issuance of Series B Preferred Stock, net of offering costs (in shares)	'	'	'	'	'	4,500
Preferred stock dividends	-13,041	'	'	-13,041	'	'
Purchase of oil and natural gas properties for common stock	7,520	3	7,517	'	'	'
Purchase of oil and natural gas properties for common stock (in shares)	'	343	'	'	'	'
Restricted stock awards, net of forfeitures	'	13	-13	'	'	'
Restricted stock awards, net of forfeitures (in shares)	'	1,257	'	'	'	'
Purchases of common stock	-1,058	-1	-1,057	'	'	'
Purchases of common stock (in shares)	'	-52	'	'	'	'
Stock-based compensation	14,369	'	14,369	'	'	'
Net income	12,696	'	'	12,696	'	'
BALANCE at Sep. 30, 2013	$845,288	$464	$863,805	($19,056)	$30	$45
BALANCE (in shares) at Sep. 30, 2013	'	46,350	'	'	3,000	4,500

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
	Common Stock
Payments for offering costs	$12,422

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income (loss)	$12,696	($17,024)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Depreciation, depletion, amortization and accretion	76,368	9,291
Stock-based compensation	14,369	24,800
Unrealized losses (gains) on derivative instruments	6,820	-1,594
Amortization of deferred financing costs and debt discount	5,862	'
Deferred taxes	-3,668	'
Changes in operating assets and liabilities:	'	'
Accounts receivable	-29,903	-3,114
Other current assets	-301	-214
Price risk management activities, net	3,484	-618
Accounts payable	8,427	'
Accounts payable - related entities	-12,672	13,402
Other payables	829	'
Accrued liabilities	26,413	1,266
Net cash provided by operating activities	108,724	26,195
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Payments for oil and natural gas properties	-295,670	-88,798
Payments for other property and equipment	-1,665	'
Acquisitions of oil and natural gas properties	-402,669	'
Purchases of investments	-10,000	-11,583
Sale of investments	11,591	'
Net cash used in investing activities	-698,413	-100,381
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from borrowings	236,000	'
Repayment of borrowings	-236,000	'
Issuance of senior notes, net of discount	593,000	'
Issuance of common stock	253,920	'
Issuance of preferred stock	225,000	150,000
Payments for stock offering costs	-20,861	-5,488
Financing costs	-23,104	'
Preferred dividends paid	-7,556	'
Purchase of common stock	-1,058	'
Net cash provided by financing activities	1,019,341	144,512
Increase in cash and cash equivalents	429,652	70,326
Cash and cash equivalents, beginning of period	50,347	63,041
Cash and cash equivalents, end of period	479,999	133,367
NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Asset retirement obligations	2,833	205
Change in accrued capital expenditures	38,842	23,207
Capital expenditures in accounts payable	18,352	'
Deferred premium liabilities	718	563
Purchase of oil and natural gas properties in exchange for common stock	7,520	'
Accrued preferred stock dividends	5,485	'
SUPPLEMENTAL DISCLOSURE:	'	'
Cash paid for interest	$2,020	'

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Organization	'
Organization	'
	Note 1.   Organization
	Sanchez Energy Corporation (together with its consolidated subsidiaries, the “Company,” “we,” “our,” “us” or similar terms) is an independent exploration and production company focused on the acquisition, exploration, and development of unconventional oil and natural gas resources onshore along the U.S. Gulf Coast, primarily in the Eagle Ford Shale in South Texas. As of September 30, 2013, the Company had accumulated acreage in the Eagle Ford Shale in Gonzales, Zavala, Frio, Fayette, Lavaca, Atascosa, Webb, DeWitt, Dimmit and LaSalle Counties of South Texas.  In August 2013, the Company added undeveloped acreage targeting the Tuscaloosa Marine Shale (“TMS”) located in Southwest Mississippi and Southeast Louisiana.  In addition, the Company has some minor property interests located in the Haynesville Shale in north central Louisiana.
	The Company was formed in August 2011 to acquire, explore and develop unconventional oil and natural gas assets.  On December 19, 2011, the Company completed its IPO of 10.0 million shares of common stock, par value $0.01 per share, at a price to the public of $22.00 per share and received net proceeds of approximately $203.3 million in cash (net of expenses and underwriting discounts and commissions).
	In connection with its IPO, on December 19, 2011, the Company entered into a contribution, conveyance and assumption agreement whereby Sanchez Energy Partners I, LP (“SEP I”), an affiliate of the Company, contributed to the Company 100% of the limited liability company interests in SEP Holdings III, LLC (“SEP Holdings III”), which owns interests in unconventional oil and natural gas assets consisting of undeveloped leasehold, proved oil and natural gas reserves and related equipment and other assets (the “SEP I Assets”) in exchange for approximately 22.1 million shares of the Company’s common stock and $50.0 million in cash.  The acquisition of oil and natural gas properties from SEP I was a transaction among entities under common control and, accordingly, the Company recorded the assets and liabilities acquired at their historical carrying values and presented the historical operations of the SEP I Assets on a retrospective basis for all periods prior to the IPO presented in its financial statements.  In addition, the $50.0 million payment was reflected as a distribution to SEP I in the financial statements.
	Also in connection with its IPO, the Company entered into a contribution agreement whereby it acquired 100% of the limited liability company interests in Marquis LLC, which owns evaluated and unevaluated properties in Fayette, Lavaca, Atascosa, Webb and DeWitt Counties of South Texas (the “Marquis Assets”) in exchange for 909,091 shares of the Company’s common stock, valued at $20.0 million, and approximately $89.0 million in cash from the proceeds of the IPO. The acquisition was accounted for as a purchase of assets and recorded at cost at the acquisition date.
	Also in connection with its IPO, on December 19, 2011, the Company entered into a services agreement and other related agreements with Sanchez Oil & Gas Corporation (“SOG” and together with its affiliates (excluding the Company but including SEP I) collectively referred to as members of the “Sanchez Group”), an affiliate of the Company, pursuant to which SOG (directly or through its subsidiaries) agreed to provide the Company with the services and data that the Company believes are necessary to manage, operate and grow its business, and the Company agreed to reimburse SOG for all direct and indirect costs incurred on its behalf.
	On June 19, 2012 and September 17, 2012, SEP I distributed substantially all of the approximately 22.1 million shares of the Company’s common stock that SEP I owned to the partners of SEP I (the “Distribution”).  The 21,932,659 shares of common stock distributed to SEP I’s partners constituted 66.5% of the then issued and outstanding shares of the Company’s common stock.  The Distribution was a return on SEP I’s partners’ capital contributions to SEP I, thus no consideration was paid to SEP I for the shares of the Company’s common stock distributed.  Since June 19, 2012, the Company has not been under common control with SEP I.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	Note 2.   Summary of Significant Accounting Policies
	The accompanying condensed consolidated financial statements are unaudited and were prepared from the Company’s records.  The condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  The Company derived the condensed consolidated balance sheet as of December 31, 2012 from the audited financial statements filed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the “2012 Annual Report”).  Because this is an interim period filing presented using a condensed format, it does not include all of the disclosures required by U.S. GAAP.  These condensed consolidated financial statements should be read in connection with the consolidated financial statements and notes thereto included in the 2012 Annual Report, which contains a summary of the Company’s significant accounting policies and other disclosures.  In the opinion of management, these financial statements include the adjustments and accruals, all of which are of a normal recurring nature, which are necessary for a fair presentation of the results for the interim periods.  These interim results are not necessarily indicative of results to be expected for the entire year.
	As of September 30, 2013, the Company’s significant accounting policies are consistent with those discussed in Note 2 in the notes to the Company’s consolidated financial statements contained in its 2012 Annual Report, as supplemented by the significant accounting policy set forth below.
	Our acquisitions, except those acquisitions made between entities under common control, are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC Topic 805”). An acquisition may result in the recognition of a gain or goodwill based on the measurement of the fair value of the assets acquired at the acquisition date as compared to the fair value of consideration transferred, adjusted for purchase price adjustments. Any such gain or any loss resulting from the impairment of goodwill is recognized in current period earnings and classified in operating costs and expenses in the accompanying condensed consolidated statements of operations. The initial accounting for acquisitions may not be complete and adjustments to provisional amounts, or recognition of additional assets acquired or liabilities assumed, may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the acquisition dates. The results of operations of the properties acquired in our acquisitions have been included in the condensed consolidated financial statements since the closing dates of the acquisitions.
	Basis of Presentation
	The acquisition of oil and natural gas properties from SEP I was a transaction among entities under common control and accordingly, the Company recorded the assets and liabilities acquired at their historical carrying values and has presented the historical accounts of the SEP I Assets on a retrospective basis for all periods prior to the IPO presented in the consolidated financial statements.
	SOG is a private oil and gas company engaged in the exploration for and development of oil and natural gas. SOG has historically acted as the operator of a significant portion of SEP I’s oil and natural gas properties. SOG provided all employee, management, and administrative support to SEP I and, for periods prior to December 19, 2011, a proportionate share of SOG’s general and administrative costs were allocated to the SEP I Assets. The costs of these services associated with the SEP I Assets were allocated to the SEP I Assets primarily based on the ratio of capital expenditures between the entities to which SOG provides services and the SEP I Assets. However, other factors, such as time spent on general management services and producing property activities, were also considered in the allocation of these costs. Management believes such allocations were reasonable; however, they may not be indicative of the actual expense that would have been incurred had the SEP I Assets been operated as an independent company for periods prior to December 19, 2011. On December 19, 2011, SOG began providing similar types of services to the Company under the services agreement as described below (Note 11).
	Principles of Consolidation
	The Company’s condensed consolidated financial statements include the accounts of the Company and its subsidiaries.  All intercompany balances and transactions have been eliminated.
	Use of Estimates
	The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties, fair value accounting for acquisitions, the evaluation of unproved properties for impairment, the fair value of commodity derivative contracts and asset retirement obligations, accrued oil and natural gas revenues and expenses and the allocation of general and administrative expenses. Actual results could differ materially from those estimates.
	Reclassifications
	Certain reclassifications have been made to the 2012 condensed consolidated financial statements to conform to the 2013 presentation.  These reclassifications were not material to the accompanying condensed consolidated financial statements.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2013
Acquisitions	'
Acquisitions	'
	Note 3. Acquisitions
	Our acquisitions, except those acquisitions made between entities under common control, are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations” (“ASC Topic 805”). An acquisition may result in the recognition of a gain or goodwill based on the measurement of the fair value of the assets acquired at the acquisition date as compared to the fair value of consideration transferred, adjusted for purchase price adjustments. Any such gain or any loss resulting from the impairment of goodwill is recognized in current period earnings and classified in operating costs and expenses in the accompanying condensed consolidated statements of operations. The initial accounting for acquisitions may not be complete and adjustments to provisional amounts, or recognition of additional assets acquired or liabilities assumed, may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the acquisition dates. The results of operations of the properties acquired in our acquisitions have been included in the condensed consolidated financial statements since the closing dates of the acquisitions.
	Tuscaloosa Marine Shale (“TMS”) Asset Purchase
	In August 2013, the Company completed its acquisition of assets, which consisted of undeveloped acreage in Mississippi and Louisiana covering the emerging TMS trend, from three sellers (two third parties and one related party of the Company) for total consideration of approximately $70 million in cash and the issuance of 342,760 common shares of the Company, valued at approximately $7.5 million.  The total consideration provided to SR Acquisition I, LLC (together with its parent company Sanchez Resources, LLC, where applicable, “SR”), an affiliate of the Company, was $14.4 million, and included $0.9 million in customary closing adjustments.  The acquisitions were accounted for as the purchase of assets at cost at the acquisition date.
	Pursuant to the terms of the agreements, the Company established an Area of Mutual Interest (“AMI”) with SR in the TMS.  As part of the transactions, the Company acquired all of the working interests in the AMI owned by the third party plus a portion of SR’s working interests, resulting in the Company owning an undivided 50% working interest across the AMI through the TMS. The Company has further committed, as a part of the total consideration, to carry SR for its 50% working interest in an initial 3 gross (1.5 net) TMS wells to be drilled within the AMI and, at the Company’s election, it may carry SR in an additional 3 gross (1.5 net) TMS wells if it desires to participate in additional drilling within the AMI.
	Cotulla Acquisition
	On May 31, 2013, the Company completed the Cotulla acquisition for an aggregate adjusted purchase price of $281.6 million.  The effective date of the transaction was March 1, 2013.
	The purchase price was funded with borrowings under the Company’s First Lien Credit Agreement, cash on hand, and proceeds from the Company’s private placement of the Series B Convertible Preferred Stock. The preliminary purchase price allocation for the Cotulla acquisition has been finalized except for the settlement of certain post-closing adjustments with the seller.  The total purchase price was allocated to the assets purchased and liabilities assumed in the Cotulla acquisition based upon fair values on the date of acquisition as follows (in thousands):
	Proved oil and natural gas properties	$	265,468
	Unproved properties	16,745
	Other assets acquired	856
	Fair value of assets acquired	283,069
	Asset retirement obligations	(1,138		)
	Other liabilities assumed	(351		)
	Fair value of net assets acquired	$	281,580
	The following unaudited pro forma combined results for each of the three and nine months ended September 30, 2013 and 2012 reflect the consolidated results of operations of the Company as if the Cotulla acquisition and related financings had occurred on January 1, 2012.  The pro forma information includes adjustments primarily for revenues and expenses from the acquired properties, depreciation, depletion, amortization and accretion, interest expense and debt issuance cost amortization for acquisition debt, and stock dividends for the issuance of preferred stock.
	The unaudited pro forma combined financial statements give effect to the events set forth below:
	·                  The Cotulla acquisition completed May 31, 2013.
	·                  The increase in borrowings under the First Lien Credit Agreement to finance a portion of the acquisition, and the related adjustments to interest expense.
	·                  Issuance of Series B Convertible Preferred Stock and related adjustments to preferred dividends (in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
	Revenues	$	94,200		$	42,228		$	237,926	$	96,819
	Net income (loss) attributable to common stockholders	$	(1,669	)	$	(2,747	)	$	407	$	(23,127	)
	Net income (loss) per common share, basic and diluted	$	(0.05	)	$	(0.08	)	$	0.01	$	(0.70	)
	The unaudited pro forma combined financial information is for informational purposes only and is not intended to represent or to be indicative of the combined results of operations that the Company would have reported had the Cotulla acquisition been completed as of the dates set forth in this unaudited pro forma combined financial information and should not be taken as indicative of the Company’s future combined results of operations. The actual results may differ significantly from that reflected in the unaudited pro forma combined financial information for a number of reasons, including, but not limited to, differences in assumptions used to prepare the unaudited pro forma combined financial information and actual results.
	The amounts of revenue and revenues in excess of direct operating expenses included in the Company’s condensed consolidated statements of operations for the Cotulla acquisition are shown in the table that follows.  Direct operating expenses include lease operating expenses and production and ad valorem taxes (in thousands):
		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Revenues	$	40,267		$	48,741
	Excess of revenues over direct operating expenses	$	29,890		$	34,819

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2013
Cash and Cash Equivalents	'
Cash and Cash Equivalents	'
	Note 4. Cash and Cash Equivalents
	As of September 30, 2013 and December 31, 2012, cash and cash equivalents consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Cash at banks	$	309,826	$	5,265
	Money market funds	170,173		82
	Commercial paper (1)	—		45,000
	Total cash and cash equivalents	$	479,999	$	50,347
	(1) These securities matured three months or less from date of purchase.

Investments

Investments	9 Months Ended
	Sep. 30, 2013
Investments	'
Investments	'
	Note 5. Investments
	At September 30, 2013, the Company held certain investments in marketable securities as a means of temporarily investing the proceeds from its offering of the Senior Notes (defined below).  The Company classified these securities as held-to-maturity investments on the condensed consolidated balance sheet.  At December 31, 2012, the Company held certain investments in marketable securities as a means of temporarily investing the proceeds from its Series A Convertible Preferred Stock offering until the funds were needed for operating purposes.  At the time of acquisition, the Company classified these securities as “available-for-sale” due primarily to the Company’s potential liquidity requirements that could result in these securities being sold prior to maturity.
	The Company’s investments as of September 30, 2013 and December 31, 2012 consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Commercial paper	$	—	$	7,500
	Corporate notes and bonds	10,000		4,091
	Total investments	$	10,000	$	11,591
	The Company’s investments as of September 30, 2013 consisted of held-to-maturity securities, and accordingly are to be measured at their amortized cost basis on the condensed consolidated balance sheet.  The Company purchased its existing investments at an immaterial discount and therefore has not reflected that discount or the subsequent amortization separately in the condensed consolidated financial statements.  As of September 30, 2013, we recorded a $0.1 million loss on the sale of investments during the period.  There were no gains or losses recorded on investments held as of September 30, 2013 and December 31, 2012 due to the fact that the fair value of these investments approximated the costs paid for these securities.

Oil_and_Natural_Gas_Properties

Oil and Natural Gas Properties	9 Months Ended
	Sep. 30, 2013
Oil and Natural Gas Properties	'
Oil and Natural Gas Properties	'
	Note 6.  Oil and Natural Gas Properties
	The Company’s oil and natural gas properties are accounted for using the full cost method of accounting.  All direct costs and certain indirect costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized. Once evaluated, these costs, as well as the estimated costs to retire the assets, are included in the amortization base and amortized to depletion expense using the units-of-production method.  Depletion is calculated based on estimated proved oil and natural gas reserves.  Proceeds from the sale or disposition of oil and natural gas properties are applied to reduce net capitalized costs unless the sale or disposition causes a significant change in the relationship between costs and the estimated quantity of proved reserves.
	Capitalized costs (net of accumulated depreciation, depletion and amortization and deferred income taxes) of proved oil and natural gas properties are subject to a full cost ceiling limitation.  The ceiling limits these costs to an amount equal to the present value, discounted at 10%, of estimated future net cash flows from estimated proved reserves less estimated future operating and development costs, abandonment costs (net of salvage value) and estimated related future income taxes.  In accordance with SEC rules, the oil and natural gas prices used to calculate the full cost ceiling are the 12-month average prices, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual arrangements. Prices are adjusted for “basis” or location differentials.  Prices are held constant over the life of the reserves.  If unamortized costs capitalized within the cost pool exceed the ceiling, the excess is charged to expense and separately disclosed during the period in which the excess occurs. Amounts thus required to be written off are not reinstated for any subsequent increase in the cost center ceiling.  No impairment expense was recorded for the three and nine month periods ended September 30, 2013 or 2012.
	Investments in unproved properties and major development projects are capitalized and excluded from the amortization base until proved reserves associated with the projects can be determined or until impairment occurs.  Once the assessment of unproved properties is complete and when major development projects are evaluated, the costs previously excluded from amortization are transferred to the full cost pool subject to periodic amortization.  The Company assesses the carrying value of its unproved properties that are not subject to amortization for impairment periodically.  If the results of an assessment indicate that the properties are impaired, the amount of the asset impaired is added to the full cost pool subject to both periodic amortization and the ceiling test.

LongTerm_Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2013
Long-Term Debt	'
Long-Term Debt	'
	Note 7. Long-Term Debt
	Long-term debt at September 30, 2013 consisted of $600 million principal amount under the 7.75% Senior Notes (as defined below), including the Additional Notes (as defined below) which were issued at a discount to face value of $7.0 million, maturing on June 15, 2021.  The Company did not have any long-term debt outstanding at December 31, 2012.
	Credit Facility
	Previous Credit Agreements:  On November 16, 2012, we and our subsidiaries, SEP Holdings III and Marquis LLC (collectively referred to with us as the “Original Borrowers”), entered into the Previous First Lien Credit Agreement, dated as of November 15, 2012, among the Original Borrowers, as borrowers, Capital One, National Association, as administrative agent, sole lead arranger and sole book runner, and each of the other lenders party thereto. The Previous First Lien Credit Agreement provided for a $250 million revolving credit facility which was to mature November 16, 2015 and was secured by a senior lien on substantially all of the assets of the Original Borrowers. The borrowing base under the Previous First Lien Credit Agreement, initially set at $27.5 million, was increased to $95 million on February 21, 2013.
	Also on November 16, 2012, we entered into the Second Lien Term Credit Agreement (the “Second Lien Term Credit Agreement”), dated as of November 15, 2012, among the Original Borrowers, as borrowers, Macquarie Bank Limited, as administrative agent, sole lead arranger and sole book runner, and the other lenders party thereto. The Second Lien Term Credit Agreement provided for a $250 million term loan facility which was to mature May 16, 2016 and was secured by a lien on substantially all of the assets of the Original Borrowers that was junior to the liens on such assets under the Previous First Lien Credit Agreement. The Second Lien Term Credit Agreement provided for an initial commitment of $50 million, subject to customary conditions, with the remaining commitments subject to the approval of the lenders and other customary conditions.  We borrowed $50 million under the Second Lien Term Credit Agreement in January 2013.
	In connection with the purchase and sale agreement to purchase the Cotulla assets (Note 3), the Company entered into commitment letters for $325 million in debt financing and issued the Series B Convertible Preferred Stock.  The $325 million in debt financing contemplated by the commitment letters consisted of an amendment and restatement of the Company’s Previous First Lien Credit Agreement to increase the borrowing base from $95 million to $175 million and a $150 million bridge loan credit facility.  Availability of the debt financing was conditioned upon, and was intended to be available concurrently with, the closing of the Cotulla acquisition and was subject to the satisfaction of various customary closing conditions, including the execution and delivery of definitive documents. On May 30, 2013, the Company borrowed $90 million under its Previous First Lien Credit Agreement.  The Company did not enter into a definitive agreement for the bridge loan credit facility and it was never activated.
	Current Credit Agreement:  On May 31, 2013, the Original Borrowers and a new subsidiary of the Company, SN Cotulla Assets, LLC (“SN Cotulla”) (collectively, the “Borrowers”) entered into the First Lien Credit Agreement with Royal Bank of Canada as the administrative agent, Capital One, National Association as the syndication agent and RBC Capital Markets as sole lead arranger and sole book runner and each of the other lenders party thereto.
	The First Lien Credit Agreement amended and restated the Previous First Lien Credit Agreement in its entirety to renew, extend and rearrange the debt outstanding under the Previous First Lien Credit Agreement (but not to repay or pay off such debt) and to, among other things, (i) replace Capital One with Royal Bank of Canada as administrative agent and issuing bank, (ii) increase the maximum credit amount to $500 million, (iii) increase the borrowing base to $175 million, and (iv) make certain other amendments.   The Borrowers’ obligations under the First Lien Credit Agreement are secured by a first priority lien on substantially all of their assets and the assets of the Company’s existing and future subsidiaries not designated as “unrestricted subsidiaries,” including a first priority lien on all ownership interests in existing and future subsidiaries. Availability under the First Lien Credit Agreement is at all times subject to customary conditions and the then applicable borrowing base, which was initially set at $175 million and is subject to periodic redetermination. The borrowing base was also subject to reduction by 25% of the amount of the increase in the Borrowers’ net debt (taking into consideration any required repayment of debt) resulting from the issuance of certain debt, including pursuant to the issuance of the Senior Notes (as defined below). The borrowing base can be redetermined up or down by the lenders based on, among other things, their evaluation of the Company’s oil and natural gas reserves.  All borrowings under the First Lien Credit Agreement bear interest, at the option of the Borrowers, either at an alternate base rate or a eurodollar rate.  The alternate base rate of interest is equal to the sum of (a) the greatest of (i) the administrative agent’s U.S. “prime rate”, (ii) the federal funds effective rate plus ½ of 1% and (iii) the one-month LIBO Rate multiplied by the statutory reserve rate, plus 1% and (b) the applicable margin.  The eurodollar rate of interest is equal to the sum of (x) the LIBO Rate for the applicable interest period multiplied by the statutory reserve rate and (y) the applicable margin.  The applicable margin varies from 1.00% to 1.75% for alternate base rate borrowings and from 2.00% to 2.75% for eurodollar borrowings, depending on the utilization of the borrowing base.  Furthermore, the Borrowers are required to pay a commitment fee on the unused committed amount at a rate varying from 0.375% to 0.50% per annum, depending on the utilization of the borrowing base. Additionally, the First Lien Credit Agreement provides for the issuance of letters of credit, limited in the aggregate to the lesser of $20 million and the total availability thereunder. As of September 30, 2013, there were no letters of credit outstanding.
	The First Lien Credit Agreement contains various affirmative and negative covenants and events of default that limit the Borrowers’ ability to, among other things, incur indebtedness, make restricted payments, grant liens, consolidate or merge, dispose of certain assets, make certain investments, engage in transactions with affiliates and hedge transactions and make certain acquisitions. Furthermore, the First Lien Credit Agreement contains financial covenants that require the Borrowers to satisfy certain specified financial ratios, including (i) current assets to current liabilities of at least 1.0 to 1.0 and (ii) net debt to consolidated EBITDA of not greater than 4.0 to 1.0. Upon an event of default, the administrative agent may, at its election or at the direction of lenders holding, as applicable, at least 50% of (i) the maximum committed amounts (if no borrowings or letters of credit are outstanding) or (ii) the outstanding borrowings and letter of credit exposure (if borrowings or letters of credit are outstanding) thereunder, accelerate the amounts due under the First Lien Credit Agreement. The obligations under the First Lien Credit Facility are guaranteed by all of the Company’s existing and future subsidiaries not designated as ‘‘unrestricted subsidiaries.” As of September 30, 2013, the Company was in compliance with the covenants of the First Lien Credit Agreement.
	On May 31, 2013, the Borrowers entered into several conforming and technical amendments to the Second Lien Term Credit Agreement.  Pursuant to its terms, the First Lien Credit Agreement matures on May 31, 2018.  However, the First Lien Credit Agreement would mature on November 16, 2015 if the Second Lien Term Credit Agreement were not repaid in full on or before November 16, 2015.  On May 31, 2013, the Company borrowed $96 million under its First Lien Credit Agreement.  The Company used proceeds from this borrowing to repay the $90 million outstanding under the Previous First Lien Credit Agreement.  On June 13, 2013, the Company used proceeds from its Senior Notes (as defined below) offering described below to repay the $96 million outstanding under the First Lien Credit Agreement and the $50 million outstanding under the Second Lien Term Credit Agreement.  The Second Lien Term Credit Agreement was retired with no further availability.  On July 3, 2013, Macquarie Bank Limited novated its rights and obligations under hedging agreements with the Company to Société Générale, a lender under the First Lien Credit Agreement.  The borrowing base on the First Lien Credit Agreement was increased to $175 million as a result of the redetermination conducted by the banks based upon the Company’s June 30, 2013 updated reserves and remains $175 million as of September 30, 2013. The next redetermination of the borrowing base was scheduled to occur on or before October 1, 2013 and that process is currently underway, with other redeterminations scheduled to occur quarterly through July 1, 2014 and then semi-annually thereafter on April 1 and October 1 of each year.
	From time to time, the agents and lenders under the First Lien Credit Agreement and their affiliates have provided, and may provide in the future, investment banking, commercial lending, hedging and financial advisory services to the Company and its affiliates in the ordinary course of business, for which they have received, or may in the future receive, customary fees and commissions for these transactions.
	7.75% Senior Notes Due 2021
	On June 13, 2013, the Company completed a private offering to eligible purchasers of $400 million in aggregate principal amount of the Company’s 7.75% senior notes that will mature on June 15, 2021 (the “Original Notes”).  Interest is payable on each June 15 and December 15, commencing December 15, 2013.  The Company received net proceeds from this offering of approximately $388 million, after deducting initial purchasers’ discounts and estimated offering expenses, which the Company used to repay all of the approximately $96 million in borrowings outstanding under its First Lien Credit Agreement and to retire the Second Lien Term Credit Agreement by repaying in full the $50 million in borrowings outstanding.  The Original Notes are the senior unsecured obligations of the Company and are guaranteed on a joint and several senior unsecured basis by, with certain exceptions, substantially all of the Company’s existing and future subsidiaries.   The borrowing base under the Company’s First Lien Credit Agreement was reduced to $87.5 million upon issuance of the Original Notes, and was later increased to $175 million, all of which is available for future revolver borrowings as of September 30, 2013.
	On September 18, 2013, the Company issued an additional $200 million in aggregate principal amount of its 7.750% senior notes due 2021 (the “Additional Notes” and, together with the Original Notes, the “Senior Notes”) in a private offering to eligible purchasers at a price to the purchasers of 96.5% of the Additional Notes.  The Company received net proceeds from this offering of approximately $188.8 million, after deducting the initial purchasers’ discounts and estimated offering expenses of approximately $4.2 million.  The Company also received cash for accrued interest from June 13, 2013 through the date of issuance of $4.1 million.  The Additional Notes were issued under the same indenture as the Original Notes, and are therefore treated as a single class of debt securities under the indenture.  The Company used the net proceeds from the offering to partially fund the acquisition of Wycross properties (the “Wycross acquisition”), completed in October 2013, and intends to use the remaining proceeds to fund a portion of the 2013 capital budget, a portion of the preliminary 2014 capital budget, and for general corporate purposes.
	The Senior Notes are the senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness. The Senior Notes rank senior in right of payment to the Company’s future subordinated indebtedness. The Senior Notes are effectively junior in right of payment to all of the Company’s existing and future secured debt (including under the First Lien Credit Agreement) to the extent of the value of the assets securing such debt. The Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the subsidiary guarantors party to the indenture governing the Senior Notes (collectively, the “Subsidiary Guarantors”). To the extent set forth in the indenture governing the Senior Notes, certain subsidiaries of the Company will be required to fully and unconditionally guarantee the Senior Notes on a joint and several senior unsecured basis in the future.
	The indenture governing the Senior Notes, among other things, restricts the Company’s ability and the ability of the Company’s restricted subsidiaries to: (i) incur additional indebtedness or issue preferred stock; (ii) pay dividends or make other distributions; (iii) make other restricted payments and investments; (iv) create liens on their assets; (v) incur restrictions on the ability of restricted subsidiaries to pay dividends or make certain other payments; (vi) sell assets, including capital stock of restricted subsidiaries; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates.
	The Company has the option to redeem all or a portion of the Senior Notes, at any time on or after June 15, 2017 at the applicable redemption prices specified in the indenture plus accrued and unpaid interest. The Company may also redeem the Senior Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make whole premium, together with accrued and unpaid interest and additional interest, if any, to the redemption date, at any time prior to June 15, 2017. In addition, the Company may redeem up to 35% of the Senior Notes prior to June 15, 2016 under certain circumstances with the net cash proceeds from certain equity offerings at the redemption price specified in the indenture. The Company may also be required to repurchase the Senior Notes upon a change of control.

Derivative_Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2013
Derivative Instruments	'
Derivative Instruments	'
	Note 8.  Derivative Instruments
	To reduce the impact of fluctuations in oil and natural gas prices on the Company’s revenues, or to protect the economics of property acquisitions, the Company periodically enters into derivative contracts with respect to a portion of its projected oil and natural gas production through various transactions that fix or, through options, modify the future prices to be realized. These transactions may include price swaps whereby the Company will receive a fixed price for its production and pay a variable market price to the contract counterparty. Additionally, the Company may enter into collars, whereby it receives the excess, if any, of the fixed floor over the floating rate or pays the excess, if any, of the floating rate over the fixed ceiling price. In addition, the Company enters into option transactions, such as puts or put spreads, as a way to manage its exposure to fluctuating prices. These hedging activities are intended to support oil and natural gas prices at targeted levels and to manage exposure to oil and natural gas price fluctuations. It is never the Company’s intention to enter into derivative contracts for speculative trading purposes.
	Under Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” all derivative instruments are recorded on the condensed consolidated balance sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. The Company will net derivative assets and liabilities for counterparties where it has a legal right of offset.  Changes in the derivatives’ fair values are recognized currently in earnings unless specific hedge accounting criteria are met.  The Company has elected not to designate its current derivative contracts as hedges.  Therefore, changes in the fair value of these instruments are recognized in earnings and included as realized and unrealized gains (losses) on derivative instruments in the condensed consolidated statements of operations.
	As of September 30, 2013, the Company had the following crude oil swaps, options, and put spreads covering anticipated future production as indicated below:
		Derivative
	Contract Period	Instrument		Barrels		Purchased			Sold
	October 1, 2013 - December 31, 2013	Put Spread		92,000		$	95		$	75
	October 1, 2013 - December 31, 2013	Swap		46,000		$	97.1		n/a
	October 1, 2013 - December 31, 2013	Swap		92,000		$	88.9		n/a
	October 1, 2013 - December 31, 2013	Put Spread		92,000		$	90		$	75
	October 1, 2013 - December 31, 2013	Swap		69,000		$	94.5		n/a
	October 1, 2013 - December 31, 2013	Swap		69,000		$	95.25		n/a
	October 1, 2013 - December 31, 2013	Swap		92,000		$	96.8		n/a
	October 1, 2013 - December 31, 2013	Swap		46,000		$	103.69		n/a
	October 1, 2013 - December 31, 2013	Swap		46,000		$	103.7		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	91.35		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	92.45		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	92		n/a
	January 1, 2014 - June 30, 2014	Swap		90,500		$	97.19		n/a
	January 1, 2014 - December 31, 2014	Swap		365,000		$	95.45		n/a
	January 1, 2014 - December 31, 2014	Asian Option		365,000		$	90		$	99.1
	July 1, 2014 - December 31, 2014	Put Spread		184,000		$	90		$	75
	As of September 30, 2013, the Company had the following three-way crude oil collar contracts that combine a long and short put with a short call as indicated below:
	Contract Period	Barrels		Short Put			Long Put			Short Call			Pricing Index
	January 1, 2014 - December 31, 2014	547,500		$	65		$	85		$	102.25		NYMEX West Texas Intermediate crude
	January 1, 2014 - December 31, 2014	365,000		$	75		$	95		$	107.5		Louisiana light sweet crude
	The Company deferred the payment of premiums associated with certain of its oil derivative instruments.  At September 30, 2013, the balance of deferred payments totaled approximately $1.2 million. These premiums are being paid to the counterparty with each monthly settlement beginning July 2013.
	Balance Sheet Presentation
	The Company’s derivatives are presented on a net basis as “Fair value of derivative instruments” on the condensed consolidated balance sheets.  The following table summarizes the gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the Company’s condensed consolidated balance sheets for the periods indicated (in thousands):
		September 30, 2013
					Gross Amounts			Net Amounts
					Offset in the			Presented in
		Gross Amount			Condensed			the Condensed
		of Recognized			Consolidated			Consolidated
		Assets			Balance Sheets			Balance Sheets
	Offsetting Derivative Assets:
	Current asset	$	3,396		$	(3,356	)	$	40
	Long-term asset	1,860			(1,437		)	423
	Total asset	$	5,256		$	(4,793	)	$	463
	Offsetting Derivative Liabilities:
	Current liability	$	(10,389	)	$	3,356		$	(7,033	)
	Long-term liability	(1,915		)	1,437			(478		)
	Total liability	$	(12,304	)	$	4,793		$	(7,511	)
		December 31, 2012
					Gross Amounts			Net Amounts
					Offset in the			Presented in
		Gross Amount			Condensed			the Condensed
		of Recognized			Consolidated			Consolidated
		Assets			Balance Sheets			Balance Sheets
	Offsetting Derivative Assets:
	Current asset	$	37,012		$	(34,867	)	$	2,145
	Long-term asset	—			—			—
	Total asset	$	37,012		$	(34,867	)	$	2,145
	Offsetting Derivative Liabilities:
	Current liability	$	(34,867	)	$	34,867		$	—
	Long-term liability	—			—			—
	Total liability	$	(34,867	)	$	34,867		$	—
	Gain (Loss) on Derivatives
	Gains and losses on derivatives are reported on the condensed consolidated statements of operations as “Realized and unrealized gains (losses) on derivative instruments.”  Realized gains (losses) represent amounts related to the settlement of derivative instruments or the expiration of contracts.  Unrealized gains (losses) represent the change in fair value of the derivative instruments to be settled in the future and are non-cash items which fluctuate in value as commodity prices change.  The following summarizes the Company’s realized and unrealized gains (losses) on derivative instruments for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Realized losses on derivative instruments	$	(5,531	)	$	(87	)	$	(6,992	)	$	(785	)
Unrealized gains (losses) on derivative instruments	(8,905		)	(2,104		)	(6,820		)	1,594
Total realized and unrealized gains (losses) on derivative instruments	$	(14,436	)	$	(2,191	)	$	(13,812	)	$	809

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'
	Note 9.         Fair Value of Financial Instruments
	Measurements of fair value of derivative instruments are classified according to the fair value hierarchy, which prioritizes the inputs to the valuation techniques used to measure fair value. Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:
	Level 1: Measured based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered 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: Measured based on 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 can be valued using observable market data. Substantially all of these inputs are observable in the marketplace throughout the 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: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). The valuation models used to value derivatives associated with the Company’s oil and natural gas production are primarily industry standard models that consider various inputs including: (a) quoted forward prices for commodities, (b) time value, and (c) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Although third party quotes are utilized to assess the reasonableness of the prices and valuation techniques, there is not sufficient corroborating evidence to support classifying these assets and liabilities as Level 2.
	Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.
	Fair Value on a Recurring Basis
	The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for or disclosed at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
		As of September 30, 2013
		Active Market
		for Identical			Observable			Unobservable			Total
		Assets			Inputs			Inputs			Carrying
		(Level 1)			(Level 2)			(Level 3)			Value
	Cash and cash equivalents:
	Money market funds	$	170,173		$	—		$	—		$	170,173
	Investments:
	Corporate notes and bonds	—			10,000			—			10,000
	Oil derivative instruments:
	Swaps	—			(5,245		)	—			(5,245		)
	Three-way collars	—			—			(138		)	(138		)
	Asian Options	—			—			(32		)	(32		)
	Puts	—			—			(414		)	(414		)
	Debt:
	Senior Notes	—			586,500			—			586,500
	Total	$	170,173		$	591,255		$	(584	)	$	760,844
		As of December 31, 2012
		Active Market
		for Identical			Observable			Unobservable			Total
		Assets			Inputs			Inputs			Carrying
		(Level 1)			(Level 2)			(Level 3)			Value
	Cash and cash equivalents:
	Commercial paper	$	—		$	45,000		$	—		$	45,000
	Money market funds	82			—			—			82
	Investments:
	Commercial paper	—			7,500			—			7,500
	Corporate notes and bonds	—			4,091			—			4,091
	Oil derivative instruments:
	Swaps	—			(870		)	—			(870		)
	Puts	—			—			3,015			3,015
	Total	$	82		$	55,721		$	3,015		$	58,818
	The Level 1 instruments presented in the table above consist of money market funds included in cash and cash equivalents on the Company’s condensed consolidated balance sheets at September 30, 2013 and December 31, 2012. The Company’s money market funds represent cash equivalents backed by the assets of high-quality banks and financial institutions.  The Company identified the money market funds as Level 1 instruments due to the fact that the money market funds have daily liquidity, quoted prices for the underlying investments can be obtained and there are active markets for the underlying investments.
	The Level 2 instruments presented in the table above include commercial paper and corporate notes and bonds included in cash and cash equivalents and investments on the Company’s condensed consolidated balance sheet at September 30, 2013 and December 31, 2012.  The Company identified the commercial paper and corporate notes and bonds as Level 2 instruments due to the fact that although the assets do not have regular market pricing, their fair value can be readily determined based on other data values or market prices. These asset values can be closely approximated using simple models and extrapolation methods using known, observable prices as parameters.
	The Company uses a market approach to determine fair value of its Senior Notes using observable market data, which results in a Level 2 fair value measurement.  The estimated fair value of the Company’s Senior Notes was $586.5 million at September 30, 2013.
	The Company’s oil derivative instruments, which consist of oil swaps, options, and puts, are classified as either Level 2 or Level 3 in the table above.  The fair value of the Company’s derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as oil forward curves, or can be corroborated from active markets of broker quotes.  These values are then compared to the values given by the Company’s counterparties for reasonableness.  Since oil swaps do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2.  The Company’s oil puts, Asian options and three-way collars include some level of unobservable input, such as volatility curves, and are therefore classified as Level 3.   Derivative instruments are also subject to the risk that counterparties will be unable to meet their obligations. Such non-performance risk is considered in the valuation of the Company’s derivative instruments, but to date has not had a material impact on estimates of fair values. Significant changes in the quoted forward prices for commodities and changes in market volatility generally lead to corresponding changes in the fair value measurement of the Company’s oil derivative instruments.
	The fair values of the Company’s oil derivative instruments classified as Level 3 at September 30, 2013 and December 31, 2012 were ($0.6) million and $3.0 million, respectively.  The significant unobservable inputs for Level 3 contracts include unpublished forward prices of oil, market volatility and credit risk of counterparties.  Changes in these inputs will impact the fair value measurement of the Company’s derivative contracts.
	The following table sets forth a reconciliation of changes in the fair value of the Company’s oil derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):
		Significant Unobservable Inputs
		(Level 3)
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Beginning balance	$	3,003		$	7,369		$	3,015		$	1,461
	Realized and unrealized gains (losses) included in earnings	(4,305		)	(2,191		)	(4,154		)	809
	Settlements	—			(962		)	(163		)	(1,190		)
	Purchase of derivative contracts	718			—			718			2,952
	Buy out of derivative contracts	—			—			—			184
	Ending balance	$	(584	)	$	4,216		$	(584	)	$	4,216
	Change in unrealized gains (losses) included in earnings related to derivatives still held as of September 30, 2013 and 2012	$	(3,338	)	$	(1,994	)	$	(2,445	)	$	1,523
	Fair Value on a Non-Recurring Basis
	The Company follows the provisions of ASC 820-10 for nonfinancial assets and liabilities measured at fair value on a non-recurring basis.  Fair-value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of acquired properties is based on market and cost approaches. Our purchase price allocation for the Cotulla acquisition is presented in Note 3.  Liabilities assumed include asset retirement obligations existing at the date of acquisition.  The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments.  As there is no corroborating market activity to support the assumptions, the Company has designated these liabilities as Level 3.  A reconciliation of the beginning and ending balances of the Company’s asset retirement obligations is presented in Note 10.

Asset_Retirement_Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligations	'
Asset Retirement Obligations	'
	Note 10.  Asset Retirement Obligations
	Asset retirement obligations represent the present value of the estimated cash flows expected to be incurred to plug, abandon and remediate producing properties, excluding salvage values, at the end of their productive lives in accordance with applicable laws. The significant unobservable inputs to this fair value measurement include estimates of plugging, abandonment and remediation costs, well life, inflation and credit-adjusted risk-free rate. The inputs are calculated based on historical data as well as current estimates. When the liability is initially recorded, the carrying amount of the related long-lived asset is increased. Over time, accretion of the liability is recognized each period, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, any gain or loss is treated as an adjustment to the full cost pool.
	The changes in the asset retirement obligation for the nine months ended September 30, 2013 and 2012 were as follows (in thousands):
		2013		2012
	Abandonment liability as of January 1,	$	546	$	83
	Liabilities incurred during period	727		205
	Acquisitions	1,138		—
	Revisions	968		—
	Accretion expense	128		9
	Abandonment liability as of September 30,	$	3,507	$	297
	During the first quarter of 2013, the Company reviewed its asset retirement obligation estimates. A quote was obtained from a third party that indicated anticipated costs for future abandonment had increased from previous estimates.  As a result, the Company increased its estimates of future asset retirement obligations by $1.0 million to reflect anticipated increased costs for plugging and abandonment.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions	'
Related Party Transactions	'
	Note 11.   Related Party Transactions
	SOG, headquartered in Houston, Texas, is a private full service oil and natural gas company engaged in the exploration and development of oil and natural gas primarily in the South Texas and onshore Gulf Coast areas on behalf of its affiliates.   The Company refers to SOG, SEP I, and their affiliates (but excluding the Company) collectively as the “Sanchez Group.”
	The Company does not have any employees.  On December 19, 2011 it entered into a services agreement with SOG pursuant to which specified employees of SOG provide certain services with respect to the Company’s business under the direction, supervision and control of SOG. Pursuant to this arrangement, SOG performs centralized corporate functions for the Company, such as general and administrative services, geological, geophysical and reserve engineering, lease and land administration, marketing, accounting, operational services, information technology services, compliance, insurance maintenance and management of outside professionals. The Company compensates SOG for the services at a price equal to SOG’s cost of providing such services, including all direct costs and indirect administrative and overhead costs (including the allocable portion of salary, bonus, incentive compensation and other amounts paid to persons that provide the services on SOG’s behalf) allocated in accordance with SOG’s regular and consistent accounting practices, including for any such costs arising from amounts paid directly by other members of the Sanchez Group on SOG’s behalf or borrowed by SOG from other members of the Sanchez Group, in each case, in connection with the performance by SOG of services on the Company’s behalf. The Company also reimburses SOG for sales, use or other taxes, or other fees or assessments imposed by law in connection with the provision of services to the Company (other than income, franchise or margin taxes measured by SOG’s net income or margin and other than any gross receipts or other privilege taxes imposed on SOG) and for any costs and expenses arising from or related to the engagement or retention of third party service providers.
	The initial term of the services agreement is five years. The term will automatically extend for additional 12-month periods unless either party provides 180 days written notice otherwise prior to the expiration of the applicable 12-month period. Either party may terminate the agreement at any time upon 180 days written notice.
	In connection with the services agreement, SOG also entered into a licensing agreement with the Company pursuant to which it granted to the Company a license to the unrestricted use of proprietary seismic, geological and geophysical information related to the Company’s properties owned by SOG, and all such information related to the Company’s properties not otherwise licensed to the Company will be interpreted and used by SOG for the Company’s benefit under the services agreement. In addition, SOG entered into a contract operating agreement with the Company under which SOG agreed to develop, manage and operate the Company’s properties or engage a responsible unaffiliated industry operator and joint owner for such development, management and operation.  No costs, fees or other expenses are payable by the Company under these agreements. The licensing agreement and contract operating agreement will terminate concurrently with the termination or expiration of the services agreement.
	Prior to entering into the services agreement, SOG incurred general and administrative expenses that were allocated to the Company based on the ratio of capital expenditures between the entities to which SOG provided services and the SEP I Assets.  Other factors, such as time spent on general management services and producing property activities, were also considered in the allocation of these costs.  Beginning December 19, 2011, the costs were allocated to the Company according to the terms of the services agreement.  Salaries and associated benefit costs of SOG employees are allocated to the Company based on the actual time spent by the professional staff on the properties and business activities of the Company. General and administrative costs, such as office rent, utilities, supplies, and other overhead costs, are allocated to the Company based on a fixed percentage that is reviewed quarterly and adjusted, if needed, based on the activity levels of services provided to the Company. General and administrative costs that are specifically incurred by or for the specific benefit of the Company are charged directly to the Company.  Expenses allocated to the Company for general and administrative expenses for the three and nine months ended September 30, 2013 and 2012 are as follows (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Administrative fees	$	4,638	$	1,341	$	10,540	$	3,586
	Third-party expenses	2,287		667		4,571		3,065
	Total included in general and administrative expenses	$	6,925	$	2,008	$	15,111	$	6,651
	As of September 30, 2013 and December 31, 2012, the Company had a net payable to SOG and other members of the Sanchez Group of $0.8 million and $13.5 million, respectively, which is reflected as “Accounts payable — related entities” in the condensed consolidated balance sheets.  This amount consists primarily of obligations for general and administrative costs due to SOG and revenue payable to affiliated entities.
	In August 2013, the Company completed its acquisition of undeveloped acreage in the TMS trend from two third parties, and one related party of the Company, SR.  The total consideration paid to SR was approximately $14.4 million, and included $0.9 million in customary closing adjustments.  Because the transactions included a related party, our audit committee, which is comprised entirely of independent directors, reviewed and approved these transactions.  In connection with the approval of these transactions, our audit committee received a fairness opinion from an independent financial advisor selected by the committee.

Accrued_Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2013
Accrued Liabilities	'
Accrued Liabilities	'
	Note 12. Accrued Liabilities
	The following information summarizes accrued liabilities as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30,		December 31,
		2013		2012
	Capital expenditures	$	82,402	$	43,560
	General and administrative costs	3,401		268
	Production taxes	1,942		471
	Ad valorem taxes	2,153		114
	Lease operating expenses	6,365		415
	Interest payable	13,821		—
	Total accrued liabilities	$	110,084	$	44,828

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	Note 13. Stockholders’ Equity
	Common Stock Offerings - On December 19, 2011, the Company completed its IPO of 10.0 million shares of common stock, par value $0.01 per share, at a price to the public of $22.00 per share.  The Company received net proceeds of approximately $203.3 million from the sale of the shares of common stock (net of expenses and underwriting discounts and commissions).
	On September 18, 2013, the Company completed a public offering of 11,040,000 shares of common stock (including 1,440,000 shares purchased pursuant to the full exercise of the underwriters’ overallotment option), at an issue price of $23.00 per share.  The Company received net proceeds from this offering of approximately $241.5 million, after deducting underwriters’ fees and offering expenses of approximately $12.4 million.  The Company used the net proceeds from the offering to partially fund the Wycross acquisition, completed in October 2013, and intends to use the remaining proceeds to fund a portion of the 2013 capital budget, a portion of the preliminary 2014 capital budget, and for general corporate purposes.
	Series A Convertible Preferred Stock Offering- On September 17, 2012, the Company completed a private placement of 3,000,000 shares of Series A Convertible Preferred Stock, which were sold to a group of qualified institutional buyers pursuant to the Rule 144A exemption from registration under the Securities Act. The issue price of each share of the Series A Convertible Preferred Stock was $50.00. The Company received net proceeds from the private placement of approximately $144.5 million, after deducting initial purchasers’ discounts and commissions and offering costs payable by the Company of approximately $5.5 million.
	Pursuant to the Certificate of Designations for the Series A Convertible Preferred Stock, each share of Series A Convertible Preferred Stock is convertible at any time at the option of the holder thereof at an initial conversion rate of 2.3250 shares of common stock per share of Series A Convertible Preferred Stock (which is equal to an initial conversion price of approximately $21.51 per share of common stock) and is subject to specified adjustments. Based on the initial conversion price, approximately 6,975,000 shares of common stock would be issuable upon conversion of all of the outstanding shares of the Series A Convertible Preferred Stock.
	The annual dividend on each share of Series A Convertible Preferred Stock is 4.875% on the liquidation preference of $50 per share and is payable quarterly, in arrears, on each January 1, April 1, July 1 and October 1, commencing on January 1, 2013, when, as and if declared by the Company’s Board of Directors (the “Board”). No dividends were accrued or accumulated prior to September 17, 2012. The Company may, at its option, pay dividends in cash and, subject to certain conditions, common stock or any combination thereof.  As of September 30, 2013, there were $1.8 million in accrued dividends that had been declared but had not yet been paid.
	Except as required by law or the Company’s Amended and Restated Certificate of Incorporation, holders of the Series A Convertible Preferred Stock will have no voting rights unless dividends fall into arrears for six or more quarterly periods (whether or not consecutive). In that event and until such arrearage is paid in full, the holders of the Series A Convertible Preferred Stock and the holders of the Series B Convertible Preferred Stock, voting as a single class, will be entitled to elect two directors and the number of directors on the Company’s Board will increase by that same number.
	At any time on or after October 5, 2017, the Company may at its option cause all outstanding shares of the Series A Convertible Preferred Stock to be automatically converted into common stock at the then-prevailing conversion price, if, among other conditions, the closing sale price (as defined) of the Company’s common stock equals or exceeds 130% of the then-prevailing conversion price for a specified period prior to the conversion.
	If a holder elects to convert shares of Series A Convertible Preferred Stock upon the occurrence of certain specified fundamental changes, the Company will be obligated to deliver an additional number of shares above the applicable conversion rate to compensate the holder for lost option time value of the shares of Series A Convertible Preferred Stock as a result of the fundamental change.
	Series B Convertible Preferred StockOffering - On March 26, 2013, the Company completed a private placement of 4,500,000 shares of Series B Convertible Preferred Stock, which were sold in a private offering to eligible purchasers. The issue price of each share of the Series B Convertible Preferred Stock was $50.00. The Company received net proceeds from the private placement of approximately $216.6 million, after deducting placement agent’s fees and offering costs payable by the Company of approximately $8.4 million.
	Pursuant to the Certificate of Designations for the Series B Convertible Preferred Stock, each share of Series B Convertible Preferred Stock is convertible at any time at the option of the holder thereof at an initial conversion rate of 2.3370 shares of common stock per share of Series B Convertible Preferred Stock (which is equal to an initial conversion price of approximately $21.40 per share of common stock) and is subject to specified adjustments. Based on the initial conversion price, approximately 10,516,500 shares of common stock would be issuable upon conversion of all of the outstanding shares of the Series B Convertible Preferred Stock.
	The annual dividend on each share of Series B Convertible Preferred Stock is 6.500% on the liquidation preference of $50 per share and is payable quarterly, in arrears, on each January 1, April 1, July 1 and October 1, commencing on July 1, 2013, when, as and if declared by the Company’s Board. No dividends were accrued or accumulated prior to March 27, 2013. The Company may, at its option, pay dividends in cash and, subject to certain conditions, common stock or any combination thereof.  As of September 30, 2013, there were $3.7 million in accrued dividends that had been declared but had not yet been paid.
	Except as required by law or the Company’s Amended and Restated Certificate of Incorporation, holders of the Series B Convertible Preferred Stock will have no voting rights unless dividends fall into arrears for six or more quarterly periods (whether or not consecutive). In that event and until such arrearage is paid in full, the holders of the Series B Convertible Preferred Stock and the holders of the Series A Convertible Preferred Stock, voting as a single class, will be entitled to elect two directors and the number of directors on the Company’s Board will increase by that same number.
	At any time on or after April 6, 2018, the Company may at its option cause all outstanding shares of the Series B Convertible Preferred Stock to be automatically converted into common stock at the then-prevailing conversion price, if, among other conditions, the closing sale price (as defined) of the Company’s common stock equals or exceeds 130% of the then-prevailing conversion price for a specified period prior to the conversion.
	If a holder elects to convert shares of Series B Convertible Preferred Stock upon the occurrence of certain specified fundamental changes, the Company will be obligated to deliver an additional number of shares above the applicable conversion rate to compensate the holder for lost option time value of the shares of Series B Convertible Preferred Stock as a result of the fundamental change.
	Earnings (Loss) Per Share - The following table shows the computation of basic and diluted net earnings (loss) per share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Net income (loss)	$	3,880		$	1,667		$	12,696		$	(17,024	)
	Less:
	Preferred stock dividends	(5,485		)	(264		)	(13,041		)	(264		)
	Net income allocable to participating securities(1)	—			(21		)	—			—
	Net income (loss) attributable to common stockholders	$	(1,605	)	$	1,382		$	(345	)	$	(17,288	)
	Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share	34,737			33,000			33,651			33,000
	Dilutive shares (2)(3)(4)	—			—			—			—
	Denominator for diluted net income (loss) per common share	34,737			33,000			33,651			33,000
	Net income (loss) per common share - basic and diluted	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.52	)
	(1) For the three and nine months ended September 30, 2013, no losses were allocated to participating restricted stock because such securities do not have a contractual obligation to share in the Company’s losses.
	(2) The three and nine months ended September 30, 2013 excludes 410,779 and 625,920 shares of weighted average restricted stock and 17,491,500 and 14,141,800 shares of common stock, respectively, resulting from an assumed conversion of the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock from the calculation of the denominator for diluted earnings per common share as we were in a loss position.
	(3) The three months ended September 30, 2012 excludes 71,842 shares of weighted average restricted stock from the calculation of the denominator for diluted earnings per common share as these shares were anti-dilutive. The nine months ended September 30, 2012, excludes 254,757 shares of weighted average restricted stock from the calculation of the denominator for diluted earnings per common share as we were in a loss position.
	(4) The three and nine months ended September 30, 2012 exclude 996,429 and 330,931 shares of common stock, respectively, resulting from an assumed conversion of the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock from the calculation of the denominator for diluted earnings per common share as these shares were anti-dilutive.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2013
Stock-Based Compensation	'
Stock-Based Compensation	'
	Note 14. Stock-Based Compensation
	At the Annual Meeting of Stockholders of the Company held on May 23, 2012, the Company’s stockholders approved the Sanchez Energy Corporation Amended and Restated 2011 Long Term Incentive Plan (the “LTIP”). The Company’s Board had previously approved the amendment of the Sanchez Energy Corporation 2011 Long Term Incentive Plan on April 16, 2012, subject to stockholder approval.
	The LTIP provides for the award of stock options, stock appreciation rights, restricted stock, phantom stock, other stock-based awards or stock awards, or any combination thereof.  Any director or consultant of the Company or any employee of the Company, a subsidiary of the Company or a Sanchez Group Member (as defined in the LTIP) is eligible to participate in the LTIP. The LTIP provides that the maximum number of shares of the Company’s common stock available for incentive awards shall be no more than 15% of the issued and outstanding shares of common stock.
	The Company records stock-based compensation expense for awards granted to its directors (for their services as directors) in accordance with the provisions of ASC 718, “Compensation — Stock Compensation.”  Stock-based compensation expense for these awards is based on the grant-date fair value and recognized over the vesting period using the straight-line method. The fair value of restricted stock awards is based on the closing sales price of the Company’s common stock on the grant date.
	Awards granted to employees of the Sanchez Group (including those employees of the Sanchez Group who also serve as the Company’s officers) and consultants in exchange for services are considered awards to non-employees and the Company records stock-based compensation expense for these awards at fair value in accordance with the provisions of ASC 505-50, “Equity-Based Payments to Non-Employees.”   For awards granted to non-employees, the Company records compensation expenses equal to the fair value of the stock-based award at the measurement date, which is determined to be the earlier of the performance commitment date or the service completion date.  Compensation expense for unvested awards to non-employees is revalued at each period end and is amortized over the vesting period of the stock-based award.  Stock-based payments are measured based on the fair value of goods or services received or the equity instruments granted, whichever is more determinable.
	For the restricted stock awards granted to non-employees, stock-based compensation expense is based on fair value remeasured at each reporting period and recognized over the vesting period using the straight-line method.  Compensation expense for these awards will be revalued at each period end until vested.
	The Company recognized the following stock-based compensation expense for the periods indicated which is reflected as general and administrative expense in the consolidated statements of operations (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Restricted stock awards, directors	$	242	$	91	$	473	$	184
	Restricted stock awards, non-employees	6,415		745		13,896		2,308
	Restricted stock awards, cancelled	—		—		—		22,308
	Total stock-based compensation expense	$	6,657	$	836	$	14,369	$	24,800
	Based on the $26.41 per share closing price of the Company’s common stock on September 30, 2013, there was approximately $34.5 million of unrecognized compensation cost related to these non-vested restricted shares outstanding.  The cost is expected to be recognized over an average period of approximately 2.0 years.
	A summary of the status of the non-vested shares as of September 30, 2013 is presented below (in thousands):
		Number of
		Non-Vested
		Shares
	Non-vested common stock at January 1,	762
	Granted	1,329
	Vested	(185	)
	Forfeited	(71	)
	Non-vested common stock at September 30,	1,835
	As of September 30, 2013, approximately 4.7 million shares remain available for future issuance to participants.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
Income Taxes	'
	Note 15. Income Taxes
	The SEP I Assets contributed by SEP I were historically owned by a limited partnership that is not a taxable entity and is a disregarded entity for federal income tax purposes.  SEP I’s taxable income or loss was allocated to the limited and general partners of SEP I.  With the transfer of the properties to the Company, the SEP I Assets’ operations are now subject to federal and state income taxes.
	The Company’s estimated annual effective income tax rates are used to allocate expected annual income tax expense to interim periods. The rates are determined based on the ratio of estimated annual income tax expense to estimated annual income before income taxes by taxing jurisdiction, except for discrete items, which are significant, unusual or infrequent items for which income taxes are computed and recorded in the interim period in which the specific transaction occurs. The estimated annual effective income tax rates are applied to the year-to-date income before income taxes by taxing jurisdiction to determine the income tax expense allocated to the interim period. The Company updates its estimated annual effective income tax rate at the end of each quarterly period considering the geographic mix of income based on the tax jurisdictions in which the Company operates. Actual results that are different from the assumptions used in estimating the annual effective income tax rate will impact future income tax expense. The difference between the statutory federal income taxes calculated using a U.S. federal statutory corporate income tax rate of 35% and the Company’s effective tax rate is summarized as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Income tax expense (benefit) at the statutory rate	$	74		$	584		$	3,160		$	(5,958	)
	Rescission of restricted stock	—			—			—			7,808
	Change in valuation allowance	(3,742		)	(584		)	(6,828		)	(1,850		)
	Net income tax (benefit)	$	(3,668	)	$	—		$	(3,668	)	$	—
	At September 30, 2013, the Company had estimated net operating loss carryforwards of $348.2 million which begin to expire in 2031.
	In recording deferred income tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred income tax assets will be realized.  The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible.  The Company believes that after considering all the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, management has determined that it is more likely than not that the deferred tax assets will be realized and therefore has released the valuation allowance against its net deferred tax asset in the third quarter of 2013.  The Company will continue to assess the valuation allowance against deferred tax assets considering all available information obtained in future reporting periods.
	At September 30, 2013, the Company had no material uncertain tax positions.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 16. Commitments and Contingencies
	From time to time, the Company may be involved in lawsuits that arise in the normal course of its business. It is the opinion of management and counsel that the outcome of any such lawsuits will not materially affect the financial position and operations of the Company.

Subsidiary_Guarantors

Subsidiary Guarantors	9 Months Ended
	Sep. 30, 2013
Subsidiary Guarantors	'
Subsidiary Guarantors	'
	Note 17.  Subsidiary Guarantors
	The Company has filed a registration statement on Form S-3 with the SEC, which became effective January 14, 2013 and registered, among other securities, debt securities.  The subsidiaries of the Company (the “Subsidiaries”) are co-registrants with the Company, and the registration statement registers guarantees of debt securities by the Subsidiaries. As of September 30, 2013, the Subsidiaries are 100 percent owned by the Company and any guarantees by the Subsidiaries will be full and unconditional (except for customary release provisions). The Company 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 the Company. In the event that more than one of the Subsidiaries provide guarantees of any debt securities issued by the Company, such guarantees will constitute joint and several obligations.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events	'
Subsequent Events	'
	Note 18. Subsequent Events
	On October 4, 2013, the Company completed the Wycross acquisition, consisting of operated assets with an average working interest of approximately 60% in net contiguous acres in McMullen County, Texas, with an effective date of July 1, 2013, for approximately $230.1 million, subject to further customary post-closing adjustments.
	In October 2013, the Company entered into the following crude oil swap contracts using WTI prices:
		Derivative
	Contract Period	Instrument	Barrels	Purchased		Sold
	January 1, 2015 - December 31, 2015	Swap	365,000	$	90.05	n/a
	January 1, 2015 - December 31, 2015	Swap	365,000	$	89.65	n/a

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The acquisition of oil and natural gas properties from SEP I was a transaction among entities under common control and accordingly, the Company recorded the assets and liabilities acquired at their historical carrying values and has presented the historical accounts of the SEP I Assets on a retrospective basis for all periods prior to the IPO presented in the consolidated financial statements.
	SOG is a private oil and gas company engaged in the exploration for and development of oil and natural gas. SOG has historically acted as the operator of a significant portion of SEP I’s oil and natural gas properties. SOG provided all employee, management, and administrative support to SEP I and, for periods prior to December 19, 2011, a proportionate share of SOG’s general and administrative costs were allocated to the SEP I Assets. The costs of these services associated with the SEP I Assets were allocated to the SEP I Assets primarily based on the ratio of capital expenditures between the entities to which SOG provides services and the SEP I Assets. However, other factors, such as time spent on general management services and producing property activities, were also considered in the allocation of these costs. Management believes such allocations were reasonable; however, they may not be indicative of the actual expense that would have been incurred had the SEP I Assets been operated as an independent company for periods prior to December 19, 2011. On December 19, 2011, SOG began providing similar types of services to the Company under the services agreement as described below (Note 11).
Principles of Consolidation	'
	Principles of Consolidation
	The Company’s condensed consolidated financial statements include the accounts of the Company and its subsidiaries.  All intercompany balances and transactions have been eliminated.
Use of Estimates	'
	Use of Estimates
	The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties, fair value accounting for acquisitions, the evaluation of unproved properties for impairment, the fair value of commodity derivative contracts and asset retirement obligations, accrued oil and natural gas revenues and expenses and the allocation of general and administrative expenses. Actual results could differ materially from those estimates.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the 2012 condensed consolidated financial statements to conform to the 2013 presentation.  These reclassifications were not material to the accompanying condensed consolidated financial statements.

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2013
Acquisitions	'
Schedule of total purchase price allocated to assets purchased and liabilities assumed in Hess acquisition based upon preliminary fair values on the date of acquisition	'
	The total purchase price was allocated to the assets purchased and liabilities assumed in the Cotulla acquisition based upon fair values on the date of acquisition as follows (in thousands):
	Proved oil and natural gas properties	$	265,468
	Unproved properties	16,745
	Other assets acquired	856
	Fair value of assets acquired	283,069
	Asset retirement obligations	(1,138		)
	Other liabilities assumed	(351		)
	Fair value of net assets acquired	$	281,580
Schedule of unaudited pro forma combined statements of operations	'
	(in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
	Revenues	$	94,200		$	42,228		$	237,926	$	96,819
	Net income (loss) attributable to common stockholders	$	(1,669	)	$	(2,747	)	$	407	$	(23,127	)
	Net income (loss) per common share, basic and diluted	$	(0.05	)	$	(0.08	)	$	0.01	$	(0.70	)
Schedule of revenue and revenues in excess of direct operating expenses	'
	Direct operating expenses include lease operating expenses and production and ad valorem taxes (in thousands):
		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Revenues	$	40,267		$	48,741
	Excess of revenues over direct operating expenses	$	29,890		$	34,819

Cash_and_Cash_Equivalents_Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 2013
Cash and Cash Equivalents	'
Schedule of cash and cash equivalents	'
	As of September 30, 2013 and December 31, 2012, cash and cash equivalents consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Cash at banks	$	309,826	$	5,265
	Money market funds	170,173		82
	Commercial paper (1)	—		45,000
	Total cash and cash equivalents	$	479,999	$	50,347
	(1) These securities matured three months or less from date of purchase.

Investments_Tables

Investments (Tables)	9 Months Ended
	Sep. 30, 2013
Investments	'
Schedule of investments	'
	The Company’s investments as of September 30, 2013 and December 31, 2012 consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Commercial paper	$	—	$	7,500
	Corporate notes and bonds	10,000		4,091
	Total investments	$	10,000	$	11,591

Derivative_Instruments_Tables

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments	'
Schedule of oil derivative instruments covering the entity's anticipated future production	'
	As of September 30, 2013, the Company had the following crude oil swaps, options, and put spreads covering anticipated future production as indicated below:
		Derivative
	Contract Period	Instrument		Barrels		Purchased			Sold
	October 1, 2013 - December 31, 2013	Put Spread		92,000		$	95		$	75
	October 1, 2013 - December 31, 2013	Swap		46,000		$	97.1		n/a
	October 1, 2013 - December 31, 2013	Swap		92,000		$	88.9		n/a
	October 1, 2013 - December 31, 2013	Put Spread		92,000		$	90		$	75
	October 1, 2013 - December 31, 2013	Swap		69,000		$	94.5		n/a
	October 1, 2013 - December 31, 2013	Swap		69,000		$	95.25		n/a
	October 1, 2013 - December 31, 2013	Swap		92,000		$	96.8		n/a
	October 1, 2013 - December 31, 2013	Swap		46,000		$	103.69		n/a
	October 1, 2013 - December 31, 2013	Swap		46,000		$	103.7		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	91.35		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	92.45		n/a
	January 1, 2014 - December 31, 2014	Swap		273,750		$	92		n/a
	January 1, 2014 - June 30, 2014	Swap		90,500		$	97.19		n/a
	January 1, 2014 - December 31, 2014	Swap		365,000		$	95.45		n/a
	January 1, 2014 - December 31, 2014	Asian Option		365,000		$	90		$	99.1
	July 1, 2014 - December 31, 2014	Put Spread		184,000		$	90		$	75
Schedule of three-way crude oil collar contracts that combine a long and short put with a short call	'
	As of September 30, 2013, the Company had the following three-way crude oil collar contracts that combine a long and short put with a short call as indicated below:
	Contract Period	Barrels		Short Put			Long Put			Short Call			Pricing Index
	January 1, 2014 - December 31, 2014	547,500		$	65		$	85		$	102.25		NYMEX West Texas Intermediate crude
	January 1, 2014 - December 31, 2014	365,000		$	75		$	95		$	107.5		Louisiana light sweet crude
Summary of gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the condensed consolidated balance sheets	'
	The following table summarizes the gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the Company’s condensed consolidated balance sheets for the periods indicated (in thousands):
		September 30, 2013
					Gross Amounts			Net Amounts
					Offset in the			Presented in
		Gross Amount			Condensed			the Condensed
		of Recognized			Consolidated			Consolidated
		Assets			Balance Sheets			Balance Sheets
	Offsetting Derivative Assets:
	Current asset	$	3,396		$	(3,356	)	$	40
	Long-term asset	1,860			(1,437		)	423
	Total asset	$	5,256		$	(4,793	)	$	463
	Offsetting Derivative Liabilities:
	Current liability	$	(10,389	)	$	3,356		$	(7,033	)
	Long-term liability	(1,915		)	1,437			(478		)
	Total liability	$	(12,304	)	$	4,793		$	(7,511	)
		December 31, 2012
					Gross Amounts			Net Amounts
					Offset in the			Presented in
		Gross Amount			Condensed			the Condensed
		of Recognized			Consolidated			Consolidated
		Assets			Balance Sheets			Balance Sheets
	Offsetting Derivative Assets:
	Current asset	$	37,012		$	(34,867	)	$	2,145
	Long-term asset	—			—			—
	Total asset	$	37,012		$	(34,867	)	$	2,145
	Offsetting Derivative Liabilities:
	Current liability	$	(34,867	)	$	34,867		$	—
	Long-term liability	—			—			—
	Total liability	$	(34,867	)	$	34,867		$	—
Schedule of entity's realized and unrealized gains (losses) on derivative instruments	'
	The following summarizes the Company’s realized and unrealized gains (losses) on derivative instruments for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Realized losses on derivative instruments	$	(5,531	)	$	(87	)	$	(6,992	)	$	(785	)
	Unrealized gains (losses) on derivative instruments	(8,905		)	(2,104		)	(6,820		)	1,594
	Total realized and unrealized gains (losses) on derivative instruments	$	(14,436	)	$	(2,191	)	$	(13,812	)	$	809

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value of Financial Instruments	'
Schedule of financial assets and liabilities measured at fair value on a recurring basis	'
	The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for or disclosed at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
		As of September 30, 2013
		Active Market
		for Identical			Observable			Unobservable			Total
		Assets			Inputs			Inputs			Carrying
		(Level 1)			(Level 2)			(Level 3)			Value
	Cash and cash equivalents:
	Money market funds	$	170,173		$	—		$	—		$	170,173
	Investments:
	Corporate notes and bonds	—			10,000			—			10,000
	Oil derivative instruments:
	Swaps	—			(5,245		)	—			(5,245		)
	Three-way collars	—			—			(138		)	(138		)
	Asian Options	—			—			(32		)	(32		)
	Puts	—			—			(414		)	(414		)
	Debt:
	Senior Notes	—			586,500			—			586,500
	Total	$	170,173		$	591,255		$	(584	)	$	760,844
		As of December 31, 2012
		Active Market
		for Identical			Observable			Unobservable			Total
		Assets			Inputs			Inputs			Carrying
		(Level 1)			(Level 2)			(Level 3)			Value
	Cash and cash equivalents:
	Commercial paper	$	—		$	45,000		$	—		$	45,000
	Money market funds	82			—			—			82
	Investments:
	Commercial paper	—			7,500			—			7,500
	Corporate notes and bonds	—			4,091			—			4,091
	Oil derivative instruments:
	Swaps	—			(870		)	—			(870		)
	Puts	—			—			3,015			3,015
	Total	$	82		$	55,721		$	3,015		$	58,818
Reconciliation of changes in the fair value of the oil derivative instruments classified as Level 3 in the fair value hierarchy	'
	The following table sets forth a reconciliation of changes in the fair value of the Company’s oil derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):
		Significant Unobservable Inputs
		(Level 3)
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Beginning balance	$	3,003		$	7,369		$	3,015		$	1,461
	Realized and unrealized gains (losses) included in earnings	(4,305		)	(2,191		)	(4,154		)	809
	Settlements	—			(962		)	(163		)	(1,190		)
	Purchase of derivative contracts	718			—			718			2,952
	Buy out of derivative contracts	—			—			—			184
	Ending balance	$	(584	)	$	4,216		$	(584	)	$	4,216
	Change in unrealized gains (losses) included in earnings related to derivatives still held as of September 30, 2013 and 2012	$	(3,338	)	$	(1,994	)	$	(2,445	)	$	1,523

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligations	'
Schedule of changes in asset retirement obligation	'
	The changes in the asset retirement obligation for the nine months ended September 30, 2013 and 2012 were as follows (in thousands):
		2013		2012
	Abandonment liability as of January 1,	$	546	$	83
	Liabilities incurred during period	727		205
	Acquisitions	1,138		—
	Revisions	968		—
	Accretion expense	128		9
	Abandonment liability as of September 30,	$	3,507	$	297

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions	'
Schedule of expenses allocated to the Company for general and administrative expenses	'
	Expenses allocated to the Company for general and administrative expenses for the three and nine months ended September 30, 2013 and 2012 are as follows (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Administrative fees	$	4,638	$	1,341	$	10,540	$	3,586
	Third-party expenses	2,287		667		4,571		3,065
	Total included in general and administrative expenses	$	6,925	$	2,008	$	15,111	$	6,651

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2013
Accrued Liabilities	'
Summary of accrued liabilities	'
	The following information summarizes accrued liabilities as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30,		December 31,
		2013		2012
	Capital expenditures	$	82,402	$	43,560
	General and administrative costs	3,401		268
	Production taxes	1,942		471
	Ad valorem taxes	2,153		114
	Lease operating expenses	6,365		415
	Interest payable	13,821		—
	Total accrued liabilities	$	110,084	$	44,828

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity	'
Schedule of computation of basic and diluted net earnings (loss) per share	'
	The following table shows the computation of basic and diluted net earnings (loss) per share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Net income (loss)	$	3,880		$	1,667		$	12,696		$	(17,024	)
	Less:
	Preferred stock dividends	(5,485		)	(264		)	(13,041		)	(264		)
	Net income allocable to participating securities(1)	—			(21		)	—			—
	Net income (loss) attributable to common stockholders	$	(1,605	)	$	1,382		$	(345	)	$	(17,288	)
	Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share	34,737			33,000			33,651			33,000
	Dilutive shares (2)(3)(4)	—			—			—			—
	Denominator for diluted net income (loss) per common share	34,737			33,000			33,651			33,000
	Net income (loss) per common share - basic and diluted	$	(0.05	)	$	0.04		$	(0.01	)	$	(0.52	)
	(1) For the three and nine months ended September 30, 2013, no losses were allocated to participating restricted stock because such securities do not have a contractual obligation to share in the Company’s losses.
	(2) The three and nine months ended September 30, 2013 excludes 410,779 and 625,920 shares of weighted average restricted stock and 17,491,500 and 14,141,800 shares of common stock, respectively, resulting from an assumed conversion of the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock from the calculation of the denominator for diluted earnings per common share as we were in a loss position.
	(3) The three months ended September 30, 2012 excludes 71,842 shares of weighted average restricted stock from the calculation of the denominator for diluted earnings per common share as these shares were anti-dilutive. The nine months ended September 30, 2012, excludes 254,757 shares of weighted average restricted stock from the calculation of the denominator for diluted earnings per common share as we were in a loss position.
	(4) The three and nine months ended September 30, 2012 exclude 996,429 and 330,931 shares of common stock, respectively, resulting from an assumed conversion of the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock from the calculation of the denominator for diluted earnings per common share as these shares were anti-dilutive.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Stock-Based Compensation	'
Schedule of stock-based compensation expense	'
	The Company recognized the following stock-based compensation expense for the periods indicated which is reflected as general and administrative expense in the consolidated statements of operations (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Restricted stock awards, directors	$	242	$	91	$	473	$	184
	Restricted stock awards, non-employees	6,415		745		13,896		2,308
	Restricted stock awards, cancelled	—		—		—		22,308
	Total stock-based compensation expense	$	6,657	$	836	$	14,369	$	24,800
Summary of the status of the non-vested shares	'
	A summary of the status of the non-vested shares as of September 30, 2013 is presented below (in thousands):
		Number of
		Non-Vested
		Shares
	Non-vested common stock at January 1,	762
	Granted	1,329
	Vested	(185	)
	Forfeited	(71	)
	Non-vested common stock at September 30,	1,835

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
Summary of difference between the statutory federal income taxes calculated using U.S. Federal statutory corporate income tax rate of 35% and company's effective tax rate	'
	The difference between the statutory federal income taxes calculated using a U.S. federal statutory corporate income tax rate of 35% and the Company’s effective tax rate is summarized as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Income tax expense (benefit) at the statutory rate	$	74		$	584		$	3,160		$	(5,958	)
	Rescission of restricted stock	—			—			—			7,808
	Change in valuation allowance	(3,742		)	(584		)	(6,828		)	(1,850		)
	Net income tax (benefit)	$	(3,668	)	$	—		$	(3,668	)	$	—

Subsequent_Events_Tables

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2013
Subsequent Events	'
Schedule of crude oil swap contracts using WTI prices notional amount	'
	In October 2013, the Company entered into the following crude oil swap contracts using WTI prices:
		Derivative
	Contract Period	Instrument	Barrels	Purchased		Sold
	January 1, 2015 - December 31, 2015	Swap	365,000	$	90.05	n/a
	January 1, 2015 - December 31, 2015	Swap	365,000	$	89.65	n/a

Organization_Details

Organization (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Jun. 19, 2012	Dec. 19, 2011	Dec. 19, 2011	Dec. 19, 2011	Sep. 18, 2013	Dec. 19, 2011
			SEP I	SEP I	SEP Holdings III	Marquis LLC	Common Stock	Common Stock
					SEP I
Organization and Business	'	'	'	'	'	'	'	'
Number of shares issued	'	'	'	'	'	'	11,040,000	10,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01	'	'	'	'	'	$0.01
Issue price (in dollars per share)	'	'	'	'	'	'	$23	$22
Net proceeds from initial public offering	'	'	'	'	'	'	'	$203,300,000
Ownership interest (as a percent)	'	'	'	'	100.00%	100.00%	'	'
Shares of the Company's common stock issued in acquisition	'	'	'	'	22,100,000	909,091	'	'
Cash paid	'	'	'	'	50,000,000	89,000,000	'	'
Acquisition payment reflected as a distribution to SEP I	'	'	'	50,000,000	'	'	'	'
Value of shares of the Company's common stock issued in acquisition	'	'	'	'	'	20,000,000	'	'
Company's common stock owned, distributed to partners (in shares)	'	'	21,932,659	'	'	'	'	'
Company's common stock owned, distributed to partners, as a percentage of the issued and outstanding shares	'	'	66.50%	'	'	'	'	'
Consideration paid on common stock distributed to partners	'	'	$0	'	'	'	'	'

Acquisitions_Details

Acquisitions (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Aug. 31, 2013	Aug. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	31-May-13
					Area of property acquired in Mississippi and Louisiana (in acres)	Area of property acquired in Mississippi and Louisiana (in acres)	Cotulla	Cotulla	Cotulla	Cotulla	Cotulla
					item	SR
						item
Acquisitions	'	'	'	'	'	'	'	'	'	'	'
Number of sellers	'	'	'	'	3	'	'	'	'	'	'
Number of third parties	'	'	'	'	2	'	'	'	'	'	'
Number of related parties	'	'	'	'	1	'	'	'	'	'	'
Cash paid	'	'	'	'	$70,000,000	'	'	'	'	'	'
Shares of the Company's common stock issued in acquisition	'	'	'	'	342,760	'	'	'	'	'	'
Company valued	'	'	'	'	7,500,000	'	'	'	'	'	'
Approximate cash payment to purchase assets	'	'	'	'	'	14,400,000	'	'	'	'	'
Consideration as result of customary closing adjustments	'	'	'	'	'	900,000	'	'	'	'	'
Ownership interest in total area of property (as a percent)	'	'	'	'	50.00%	'	'	'	'	'	'
Obligation for working interest for partner's portion of the completed well costs, on the initial wells to be drilled within the AMI (as a percent)	'	'	'	'	'	50.00%	'	'	'	'	'
Number of wells to be drilled within Area of Mutual Interest for which the entity has obligation in working interest in well costs, gross	'	'	'	'	'	3	'	'	'	'	'
Number of wells to be drilled within Area of Mutual Interest for which the entity has obligation in working interest in well costs, net	'	'	'	'	'	1.5	'	'	'	'	'
Additional number of wells to be drilled within Area of Mutual Interest for which the entity has obligation in working interest in well costs, gross	'	'	'	'	'	3	'	'	'	'	'
Additional number of wells to be drilled within Area of Mutual Interest for which the entity has obligation in working interest in well costs, net	'	'	'	'	'	1.5	'	'	'	'	'
Unaudited pro forma combined statements of operations	'	'	'	'	'	'	'	'	'	'	'
Revenue	'	'	'	'	'	'	94,200,000	42,228,000	237,926,000	96,819,000	'
Net income (loss) attributable to common stockholders	'	'	'	'	'	'	-1,669,000	-2,747,000	-407,000	-23,127,000	'
Net income (loss) per common share, basic and diluted (in dollars per share)	'	'	'	'	'	'	($0.05)	($0.08)	($0.01)	($0.70)	'
Total purchase price allocated to assets purchased and liabilities assumed	'	'	'	'	'	'	'	'	'	'	'
Proved oil and natural gas properties	'	'	'	'	'	'	'	'	'	'	265,468,000
Unproved properties	'	'	'	'	'	'	'	'	'	'	16,745,000
Other assets acquired	'	'	'	'	'	'	'	'	'	'	856,000
Fair value of assets acquired	'	'	'	'	'	'	'	'	'	'	283,069,000
Asset retirement obligation	-1,138,000	'	-1,138,000	'	'	'	'	'	'	'	-1,138,000
Other liabilities assumed	'	'	'	'	'	'	'	'	'	'	-351,000
Fair value of net assets acquired	'	'	'	'	'	'	'	'	'	'	281,580,000
Revenue and revenues in excess of direct operating expenses	'	'	'	'	'	'	'	'	'	'	'
Revenues	94,200,000	12,493,000	184,321,000	26,462,000	'	'	40,267,000	'	48,741,000	'	'
Excess of revenues over direct operating expenses	$24,076,000	$3,846,000	$40,349,000	($17,864,000)	'	'	$29,890,000	'	$34,819,000	'	'

Cash_and_Cash_Equivalents_Deta

Cash and Cash Equivalents (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Cash and cash equivalents	'	'	'	'
Total cash and cash equivalents	$479,999	$50,347	$133,367	$63,041
Cash at banks	'	'	'	'
Cash and cash equivalents	'	'	'	'
Total cash and cash equivalents	309,826	5,265	'	'
Money market funds	'	'	'	'
Cash and cash equivalents	'	'	'	'
Total cash and cash equivalents	170,173	82	'	'
Commercial paper	'	'	'	'
Cash and cash equivalents	'	'	'	'
Total cash and cash equivalents	'	$45,000	'	'

Investments_Details

Investments (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in marketable securities	'	'
Total investments	$10,000	$11,591
Gains or losses recorded in accumulated other comprehensive income	100	0
Commercial paper	'	'
Investments in marketable securities	'	'
Investments	'	7,500
Corporate notes and bonds	'	'
Investments in marketable securities	'	'
Total investments	$10,000	$4,091

Oil_and_Natural_Gas_Properties1

Oil and Natural Gas Properties (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Oil and Natural Gas Properties	'	'	'	'
Discount rate used to compute present value of estimated proved reserves (as a percent)	'	'	10.00%	'
Impairment expense	$0	$0	$0	$0

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

9 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 18, 2013

Jun. 14, 2013

Sep. 18, 2013

Sep. 30, 2013

Jun. 13, 2013

Jun. 30, 2013

Mar. 18, 2013

31-May-13

Sep. 30, 2013

31-May-13

Feb. 21, 2013

Nov. 16, 2012

Sep. 30, 2013

Sep. 30, 2013

Jun. 13, 2013

Jun. 13, 2013

Jan. 31, 2013

Nov. 16, 2012

Mar. 18, 2013

Sep. 30, 2013

Jun. 13, 2013

31-May-13

31-May-13

Sep. 30, 2013

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

31-May-13

7.75 % Senior Notes due 2021

7.75 % Senior Notes due 2021

7.75 % Senior Notes due 2021

7.75 % Senior Notes due 2021

7.75 % Senior Notes due 2021

7.75 % Senior Notes due 2021

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

First Lien Credit Agreement

Second Lien Credit Agreement

Second Lien Credit Agreement

Second Lien Credit Agreement

Second Lien Credit Agreement

Bridge loan

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Previous First Lien Credit Agreement

Prior to June 15, 2017

7.75 % Senior Notes due 2021

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Term loan facility

Term loan facility

Term loan facility

Letters of credit

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Minimum

Maximum

Minimum

Maximum

Alternate base rate

Alternate base rate

Alternate base rate

Alternate base rate calculated based on prime rate

Alternate base rate calculated based on federal funds effective rate

Alternate base rate calculated based on LIBO rate

Eurodollar rate

Eurodollar rate

Eurodollar rate

Minimum

Maximum

Minimum

Maximum

Long-Term Debt

'

'

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'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Long Term Debt

$593,032,000

'

'

'

$600,000,000

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

7.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage value of Additional Notes at which they are offered in private offering

'

'

'

'

96.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

175,000,000

96,000,000

175,000,000

'

'

250,000,000

'

'

'

'

'

250,000,000

150,000,000

175,000,000

'

20,000,000

500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Initial borrowing base

'

'

'

'

'

'

'

'

'

'

'

95,000,000

27,500,000

'

'

'

'

'

50,000,000

'

175,000,000

87,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of increased net debt used to calculate reduction in borrowing base

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

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'

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'

'

'

'alternate base rate

'

'

'Administrative Agent's U.S. "prime rate"

'federal funds effective rate

'one-month LIBO Rate multiplied by the statutory reserve rate

'eurodollar rate

'

'

Variable rate basis, spread percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

1.00%

'

'

'

Applicable margin percentage

'

'

'

'

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'

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'

'

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

1.00%

1.75%

'

'

'

'

2.00%

2.75%

Percentage of commitment fee on the unused committed amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.38%

0.50%

'

'

'

'

'

'

'

'

'

Current ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ratio of total debt outstanding to consolidated EBITDA

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage applied on the conditions that are used to calculate accelerated amount due upon event of default

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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50.00%

'

'

'

'

'

'

'

'

'

'

'

Commitments secured for debt financing

'

'

'

'

'

'

'

325,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional debt

'

'

'

'

'

400,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

96,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Debt

236,000,000

'

400,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

Repayment of debt using proceeds from senior note offering

'

'

'

'

'

'

'

'

'

'

90,000,000

'

'

'

'

50,000,000

50,000,000

'

'

'

'

96,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Original discount and related offering expenses

'

4,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds for issuance of notes, net of original discount and related offering expenses

'

188,800,000

388,000,000

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

Redemption price of debt instrument (as a percent)

'

'

'

'

'

'

100.00%

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

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'

'

'

Percentage of debt instrument redeem under certain circumstances

'

'

'

'

'

'

35.00%

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

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'

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Amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility used

'

'

'

'

'

'

'

'

'

'

90,000,000

'

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial purchasers' discounts

'

7,000,000

'

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued interest

'

'

'

$4,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

'

Derivative_Instruments_Details

Derivative Instruments (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Commodity derivative contract	'
Derivative contract covering anticipated future production	'
Deferred payment of premiums	$1.20
Not designated as hedges | Commodity derivative contract | First period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	92,000
Not designated as hedges | Commodity derivative contract | Second period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	46,000
Not designated as hedges | Commodity derivative contract | Third period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	92,000
Not designated as hedges | Commodity derivative contract | Fourth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	92,000
Not designated as hedges | Commodity derivative contract | Fifth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	69,000
Not designated as hedges | Commodity derivative contract | Sixth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	69,000
Not designated as hedges | Commodity derivative contract | Seventh period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	92,000
Not designated as hedges | Commodity derivative contract | Eighth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	46,000
Not designated as hedges | Commodity derivative contract | Ninth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Barrels	46,000
Not designated as hedges | Commodity derivative contract | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	273,750
Not designated as hedges | Commodity derivative contract | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	273,750
Not designated as hedges | Commodity derivative contract | Third period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	273,750
Not designated as hedges | Commodity derivative contract | Period from January 1, 2014 - June 30, 2014	'
Derivative contract covering anticipated future production	'
Barrels	90,500
Not designated as hedges | Commodity derivative contract | Fifth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	365,000
Not designated as hedges | Commodity derivative contract | Sixth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	365,000
Not designated as hedges | Commodity derivative contract | Period from July 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	184,000
Not designated as hedges | Commodity derivative contract | Put | Short | First period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	75
Not designated as hedges | Commodity derivative contract | Put | Short | Fourth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	75
Not designated as hedges | Commodity derivative contract | Put | Short | Period from July 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	75
Not designated as hedges | Commodity derivative contract | Put | Long | First period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	95
Not designated as hedges | Commodity derivative contract | Put | Long | Fourth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	90
Not designated as hedges | Commodity derivative contract | Put | Long | Period from July 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	90
Not designated as hedges | Commodity derivative contract | Swap Purchased | Second period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	97.1
Not designated as hedges | Commodity derivative contract | Swap Purchased | Third period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	88.9
Not designated as hedges | Commodity derivative contract | Swap Purchased | Fifth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	94.5
Not designated as hedges | Commodity derivative contract | Swap Purchased | Sixth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	95.25
Not designated as hedges | Commodity derivative contract | Swap Purchased | Seventh period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	96.8
Not designated as hedges | Commodity derivative contract | Swap Purchased | Eighth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	103.69
Not designated as hedges | Commodity derivative contract | Swap Purchased | Ninth period from October 1, 2013 - December 31, 2013	'
Derivative contract covering anticipated future production	'
Price per barrel	103.7
Not designated as hedges | Commodity derivative contract | Swap Purchased | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	91.35
Not designated as hedges | Commodity derivative contract | Swap Purchased | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	92.45
Not designated as hedges | Commodity derivative contract | Swap Purchased | Third period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	92
Not designated as hedges | Commodity derivative contract | Swap Purchased | Fourth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	97.19
Not designated as hedges | Commodity derivative contract | Swap Purchased | Fifth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	95.45
Not designated as hedges | Commodity derivative contract | Asian Options | Short | Sixth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	99.1
Not designated as hedges | Commodity derivative contract | Asian Options | Long | Sixth period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	90
Not designated as hedges | Three-way crude oil collar contracts | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	547,500
Not designated as hedges | Three-way crude oil collar contracts | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Barrels	365,000
Not designated as hedges | Three-way crude oil collar contracts | Call | Short | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	102.25
Not designated as hedges | Three-way crude oil collar contracts | Call | Short | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	107.5
Not designated as hedges | Three-way crude oil collar contracts | Put | Short | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	65
Not designated as hedges | Three-way crude oil collar contracts | Put | Short | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	75
Not designated as hedges | Three-way crude oil collar contracts | Put | Long | First period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	85
Not designated as hedges | Three-way crude oil collar contracts | Put | Long | Second period from January 1, 2014 - December 31, 2014	'
Derivative contract covering anticipated future production	'
Price per barrel	95

Derivative_Instruments_Details1

Derivative Instruments (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Offsetting Derivative Assets:	'	'
Gross Amount of Recognized Assets	$5,256	$37,012
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	-4,793	-34,867
Net Amounts Presented in the Condensed Consolidated Balance Sheets	463	2,145
Offsetting Derivative Liabilities:	'	'
Gross Amount of Recognized Assets	-12,304	-34,867
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	4,793	34,867
Net Amounts Presented in the Condensed Consolidated Balance Sheets	-7,511	'
Current asset	'	'
Offsetting Derivative Assets:	'	'
Gross Amount of Recognized Assets	3,396	37,012
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	-3,356	-34,867
Net Amounts Presented in the Condensed Consolidated Balance Sheets	40	2,145
Long-term asset	'	'
Offsetting Derivative Assets:	'	'
Gross Amount of Recognized Assets	1,860	'
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	-1,437	'
Net Amounts Presented in the Condensed Consolidated Balance Sheets	423	'
Current liability	'	'
Offsetting Derivative Liabilities:	'	'
Gross Amount of Recognized Assets	-10,389	-34,867
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	3,356	34,867
Net Amounts Presented in the Condensed Consolidated Balance Sheets	-7,033	'
Long-term liability	'	'
Offsetting Derivative Liabilities:	'	'
Gross Amount of Recognized Assets	-1,915	'
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	1,437	'
Net Amounts Presented in the Condensed Consolidated Balance Sheets	($478)	'

Derivative_Instruments_Details2

Derivative Instruments (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Gain (Loss) on Derivatives	'	'	'	'
Unrealized gains (losses) on derivative instruments	'	'	($6,820)	$1,594
Total realized and unrealized gains (losses) on derivative instruments	-14,436	-2,191	-13,812	809
Not designated as hedges | Commodity derivative contract	'	'	'	'
Gain (Loss) on Derivatives	'	'	'	'
Realized losses on derivative instruments	-5,531	-87	-6,992	-785
Unrealized gains (losses) on derivative instruments	-8,905	-2,104	-6,820	1,594
Total realized and unrealized gains (losses) on derivative instruments	($14,436)	($2,191)	($13,812)	$809

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Fair Value of Financial Instruments	'	'	'	'
Cash and cash equivalents	$479,999	$50,347	$133,367	$63,041
Debt	-593,032	'	'	'
Commercial paper	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Total investments	'	7,500	'	'
Recurring basis | Total Carrying Value	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Total	760,844	58,818	'	'
Recurring basis | Total Carrying Value | Swaps	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-5,245	-870	'	'
Recurring basis | Total Carrying Value | Three-way collar contracts	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-138	'	'	'
Recurring basis | Total Carrying Value | Asian Options	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-32	'	'	'
Recurring basis | Total Carrying Value | Puts	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-414	3,015	'	'
Recurring basis | Total Carrying Value | Commercial paper	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Cash and cash equivalents	'	45,000	'	'
Total investments	'	7,500	'	'
Recurring basis | Total Carrying Value | Money market funds	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Cash and cash equivalents	170,173	82	'	'
Recurring basis | Total Carrying Value | Corporate notes and bonds	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Investments	10,000	4,091	'	'
Recurring basis | Active Market for Identical Assets (Level 1)	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Total	170,173	82	'	'
Recurring basis | Active Market for Identical Assets (Level 1) | Money market funds	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Cash and cash equivalents	170,173	82	'	'
Recurring basis | Observable Inputs (Level 2)	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Total	591,255	55,721	'	'
Recurring basis | Observable Inputs (Level 2) | Swaps	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-5,245	-870	'	'
Recurring basis | Observable Inputs (Level 2) | Commercial paper	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Cash and cash equivalents	'	45,000	'	'
Total investments	'	7,500	'	'
Recurring basis | Observable Inputs (Level 2) | Corporate notes and bonds	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Investments	10,000	4,091	'	'
Recurring basis | Unobservable Inputs (Level 3)	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Total	-584	3,015	'	'
Recurring basis | Unobservable Inputs (Level 3) | Three-way collar contracts	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-138	'	'	'
Recurring basis | Unobservable Inputs (Level 3) | Asian Options	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-32	'	'	'
Recurring basis | Unobservable Inputs (Level 3) | Puts	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Oil derivative instruments	-414	3,015	'	'
Senior Notes	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Debt	-600,000	'	'	'
Senior Notes | Observable Inputs (Level 2) | Estimated fair value	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Debt	-586,500	'	'	'
Senior Notes | Recurring basis | Total Carrying Value	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Debt	586,500	'	'	'
Senior Notes | Recurring basis | Observable Inputs (Level 2)	'	'	'	'
Fair Value of Financial Instruments	'	'	'	'
Debt	$586,500	'	'	'

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 2) (Oil derivative instruments, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Oil derivative instruments	'	'	'	'
Changes in the fair value of the company s oil derivative instruments classified as Level 3 in the fair value hierarchy	'	'	'	'
Beginning balance	$3,003	$7,369	$3,015	$1,461
Realized and unrealized gains (losses) included in earnings	-4,305	-2,191	-4,154	809
Settlements	'	-962	-163	-1,190
Purchase of derivative contracts	718	'	718	2,952
Buy out of derivative contracts	'	'	'	184
Ending balance	-584	4,216	-584	4,216
Change in unrealized gains (losses) included in earnings related to derivatives still held	($3,338)	($1,994)	($2,445)	$1,523

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Changes in the asset retirement obligation	'	'
Abandonment liability at the beginning of the period	$546	$83
Liabilities incurred during period	727	205
Acquisitions	1,138	'
Revisions	968	'
Accretion expense	128	9
Abandonment liability at the end of the period	$3,507	$297

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Aug. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Aug. 31, 2013
			Area of property acquired in Mississippi and Louisiana (in acres)	SOG	SOG	SOG	SOG	SR
			item					Area of property acquired in Mississippi and Louisiana (in acres)
Related Party Transactions	'	'	'	'	'	'	'	'
Initial term of the administrative services agreement	'	'	'	'	'	'5 years	'	'
Period for which agreement will extend automatically	'	'	'	'	'	'12 months	'	'
Written notice period for termination of administrative services agreement	'	'	'	'	'	'180 days	'	'
Costs, fees or other expenses payable	'	'	'	$0	'	$0	'	'
Administrative fees	'	'	'	4,638,000	1,341,000	10,540,000	3,586,000	'
Third-party expenses	'	'	'	2,287,000	667,000	4,571,000	3,065,000	'
Total included in general and administrative expenses	'	'	'	6,925,000	2,008,000	15,111,000	6,651,000	'
Accounts payable - related entities	782,000	13,454,000	'	600,000	'	600,000	'	'
Number of third parties	'	'	2	'	'	'	'	'
Number of related parties	'	'	1	'	'	'	'	'
Total consideration	'	'	'	'	'	'	'	14,400,000
Consideration as result of customary closing adjustments	'	'	'	'	'	'	'	$900,000

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accrued Liabilities	'	'
Capital expenditures	$82,402	$43,560
General and administrative costs	3,401	268
Production taxes	1,942	471
Ad valorem taxes	2,153	114
Lease operating expenses	6,365	415
Interest payable	13,821	'
Total accrued liabilities	$110,084	$44,828

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 18, 2013

Sep. 17, 2012

Dec. 19, 2011

Sep. 17, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Mar. 26, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Common Stock

Common Stock

Common Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Convertible Preferred Stock

Series B Convertible Preferred Stock

Series B Convertible Preferred Stock

Series B Convertible Preferred Stock

item

Minimum

item

Minimum

Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares issued

'

'

'

11,040,000

'

10,000,000

3,000,000

'

'

'

4,500,000

'

'

'

Number of shares issued pursuant to the exercise of over-allotment option by underwriters

'

'

'

1,440,000

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

$0.01

'

'

'

'

'

'

'

'

Issue price (in dollars per share)

'

'

'

$23

'

$22

$50

'

'

'

$50

'

'

'

Net proceeds from public offering of shares of common stock

$216,561,000

'

'

$241,500,000

'

'

'

'

'

'

'

'

'

'

Net proceeds from initial public offering

'

'

'

'

'

203,300,000

'

'

'

'

'

'

'

'

Proceeds from the private placement of preferred stock

225,000,000

150,000,000

'

'

'

'

144,500,000

'

'

'

216,600,000

'

'

'

Initial purchasers' discounts and commissions and offering costs

20,861,000

5,488,000

'

12,400,000

'

'

5,500,000

'

'

'

8,400,000

8,439,000

'

'

Conversion ratio (in shares)

'

'

'

'

'

'

2.325

'

'

'

2.337

'

'

'

Conversion price (in dollars per share)

'

'

'

'

'

'

$21.51

'

'

'

$21.40

'

'

'

Number of shares of common stock to be issued if all preferred shares are converted

'

'

'

'

6,975,000

'

'

'

'

'

10,516,500

'

'

'

Annual dividend (as a percent)

'

'

'

'

'

'

'

4.88%

4.88%

'

6.50%

6.50%

6.50%

'

Liquidation preference (in dollars per share)

'

'

'

'

'

'

$50

'

'

'

$50

'

'

'

Dividends accrued or accumulated

'

'

'

'

'

'

$0

$1,800,000

'

'

$0

$3,700,000

'

'

Period of failure to pay dividend, resulting into appointment of board of directors

'

'

'

'

'

'

'

'

'

'1 year 6 months

'

'

'

'1 year 6 months

Number of directors who can be elected upon failure to pay dividend for six or more quarters

'

'

'

'

'

'

'

2

'

'

'

2

'

'

Condition for automatic conversion: Closing sale price of common stock as a percentage of conversion price for specified period prior to conversion

'

'

'

'

'

'

'

'

'

130.00%

'

'

'

130.00%

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (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
Earnings (Loss) Per Share	'	'	'	'
Net income (loss)	$3,880	$1,667	$12,696	($17,024)
Preferred stock dividends	-5,485	-264	-13,041	-264
Net income allocable to participating securities	'	-21	'	'
Net income (loss) attributable to common stockholders	($1,605)	$1,382	($345)	($17,288)
Weighted average number of unrestricted outstanding common shares used to calculate basic net income (loss) per share	34,737	33,000	33,651	33,000
Denominator for diluted net income (loss) per common share (in shares)	34,737	33,000	33,651	33,000
Net income (loss) per common share - basic and diluted (in dollars per share)	($0.05)	$0.04	($0.01)	($0.52)

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Restricted stock	'	'	'	'
Anti-dilutive common stock	'	'	'	'
Anti-dilutive common stock	410,779	71,842	625,920	254,757
Net income allocable to participating securities	$0	'	$0	'
Convertible Preferred Stock	'	'	'	'
Anti-dilutive common stock	'	'	'	'
Anti-dilutive common stock	17,491,500	996,429	14,141,800	330,931

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Restricted common stock	'	'	'	'
Stock-Based Compensation	'	'	'	'
Total stock-based compensation expense	$6,657,000	$836,000	$14,369,000	$24,800,000
Additional disclosure related to compensation cost	'	'	'	'
Closing price of common stock (in dollars per share)	$26.41	'	$26.41	'
Unrecognized compensation costs related to non-vested restricted shares outstanding	34,500,000	'	34,500,000	'
Expected average period for recognition of unrecognized compensation costs related to non-vested shares	'	'	'2 years	'
Number of Non-Vested Shares	'	'	'	'
Non-vested common stock at the beginning of the period (in shares)	'	'	762,000	'
Granted (in shares)	'	'	1,329,000	'
Vested (in shares)	'	'	-185,000	'
Forfeited (in shares)	'	'	-71,000	'
Non-vested common stock at the end of the period (in shares)	1,835,000	'	1,835,000	'
Shares available for future issuance to participants	4,700,000	'	4,700,000	'
Restricted common stock | Directors	'	'	'	'
Stock-Based Compensation	'	'	'	'
Total stock-based compensation expense	242,000	91,000	473,000	184,000
Restricted common stock, not rescinded and cancelled | Non-employees	'	'	'	'
Stock-Based Compensation	'	'	'	'
Total stock-based compensation expense	6,415,000	745,000	13,896,000	2,308,000
Restricted common stock, rescinded and cancelled | Non-employees	'	'	'	'
Stock-Based Compensation	'	'	'	'
Total stock-based compensation expense	'	'	'	$22,308,000
Maximum	'	'	'	'
Stock-Based Compensation	'	'	'	'
Common stock available for incentive awards, as a percentage of the issued and outstanding shares of common stock	15.00%	'	15.00%	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Taxes	'	'	'	'
Federal statutory corporate income tax rate (as a percent)	'	'	35.00%	'
Reconciliation of the statutory federal income tax with the income tax provision	'	'	'	'
Income tax expense (benefit) at the statutory rate	$74,000	$584,000	$3,160,000	($5,958,000)
Rescission of restricted stock	'	'	'	7,808,000
Change in Valuation allowance	-3,742,000	-584,000	-6,828,000	-1,850,000
Net income tax (benefit)	-3,668,000	'	-3,668,000	'
Net operating loss carryforwards	348,200,000	'	348,200,000	'
Uncertain tax positions	$0	'	$0	'

Subsidiary_Guarantors_Details

Subsidiary Guarantors (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Subsidiary Guarantors	'
Ownership interest in Subsidiaries (as a percent)	100.00%
Amount of independent assets	$0
Amount of independent operations	$0

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	1 Months Ended			0 Months Ended
In Millions, unless otherwise specified	Oct. 31, 2013	Oct. 31, 2013	Aug. 31, 2013	Oct. 04, 2013
	Oil derivative instruments	Oil derivative instruments	Area of property acquired in Mississippi and Louisiana (in acres)	Subsequent event
	Swaps	Swaps		Area of property acquired in McMullen County, Texas
	First period from January 1, 2015 - December 31, 2015	Second period from January 1, 2015 - December 31, 2015
	bbl	bbl
Subsequent Events	'	'	'	'
Ownership interest in total area of property (as a percent)	'	'	50.00%	60.00%
Total consideration	'	'	'	$230.10
Barrels	365,000	365,000	'	'
Price per barrel	90.05	89.65	'	'