Amplify Energy (AMPY) 10-Q11 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	4-May-15
Document and Entity Information
Entity Registrant Name	Midstates Petroleum Company, Inc.
Entity Central Index Key	1533924
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		71,719,939
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$11,941	$11,557
Accounts receivable:
Oil and gas sales	56,843	69,161
Joint interest billing	28,550	42,407
Other	20,157	22,193
Commodity derivative contracts	95,473	126,709
Other current assets	2,119	1,098
Total current assets	215,083	273,125
PROPERTY AND EQUIPMENT:
Oil and gas properties, on the basis of full cost accounting	3,532,976	3,442,681
Other property and equipment	13,845	13,454
Less accumulated depreciation, depletion, amortization and impairment	-1,566,043	-1,333,019
Net property and equipment	1,980,778	2,123,116
OTHER ASSETS:
Deferred income taxes	33,119	35,821
Other noncurrent assets	42,619	43,731
Total other assets	75,738	79,552
TOTAL	2,271,599	2,475,793
CURRENT LIABILITIES:
Accounts payable	24,006	22,783
Accrued liabilities	182,488	183,831
Deferred income taxes	33,119	44,862
Total current liabilities	239,613	251,476
LONG-TERM LIABILITIES:
Asset retirement obligations	22,044	21,599
Long-term debt	1,735,150	1,735,150
Other long-term liabilities	1,486	1,706
Total long-term liabilities	1,758,680	1,758,455
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY
Preferred stock
Common stock, $0.01 parvalue, 300,000,000 shares authorized; 72,440,407 shares issued and 71,650,849 shares outstanding at March 31, 2015 and 70,491,732 shares issued and 69,957,055, shares outstanding at December 31, 2014	724	704
Treasury stock	-2,897	-2,592
Additional paid-in-capital	883,177	881,894
Retained deficit	-607,701	-414,147
Total stockholders' equity	273,306	465,862
TOTAL	2,271,599	2,475,793
Series A Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock	3	3
Total stockholders' equity	$3	$3

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	72,440,407	70,491,732
Common stock, shares outstanding	71,650,849	69,957,055
Preferred Stock
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	49,675,000	49,675,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares issued	325,000	325,000
Preferred stock, shares outstanding	325,000	325,000
Preferred stock, liquidation value (in dollars per share)	$395,412	$387,808
Preferred stock, cumulative dividends (as a percent)	8.00%	8.00%

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUES :
Oil sales	$59,257	$116,222
Natural gas liquid sales	11,010	25,519
Natural gas sales	19,172	25,385
Gains (losses) on commodity derivative contracts - net	21,372	-22,673
Other	387	209
Total revenues	111,198	144,662
EXPENSES :
Lease operating and workover	23,262	20,127
Gathering and transportation	3,438	2,855
Severance and other taxes	3,565	7,647
Asset retirement accretion	445	497
Depreciation, depletion, and amortization	58,428	66,901
Impairment in carrying value of oil and gas properties	174,667	86,471
General and administrative	11,654	11,684
Acquisition and transaction costs		128
Advisory fees	1,743
Other	97	330
Total expenses	277,299	196,640
OPERATING INCOME (LOSS)	-166,101	-51,978
OTHER INCOME (EXPENSE):
Interest income	9	10
Interest expense - net of amounts capitalized	-36,503	-33,947
Total other income (expense)	-36,494	-33,937
LOSS BEFORE TAXES	-202,595	-85,915
Income tax benefit	9,041	2,270
NET LOSS	-193,554	-83,645
Preferred stock dividend	-131	-2,620
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	($193,685)	($86,265)
Basic and diluted net loss per share attributable to common shareholders	($2.88)	($1.31)
Basic and diluted weighted average number of common shares outstanding	67,261	65,987

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in-Capital	Retained Deficit/Accumulated Loss	Total
In Thousands, unless otherwise specified	Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in-Capital	Retained Deficit/Accumulated Loss	Total
Balance at Dec. 31, 2013	$3	$689	($664)	$871,047	($531,076)	$339,999
Increase (Decrease) in Stockholders' Equity
Share-based compensation		16		2,049		2,065
Acquisition of treasury stock			-649			-649
Net loss					-83,645	-83,645
Balance at Mar. 31, 2014	3	705	-1,313	873,096	-614,721	257,770
Balance at Dec. 31, 2014	3	704	-2,592	881,894	-414,147	465,862
Increase (Decrease) in Stockholders' Equity
Share-based compensation		20		1,283		1,303
Acquisition of treasury stock			-305			-305
Net loss					-193,554	-193,554
Balance at Mar. 31, 2015	$3	$724	($2,897)	$883,177	($607,701)	$273,306

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	($193,554)	($83,645)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gains) losses on commodity derivative contracts - net	-21,372	22,673
Net cash received (paid) for commodity derivative contracts	52,608	-14,810
Asset retirement accretion	445	497
Depreciation, depletion, and amortization	58,428	66,901
Impairment in carrying value of oil and gas properties	174,667	86,471
Share-based compensation, net of amounts capitalized to oil and gas properties	801	1,541
Deferred income taxes	-9,041	-2,270
Amortization of deferred financing costs	1,869	2,386
Change in operating assets and liabilities:
Accounts receivable - oil and gas sales	27,572	-2,767
Accounts receivable - JIB and other	13,475	-8,116
Other current and noncurrent assets	-1,089	-3,972
Accounts payable	322	2,813
Accrued liabilities	8,106	37,170
Other	-220	537
Net cash provided by operating activities	113,017	105,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	-111,167	-122,780
Net cash used in investing activities	-111,167	-122,780
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred financing costs	-1,161	-495
Acquisition of treasury stock	-305	-649
Net cash used in financing activities	-1,466	-1,144
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	384	-18,515
Cash and cash equivalents, beginning of period	11,557	33,163
Cash and cash equivalents, end of period	11,941	14,648
SUPPLEMENTAL INFORMATION:
Non-cash transactions - investments in property and equipment accrued - not paid	71,900	134,000
Cash paid for interest, net of capitalized interest of $1.0 million and $4.6 million, respectively	$2,321

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Capitalized interest	$1	$4.60

Organization_and_Business

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2015
Organization and Business
Organization and Business
	1. Organization and Business

	Midstates Petroleum Company, Inc., through its wholly owned subsidiary Midstates Petroleum Company LLC, engages in the business of drilling for, and production of, oil, natural gas liquids (“NGLs”) and natural gas. Midstates Petroleum Company, Inc. was incorporated pursuant to the laws of the State of Delaware on October 25, 2011 to become a holding company for Midstates Petroleum Company LLC (“Midstates Sub”), which was previously a wholly owned subsidiary of Midstates Petroleum Holdings LLC (“Holdings LLC”). The terms “Company,” “we,” “us,” “our,” and similar terms when used in the present tense, prospectively or for historical periods since April 25, 2012, refer to Midstates Petroleum Company, Inc. and its subsidiary, unless the context indicates otherwise.

	The Company has oil and gas operations and properties in Oklahoma, Texas and Louisiana. At March 31, 2015, the Company operated oil and natural gas properties as one reportable segment engaged in the exploration, development and production of oil, natural gas liquids and natural gas. The Company’s management evaluates performance based on one reportable segment as all our operations are located in the United States and therefore we maintain one cost center.

Liquidity_and_Capital_Resource

Liquidity and Capital Resources	3 Months Ended
	Mar. 31, 2015
Liquidity and Capital Resources
Liquidity and Capital Resources
	2. Liquidity and Capital Resources

	As of March 31, 2015, the Company had available cash of approximately $11.9 million and availability under its reserve based revolving credit facility (the “Credit Facility”) of approximately $88.4 million. As of March 31, 2015, payments due on contractual obligations during the remainder of 2015, as well as for the years ending December 31, 2016 and 2017 are approximately $143.5 million, $132.0 million and $131.2 million, respectively. This includes approximately $387.8 million of interest payments on the senior notes, but excludes interest on our Credit Facility, for the remainder of 2015, as well as for the years ending December 31, 2016 and 2017. The Company believes it will need to complete certain transactions, including management of debt capital structure and potential asset sales, to have sufficient liquidity to satisfy these obligations, as well as other obligations such as fixed drilling commitments and operating leases, in the long term.

	Liquidity Sufficiency

	As a result of substantial declines in oil and gas prices during the latter half of 2014 and continuing into the first part of 2015, the liquidity outlook of the Company has been impacted. As a result, we expect lower operating cash flows than previously experienced and if commodity prices continue to remain low, our liquidity will be further impacted as current hedging contracts expire. During the three months ended March 31, 2015, the Company received cash payments on settled derivative contracts of $52.6 million. Such cash payments will not be received in 2016 and future periods due to the expiration of our hedging contracts.

	As a result of the commodity price decline and the Company’s substantial debt burden, the Company continues to believe forecasted cash and expected available credit capacity will not be sufficient to meet commitments as they come due and, absent a material improvement in oil and gas prices, the Company will not be able to remain in compliance with current debt covenants unless able to successfully increase liquidity. Additionally, while the terms of the Credit Facility were amended in March 2015 to allow the divestiture of certain of its oil and gas properties in Beauregard and Calcasieu Parishes, Louisiana, which closed on April 21, 2015 (“Sale of Dequincy”), with no associated reduction in the borrowing base of the Credit Facility, absent additional amendments, the terms of the Credit Facility and the indentures governing the senior notes require that some or all of the proceeds from certain future asset sales be used to permanently reduce outstanding debt, which could substantially reduce the amount of proceeds retained. Additionally, the covenants in these debt instruments impose limitations on the amount and type of additional indebtedness the Company can incur, which may significantly reduce the ability to obtain liquidity through the incurrence of additional indebtedness. Furthermore, the ability to refinance any of the existing indebtedness on commercially reasonable terms may be materially and adversely impacted by the current conditions in the energy industry and the Company’s financial condition.

	The interest payment obligations are substantial, and the Company is required to pay approximately $32 million in interest on the 2020 Senior Notes (as defined below) on each of April 1 and October 1 and approximately $32 million in interest on the 2021 Senior Notes (as defined below) on each of June 1 and December 1. The Company received a going concern qualification from its independent registered public accounting firm for the year ended December 31, 2014, but obtained a waiver to the Credit Facility waiving any default as a result of receiving such qualification. As the Company pursues the actions mentioned above to increase liquidity, it will likely need to negotiate additional waivers or amendments to the Credit Facility or indentures to facilitate those actions. There can be no assurance that the lenders or the holders of the senior notes will agree to any amendment or waiver on acceptable terms and if a default occurs, a failure to do so may provide the lenders the opportunity to accelerate the outstanding debt under these facilities and it would be classified as a current liability on the balance sheet.

	The uncertainty associated with the Company’s ability to meet commitments as they come due or to repay outstanding debt raises substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might result from the uncertainty associated with the ability to meet obligations as they come due.

	The Company continues to pursue a number of actions including (i) actively managing the debt capital structure, (ii) selling additional assets, (iii) minimizing capital expenditures, (iv) obtaining waivers or amendments from lenders, (v) effectively managing working capital and (vi) improving cash flows from operations. As previously announced, in early 2015 the Company engaged Evercore and Kirkland & Ellis to assist with reviewing all options to improve its liquidity profile and strengthen its balance sheet. These efforts continue in earnest and the Company is considering all available strategic alternatives and financing possibilities, including, without limitation, the incurrence of additional secured indebtedness and the exchange or refinancing of existing obligations. We can provide no assurance that these discussions will result in the completion of a transaction, or that any completed transaction will result in sufficient liquidity to satisfy our obligations.

	Financial Ratio Covenants

	As of March 31, 2015, the ratio of net consolidated indebtedness to EBITDA was 3.7:1.0 and the ratio of current assets to current liabilities was 1.0:1.0. As calculated for covenant compliance purposes, the Company’s current assets exceeded its current liabilities by approximately $1.5 million at March 31, 2015. If liquidity concerns are not addressed in the near term, the Company will likely breach the financial ratio covenants of the Credit Facility in 2015. As of March 31, 2015, the Company was in compliance with the financial ratio covenants included in the Credit Facility.

	Borrowing Base Redetermination

	On March 24, 2015, the Company and Midstates Sub entered into a Sixth Amendment (the “Sixth Amendment”) to the Second Amended and Restated Credit Agreement dated as of June 8, 2012, among Midstates, Midstates Sub, as borrower, SunTrust Bank, N.A., as administrative agent, and the lenders and other parties thereto (the “Credit Agreement”). The Sixth Amendment provides that Midstates Sub’s borrowing base will remain at its current size of $525.0 million as part of the regular semi-annual borrowing base redetermination under the Credit Agreement. The Sixth Amendment also confirmed that the borrowing base will not be reduced as a result of the Sale of Dequincy. The Sixth Amendment amends the required ratio of net consolidated indebtedness to EBITDA under the Credit Agreement for each of the fiscal quarters in 2015 from 4.0:1.0 to 4.5:1.0. Additionally, the Sixth Amendment amends the mortgage requirements under the Credit Agreement to provide for an increase from 80% to 90% for the percentage of properties included in the borrowing base that are required to be subject to mortgages for the benefit of the lenders.

	Cross Default Provisions

	The Company’s debt facilities contain significant cross default and/or cross acceleration provisions where a default under the Credit Facility or one of the indentures could enable the lenders of the other debt to also declare events of default and accelerate repayment of the obligations under those debt instruments. In general, these cross default/cross acceleration provisions are as follows:

		·	The Credit Facility allows the lenders to declare an event of default if there is an event of default on other indebtedness and that default: (i) is the result of the failure to make any payment when due in respect of other indebtedness having an aggregate principal amount of at least 5% of the then effective borrowing base and such failure continues after the applicable grace or notice period; or (ii) is the result of a failure to perform any condition, covenant or other event and such failure permits the holders of such other indebtedness to cause the acceleration of such other indebtedness.

		·	The indentures governing the senior notes allow the lenders to declare an event of default if there is an event of default on other indebtedness and that default: (i) is caused by a failure to make any payment of principal prior to the expiration of the grace period following the final maturity date of such indebtedness; or (ii) results in the acceleration of such indebtedness prior to its stated maturity, and, in each case, the principal amount of any such indebtedness, together with the principal amount of any other indebtedness with respect to which an event described herein has occurred, aggregates $50.0 million or more.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies

	Basis of Presentation

	These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 16, 2015.

	All intercompany transactions have been eliminated in consolidation. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

	Recently Issued Standards Not Yet Adopted

	In April 2015, the FASB issued Accounting Standards Update 2015-03 “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. ASU 2015-03 is effective retrospectively for the Company beginning on January 1, 2016. The Company does not expect the reclassification of debt issuance costs on the Company’s consolidated balance sheet as a result of the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements or related disclosures.

	Correction of Operating and Investing Cash Flows for the Three Months Ended March 31, 2014

	In the first quarter of 2015, the Company determined that it had incorrectly presented non-cash accrued capital expenditures in its Statements of Cash Flows since December 31, 2012. Management concluded the misstatement is immaterial to previously issued financial statements; however, the Company has corrected the cash flow presentation in the accompanying Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2014. There was no impact of the misstatement on the Condensed Consolidated Balance Sheet as of December 31, 2014, or on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014. The impact of the correction is shown in the table below (in thousands):

		For the Three Months
		Ended March 31, 2014
	Statement of Cash Flows	As			As Restated
		Previously
		Reported

	Change in operating assets and liabilities:
	accounts receivable - JIB and other	$	(16,093	)	$	(8,116	)
	Net cash provided by operating activities	97,432			105,409

	Investment in property and equipment	(114,803		)	(122,780		)
	Net cash used in investing activities	(114,803		)	(122,780		)

Fair_Value_Measurements_of_Fin

Fair Value Measurements of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements of Financial Instruments
Fair Value Measurements of Financial Instruments
	4. Fair Value Measurements of Financial Instruments

	Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Derivative Instruments

	Commodity derivative contracts reflected in the condensed consolidated balance sheets are recorded at estimated fair value. At March 31, 2015 and December 31, 2014, all of the Company’s commodity derivative contracts were with seven bank counterparties and were classified as Level 2 in the fair value input hierarchy.

	Derivative instruments listed below are presented gross and include swaps that are carried at fair value. The Company records the net change in the fair value of these positions in “Gains (losses) on commodity derivative contracts — net” in the Company’s unaudited condensed consolidated statements of operations.

		Fair Value Measurements at March 31, 2015
		Quoted Prices		Significant		Significant		Total
		in Active		Other		Unobservable
		Markets		Observable		Inputs
		(Level 1)		Inputs		(Level 3)
				(Level 2)
		(in thousands)
	Assets:
	Commodity derivative oil swaps	$	—	$	79,344	$	—	$	79,344
	Commodity derivative gas swaps	—		16,129		—		16,129
	Total assets	$	—	$	95,473	$	—	$	95,473

	Liabilities:
	Commodity derivative oil swaps	$	—	$	—	$	—	$	—
	Commodity derivative gas swaps	—		—		—		—
	Total liabilities	$	—	$	—	$	—	$	—


		Fair Value Measurements at December 31, 2014
		Quoted Prices		Significant		Significant		Total
		in Active		Other		Unobservable
		Markets		Observable		Inputs
		(Level 1)		Inputs		(Level 3)
				(Level 2)
		(in thousands)
	Assets:
	Commodity derivative oil swaps	$	—	$	106,450	$	—	$	106,450
	Commodity derivative gas swaps	—		20,259		—		20,259
	Total assets	$	—	$	126,709	$	—	$	126,709

	Liabilities:
	Commodity derivative oil swaps	$	—	$	—	$	—	$	—
	Commodity derivative gas swaps	—		—		—		—
	Total liabilities	$	—	$	—	$	—	$	—

Risk_Management_and_Derivative

Risk Management and Derivative Instruments	3 Months Ended
Risk Management and Derivative Instruments	Mar. 31, 2015
Risk Management and Derivative Instruments
Risk Management and Derivative Instruments	5. Risk Management and Derivative Instruments

	The Company’s production is exposed to fluctuations in crude oil, NGLs and natural gas prices. The Company periodically utilizes derivative financial instruments to provide partial protection against declines in oil, natural gas and NGLs prices by reducing the risk of price volatility and the effect such volatility could have on the Company’s operations and its ability to finance its capital budget and operations. The Company’s decision on the quantity and price at which it chooses to hedge its production is based on its view of existing and forecasted oil, natural gas and NGLs production volumes, planned drilling projects and current and future market conditions. The Company currently utilizes swaps to manage fluctuations in cash flows resulting from changes in commodity prices. These derivative contracts are placed with major financial institutions that the Company believes are minimal credit risks. The oil, NGLs and gas reference prices, upon which the commodity derivative contracts are based, reflect various market indices that management believes have a high degree of historical correlation with actual prices received by the Company for its oil, NGLs and natural gas production.

	Inherent in the Company’s portfolio of commodity derivative contracts are certain business risks, including market risk and credit risk. Market risk is the risk that the price of the commodity will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the Company’s counterparty to a contract. The Company does not require collateral from its counterparties but does attempt to minimize its credit risk associated with derivative instruments by entering into derivative instruments only with counterparties that are large financial institutions, which management believes present minimal credit risk. In addition, to mitigate its risk of loss due to default, the Company has entered into agreements with its counterparties on its derivative instruments that allow the Company to offset its asset position with its liability position in the event of default by the counterparty. Due to the netting arrangements, had the Company’s counterparties failed to perform under existing commodity derivative contracts, the maximum loss at March 31, 2015 would have been approximately $95.5 million.

	Commodity Derivative Contracts

	As of March 31, 2015, the Company had the following open commodity derivative contract positions:

			Hedged		Weighted-Average
			Volume		Fixed Price
	Oil (Bbls):
	WTI Swaps — 2015		2,196,000		$	88.04

	Natural Gas (MMBtu):
	Swaps — 2015 (1)		13,750,000		$	4.13


		-1		Includes 1,500,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2015.

	Balance Sheet Presentation

	The following table summarizes the gross fair values of derivative instruments by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s unaudited condensed consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively (in thousands):


	Type		Balance Sheet Location (1)		March 31, 2015			December 31, 2014
	Oil Swaps		Derivative financial instruments — Current Assets		$	79,344		$	106,450
	Gas Swaps		Derivative financial instruments — Current Assets		16,129			20,259
	Total derivative fair value at period end				$	95,473		$	126,709


		-1		The fair values of commodity derivative instruments reported in the Company’s consolidated balance sheets are subject to netting arrangements and qualify for net presentation. The following table summarizes the location and fair value amounts of all derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively (in thousands):

					March 31, 2015
	Not Designated as		Balance Sheet Classification		Gross			Gross		Net Recognized
	ASC 815 Hedges:				Recognized			Amounts		Fair Value Assets/
					Assets/			Offset		Liabilities
					Liabilities
	Derivative assets:
	Commodity contracts		Derivative financial instruments - current		$	95,473		$	—	$	95,473
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	95,473		$	—	$	95,473
	Derivative liabilities:
	Commodity contracts		Derivative financial instruments - current		$	—		$	—	$	—
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	—		$	—	$	—

					December 31, 2014
	Not Designated as		Balance Sheet Classification		Gross			Gross		Net Recognized
	ASC 815 Hedges:				Recognized			Amounts		Fair Value Assets/
					Assets/			Offset		Liabilities
					Liabilities
	Derivative assets:
	Commodity contracts		Derivative financial instruments - current		$	126,709		$	—	$	126,709
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	126,709		$	—	$	126,709
	Derivative liabilities:
	Commodity contracts		Derivative financial instruments - current		$	—		$	—	$	—
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	—		$	—	$	—

	Gains (losses) on Commodity Derivative Contracts

The Company does not designate its commodity derivative contracts as hedging instruments for financial reporting purposes. Accordingly, commodity derivative contracts are marked-to-market each quarter with the change in fair value during the periodic reporting period recognized currently as a gain or loss in “Gains (losses) on commodity derivative contracts - net” within revenues in the unaudited condensed consolidated statements of operations.

The following table presents “Gains (losses) on commodity derivative contracts — net” for the periods presented:

		For the Three Months
		Ended March 31,
		2015			2014
		(in thousands)
Net cash received (paid) for commodity derivative contracts		$	52,608		$	(14,810	)
Unrealized net losses		(31,236		)	(7,863		)
Gains (losses) on commodity derivative contracts - net		$	21,372		$	(22,673	)

Cash settlements, as presented in the table above, represent realized gains or losses related to the Company’s derivative instruments. In addition to cash settlements, the Company also recognizes fair value changes on its derivative instruments in each reporting period. The changes in fair value result from new positions and settlements that may occur during each reporting period, as well as the relationships between contract prices and the associated forward curves.

Property_and_Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 31, 2015
Property and Equipment
Property and Equipment
	6. Property and Equipment

			March 31, 2015			December 31, 2014
			(in thousands)
	Oil and gas properties, on the basis of full-cost accounting:
	Proved properties		$	3,491,783		$	3,398,146
	Unevaluated properties		41,193			44,535
	Other property and equipment		13,845			13,454
	Less accumulated depreciation, depletion, amortization and impairment		(1,566,043		)	(1,333,019		)
	Net property and equipment		$	1,980,778		$	2,123,116

	Oil and Gas Properties

	The Company capitalizes internal costs directly related to exploration and development activities to oil and gas properties. During the three months ended March 31, 2015 and 2014, the Company capitalized the following amounts (in thousands):

			Three Months Ended March 31,
			2015			2014
	Internal costs capitalized to oil and gas properties (1)		$	2,302		$	3,124


		-1		Inclusive of $0.5 million of qualifying share-based compensation expense for the three months ended March 31, 2015 and 2014.

	The Company accounts for its oil and gas properties under the full cost method. Under the full cost method, proceeds from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion of the Company’s reserve quantities are sold such that it results in a significant alteration of the relationship between capitalized costs and remaining proved reserves, in which case a gain or loss is generally recognized in income.

	The Company performs a full-cost ceiling test on a quarterly basis. The test establishes a limit (ceiling) on the book value of oil and gas properties. The capitalized costs of oil and gas properties, net of accumulated depreciation, depletion and amortization (DD&A) and the related deferred income taxes, may not exceed this “ceiling.” The ceiling limitation is equal to the sum of: (i) the present value of estimated future net revenues from the projected production of proved oil and gas reserves, excluding future cash outflows associated with settling asset retirement obligations accrued on the balance sheet, calculated using the average oil and natural gas sales price received by the Company as of the first trading day of each month over the preceding twelve months (such prices are held constant throughout the life of the properties) and a discount factor of 10%; (ii) the cost of unproved and unevaluated properties excluded from the costs being amortized; (iii) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; and (iv) related income tax effects. If capitalized costs exceed this ceiling, the excess is charged to expense in the accompanying consolidated statements of operations.

	At March 31, 2015 and 2014, capitalized costs exceeded the ceiling and the Company recorded an impairment of oil and gas properties of $174.7 million and $86.5 million, respectively. The impairment at March 31, 2015 was primarily due to continued low commodity prices, which resulted in a reduction of the discounted present value of the Company’s proved oil and natural gas reserves.

	Depreciation, depletion and amortization is calculated using the units-of-production method based upon estimates of proved reserve quantities, the Company’s costs incurred for proved developed properties and costs expected to be incurred to develop its proved undeveloped reserves. The following table presents depletion expense related to oil and gas properties for the three months ended March 31, 2015 and 2014, respectively:

			Three Months Ended March 31,
			2015			2014			2015		2014
			(in thousands)						(per Boe)
	Depletion expense		$	57,605		$	66,204		$	18.73	$	25.37
	Depreciation on other property		823			697			0.27		0.26
	Depreciation, depletion, and amortization		$	58,428		$	66,901		$	19.00	$	25.63

	Oil and gas unevaluated properties and properties under development include costs that are not being depleted or amortized. These costs represent investments in unproved properties. The Company excludes these costs until proved reserves are found, until it is determined that the costs are impaired or until major development projects are placed in service, at which time the costs are moved into oil and natural gas properties subject to amortization. All unproved property costs are reviewed at least quarterly to determine if impairment has occurred. Unevaluated property was $41.2 million and $44.5 million at March 31, 2015 and December 31, 2014, respectively.

	Sale of Dequincy Assets

	On April 21, 2015, the Company closed on the sale of its ownership interest in developed and undeveloped acreage in the Dequincy area located in Beauregard and Calcasieu Parishes, Louisiana for $44 million to Pintail Oil and Gas LLC. The net proceeds of approximately $42 million, which was net of customary closing adjustments, will be reflected as a reduction of oil and natural gas properties, with no gain or loss recognized. The proceeds from the sale will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes.

Other_Noncurrent_Assets

Other Noncurrent Assets	3 Months Ended
	Mar. 31, 2015
Other Noncurrent Assets
Other Noncurrent Assets
	7. Other Noncurrent Assets

	At March 31, 2015 and December 31, 2014 other noncurrent assets consisted of the following:

		March 31, 2015		December 31, 2014
		(in thousands)
	Deferred financing costs	$	37,099	$	37,807
	Field equipment inventory	5,309		5,713
	Other	211		211
	Other noncurrent assets	$	42,619	$	43,731

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Accrued Liabilities
	8. Accrued Liabilities

	At March 31, 2015 and December 31, 2014 accrued liabilities consisted of the following:

		March 31, 2015		December 31, 2014
		(in thousands)
	Accrued oil and gas capital expenditures	$	52,709	$	76,398
	Accrued revenue and royalty distributions	46,286		51,292
	Accrued lease operating and workover expense	16,313		10,113
	Accrued interest	53,833		21,521
	Accrued taxes	4,618		4,226
	Other	8,729		20,281
	Accrued liabilities	$	182,488	$	183,831

Asset_Retirement_Obligations

Asset Retirement Obligations	3 Months Ended
Asset Retirement Obligations	Mar. 31, 2015
Asset Retirement Obligations
Asset Retirement Obligations
	9. Asset Retirement Obligations

	Asset Retirement Obligations (“AROs”) represent the future abandonment costs of tangible assets, such as wells, service assets and other facilities. The fair value of the ARO at inception is capitalized as part of the carrying amount of the related long-lived assets. AROs approximated $22.0 million and $21.6 million as of March 31, 2015 and December 31, 2014, respectively, and the liability has been accreted to its present value as of March 31, 2015 and December 31, 2014.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2015
Long-Term Debt
Long-Term Debt	10. Long-Term Debt

	The Company’s long-term debt as of March 31, 2015 and December 31, 2014 is as follows:

		At March 31, 2015		At December 31, 2014
		(in thousands)
	Revolving credit facility, due 2018	$	435,150	$	435,150
	Senior notes, due 2020	600,000		600,000
	Senior notes, due 2021	700,000		700,000
	Long-term debt	$	1,735,150	$	1,735,150

	Reserve-based Credit Facility

	As of March 31, 2015, the Company’s credit facility consisted of a $750 million Credit Facility with a borrowing base supported by the Company’s Mississippian Lime and Anadarko Basin oil and gas assets. The borrowing base was reaffirmed on March 24, 2015 at $525 million, with no reduction upon the closing in April of the Sale of Dequincy. At March 31, 2015, the Company had drawn $435.2 million on the Credit Facility and had outstanding letters of credit obligations totaling $1.4 million.

	The Credit Facility matures on May 31, 2018 and borrowings thereunder are secured by substantially all of the Company’s oil and natural gas properties and bear interest at LIBOR plus an applicable margin, depending upon the Company’s borrowing base utilization, between 2.00% and 3.00% per annum. At March 31, 2015 and 2014, the weighted average interest rate was 3.0% and 2.7%, respectively.

	In addition to interest expense, the Credit Facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of either 0.375% or 0.50% per annum based on the average daily amount by which the borrowing base exceeds the outstanding borrowings during each quarter.

	The borrowing base under the Credit Facility is subject to semiannual redeterminations in April and October and up to one additional time per six month period following each scheduled borrowing base redetermination, as may be requested by the Company or the administrative agent, acting on behalf of lenders holding at least two thirds of the outstanding loans and other obligations.
	Under the terms of the Credit Facility, the Company is required to repay the amount by which the principal balance of its outstanding loans and its letter of credit obligations exceed its redetermined borrowing base. The Company is permitted to make such repayment in six equal successive monthly payments commencing 30 days following the administrative agent’s notice regarding such borrowing base reduction.

	The Credit Facility, as amended, contains, among other standard affirmative and negative covenants, financial covenants including a maximum ratio of net debt to EBITDA (i.e. leverage ratio) and a minimum current ratio (as defined therein) of not less than 1.0 to 1.0. Pursuant to the Sixth Amendment, the Company is required to maintain a leverage ratio of not more than 4.5 to 1.0 through December 31, 2015 and 4.0 to 1.0 for each quarter thereafter. The Credit Facility also limits the Company’s ability to make any dividends, distributions or redemptions.

	As of March 31, 2015, the Company was in compliance with the current ratio and the ratio of net consolidated indebtedness to EBITDA covenants as set forth in the Credit Facility. The Company’s current ratio at March 31, 2015 was 1.0 to 1.0. As calculated for covenant compliance purposes, the Company’s current assets exceeded its current liabilities by approximately $1.5 million at March 31, 2015. At March 31, 2015, the Company’s leverage ratio was 3.7 to 1.0.

	Based upon the recent amendments to the Credit Facility, the Company believes its carrying amount at March 31, 2015 approximates its fair value (Level 2) due to the variable nature of the applicable interest rate and current secured financing terms available to the Company.

	2020 Senior Notes

	On October 1, 2012, the Company issued $600 million in aggregate principal amount of 10.75% senior notes due in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). In October 2013, these notes were exchanged for an equal principal amount of notes with identical terms other than registration under the Securities Act and the omission of restrictions on transfer, registration rights and provisions for additional interest (the “2020 Senior Notes”). The 2020 Senior Notes were co-issued on a joint and several basis by the Company and its wholly owned subsidiary, Midstates Sub. The Company does not have any operations or independent assets other than its 100% ownership interest in Midstates Sub and there are no other subsidiaries of the Company. The 2020 Senior Notes Indenture does not create any restricted assets within Midstates Sub, nor does it impose any significant restrictions on the ability of Midstates Sub to pay dividends or make loans to the Company or limit the ability of the Company to advance loans to Midstates Sub.

	The 2020 Senior Notes Indenture contains covenants that, among other things, restrict the Company’s ability to: (i) incur additional indebtedness, guarantee indebtedness or issue certain preferred shares; (ii) make loans, investments and other restricted payments; (iii) pay dividends on or make other distributions in respect of, or repurchase or redeem, capital stock; (iv) create or incur certain liens; (v) sell, transfer or otherwise dispose of certain assets; (vi) enter into certain types of transactions with the Company’s affiliates; (vii) consolidate, merge or sell substantially all of the Company’s assets; (viii) prepay, redeem or repurchase certain debt; (ix) alter the business the Company conducts and (x) enter into agreements restricting the ability of the Company’s current and any future subsidiaries to pay dividends.

	The estimated fair value of the 2020 Senior Notes was $302.3 million as of March 31, 2015 (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. The effective annual interest rate for the 2020 Senior Notes was approximately 11.1% for the three months ended March 31, 2015 and 2014.

	2021 Senior Notes

	On May 31, 2013, the Company issued $700 million in aggregate principal amount of 9.25% senior notes due 2021. In October 2013, these notes were exchanged for an equal principal amount of notes with identical terms other than registration under the Securities Act and the omission of restrictions on transfer, registration rights and provisions for additional interest (the “2021 Senior Notes”).

	The 2021 Senior Notes rank pari passu in right of payment with the 2020 Senior Notes.

	The 2021 Senior Notes were co-issued on a joint and several basis by the Company and its wholly owned subsidiary, Midstates Sub. The 2021 Senior Notes indenture does not create any restricted assets within Midstates Sub, nor does it impose any significant restrictions on the ability of Midstates Sub to pay dividends or make loans to the Company or limit the ability of the Company to advance loans to Midstates Sub.

	The terms of the covenants in the 2021 Senior Notes Indenture are substantially identical to those of the 2020 Senior Notes discussed above.

	The estimated fair value of the 2021 Senior Notes was $339.5 million as of March 31, 2015 (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. The effective annual interest rate for the 2021 Senior Notes was approximately 9.6% for the three months ended March 31, 2015 and 2014.

Preferred_Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2015
Preferred Stock.
Preferred Stock
	11. Preferred Stock

	Series A Preferred Stock

	In connection with the Company’s acquisition of its Mississippian Lime properties, on September 28, 2012, the Company designated 325,000 shares of Series A Mandatorily Convertible Preferred Stock (the “Series A Preferred Stock”) with an initial liquidation preference of $1,000 per share and an 8% per annum dividend, payable semiannually at the Company’s option in cash or through an increase in the liquidation preference. The Series A Preferred Shares are convertible after October 1, 2013, in whole but not in part and at the option of the holders of a majority of the outstanding shares of Series A Preferred Stock, into a number of shares of the Company’s common stock calculated by dividing the then-current liquidation preference by the conversion price of $13.50 per share and, if not previously converted, are mandatorily convertible at September 30, 2015 into shares of the Company’s common stock at a conversion price no greater than $13.50 per share and no less than $11.00 per share, with the ultimate conversion price dependent upon the volume weighted average price of the Company’s common stock during the 15 trading days immediately prior to September 30, 2015. The Series A Preferred Stock was issued on October 1, 2012.

	On March 30, 2015, the Company elected to pay the $13 million semi-annual dividend due on that date through an increase in the Series A Preferred Stock liquidation preference to $1,217. As a result, the Company will be obligated to issue between 5,215,718 and 6,401,108 additional shares of common stock upon conversion of the Series A Preferred stock, with the ultimate number of shares dependent upon the conversion price then in effect as described above.

	The following table demonstrates the number of shares to be issued upon conversion through March 31, 2015 at the respective conversion rates based upon the current liquidation preference:

		Conversion at	Conversion at
		$13.50/share	$11.00/share

	Number of Common Shares Issuable Upon Conversion	29,289,792	35,946,563

	Share Activity

	The aggregate number of shares of Series A Preferred Stock outstanding at March 31, 2015 and December 31, 2014 was 325,000.

Equity_and_ShareBased_Compensa

Equity and Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Equity and Share-Based Compensation
Equity and Share-Based Compensation	12. Equity and Share-Based Compensation

	Common Shares

	Share Activity

	The following table summarizes changes in the number of outstanding shares during the three months ended March 31, 2015:

		Number of Shares
		Common		Treasury
		Stock		Stock
	Share count as of December 31, 2014	70,491,732		(534,677	)
	Grants of restricted stock	2,459,754		—
	Forfeitures of restricted stock	(511,079	)	—
	Acquisition of treasury stock	—		(254,881	)
	Share count as of March 31, 2015	72,440,407		(789,558	)

	The Company’s 2012 Long Term Incentive Unit Plan (discussed below) allows for the recipients of restricted stock to surrender a portion of their shares upon vesting to satisfy Federal Income Tax (“FIT”) withholding requirements. The Company then remits to the IRS the cash equivalent of the FIT withholding liability. Shares surrendered to the Company in this fashion have been treated as treasury shares acquired at a cost equivalent to the related tax liability. These shares are available for future issuance by the Company.

	Incentive Units

	At March 31, 2015, 1,099 incentive units were issued and outstanding. These incentive units were issued prior to the Company’s initial public offering. In connection with the corporate reorganization that occurred immediately prior to the Company’s initial public offering, these incentive units were contributed to FR Midstates Interholding, LP (“FRMI”) in exchange for incentive units in FRMI. Holders of FRMI incentive units will receive, out of proceeds otherwise distributable to FRMI, a percentage interest in the amounts distributed to FRMI in excess of certain multiples of FRMI’s aggregate capital contributions and investment expenses (“FRMI Profits”). Although any future payments to the incentive unit holders will be made out of the proceeds otherwise distributable to FRMI and not by the Company, the Company will be required to record a non-cash compensation charge in the period any payment is made related to the FRMI incentive units. To date, no compensation expense related to the FRMI incentive units has been recognized by the Company, as any payout under the FRMI incentive units is not considered probable as the amount of FRMI Profits, if any, cannot be determined.

	Share-based Compensation

	2012 Long Term Incentive Plan

	The 2012 Long Term Incentive Plan (the “2012 LTIP”) provides a means for the Company to attract and retain employees, directors and consultants, and a method whereby employees, directors and consultants of the Company who contribute to its success can acquire and maintain stock ownership or awards, the value of which is tied to the performance of the Company, thereby strengthening their concern for the welfare of the Company and their desire to remain employed.

	The 2012 LTIP provides for the granting of Options (Incentive and other), Restricted Stock Awards, Restricted Stock Units, Stock Appreciation Rights, Dividend Equivalents, Bonus Stock, Other Stock Based Awards, Annual Incentive Awards, Performance Awards, or any combination of the foregoing (the “Awards”). Subject to certain limitations as defined in the 2012 LTIP, the terms of each Award are as determined by the Compensation Committee of the Board of Directors. As of December 31, 2014, a total of 8,638,435 common share Awards are authorized for issuance under the 2012 LTIP. Shares of stock subject to an Award that expire, or are canceled, forfeited, exchanged, settled in cash or otherwise terminated, will again be available for future Awards under the 2012 LTIP.

	Non-vested Stock Awards

	At March 31, 2015, the Company had 4,110,542 non-vested shares of restricted common stock outstanding pursuant to the 2012 LTIP. Shares granted under the LTIP generally vest ratably over a period of three years (one-third on each anniversary of the grant); however, beginning in 2013, shares granted under the 2012 LTIP to directors are subject to one-year cliff vesting.

	The fair value of restricted stock grants is based on the value of the Company’s common stock on the date of grant. Compensation expense is recognized ratably over the requisite service period.

	The following table summarizes the Company’s non-vested share award activity for the three months ended March 31, 2015:

		Shares		Weighted
				Average
				Grant Date
				Fair Value
	Non-vested shares outstanding at December 31, 2014	3,062,015		$	5.28
	Granted	2,459,754		$	1.25
	Vested	(900,148	)	$	5.22
	Forfeited	(511,079	)	$	5.44
	Non-vested shares outstanding at March 31, 2015	4,110,542		$	2.86

	Unrecognized expense, adjusted for estimated forfeitures, as of March 31, 2015 for all outstanding restricted stock awards, was $8.9 million and will be recognized over a weighted average period of 1.9 years.

	At March 31, 2015, 1,832,381 shares remain available for issuance under the terms of the 2012 LTIP.

	The share based compensation costs (net of amounts capitalized to oil and gas properties) recognized as general and administrative expense by the Company for the three months ended March 31, 2015 and 2014 were $0.8 million and $1.5 million, respectively, all related to the 2012 LTIP.

Income_Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Taxes
Income Taxes	13. Income Taxes

	The Company has recorded a tax benefit on its year-to-date pre-tax loss. The Company believes this methodology to be more appropriate at this time due to uncertainty in forecasting the annual effective tax rate (or benefit) on 2015 income (or loss) due to previously recorded property impairments, the effects of federal and state valuation allowance adjustments, and hedging volatility.

	For the three months ended March 31, 2015, the Company’s effective tax rate was approximately 4.5%. The Company’s effective tax rate for the first quarter of 2015 differs from the federal statutory rate of 35% due to the effect of recurring permanent adjustments, state income taxes and changes in the valuation allowance. During 2015, the Company recorded $70.9 million in additional valuation allowance in light of the impairment of oil and gas properties and the settlement of certain hedging contracts that existed at December 31, 2014, bringing the total valuation allowance to $74.7 million at March 31, 2015.

	A valuation allowance has been recorded as management does not believe that it is more-likely-than-not that its deferred tax assets are realizable except to the extent of future taxable income primarily related to the excess of book carrying value of properties over their respective tax bases. No other sources of future taxable income are considered in this judgment.

	The Company expects to incur a tax loss in the current year due to the flexibility in deducting or capitalizing current year intangible drilling costs; thus no current income taxes are anticipated to be paid.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Net Loss Per Share
Net Loss Per Share
	14. Net Loss Per Share

	The Company’s Series A Preferred Stock has the nonforfeitable right to participate on an as converted basis at the conversion rate then in effect in any common stock dividends declared and as such, is considered a participating security. The Company’s nonvested stock awards, which are granted as part of the 2012 LTIP, contain nonforfeitable rights to dividends and as such, are considered to be participating securities and, together with the Series A Preferred Stock, are included in the computation of basic and diluted earnings (loss) per share, pursuant to the two class method. In the calculation of basic earnings (loss) per share attributable to common shareholders, participating securities are allocated earnings based on actual dividend distributions received plus a proportionate share of undistributed net income attributable to common shareholders, if any, after recognizing distributed earnings. The Company’s participating securities do not participate in undistributed net losses because they are not contractually obligated to do so.

	The computation of diluted earnings per share attributable to common shareholders reflects the potential dilution that could occur if securities or other contracts to issue common shares that are dilutive were exercised or converted into common shares (or resulted in the issuance of common shares) and would then share in the earnings of the Company. During the periods in which the Company records a loss from continuing operations attributable to common shareholders, securities would not be dilutive to net loss per share and conversion into common shares is assumed to not occur. Diluted net income per share attributable to common shareholders is calculated under both the two-class method and the treasury stock method; the more dilutive of the two calculations is presented below.

	The following table (in thousands, except per share amounts) provides a reconciliation of net loss to preferred shareholders, common shareholders, and non-vested restricted shareholders for purposes of computing net loss per share for the three months ended March 31, 2015 and 2014, respectively:

			Three Months
			Ended March 31,
			2015			2014
	Net loss		$	(193,554	)	$	(83,645	)
	Preferred Dividend (1)		(131		)	(2,620		)
	Net loss attributable to shareholders		$	(193,685	)	$	(86,265	)

	Participating securities - Series A Preferred Stock (2)		—			—
	Participating securities - Non-vested Restricted Stock (2)		—			—
	Net loss attributable to common shareholders		$	(193,685	)	$	(86,265	)

	Weighted average shares outstanding		67,261			65,987
	Net loss per share		$	(2.88	)	$	(1.31	)


		-1		Calculation of the preferred stock dividend is discussed in Note 11.
		-2		As these shares are participating securities that participate in earnings, but are not required to participate in losses, this calculation demonstrates that there is not an allocation of the loss to the non-vested restricted stockholders.

	The aggregate number of common shares outstanding at March 31, 2015 was 71,650,849 of which 4,110,542 were non-vested restricted shares.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies

	Litigation

	The Company is involved in various matters incidental to its operations and business that might give rise to a loss contingency. These matters may include legal and regulatory proceedings, commercial disputes, claims from royalty, working interest and surface owners, property damage and personal injury claims and environmental authorities or other matters. In addition, the Company may be subject to customary audits by governmental authorities regarding the payment and reporting of various taxes, governmental royalties and fees as well as compliance with unclaimed property (escheatment) requirements and other laws. Further, other parties with an interest in wells operated by the Company have the ability under various contractual agreements to perform audits of its joint interest billing practices.

	The Company vigorously defends itself in these matters. If the Company determines that an unfavorable outcome or loss of a particular matter is probable and the amount of the loss can be reasonably estimated, it accrues a liability for the contingent obligation. As new information becomes available or as a result of legal or administrative rulings in similar matters or a change in applicable law, the Company’s conclusions regarding the probability of outcomes and the amount of estimated loss, if any, may change. The impact of subsequent changes to the Company’s accruals could have a material effect on its results of operations.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation

	These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 16, 2015.

	All intercompany transactions have been eliminated in consolidation. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.


Recently Issued Standards Not Yet Adopted
	Recently Issued Standards Not Yet Adopted

	In April 2015, the FASB issued Accounting Standards Update 2015-03 “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. ASU 2015-03 is effective retrospectively for the Company beginning on January 1, 2016. The Company does not expect the reclassification of debt issuance costs on the Company’s consolidated balance sheet as a result of the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements or related disclosures.


Correction of Operating and Investing Cash Flows
	Correction of Operating and Investing Cash Flows for the Three Months Ended March 31, 2014

	In the first quarter of 2015, the Company determined that it had incorrectly presented non-cash accrued capital expenditures in its Statements of Cash Flows since December 31, 2012. Management concluded the misstatement is immaterial to previously issued financial statements; however, the Company has corrected the cash flow presentation in the accompanying Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2014. There was no impact of the misstatement on the Condensed Consolidated Balance Sheet as of December 31, 2014, or on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014. The impact of the correction is shown in the table below (in thousands):

		For the Three Months
		Ended March 31, 2014
	Statement of Cash Flows	As			As Restated
		Previously
		Reported

	Change in operating assets and liabilities:
	accounts receivable - JIB and other	$	(16,093	)	$	(8,116	)
	Net cash provided by operating activities	97,432			105,409

	Investment in property and equipment	(114,803		)	(122,780		)
	Net cash used in investing activities	(114,803		)	(122,780		)

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Schedule of the impact of correction	The impact of the correction is shown in the table below (in thousands):


		For the Three Months
		Ended March 31, 2014
	Statement of Cash Flows	As			As Restated
		Previously
		Reported

	Change in operating assets and liabilities:
	accounts receivable - JIB and other	$	(16,093	)	$	(8,116	)
	Net cash provided by operating activities	97,432			105,409

	Investment in property and equipment	(114,803		)	(122,780		)
	Net cash used in investing activities	(114,803		)	(122,780		)

Fair_Value_Measurements_of_Fin1

Fair Value Measurements of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements of Financial Instruments
Schedule of commodity derivative contracts in the condensed consolidated balance sheets are recorded at estimated fair value
		Fair Value Measurements at March 31, 2015
		Quoted Prices		Significant		Significant		Total
		in Active		Other		Unobservable
		Markets		Observable		Inputs
		(Level 1)		Inputs		(Level 3)
				(Level 2)
		(in thousands)
	Assets:
	Commodity derivative oil swaps	$	—	$	79,344	$	—	$	79,344
	Commodity derivative gas swaps	—		16,129		—		16,129
	Total assets	$	—	$	95,473	$	—	$	95,473

	Liabilities:
	Commodity derivative oil swaps	$	—	$	—	$	—	$	—
	Commodity derivative gas swaps	—		—		—		—
	Total liabilities	$	—	$	—	$	—	$	—


		Fair Value Measurements at December 31, 2014
		Quoted Prices		Significant		Significant		Total
		in Active		Other		Unobservable
		Markets		Observable		Inputs
		(Level 1)		Inputs		(Level 3)
				(Level 2)
		(in thousands)
	Assets:
	Commodity derivative oil swaps	$	—	$	106,450	$	—	$	106,450
	Commodity derivative gas swaps	—		20,259		—		20,259
	Total assets	$	—	$	126,709	$	—	$	126,709

	Liabilities:
	Commodity derivative oil swaps	$	—	$	—	$	—	$	—
	Commodity derivative gas swaps	—		—		—		—
	Total liabilities	$	—	$	—	$	—	$	—

Risk_Management_and_Derivative1

Risk Management and Derivative Instruments (Tables)	3 Months Ended
Risk Management and Derivative Instruments (Tables)	Mar. 31, 2015
Risk Management and Derivative Instruments
Schedule of the entity's open commodity derivative contract positions
			Hedged		Weighted-Average
			Volume		Fixed Price
	Oil (Bbls):
	WTI Swaps — 2015		2,196,000		$	88.04

	Natural Gas (MMBtu):
	Swaps — 2015 (1)		13,750,000		$	4.13

		-1		Includes 1,500,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2015.

Summary of location and fair values amounts of all derivative instruments as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets
	Type		Balance Sheet Location (1)		March 31, 2015			December 31, 2014
	Oil Swaps		Derivative financial instruments — Current Assets		$	79,344		$	106,450
	Gas Swaps		Derivative financial instruments — Current Assets		16,129			20,259
	Total derivative fair value at period end				$	95,473		$	126,709

		-1		The fair values of commodity derivative instruments reported in the Company’s consolidated balance sheets are subject to netting arrangements and qualify for net presentation. The following table summarizes the location and fair value amounts of all derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively (in thousands):

					March 31, 2015
	Not Designated as		Balance Sheet Classification		Gross			Gross		Net Recognized
	ASC 815 Hedges:				Recognized			Amounts		Fair Value Assets/
					Assets/			Offset		Liabilities
					Liabilities
	Derivative assets:
	Commodity contracts		Derivative financial instruments - current		$	95,473		$	—	$	95,473
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	95,473		$	—	$	95,473
	Derivative liabilities:
	Commodity contracts		Derivative financial instruments - current		$	—		$	—	$	—
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	—		$	—	$	—

					December 31, 2014
	Not Designated as		Balance Sheet Classification		Gross			Gross		Net Recognized
	ASC 815 Hedges:				Recognized			Amounts		Fair Value Assets/
					Assets/			Offset		Liabilities
					Liabilities
	Derivative assets:
	Commodity contracts		Derivative financial instruments - current		$	126,709		$	—	$	126,709
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	126,709		$	—	$	126,709
	Derivative liabilities:
	Commodity contracts		Derivative financial instruments - current		$	—		$	—	$	—
	Commodity contracts		Derivative financial instruments - noncurrent		—			—		—
					$	—		$	—	$	—


Schedule of "Gains (losses) on commodity derivative contracts - net" for the periods
			For the Three Months
			Ended March 31,
			2015			2014
			(in thousands)
	Net cash received (paid) for commodity derivative contracts		$	52,608		$	(14,810	)
	Unrealized net losses		(31,236		)	(7,863		)
	Gains (losses) on commodity derivative contracts - net		$	21,372		$	(22,673	)

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
Property and Equipment (Tables)	Mar. 31, 2015
Property and Equipment
Schedule of property and equipment
			March 31, 2015			December 31, 2014
			(in thousands)
	Oil and gas properties, on the basis of full-cost accounting:
	Proved properties		$	3,491,783		$	3,398,146
	Unevaluated properties		41,193			44,535
	Other property and equipment		13,845			13,454
	Less accumulated depreciation, depletion, amortization and impairment		(1,566,043		)	(1,333,019		)
	Net property and equipment		$	1,980,778		$	2,123,116


Schedule of internal costs capitalized
			Three Months Ended March 31,
			2015			2014
	Internal costs capitalized to oil and gas properties (1)		$	2,302		$	3,124


		-1		Inclusive of $0.5 million of qualifying share-based compensation expense for the three months ended March 31, 2015 and 2014.

Schedule of depletion expense related to oil and gas properties
			Three Months Ended March 31,
			2015			2014			2015		2014
			(in thousands)						(per Boe)
	Depletion expense		$	57,605		$	66,204		$	18.73	$	25.37
	Depreciation on other property		823			697			0.27		0.26
	Depreciation, depletion, and amortization		$	58,428		$	66,901		$	19.00	$	25.63

Other_Noncurrent_Assets_Tables

Other Noncurrent Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Other Noncurrent Assets
Schedule of other noncurrent assets

		March 31, 2015		December 31, 2014
		(in thousands)
	Deferred financing costs	$	37,099	$	37,807
	Field equipment inventory	5,309		5,713
	Other	211		211
	Other noncurrent assets	$	42,619	$	43,731

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Schedule of accrued liabilities
		March 31, 2015		December 31, 2014
		(in thousands)
	Accrued oil and gas capital expenditures	$	52,709	$	76,398
	Accrued revenue and royalty distributions	46,286		51,292
	Accrued lease operating and workover expense	16,313		10,113
	Accrued interest	53,833		21,521
	Accrued taxes	4,618		4,226
	Other	8,729		20,281
	Accrued liabilities	$	182,488	$	183,831

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2014
Long-Term Debt
Schedule of the company's long-term debt
		At March 31, 2015		At December 31, 2014
		(in thousands)
	Revolving credit facility, due 2018	$	435,150	$	435,150
	Senior notes, due 2020	600,000		600,000
	Senior notes, due 2021	700,000		700,000
	Long-term debt	$	1,735,150	$	1,735,150

Preferred_Stock_Tables

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Preferred Stock.
Schedule of number of shares to be issued upon conversion at respective conversion rates based upon the current liquidation preference
		Conversion at	Conversion at
		$13.50/share	$11.00/share

	Number of Common Shares Issuable Upon Conversion	29,289,792	35,946,563

Equity_and_ShareBased_Compensa1

Equity and Share-Based Compensation (Tables)	3 Months Ended
Equity and Share-Based Compensation (Tables)	Mar. 31, 2015
Equity and Share-Based Compensation
Summary of changes in the number of outstanding shares
		Number of Shares
		Common		Treasury
		Stock		Stock
	Share count as of December 31, 2014	70,491,732		(534,677	)
	Grants of restricted stock	2,459,754		—
	Forfeitures of restricted stock	(511,079	)	—
	Acquisition of treasury stock	—		(254,881	)
	Share count as of March 31, 2015	72,440,407		(789,558	)


Summary of Company's non-vested share award activity
		Shares		Weighted
				Average
				Grant Date
				Fair Value
	Non-vested shares outstanding at December 31, 2014	3,062,015		$	5.28
	Granted	2,459,754		$	1.25
	Vested	(900,148	)	$	5.22
	Forfeited	(511,079	)	$	5.44
	Non-vested shares outstanding at March 31, 2015	4,110,542		$	2.86

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
Net Loss Per Share (Tables)	Mar. 31, 2015
Net Loss Per Share
Schedule of reconciliation of net loss to preferred shareholders, common shareholders, and non-vested restricted shareholders for purposes of computing net loss per share			Three Months
			Ended March 31,
			2015			2014
	Net loss		$	(193,554	)	$	(83,645	)
	Preferred Dividend (1)		(131		)	(2,620		)
	Net loss attributable to shareholders		$	(193,685	)	$	(86,265	)

	Participating securities - Series A Preferred Stock (2)		—			—
	Participating securities - Non-vested Restricted Stock (2)		—			—
	Net loss attributable to common shareholders		$	(193,685	)	$	(86,265	)

	Weighted average shares outstanding		67,261			65,987
	Net loss per share		$	(2.88	)	$	(1.31	)

		-1		Calculation of the preferred stock dividend is discussed in Note 11.
		-2		As these shares are participating securities that participate in earnings, but are not required to participate in losses, this calculation demonstrates that there is not an allocation of the loss to the non-vested restricted stockholders.

Organization_and_Business_Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2015
	item
Segment information
Number of reportable segments	1

Liquidity_and_Capital_Resource1

Liquidity and Capital Resources (Details) (USD $)	3 Months Ended	0 Months Ended
Liquidity and Capital Resources (Details) (USD $)	Mar. 31, 2015	Mar. 24, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Available cash	$11,941,000		$11,557,000	$14,648,000	$33,163,000
Contractual obligation due on 2015	143,500,000
Contractual obligation due on 2016	132,000,000
Contractual obligation due on 2017	131,200,000
Interest payments on the senior notes due on 2015	387,800,000
Interest payments on the senior notes due on 2016	355,400,000
Interest payments on the senior notes due on 2017	355,400,000
Liquidity Sufficiency
Cash payment on derivative contract settlement	52,600,000
Financial Ratio Covenants
Net consolidated indebtedness to EBITDA ratio	3.7
Current Ratio	1
Amount of current assets exceeded its current liabilities	1,500,000
Borrowing Base Redetermination
Net consolidated indebtedness to EBITDA ratio	3.7
Cross Default Provisions
Minimum effective borrowing base under credit facility	5.00%
Minimum indebtedness of senior notes including principal amount	50,000,000
Credit Facility
Availability under the facility	88,400,000
Credit Facility \| Sixth Amendment
Borrowing Base Redetermination
Borrowing base		525,000,000
Credit Facility \| Sixth Amendment \| Minimum
Financial Ratio Covenants
Net consolidated indebtedness to EBITDA ratio	4
Borrowing Base Redetermination
Net consolidated indebtedness to EBITDA ratio	4
Property under mortgage (as a percent)		80.00%
Credit Facility \| Sixth Amendment \| Maximum
Financial Ratio Covenants
Net consolidated indebtedness to EBITDA ratio	4.5
Borrowing Base Redetermination
Net consolidated indebtedness to EBITDA ratio	4.5
Property under mortgage (as a percent)		90.00%
2020 Senior Notes
Liquidity Sufficiency
Periodic interest payment amount on due dates	32,000,000
2021 Senior Notes
Liquidity Sufficiency
Periodic interest payment amount on due dates	$32,000,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Change in operating assets and liabilities:
accounts receivable - JIB and other	$13,475	($8,116)
Net cash provided by operating activities	113,017	105,409
Investment in property and equipment	-111,167	-122,780
Net cash used in investing activities	-111,167	-122,780
As Previously Reported
Change in operating assets and liabilities:
accounts receivable - JIB and other		-16,093
Net cash provided by operating activities		97,432
Investment in property and equipment		-114,803
Net cash used in investing activities		($114,803)

Fair_Value_Measurements_of_Fin2

Fair Value Measurements of Financial Instruments (Details) (Recurring, Commodity Derivatives, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	item	item
Significant Other Observable Inputs (Level 2)
Fair Value Measurements of Financial Instruments
Number of bank counterparties for company's commodity derivative contracts	7	7
Assets:
Total assets	$95,473	$126,709
Significant Other Observable Inputs (Level 2) \| Swaps \| NGL
Assets:
Total assets	79,344	106,450
Significant Other Observable Inputs (Level 2) \| Swaps \| Gas
Assets:
Total assets	16,129	20,259
Total
Assets:
Total assets	95,473	126,709
Total \| Swaps \| NGL
Assets:
Total assets	79,344	106,450
Total \| Swaps \| Gas
Assets:
Total assets	$16,129	$20,259

Risk_Management_and_Derivative2

Risk Management and Derivative Instruments (Details) (Not designated as Hedging Instrument, Commodity Derivatives, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	bbl
Risk Management and Derivative Instruments
Maximum loss exposure under commodity derivative contracts on failure of the entity's counterparty's performance	$95.50
Oil \| WTI \| Swaps \| 2015
Risk Management and Derivative Instruments
Weighted-Average Fixed Price	88.04
Hedged Volume	2,196,000
Gas \| Swaps \| 2015
Risk Management and Derivative Instruments
Weighted-Average Fixed Price	4.13
Hedged Volume, not settled in cash	1,500,000
Hedged Volume	13,750,000

Risk_Management_and_Derivative3

Risk Management and Derivative Instruments (Details 2) (Not designated as Hedging Instrument, Commodity Derivatives, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Risk Management and Derivative Instruments
Total derivative fair value at period end	$95,473	$126,709
Derivative assets:
Gross Recognized Assets	95,473	126,709
Net Recognized Fair Value Assets	95,473	126,709
Current Assets
Derivative assets:
Gross Recognized Assets	95,473	126,709
Net Recognized Fair Value Assets	95,473	126,709
Swaps \| Current Assets \| Oil
Derivative assets:
Gross Recognized Assets	79,344	106,450
Swaps \| Current Assets \| Gas
Derivative assets:
Gross Recognized Assets	$16,129	$20,259

Risk_Management_and_Derivative4

Risk Management and Derivative Instruments (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Gains (losses) on Commodity Derivative Contracts
Net cash received (paid) for commodity derivative contracts	($52,608)	$14,810
Gains (losses) on commodity derivative contracts - net	21,372	-22,673
Not designated as Hedging Instrument
Gains (losses) on Commodity Derivative Contracts
Net cash received (paid) for commodity derivative contracts	52,608	-14,810
Unrealized net losses	($31,236)	($7,863)

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	3 Months Ended		0 Months Ended
Property and Equipment (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Apr. 21, 2015	Dec. 31, 2014
Property and Equipment
Proved properties	$3,491,783,000			$3,398,146,000
Unevaluated properties	41,193,000			44,535,000
Other property and equipment	13,845,000			13,454,000
Less accumulated depreciation, depletion, amortization and impairment	-1,566,043,000			-1,333,019,000
Net property and equipment	1,980,778,000			2,123,116,000
Other information
Depletion expense	57,605,000	66,204,000
Depreciation on other property	823,000	697,000
Depreciation, depletion, and amortization	58,428,000	66,901,000
Depletion expense (per Boe)	18.73	25.37
Depreciation on other property (per BOE)	0.27	0.26
Depreciation, depletion, and amortization (per BOE)	19	25.63
Subsequent event \| Dequincy assets
Other information
Purchase price of subject to standard post-closing adjustments received in cash			44,000,000
Net proceeds			42,000,000
Gain (Loss) on reduction of oil and natural gas properties			0
Oil and Gas Properties
Other information
Internal cost capitalized	2,302,000	3,124,000
Capitalized qualifying share-based compensation expense	500,000	500,000
Impairment of oil and gas properties after tax	$174,700,000	$86,500,000

Other_Noncurrent_Assets_Detail

Other Noncurrent Assets (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Other Noncurrent Assets
Deferred financing costs	$37,099	$37,807
Field equipment inventory	5,309	5,713
Other	211	211
Other noncurrent assets	$42,619	$43,731

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accrued Liabilities
Accrued oil and gas capital expenditures	$52,709	$76,398
Accrued revenue and royalty distributions	46,286	51,292
Accrued lease operating and workover expense	16,313	10,113
Accrued interest	53,833	21,521
Accrued taxes	4,618	4,226
Other	8,729	20,281
Accrued liabilities	$182,488	$183,831

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Asset Retirement Obligations
Asset retirement obligations	$22,044	$21,599

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	3 Months Ended
Long-Term Debt (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Aug. 30, 2013	Mar. 24, 2015	Oct. 01, 2012	31-May-13
Long-Term Debt
Total long-term debt	$1,735,150,000		$1,735,150,000
Leverage ratio	3.7
Actual current ratio	1
Amount of current assets exceeded its current liabilities	1,500,000
Midstates Sub
Long-Term Debt
Ownership interest (as a percent)				100.00%
Credit Facility Amendment - September 26, 2013 \| Fiscal quarter ending March 31, 2016 and each fiscal quarter thereafter
Long-Term Debt
Leverage ratio	4
Maximum \| Credit Facility Amendment - September 26, 2013 \| Fiscal quarter ending December 31, 2015
Long-Term Debt
Leverage ratio	4.5
Senior Revolving Credit Facility, due 2018
Long-Term Debt
Long-term debt	435,150,000		435,150,000
Maximum borrowing capacity	750,000,000
Borrowing base					525,000,000
Outstanding letters of credit amount	1,400,000
Interest rate, description	LIBOR
Weighted-average interest rate (as a percent)	3.00%	2.70%
Commitment fee, option one (as a percent)	0.38%
Commitment fee, option two (as a percent)	0.50%
Period during which Company may request additional redetermination of borrowing base	6 months
Number of equal successive monthly payments to make repayment on reduction of borrowing base	6
Period for commencement of repayment of equal successive monthly payments following the administrative agent's notice regarding borrowing base reduction	30 days
Actual current ratio	1
Actual Debt to EBITDA	3.7
Amount of current assets exceeded its current liabilities	1,500,000
Senior Revolving Credit Facility, due 2018 \| Minimum
Long-Term Debt
Interest rate added to base rate (as a percent)	2.00%
Percentage of outstanding loans and other obligations held by lenders, on whose behalf the administrative agent may request for redetermination of borrowing base	67.00%
Current ratio	1
Senior Revolving Credit Facility, due 2018 \| Maximum
Long-Term Debt
Interest rate added to base rate (as a percent)	3.00%
Additional borrowing base redeterminations at company request per 6 month period following each scheduled borrowing base redetermination	1
2020 Senior Notes
Long-Term Debt
Long-term debt	600,000,000		600,000,000
Interest rate (as a percent)						10.75%
Estimated fair value of the Notes	302,300,000
Aggregate principal amount borrowed						600,000,000
Effective annual interest rate (as a percent)	11.10%	11.10%
2021 Senior Notes
Long-Term Debt
Long-term debt	700,000,000		700,000,000
Interest rate (as a percent)							9.25%
Estimated fair value of the Notes	339,500,000
Aggregate principal amount borrowed							$700,000,000
Effective annual interest rate (as a percent)	9.60%	9.60%

Preferred_Stock_Details

Preferred Stock (Details) (Mandatorily redeemable convertible preferred units, USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Sep. 28, 2012
Series A Preferred Stock
Dividends payable	$13
Liquidation value (in dollars per share)	$1,217
Preferred stock, shares outstanding	325,000
Minimum \| Common Stock
Series A Preferred Stock
Additional shares of common stock to be issued upon conversion	5,215,718
Maximum \| Common Stock
Series A Preferred Stock
Additional shares of common stock to be issued upon conversion	6,401,108
Eagle Property Acquisition
Series A Preferred Stock
Preferred stock, shares designated		325,000
Liquidation value (in dollars per share)		$1,000
Rate of interest for preferred stock (as a percent)	8.00%
Conversion rate for preferred stock (in dollars per share)	$13.50
Period required to convert preferred stock into common stock	15 days
Eagle Property Acquisition \| Minimum
Series A Preferred Stock
Conversion rate for preferred stock (in dollars per share)	$11
Eagle Property Acquisition \| Maximum
Series A Preferred Stock
Conversion rate for preferred stock (in dollars per share)	$13.50
$13.50
Series A Preferred Stock
Number of Common Shares Issuable Upon Conversion	29,289,792
$11.00
Series A Preferred Stock
Number of Common Shares Issuable Upon Conversion	35,946,563

Equity_and_ShareBased_Compensa2

Equity and Share-Based Compensation (Details)	3 Months Ended
Equity and Share-Based Compensation (Details)	Mar. 31, 2015
Common Stock
Changes in number of outstanding shares
Share count at the beginning of the period (in shares)	70,491,732
Grants of restricted stock (in shares)	2,459,754
Forfeitures of restricted stock (in shares)	-511,079
Share count at the end of the period (in shares)	72,440,407
Treasury Stock
Changes in number of outstanding shares
Share count at the beginning of the period (in shares)	-534,677
Acquisition of treasury stock (in shares)	-254,881
Share count at the end of the period (in shares)	-789,558

Equity_and_ShareBased_Compensa3

Equity and Share-Based Compensation (Details 2) (Incentive units, USD $)	3 Months Ended
	Mar. 31, 2015
Incentive units
Restricted Stock Awards
Incentive units issued	1,099
Stock-based compensation expense (in dollars)	$0

Equity_and_ShareBased_Compensa4

Equity and Share-Based Compensation (Details 3) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Restricted stock awards
Shares
Non-vested shares outstanding at the beginning of the period	3,062,015
Granted (in shares)	2,459,754
Vested (in shares)	-900,148
Forfeited (in shares)	-511,079
Non-vested shares outstanding at the end of the period	4,110,542
Weighted Average Grant Date Fair Value
Non-vested shares outstanding at the beginning of the period (in dollars per share)	$5.28
Granted (in dollars per share)	$1.25
Vested (in dollars per share)	$5.22
Forfeited (in dollars per share)	$5.44
Non-vested shares outstanding at the end of the period (in dollars per share)	$2.86
Additional information
Unrecognized expense, adjusted for estimated forfeitures (in dollars)	$8.90
Weighted-average period for over which unrecognized expense will be recognized	1 year 10 months 24 days
2012 LTIP
Restricted Stock Awards
Number of shares registered for future issuance			8,638,435
Additional information
Shares available for issuance	1,832,381
2012 LTIP \| General and administrative expense Member
Additional information
Share-based compensation costs recognized	$0.80	$1.50
2012 LTIP \| Restricted stock awards
Restricted Stock Awards
Number of restricted common stock issued to directors, management and employees under the long term incentive plan (in shares)	4,110,542
Vesting period	3 years
Percentage of awards vesting on each anniversary of the grant	33.33%
2012 LTIP \| Restricted stock awards \| Directors
Restricted Stock Awards
Vesting period	1 year

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Income Taxes
Effective annual tax rate (as a percent)	4.50%
Federal statutory rate	35.00%
valuation allowance in light of the impairment of oil and gas properties	$70.90
Valuation allowance	74.7
Current income taxes	$0

Net_Loss_Per_Share_Details

Net Loss Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Net Loss Per Share
Net loss	($193,554)	($83,645)
Preferred Dividend	-131	-2,620
Net loss attributable to shareholders	-193,685	-86,265
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	($193,685)	($86,265)
Weighted average shares outstanding	67,261,000	65,987,000
Net loss per common share - basic and diluted	($2.88)	($1.31)
Aggregate number of common shares outstanding	71,650,849		69,957,055
Restricted stock awards
Net Loss Per Share
Aggregate number of common shares outstanding	4,110,542