Amplify Energy (AMPY) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information
Entity Registrant Name	Midstates Petroleum Company, Inc.
Entity Central Index Key	1,533,924
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
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		6,889,043
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 151,037	$ 11,557
Accounts receivable:
Oil and gas sales	67,338	69,161
Joint interest billing	19,484	42,407
Other	16,758	22,193
Commodity derivative contracts	35,858	126,709
Other current assets	2,388	1,098
Total current assets	292,863	273,125
PROPERTY AND EQUIPMENT:
Oil and gas properties, on the basis of full cost accounting	3,558,960	3,442,681
Other property and equipment	14,734	13,454
Less accumulated depreciation, depletion, amortization and impairment	(2,119,458)	(1,333,019)
Net property and equipment	1,454,236	2,123,116
OTHER ASSETS:
Deferred income taxes	9,579	35,821
Other noncurrent assets	39,560	43,731
Total other assets	49,139	79,552
TOTAL	1,796,238	2,475,793
CURRENT LIABILITIES:
Accounts payable	8,818	22,783
Accrued liabilities	155,221	183,831
Commodity derivative contracts	1,867
Deferred income taxes	9,579	44,862
Total current liabilities	175,485	251,476
LONG-TERM LIABILITIES:
Asset retirement obligations	17,737	21,599
Long-term debt	1,924,412	1,735,150
Other long-term liabilities	1,401	1,706
Total long-term liabilities	$ 1,943,550	$ 1,758,455
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,257,007 shares issued and 7,164,968 shares outstanding at June 30, 2015 and 7,049,173 shares issued and 6,995,705 shares outstanding at December 31, 2014	$ 73	$ 70
Treasury stock	(3,021)	(2,592)
Additional paid-in-capital	886,284	882,528
Retained deficit	(1,206,136)	(414,147)
Total stockholders' (deficit) equity	(322,797)	465,862
TOTAL	1,796,238	2,475,793
Series A Preferred Stock
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock	3	3
Total stockholders' (deficit) equity	$ 3	$ 3

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	7,257,007	7,049,173
Common stock, shares outstanding	7,164,968	6,995,705
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, Liquidation Preference	$ 403,320	$ 387,808
Preferred stock, cumulative dividends (as a percent)	8.00%	8.00%
Preferred stock, shares issued	325,000	325,000
Preferred stock, shares outstanding	325,000	325,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES :
Oil sales	$ 67,498	$ 131,273	$ 126,755	$ 247,495
Natural gas liquid sales	10,239	23,020	21,249	48,539
Natural gas sales	15,995	24,994	35,167	50,379
Gains (losses) on commodity derivative contracts - net	(19,293)	(31,467)	2,079	(54,140)
Other	315	170	678	379
Total revenues	74,754	147,990	185,928	292,652
EXPENSES :
Lease operating and workover	21,758	19,721	45,020	39,848
Gathering and transportation	3,931	2,940	7,369	5,795
Severance and other taxes	2,505	5,632	6,069	13,279
Asset retirement accretion	390	432	835	929
Depreciation, depletion, and amortization	55,255	71,074	113,683	137,975
Impairment in carrying value of oil and gas properties	498,389		673,056	86,471
General and administrative	11,461	13,434	23,115	25,118
Acquisition and transaction costs	251	2,483	251	2,611
Debt restructuring costs	34,398		36,141
Other		609	73	939
Total expenses	628,338	116,325	905,612	312,965
OPERATING INCOME (LOSS)	(553,584)	31,665	(719,684)	(20,313)
OTHER INCOME (EXPENSE):
Interest income	27	9	36	19
Interest expense - net of amounts capitalized	(44,880)	(33,813)	(81,382)	(67,760)
Total other expense	(44,853)	(33,804)	(81,346)	(67,741)
LOSS BEFORE TAXES	(598,437)	(2,139)	(801,030)	(88,054)
Income tax benefit		41	9,041	2,311
NET LOSS	(598,437)	(2,098)	(791,989)	(85,743)
Preferred stock dividend	(669)	(4,806)	(800)	(7,426)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (599,106)	$ (6,904)	$ (792,789)	$ (93,169)
Basic and diluted net loss per share attributable to common shareholders	$ (88.44)	$ (1.04)	$ (117.45)	$ (14.07)
Basic and diluted weighted average number of common shares outstanding	6,774	6,645	6,750	6,622

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in-Capital	Retained Deficit	Total
Balance at Dec. 31, 2013	$ 3	$ 69	$ (664)	$ 871,667	$ (531,076)	$ 339,999
Increase (Decrease) in Stockholders' Equity
Share-based compensation		2		4,816		4,818
Acquisition of treasury stock			(1,491)			(1,491)
Net loss					(85,743)	(85,743)
Balance at Jun. 30, 2014	3	71	(2,155)	876,483	(616,819)	257,583
Balance at Dec. 31, 2014	3	70	(2,592)	882,528	(414,147)	465,862
Increase (Decrease) in Stockholders' Equity
Share-based compensation		3		3,756		3,759
Acquisition of treasury stock			(429)			(429)
Net loss					(791,989)	(791,989)
Balance at Jun. 30, 2015	$ 3	$ 73	$ (3,021)	$ 886,284	$ (1,206,136)	$ (322,797)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (791,989)	$ (85,743)
Adjustments to reconcile net loss to net cash provided by operating activities:
Losses (gains) on commodity derivative contracts - net	(2,079)	54,140
Net cash received (paid) for commodity derivative contracts not designated as hedging instruments	94,797	(31,948)
Asset retirement accretion	835	929
Depreciation, depletion, and amortization	113,683	137,975
Impairment in carrying value of oil and gas properties	673,056	86,471
Share-based compensation, net of amounts capitalized to oil and gas properties	2,897	3,668
Deferred income taxes	(9,041)	(2,311)
Amortization of deferred financing costs	8,356	4,197
Paid-in-kind interest expense	1,187
Amortization of deferred gain on debt restructuring	(1,775)
Transaction costs for debt restructuring	34,398
Change in operating assets and liabilities:
Accounts receivable - oil and gas sales	139	(998)
Accounts receivable - JIB and other	22,617	(1,557)
Other current and noncurrent assets	(1,275)	(1,094)
Accounts payable	(2,793)	4,756
Accrued liabilities	(4,058)	4,365
Other	(305)	711
Net cash provided by operating activities	138,650	173,561
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(190,278)	(275,547)
Proceeds from the sale of oil and gas properties	40,284	147,519
Net cash used in investing activities	(149,994)	(128,028)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from second lien notes	625,000
Proceeds from revolving credit facility	33,000	84,000
Repayment of revolving credit facility	(468,150)	(131,000)
Deferred financing costs	(4,199)	(545)
Transaction costs for debt restructuring	(34,398)
Acquisition of treasury stock	(429)	(1,491)
Net cash provided by (used in) financing activities	150,824	(49,036)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	139,480	(3,503)
Cash and cash equivalents, beginning of period	11,557	33,163
Cash and cash equivalents, end of period	151,037	29,660
SUPPLEMENTAL INFORMATION:
Non-cash investment in property and equipment	61,728	115,000
Non-cash exchange of third lien notes for 2020 senior notes and 2021 senior notes	524,121
Cash paid for interest, net of capitalized interest of $2.1 million and $8.0 million, respectively	$ 71,569	$ 63,383

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Capitalized interest	$ 2.1	$ 8

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 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 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. 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 Resources

Liquidity and Capital Resources	6 Months Ended
	Jun. 30, 2015
Liquidity and Capital Resources
Liquidity and Capital Resources	2. Liquidity and Capital Resources As a result of substantial declines in oil, natural gas liquids and natural gas prices during the latter half of 2014 and continuing into 2015, we expect lower operating cash flows than previously experienced and if commodity prices continue to remain low, our liquidity will be impacted as current hedging contracts expire. During the three and six months ended June 30, 2015, the Company received cash payments on settled derivative contracts of $42.2 million and $94.8 million, respectively. The weighted average fixed price of the Company’s derivatives for the second half of 2015 are lower than the weighted average fixed price for the first half of 2015, and the Company currently has no derivatives for any period subsequent to 2015. As such, the cash payments received during the first half of 2015 could significantly decrease in the second half of 2015, and such cash payments will not be received in 2016 and future periods due to the expiration of our hedging contracts. The interest payment obligations of the Company are substantial and 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 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 reserve based revolving credit facility (“the Credit Facility”) waiving any default as a result of receiving such qualification. The accompanying financial statements do not include any adjustments that might result from the uncertainty associated with the Company’s ability to meet obligations as they come due. As a result of the commodity price decline and the Company’s substantial debt burden, the Company took steps to increase its liquidity and amended certain debt covenants. On April 21, 2015, the Company closed on the sale of certain of its oil and gas properties in Beauregard and Calcasieu Parishes, Louisiana (the “Dequincy Divestiture”), for approximately $44.0 million, before customary post-closing adjustments. The net proceeds from the Dequincy Divestiture were retained for general corporate purposes. On May 21, 2015, the Company sold $625.0 million of 10.0% Second Lien Senior Secured Notes due 2020 (the “Second Lien Notes”) and utilized the proceeds to repay the outstanding balance of the Credit Facility of approximately $468.2 million, with the remainder to be utilized for general corporate purposes. Further, the Company exchanged approximately $504.1 million of 12.0% Third Lien Senior Secured Notes due 2020 (the “Third Lien Notes”) for approximately $279.8 million of 10.75% Senior Unsecured Notes due 2020 (the “2020 Senior Notes”) and $350.3 million of 9.25% Senior Unsecured Notes due 2021 (the “2021 Senior Notes” together with the 2020 Senior Notes, the “Unsecured Notes”), representing an exchange at 80.0% of the exchanged Unsecured Notes’ par value. Additionally, on June 2, 2015, the Company exchanged approximately $20.0 million of Third Lien Notes for approximately $26.6 million of 2020 Senior Notes and $2.0 million of 2021 Senior Notes, representing an exchange at 70.0% of the exchanged Unsecured Notes’ par value. The Company also entered into a Seventh Amendment to the Credit Facility (“Seventh Amendment”) which provided that upon completion of the Second Lien Notes and Third Lien Notes exchange, the borrowing base of the Credit Facility would be reduced to $252.4 million. The Seventh Amendment also provided additional covenant flexibility. For further information regarding the Second Lien Notes, Third Lien Notes and updates to the Company’s debt covenants, see “— Note 10. Long-Term Debt.” The Dequincy Divestiture, the issuance of the Second Lien Notes and the exchange of the Third Lien Notes increased the Company’s cash balance, increased the amount of borrowings available under the Credit Facility and as a result, increased the liquidity of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. Reverse Stock Split On August 3, 2015, the Company completed a 1-for-10 reverse stock split of its outstanding common stock. To effect the reverse stock split, the Company filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation, which provides for the reverse stock split and for the corresponding reduction in the Company’s authorized capital stock to 100 million shares of common stock, $0.01 par value per share, following the reverse stock split. The condensed consolidated financial statements and notes to the condensed consolidated financial statements included in this document give retrospective effect to the reverse stock split for all periods presented. Recently Issued Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 provides guidance concerning the recognition and measurement of revenue from contracts with customers. The objective of ASU 2014-09 is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. ASU 2014-09 requires an entity to (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 will be effective for the Company beginning on January 1, 2018, including interim periods within that reporting period, considering the one year deferral approved by the FASB on July 9, 2015. The standard permits the use of either the retrospective or cumulative effect transition method. Early adoption is permitted. The Company has not selected a transition method and is evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, “ Interest — Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (Topic 835)”. The update requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard should be applied retrospectively and is effective for the Company beginning on January 1, 2016. The Company does not believe the adoption of this guidance will have a material impact on its financial position, results of operations or cash flows. Correction of Operating and Investing Cash Flows for the Six Months Ended June 30, 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 six months ended June 30, 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 or six months ended June 30, 2014. The impact of the correction is shown in the following table (in thousands): For the Six Months Ended June 30, 2014 Statement of Cash Flows As Previously Reported As Restated Change in operating assets and liabilities: accounts receivable - JIB and other $ $ ) Net cash provided by operating activities Investment in property and equipment ) ) Net cash used in investing activities ) )

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 consist of 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. See “— Note 5. Risk Management and Derivative Instruments” for additional information on the Company’s derivative instruments and balance sheet presentation. Fair Value Measurements at June 30, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — Total assets $ — $ $ — $ Liabilities: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — — — Total liabilities $ — $ $ — $ Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — Total assets $ — $ $ — $ Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps — — — — Total liabilities $ — $ — $ — $ —

Risk Management and Derivative

Risk Management and Derivative Instruments	6 Months Ended
	Jun. 30, 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, NGL and natural gas prices. The Company believes it is prudent to manage the variability in cash flows by entering into derivative financial instruments to economically hedge a portion of its crude oil, NGL and natural gas production. The Company utilizes various types of derivative financial instruments, including swaps and collars, to reduce 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, NGL and natural 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 crude oil, NGL 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 June 30, 2015 would have been approximately $35.9 million. Commodity Derivative Contracts As of June 30, 2015, the Company had the following open commodity derivative contract positions: Hedged Weighted-Average Volume Fixed Price Oil (Bbls): WTI Swaps — 2015 $ Natural Gas (MMBtu): Swaps — 2015(1) $ (1) Includes 1,550,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of June 30, 2015. Balance Sheet Presentation The following table summarizes the gross fair values of derivative instruments by the appropriate balance sheet classification; however, the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands): Type Balance Sheet Location (1) June 30, 2015 December 31, 2014 Oil Swaps Derivative financial instruments — Current Assets $ $ Oil Swaps Derivative financial instruments — Current Liabilities ) — Gas Swaps Derivative financial instruments — Current Assets Total derivative fair value at period end $ $ (1) The fair values of commodity derivative instruments reported in the Company’s condensed 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 unaudited condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands): June 30, 2015 Not Designated as ASC 815 Hedges: Balance Sheet Classification Gross Recognized Assets/ Liabilities Gross Amounts Offset Net Recognized Fair Value Assets/ Liabilities Derivative assets: Commodity contracts Derivative financial instruments - current $ $ $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ $ Derivative liabilities: Commodity contracts Derivative financial instruments - current $ $ $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ $ December 31, 2014 Not Designated as ASC 815 Hedges: Balance Sheet Classification Gross Recognized Assets/ Liabilities Gross Amounts Offset Net Recognized Fair Value Assets/ Liabilities Derivative assets: Commodity contracts Derivative financial instruments - current $ $ — $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ — $ 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 net cash received (paid) for commodity derivative contracts and unrealized net gains (losses) recorded by the Company related to the change in fair value of the derivative instruments in “Gains (losses) on commodity derivative contracts — net” for the periods presented: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Net cash received (paid) for commodity derivative contracts $ $ ) $ $ ) Unrealized net gains (losses) ) ) ) ) Gains (losses) on commodity derivative contracts - net $ ) $ ) $ $ )

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property and Equipment
Property and Equipment	6. Property and Equipment June 30, 2015 December 31, 2014 (in thousands) Oil and gas properties, on the basis of full-cost accounting: Proved properties $ $ Unevaluated properties Other property and equipment Less accumulated depreciation, depletion, amortization and impairment ) ) Net property and equipment $ $ Oil and Gas Properties The Company capitalizes internal costs directly related to exploration and development activities to oil and gas properties. During the three and six months ended June 30, 2015 and 2014, the Company capitalized the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Internal costs capitalized to oil and gas properties (1) $ $ $ $ (1) Inclusive of $0.4 million and $0.6 million of qualifying share-based compensation expense for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, inclusive of $0.9 million and $1.2 million, respectively. 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 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 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 (“ARO”) 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 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 condensed consolidated statements of operations. At June 30, 2015, capitalized costs exceeded the ceiling and the Company recorded an impairment of oil and gas properties of $498.4 million. During the six months ended June 30, 2015 and 2014, the Company recorded impairments of oil and gas properties of $673.1 million and $86.5 million, respectively. Impairments at June 30, 2015 and March 31, 2015 were 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 (“UOP”). The UOP calculation multiplies the percentage of estimated proved reserves produced by the cost of those reserves. The result is to recognize expense at the same pace that the reservoirs are estimated to be depleting. The amortization base in the UOP calculation includes the sum of proved property costs net of accumulated depreciation, depletion, amortization and impairment, estimated future development costs (future costs to access and develop proved reserves) and asset retirement costs that are not already included in oil and gas property, less related salvage value. The following table presents depletion expense related to oil and gas properties for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 2015 2014 (in thousands) (per Boe) (in thousands) (per Boe) Depletion expense $ $ $ $ $ $ $ $ Depreciation on other property Depreciation, depletion, and amortization $ $ $ $ $ $ $ $ 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 $31.8 million and $44.5 million at June 30, 2015 and December 31, 2014, respectively. Other Property and Equipment Other property and equipment consists of vehicles, furniture and fixtures, and computer hardware and software and are carried at cost. Depreciation is calculated principally using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. Maintenance and repairs are charged to expense as incurred, while renewals and betterments are capitalized. 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 $44.0 million to Pintail Oil and Gas LLC. The net proceeds of approximately $42.4 million, which was net of customary closing adjustments, was reflected as a reduction of oil and natural gas properties, with no gain or loss recognized. The proceeds from the sale have been and will continue to be used for general corporate purposes.

Other Noncurrent Assets

Other Noncurrent Assets	6 Months Ended
	Jun. 30, 2015
Other Noncurrent Assets
Other Noncurrent Assets	7. Other Noncurrent Assets At June 30, 2015 and December 31, 2014 other noncurrent assets consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Deferred financing costs $ $ Field inventory Other Other noncurrent assets $ $ During the three months ended June 30, 2015, approximately $4.6 million in deferred financing costs were impaired as a result of the Seventh Amendment to the Credit Facility. The Seventh Amendment is further discussed in “— Note 10. Long-Term Debt.”

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Accrued Liabilities	8. Accrued Liabilities At June 30, 2015 and December 31, 2014 accrued liabilities consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Accrued oil and gas capital expenditures $ $ Accrued revenue and royalty distributions Accrued lease operating and workover expense Accrued interest Accrued taxes Other Accrued liabilities $ $

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 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. The following table reflects the changes in the Company’s AROs for the periods indicated: Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 (in thousands) Asset retirement obligations — beginning of period $ $ Liabilities incurred Revisions — — Liabilities settled — ) Liabilities eliminated through asset sales ) ) Current period accretion expense Asset retirement obligations — end of period $ $

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-Term Debt
Long-Term Debt	10. Long-Term Debt The Company’s long-term debt as of June 30, 2015 and December 31, 2014 is as follows (in thousands): December 31, 2014 Carrying Value Borrowings Repayments Exchanges Deferred Gain on Forgiven Debt Amortization of Forgiven Debt PIK Interest June 30, 2015 Carrying Value Credit Facility $ $ $ ) $ — $ — $ — $ — $ — 2020 Senior Notes — — ) ) — — 2021 Senior Notes — — ) ) — — Second Lien Notes — — — ) — Third Lien Notes — — — ) Total debt $ $ $ ) $ — $ — $ ) $ $ Current maturities — — — — — — — — Long-term debt $ $ $ ) $ — $ — $ ) $ $ June 30, 2015 Carrying Value Unamortized Deferred Gain on Debt Forgiven June 30, 2015 Principle Balance Outstanding Revolving Credit Facility $ — $ — $ — 2020 Senior Notes — 2021 Senior Notes — Second Lien Notes ) Third Lien Notes ) Total debt $ $ ) $ Current maturities — — — Long-term debt $ $ ) $ Debt Restructuring On May 21, 2015, the Company issued $625.0 million of Second Lien Notes and utilized the proceeds to repay the outstanding balance of the Credit Facility in an amount of approximately $468.2 million, with the remainder to be utilized for general corporate purposes. Further, the Company exchanged approximately $504.1 million of Third Lien Notes for approximately $279.8 million of 2020 Senior Notes and $350.3 million of 2021 Senior Notes, representing an exchange at 80.0% of the exchanged Unsecured Notes’ par value. Additionally, on June 2, 2015, the Company exchanged approximately $20.0 million of Third Lien Notes for approximately $26.6 million of 2020 Senior Notes and $2.0 million of 2021 Senior Notes, representing an exchange at 70.0% of the exchanged Unsecured Notes’ par value. Approximately $63.9 million of the principal amount of 2020 Senior Notes and $70.7 million of the principal amount of 2021 Senior Notes were extinguished. Additionally, the Company and Midstates Sub entered into the Seventh Amendment to the Credit Facility which provided that upon completion of the offering of the Second Lien Notes and exchange of Third Lien Notes, the borrowing base of the Credit Facility would be reduced to $252.4 million. The Seventh Amendment also provided additional covenant flexibility. Further discussion regarding the Second Lien Notes, Third Lien Notes and Seventh Amendment can be found below. The exchanges of Third Lien Notes for the Unsecured Notes as well as the issuance of the Second Lien Notes were accounted for as a troubled debt restructuring. As the future cash flows of the modified debt instruments are greater than the carrying amount of the previous debt instruments, no gain was recognized. The amount of extinguished debt will be amortized and recognized as a reduction of interest expense over the remaining life of the Second Lien Notes and Third Lien Notes using the effective interest method. As a result, the Company’s reported interest expense will be significantly less than the contractual interest payments throughout the term of Second Lien Notes and Third Lien Notes. All costs incurred, including restructuring costs as well as the direct issuance costs of the Second Lien Notes and Third Lien Notes, were expensed and are included within debt restructuring costs in our condensed consolidated statements of operations. Reserve-based Credit Facility The Company maintains a $750.0 million Credit Facility with a borrowing base of $252.4 million supported by the Company’s Mississippian Lime and Anadarko Basin oil and gas assets. At June 30, 2015, the Company had no amounts drawn on the Credit Facility and had outstanding letters of credit obligations totaling $1.5 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 June 30, 2015 and 2014, the weighted average interest rate was 2.9% and 2.8%, 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 0.500% 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 any amount by which the principal balance of its outstanding loans and its letter of credit obligations exceed its redetermined borrowing base or grant liens on additional property having sufficient value to eliminate such excess. 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. On March 24, 2015, the Company and Midstates Sub entered into a Sixth Amendment (the “Sixth Amendment”) to the Credit Facility. The Sixth Amendment amended 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 amended the mortgage requirements under the Credit Facility 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. On May 21, 2015, the Company and Midstates Sub entered into a Seventh Amendment (the “Seventh Amendment”) to the Credit Facility. The Seventh Amendment provided that, with the completion of the offering of the Second Lien Notes and Third Lien Notes (both discussed below), the Company’s borrowing base would be reduced to approximately $252.4 million. The Seventh Amendment also eliminated the required ratio of net consolidated indebtedness to EBITDA covenant and added a ratio of Total Senior Indebtedness (as defined therein) to EBITDA of not more than 1.0:1.0, which is further discussed below under “— Debt Covenants.” The next scheduled redetermination of the borrowing base is October 2015. 2020 Senior Notes On October 1, 2012, the Company issued $600 million in aggregate principal amount of 2020 Senior Notes 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 identical registered notes. The 2020 Senior Notes rank pari passu in right of payment with the 2021 Senior Notes, the Second Lien Notes and Third Lien 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 indenture governing the 2020 Senior Notes (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. At any time prior to October 1, 2015, the Company may, under certain circumstances, redeem up to 35% of the aggregate principal amount of the 2020 Senior Notes with the net proceeds of a public or private equity offering at a redemption price of 110.75% of the principal amount of the 2020 Senior Notes, plus any accrued and unpaid interest up to the redemption date. In addition, at any time before October 1, 2016, the Company may redeem all or a part of the 2020 Senior Notes at a redemption price equal to 100% of the principal amount of 2020 Senior Notes redeemed plus the Applicable Premium (as defined in the 2020 Senior Notes Indenture) at the redemption date, plus any accrued and unpaid interest, if any, up to the redemption date. On or after October 1, 2016, the Company may redeem all or a part of the 2020 Senior Notes at varying redemption prices (expressed as percentages of principal amount) set forth in the 2020 Senior Notes Indenture plus accrued and unpaid interest, if any, on the 2020 Senior Notes redeemed, up to the redemption date. Upon the occurrence of certain change of control events, as defined in the 2020 Senior Notes Indenture, each holder of the 2020 Senior Notes will have the right to require that the Company repurchase all or a portion of such holder’s 2020 Senior Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof plus any accrued and unpaid interest to the date of repurchase. On May 21, 2015 and June 2, 2015, a total of approximately $306.4 million of 2020 Senior Notes were exchanged for Third Lien Notes, as discussed above. The estimated fair value of the 2020 Senior Notes as of June 30, 2015 was $121.1 million (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. 2021 Senior Notes On May 31, 2013, the Company issued $700 million in aggregate principal amount of 2021 Senior Notes. In October 2013, these notes were exchanged for an equal principal amount of identical registered notes. The 2021 Senior Notes rank pari passu in right of payment with the 2020 Senior Notes, Second Lien Notes and Third Lien 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 indenture governing the 2021 Senior Notes (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. Prior to June 1, 2016, the Company may, under certain circumstances, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes with the net proceeds of any equity offerings at a redemption price of 109.25% of the principal amount of the 2021 Senior Notes redeemed, plus any accrued and unpaid interest, if any, up to the redemption date. In addition, at any time before June 1, 2016, the Company may redeem all or a part of the 2021 Senior Notes at a redemption price equal to 100% of the principal amount of the 2021 Senior Notes redeemed plus the Applicable Premium (as defined in the 2021 Senior Notes Indenture) at the redemption date, plus any accrued and unpaid interest, if any, up to, the redemption date. On or after June 1, 2016, the Company may redeem all or a part of the 2021 Senior Notes at varying redemption prices (expressed as percentages of principal amount) set forth in the 2021 Senior Notes Indenture plus accrued and unpaid interest, if any, on the 2021 Senior Notes redeemed, up to, the redemption date. Upon the occurrence of certain change of control events, as defined in the 2021 Senior Notes Indenture, each holder of the 2021 Senior Notes will have the right to require that the Company repurchase all or a portion of such holder’s 2021 Senior Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof plus any accrued and unpaid interest to the date of repurchase. On May 21, 2015 and June 2, 2015, a total of approximately $352.3 million of 2021 Senior Notes were exchanged for Third Lien Notes, as discussed above. The estimated fair value as of June 30, 2015 of the 2021 Senior Notes was $137.8 million (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. Second Lien Notes On May 21, 2015, the Company and Midstates Sub issued and sold $625.0 million aggregate principal amount of Second Lien Notes in a private placement conducted pursuant to Rule 144A under the Securities Act. The Second Lien Notes mature on the earlier of June 1, 2020 or 12 months after the maturity date of the Company’s Credit Facility (including any extension or refinancing of such facility). The Second Lien Notes have an interest rate of 10.0% and interest is payable semi-annually on June 1 and December 1 of each fiscal year. The Second Lien Notes are unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s future restricted subsidiaries (the “Guarantors”) and will be initially secured by second-priority liens on substantially all of the Company’s and Guarantors’ assets that secure the Company’s Credit Facility. On May 21, 2015, in connection with the offering of Second Lien Notes, the Company and Midstates Sub entered into a registration rights agreement with the initial purchasers of the Second Lien Notes pursuant to which the Company and Midstates Sub are obligated, within 270 days after the issuance of the Second Lien Notes, to file with the Securities and Exchange Commission under the Securities Act a registration statement with respect to an offer to exchange the Second Lien Notes for substantially identical registered new notes. The Company will be obligated to pay liquidated damages consisting of additional interest on the Second Lien Notes if, within the periods specified in the agreement, it does not file the exchange offer registration statement or if certain other events occur. The Second Lien Notes are senior secured obligations of the Company and rank effectively junior to its obligations under the Credit Facility, effectively senior to its existing and future unsecured indebtedness, effectively senior to the Company’s Third Lien Notes and all future junior lien obligations, effectively junior to all existing and future secured indebtedness secured by assets not constituting collateral under the Second Lien Notes, pari passu with all of the Company’s existing and future senior debt, structurally subordinated to all existing and future indebtedness of any non-Guarantor subsidiaries and senior to any existing or future subordinated debt. Upon the occurrence of certain change of control events, as defined in the indenture governing the Second Lien Notes, each holder of the Second Lien Notes will have the right to require that the Company repurchase all or a portion of such holder’s 2020 Second Lien Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof plus any accrued and unpaid interest to the date of repurchase. The estimated fair value of the Second Lien Notes was $601.6 million as of June 30, 2015 (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. Third Lien Notes On May 21, 2015 and June 2, 2015, the Company issued approximately $504.1 million and $20.0 million, respectively, in aggregate principal amount of Third Lien Notes in a private placement and in exchange for an aggregate $306.4 million of the 2020 Senior Notes and $352.3 million of the 2021 Senior Notes. The Third Lien Notes are unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Guarantors. The Third Lien Notes are secured by third-priority liens on substantially all of the Company’s assets that secure the Credit Facility. The Third Lien Notes have an interest rate of 12.0%, consisting of cash interest of 10.0% and paid-in-kind interest of 2.0%, per annum and mature on the earlier of June 1, 2020 or 12 months after the maturity date of the Company’s Credit Facility (including any extension or refinancing of such facility). Interest is payable semi-annually on June 1 and December 1 of each fiscal year. On May 21, 2015, in connection with the issuance of the Third Lien Notes, the Company entered into a registration rights agreement with the initial purchasers of the Third Lien Notes pursuant to which the Company is obligated, within 270 days after the issuance of the Third Lien Notes, to file with the Securities and Exchange Commission under the Securities Act a registration statement with respect to an offer to exchange the Third Lien Notes for substantially identical registered new notes. The Company will be obligated to pay liquidated damages consisting of additional interest on the Third Lien Notes if, within the periods specified in the agreement, it does not file the exchange offer registration statement or if certain other events occur. The Third Lien Notes are senior secured obligations of the Company and rank effectively junior to its obligations under the Credit Facility and Second Lien Notes to the extent of the value of the collateral securing such indebtedness, effectively senior to its existing and future unsecured indebtedness to the extent of the value of the collateral securing the Third Lien Notes, effectively senior to all future junior lien obligations that rank below a third-priority basis to the extent of the value of the collateral securing the Third Lien Notes, effectively junior to all existing and future secured indebtedness secured by assets not constituting collateral under the Third Lien Notes, pari passu to all of the Company’s existing and future senior debt, structurally subordinated to all existing and future indebtedness of any non-Guarantor subsidiaries and senior in right of payment to any existing or future subordinated debt. Upon the occurrence of certain change of control events, as defined in the indenture governing the Third Lien Notes, each holder of the Third Lien Notes will have the right to require that the Company repurchase all or a portion of such holder’s Third Lien Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof plus any accrued and unpaid interest to the date of repurchase. The estimated fair value of the Third Lien Notes was $420.3 million as of June 30, 2015 (Level 2 in the fair value measurement hierarchy), based on quoted market prices for these same debt securities. Debt Covenants The indentures governing the 2020 Senior Notes, 2021 Senior Notes, Second Lien Notes and Third Lien Notes contain 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. Additionally, the Credit Facility, as amended, contains, among other standard affirmative and negative covenants, financial covenants including a maximum ratio of Total Senior Indebtedness to EBITDA (as defined therein) of not more than 1.0:1.0 and a minimum current ratio (as defined therein) of not less than 1.0 to 1.0. The Credit Facility also limits the Company’s ability to make any dividends, distributions or redemptions. The Company was in compliance with all debt covenants at June 30, 2015. 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 2020 Senior Notes, 2021 Senior Notes, Second Lien Notes and Third Lien 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.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 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 currently convertible 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 $135.00 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 $135.00 per share and no less than $110.00 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 conversion prices for the Series A Preferred Shares were automatically adjusted to reflect the reverse stock split and the resulting decrease in the number of shares of common stock outstanding. The Series A Preferred Stock was issued on October 1, 2012. On March 30, 2015, the Company elected to pay the $13.0 million semi-annual dividend due on that date through an increase in the Series A Preferred Stock liquidation preference to $1,241 per share. It is the Company’s intention for the foreseeable future to pay Series A Preferred Share dividends through an adjustment to the liquidation preference. Therefore, for the three months ended June 30, 2015, the $7.9 million Series A Preferred Stock dividend, which the Company intends to pay through the adjustment to the liquidation preference, is based upon the estimated fair value of 71,893 common shares that would have been issued had the Series A Preferred Stock dividend for the three months been converted into common shares at a conversion price of $110.00 per share. As a result, the Company will be obligated to issue between 580,151 and 712,004 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 June 30, 2015 at the respective conversion rates based upon the current liquidation preference: Conversion at $135.00/share Conversion at $110.00/share Number of Common Shares Issuable Upon Conversion

Equity and Share-Based Compensa

Equity and Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Equity and Share-Based Compensation
Equity and Share-Based Compensation	12. Equity and Share-Based Compensation Share Activity The following table summarizes changes in the number of outstanding shares since December 31, 2014: Number of Shares Common Stock Treasury Stock Share count as of December 31, 2014 ) Grants of restricted stock — Forfeitures of restricted stock ) — Acquisition of treasury stock — ) Share count as of June 30, 2015 ) The Company’s 2012 LTIP (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 June 30, 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 held in the Company 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 incentive units has been recognized by the Company, as any payout under the incentive units is not considered probable, and thus, the amount of FRMI Profits, if any, cannot be determined. Share-based Compensation 2012 Long Term Incentive Plan On April 20, 2012, the Company established the 2012 Long Term Incentive Plan (the “2012 LTIP”) and filed a Form S-8 with the SEC, registering 656,343 shares of common stock for future issuance under the terms of the 2012 LTIP. On May 27, 2014, the Company filed a Form S-8 with the SEC, increasing the number of shares available for future issuance under the terms of the 2012 LTIP to 863,843 shares of common stock. 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 June 30, 2015 a total of 863,843 common share Awards are authorized for issuance and 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 June 30, 2015, the Company had 377,556 non-vested shares of restricted common stock to directors, management and employees 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 six months ended June 30, 2015: Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding at December 31, 2014 $ Granted $ Vested ) $ Forfeited ) $ Non-vested shares outstanding at June 30, 2015 $ Unrecognized expense, adjusted for estimated forfeitures, as of June 30, 2015 for all outstanding restricted stock awards was $6.4 million and will be recognized over a weighted average period of 1.8 years. At June 30, 2015, 170,271 shares remain available for issuance under the terms of the 2012 LTIP.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and the effects of federal and state valuation allowance adjustments. For the six months ended June 30, 2015, the Company’s effective tax rate was a benefit of approximately 1.1%. The Company’s effective tax rate differs from the federal statutory rate of 35% due to the effect of state income taxes and changes in the valuation allowance. This year, the Company recorded $305.9 million in additional valuation allowance in light of the impairment of oil and gas properties bringing the total valuation allowance to $309.7 million at June 30, 2015. A valuation allowance has been recorded as management does not believe that it is more-likely-than-not that the NOLs 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	6 Months Ended
	Jun. 30, 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 loss per share, pursuant to the two-class method. In the calculation of basic 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 and six months ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ ) $ ) $ ) $ ) Preferred Dividend (1) ) ) ) ) Net loss attributable to shareholders $ ) $ ) $ ) $ ) Participating securities - Series A Preferred Stock (2) — — — — Participating securities - Non-vested Restricted Stock (2) — — — — Net loss attributable to common shareholders $ ) $ ) $ ) $ ) Weighted average shares outstanding Net loss per share $ ) $ ) $ ) $ ) (1) Calculation of the preferred stock dividend is discussed in “— Note 11. Preferred Stock” (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 June 30, 2015 was 7,257,007 of which 377,556 were non-vested restricted shares. The aggregate number of shares of Series A Preferred Stock outstanding at June 30, 2015 was 325,000, each with a liquidation preference of $1,241 representing on an as-converted basis approximately 3,666,549 common shares based upon a conversion price of $110.00 per share, which have been excluded from the weighted average shares outstanding for EPS purposes for the three and six months ended June 30, 2015 due to their anti-dilutive effect.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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.
Reverse Stock Split	Reverse Stock Split On August 3, 2015, the Company completed a 1-for-10 reverse stock split of its outstanding common stock. To effect the reverse stock split, the Company filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation, which provides for the reverse stock split and for the corresponding reduction in the Company’s authorized capital stock to 100 million shares of common stock, $0.01 par value per share, following the reverse stock split. The condensed consolidated financial statements and notes to the condensed consolidated financial statements included in this document give retrospective effect to the reverse stock split for all periods presented.
Recently Issued Standards Not Yet Adopted	Recently Issued Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 provides guidance concerning the recognition and measurement of revenue from contracts with customers. The objective of ASU 2014-09 is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. ASU 2014-09 requires an entity to (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 will be effective for the Company beginning on January 1, 2018, including interim periods within that reporting period, considering the one year deferral approved by the FASB on July 9, 2015. The standard permits the use of either the retrospective or cumulative effect transition method. Early adoption is permitted. The Company has not selected a transition method and is evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, “ Interest — Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (Topic 835)”. The update requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. The standard should be applied retrospectively and is effective for the Company beginning on January 1, 2016. The Company does not believe the adoption of this guidance will have a material impact on its financial position, results of operations or cash flows.
Correction of Operating and Investing Cash Flows	Correction of Operating and Investing Cash Flows for the Six Months Ended June 30, 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 six months ended June 30, 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 or six months ended June 30, 2014. The impact of the correction is shown in the following table (in thousands): For the Six Months Ended June 30, 2014 Statement of Cash Flows As Previously Reported As Restated Change in operating assets and liabilities: accounts receivable - JIB and other $ $ ) Net cash provided by operating activities Investment in property and equipment ) ) Net cash used in investing activities ) )

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Schedule of the impact of correction	The impact of the correction is shown in the following table (in thousands): For the Six Months Ended June 30, 2014 Statement of Cash Flows As Previously Reported As Restated Change in operating assets and liabilities: accounts receivable - JIB and other $ $ ) Net cash provided by operating activities Investment in property and equipment ) ) Net cash used in investing activities ) )

Fair Value Measurements of Fi25

Fair Value Measurements of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — Total assets $ — $ $ — $ Liabilities: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — — — Total liabilities $ — $ $ — $ Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets: Commodity derivative oil swaps $ — $ $ — $ Commodity derivative gas swaps — — Total assets $ — $ $ — $ Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps — — — — Total liabilities $ — $ — $ — $ —

Risk Management and Derivativ26

Risk Management and Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Risk Management and Derivative Instruments
Schedule of the entity's open commodity derivative contract positions	As of June 30, 2015, the Company had the following open commodity derivative contract positions: Hedged Weighted-Average Volume Fixed Price Oil (Bbls): WTI Swaps — 2015 $ Natural Gas (MMBtu): Swaps — 2015(1) $ (1) Includes 1,550,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of June 30, 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	The following table summarizes the gross fair values of derivative instruments by the appropriate balance sheet classification; however, the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands): Type Balance Sheet Location (1) June 30, 2015 December 31, 2014 Oil Swaps Derivative financial instruments — Current Assets $ $ Oil Swaps Derivative financial instruments — Current Liabilities ) — Gas Swaps Derivative financial instruments — Current Assets Total derivative fair value at period end $ $ (1) The fair values of commodity derivative instruments reported in the Company’s condensed 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 unaudited condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands): June 30, 2015 Not Designated as ASC 815 Hedges: Balance Sheet Classification Gross Recognized Assets/ Liabilities Gross Amounts Offset Net Recognized Fair Value Assets/ Liabilities Derivative assets: Commodity contracts Derivative financial instruments - current $ $ $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ $ Derivative liabilities: Commodity contracts Derivative financial instruments - current $ $ $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ $ December 31, 2014 Not Designated as ASC 815 Hedges: Balance Sheet Classification Gross Recognized Assets/ Liabilities Gross Amounts Offset Net Recognized Fair Value Assets/ Liabilities Derivative assets: Commodity contracts Derivative financial instruments - current $ $ — $ Commodity contracts Derivative financial instruments - noncurrent — — — $ $ — $ 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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) (in thousands) Net cash received (paid) for commodity derivative contracts $ $ ) $ $ ) Unrealized net gains (losses) ) ) ) ) Gains (losses) on commodity derivative contracts - net $ ) $ ) $ $ )

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property and Equipment
Schedule of property and equipment	June 30, 2015 December 31, 2014 (in thousands) Oil and gas properties, on the basis of full-cost accounting: Proved properties $ $ Unevaluated properties Other property and equipment Less accumulated depreciation, depletion, amortization and impairment ) ) Net property and equipment $ $
Schedule of internal costs capitalized	During the three and six months ended June 30, 2015 and 2014, the Company capitalized the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Internal costs capitalized to oil and gas properties (1) $ $ $ $ (1) Inclusive of $0.4 million and $0.6 million of qualifying share-based compensation expense for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, inclusive of $0.9 million and $1.2 million, respectively.
Schedule of depletion expense related to oil and gas properties	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 2015 2014 (in thousands) (per Boe) (in thousands) (per Boe) Depletion expense $ $ $ $ $ $ $ $ Depreciation on other property Depreciation, depletion, and amortization $ $ $ $ $ $ $ $

Other Noncurrent Assets (Tables

Other Noncurrent Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Noncurrent Assets
Schedule of other noncurrent assets	June 30, 2015 December 31, 2014 (in thousands) Deferred financing costs $ $ Field inventory Other Other noncurrent assets $ $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Schedule of accrued liabilities	June 30, 2015 December 31, 2014 (in thousands) Accrued oil and gas capital expenditures $ $ Accrued revenue and royalty distributions Accrued lease operating and workover expense Accrued interest Accrued taxes Other Accrued liabilities $ $

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligations
Schedule of changes in the Company's ARO's	Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 (in thousands) Asset retirement obligations — beginning of period $ $ Liabilities incurred Revisions — — Liabilities settled — ) Liabilities eliminated through asset sales ) ) Current period accretion expense Asset retirement obligations — end of period $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Long-Term Debt
Schedule of the company's long-term debt	The Company’s long-term debt as of June 30, 2015 and December 31, 2014 is as follows (in thousands): December 31, 2014 Carrying Value Borrowings Repayments Exchanges Deferred Gain on Forgiven Debt Amortization of Forgiven Debt PIK Interest June 30, 2015 Carrying Value Credit Facility $ $ $ ) $ — $ — $ — $ — $ — 2020 Senior Notes — — ) ) — — 2021 Senior Notes — — ) ) — — Second Lien Notes — — — ) — Third Lien Notes — — — ) Total debt $ $ $ ) $ — $ — $ ) $ $ Current maturities — — — — — — — — Long-term debt $ $ $ ) $ — $ — $ ) $ $ June 30, 2015 Carrying Value Unamortized Deferred Gain on Debt Forgiven June 30, 2015 Principle Balance Outstanding Revolving Credit Facility $ — $ — $ — 2020 Senior Notes — 2021 Senior Notes — Second Lien Notes ) Third Lien Notes ) Total debt $ $ ) $ Current maturities — — — Long-term debt $ $ ) $

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Preferred Stock.
Schedule of number of shares to be issued upon conversion at respective conversion rates based upon the current liquidation preference	The following table demonstrates the number of shares to be issued upon conversion through June 30, 2015 at the respective conversion rates based upon the current liquidation preference: Conversion at $135.00/share Conversion at $110.00/share Number of Common Shares Issuable Upon Conversion

Equity and Share-Based Compen33

Equity and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Equity and Share-Based Compensation
Summary of changes in the number of outstanding shares	Number of Shares Common Stock Treasury Stock Share count as of December 31, 2014 ) Grants of restricted stock — Forfeitures of restricted stock ) — Acquisition of treasury stock — ) Share count as of June 30, 2015 )
Summary of Company's non-vested share award activity	Shares Weighted Average Grant Date Fair Value Non-vested shares outstanding at December 31, 2014 $ Granted $ Vested ) $ Forfeited ) $ Non-vested shares outstanding at June 30, 2015 $

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Net Loss Per Share
Schedule of reconciliation of net income (losses) to preferred shareholders, common shareholders, and non-vested restricted shareholders for purposes of computing net income (loss) per share	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 and six months ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ ) $ ) $ ) $ ) Preferred Dividend (1) ) ) ) ) Net loss attributable to shareholders $ ) $ ) $ ) $ ) Participating securities - Series A Preferred Stock (2) — — — — Participating securities - Non-vested Restricted Stock (2) — — — — Net loss attributable to common shareholders $ ) $ ) $ ) $ ) Weighted average shares outstanding Net loss per share $ ) $ ) $ ) $ ) (1) Calculation of the preferred stock dividend is discussed in “— Note 11. Preferred Stock” (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)	6 Months Ended
	Jun. 30, 2015item
Segment information
Number of reportable segments	1

Liquidity and Capital Resourc36

Liquidity and Capital Resources (Details) $ in Thousands	Jun. 02, 2015USD ($)	Jun. 02, 2015USD ($)	May. 21, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015item	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Apr. 21, 2015USD ($)	May. 31, 2013USD ($)	Oct. 01, 2012USD ($)
Cash payment on derivative contract settlement				$ 42,200		$ 94,797	$ (31,948)
Principle Balance Outstanding				1,791,585		1,791,585
Amount repaid						468,150	$ 131,000
Dequincy assets
Purchase price of subject to standard post-closing adjustments received in cash								$ 44,000
Senior Revolving Credit Facility, due 2018
Amount repaid			$ 468,200			468,150
Borrowing base	$ 252,400	$ 252,400
Second Lien Notes
Principle Balance Outstanding			$ 625,000	$ 625,000		$ 625,000
Interest rate (as a percent)			10.00%	10.00%		10.00%
Third Lien Notes
Principle Balance Outstanding	20,000	20,000	$ 504,100	$ 525,308		$ 525,308
Interest rate (as a percent)			12.00%
Par value of debt exchanged for						524,121
2020 Senior Notes
Principle Balance Outstanding				293,625		293,625				$ 600,000
Interest rate (as a percent)			10.75%
Par value of debt exchanged for	(306,400)	26,600	$ 279,800			(242,445)
2021 Senior Notes
Principle Balance Outstanding				$ 347,652		347,652			$ 700,000
Interest rate (as a percent)			9.25%
Par value of debt exchanged for	$ 352,300	$ 2,000	$ 350,300			$ (281,676)
Unsecured Notes
Percentage of exchanged debt's par value		70.00%	80.00%			80.00%
Forecast
Percentage of notional volumes for second half of 2015, compared with first half of 2015					50.00%
Number of derivatives held | item					0

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Aug. 03, 2015$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Dec. 31, 2014$ / sharesshares
Correction of Operating and Investing Cash Flows for the Three Months Ended March 31, 2014
Common stock, shares authorized | shares		100,000,000		100,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Change in operating assets and liabilities:
accounts receivable - JIB and other		$ 22,617	$ (1,557)
Net cash provided by operating activities		138,650	173,561
Investment in property and equipment		(190,278)	(275,547)
Net cash used in investing activities		$ (149,994)	(128,028)
As Previously Reported
Change in operating assets and liabilities:
accounts receivable - JIB and other			1,929
Net cash provided by operating activities			177,047
Investment in property and equipment			(279,033)
Net cash used in investing activities			$ (131,514)
Subsequent event
Correction of Operating and Investing Cash Flows for the Three Months Ended March 31, 2014
Stock split ratio	0.10
Common stock, shares authorized | shares	100,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Fair Value Measurements of Fi38

Fair Value Measurements of Financial Instruments (Details) - Recurring - Commodity Derivatives $ in Thousands	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)item
Significant Other Observable Inputs (Level 2)
Fair Value Measurements of Financial Instruments
Number of bank counterparties for company's commodity derivative contracts | item	7	7
Assets:
Total assets	$ 36,860	$ 126,709
Liabilities:
Total liabilities	2,869
Significant Other Observable Inputs (Level 2) | Swaps | Oil
Liabilities:
Total liabilities	2,869
Significant Other Observable Inputs (Level 2) | Swaps | NGL
Assets:
Total assets	27,708	106,450
Significant Other Observable Inputs (Level 2) | Swaps | Gas
Assets:
Total assets	9,152	20,259
Total
Assets:
Total assets	36,860	126,709
Liabilities:
Total liabilities	2,869
Total | Swaps | Oil
Liabilities:
Total liabilities	2,869
Total | Swaps | NGL
Assets:
Total assets	27,708	106,450
Total | Swaps | Gas
Assets:
Total assets	$ 9,152	$ 20,259

Risk Management and Derivativ39

Risk Management and Derivative Instruments (Details) - Jun. 30, 2015 - Not designated as Hedging Instrument - Commodity Derivatives $ in Millions	USD ($)MMBTU$ / bbl$ / MMBTUbbl
Risk Management and Derivative Instruments
Maximum loss exposure under commodity derivative contracts on failure of the entity's counterparty's performance | $	$ 35.9
Oil | WTI | Swaps | 2015
Risk Management and Derivative Instruments
Weighted-Average Fixed Price | $ / bbl	71.56
Hedged Volume | bbl	2,208,000
Gas | Swaps | 2015
Risk Management and Derivative Instruments
Weighted-Average Fixed Price | $ / MMBTU	4.13
Hedged Volume	9,200,000
Hedged Volume, not settled in cash	1,550,000

Risk Management and Derivativ40

Risk Management and Derivative Instruments (Details 2) - Not designated as Hedging Instrument - Commodity Derivatives - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Risk Management and Derivative Instruments
Derivative financial instruments - Current Liabilities	$ (2,869)
Total derivative fair value at period end	33,991	$ 126,709
Derivative assets:
Gross Recognized Assets	36,860	126,709
Gross Amounts Offset, Assets	1,002
Net Recognized Fair Value Assets	35,858	126,709
Derivative liabilities:
Gross Recognized Liabilities	2,869
Gross Amounts Offset, Liabilities	1,002
Net Recognized Fair Value Liabilities	1,867
Current Assets
Derivative assets:
Gross Recognized Assets	36,860	126,709
Gross Amounts Offset, Assets	1,002
Net Recognized Fair Value Assets	35,858	126,709
Current Liabilities
Risk Management and Derivative Instruments
Derivative financial instruments - Current Liabilities	(2,869)
Derivative liabilities:
Gross Recognized Liabilities	2,869
Gross Amounts Offset, Liabilities	1,002
Net Recognized Fair Value Liabilities	1,867
Swaps | Current Assets | Oil
Derivative assets:
Gross Recognized Assets	27,708	106,450
Swaps | Current Assets | Gas
Derivative assets:
Gross Recognized Assets	9,152	$ 20,259
Swaps | Current Liabilities | Oil
Risk Management and Derivative Instruments
Derivative financial instruments - Current Liabilities	(2,869)
Derivative liabilities:
Gross Recognized Liabilities	$ 2,869

Risk Management and Derivativ41

Risk Management and Derivative Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gains (losses) on Commodity Derivative Contracts
Cash payment on derivative contract settlement	$ (42,200)		$ (94,797)	$ 31,948
Gains (losses) on commodity derivative contracts - net	(19,293)	$ (31,467)	2,079	(54,140)
Not designated as Hedging Instrument
Gains (losses) on Commodity Derivative Contracts
Cash payment on derivative contract settlement	42,189	(17,138)	94,797	(31,948)
Unrealized net gains (losses)	$ (61,482)	$ (14,329)	$ (92,718)	$ (22,192)

Property and Equipment (Details

Property and Equipment (Details)	Apr. 21, 2015USD ($)	Jun. 30, 2015USD ($)$ / Boe	Jun. 30, 2014USD ($)$ / Boe	Jun. 30, 2015USD ($)$ / Boe	Jun. 30, 2014USD ($)$ / Boe	Dec. 31, 2014USD ($)
Property and Equipment
Proved properties		$ 3,527,182,000		$ 3,527,182,000		$ 3,398,146,000
Unevaluated properties		31,778,000		31,778,000		44,535,000
Other property and equipment		14,734,000		14,734,000		13,454,000
Less accumulated depreciation, depletion, amortization and impairment		(2,119,458,000)		(2,119,458,000)		(1,333,019,000)
Net property and equipment		1,454,236,000		1,454,236,000		$ 2,123,116,000
Other information
Impairment in carrying value of oil and gas properties		498,389,000		673,056,000	$ 86,471,000
Depreciation, depletion, and amortization		55,255,000	$ 71,074,000	$ 113,683,000	137,975,000
Dequincy assets
Other information
Purchase price of subject to standard post-closing adjustments received in cash	$ 44,000,000
Net proceeds	42,400,000
Gain (Loss) on reduction of oil and natural gas properties	$ 0
Other Property and Equipment | Minimum
Other information
Estimated useful lives				5 years
Other Property and Equipment | Maximum
Other information
Estimated useful lives				7 years
Oil and Gas Properties
Other information
Internal cost capitalized		2,613,000	3,325,000	$ 4,915,000	6,449,000
Capitalized qualifying share-based compensation expense		400,000	600,000	900,000	1,200,000
Impairment				498,400,000
Impairment in carrying value of oil and gas properties				673,100,000	86,500,000
Depletion expense		54,359,000	70,323,000	111,964,000	136,527,000
Depreciation on other property		896,000	751,000	1,719,000	1,448,000
Depreciation, depletion, and amortization		$ 55,255,000	$ 71,074,000	$ 113,683,000	$ 137,975,000
Depletion expense (per Boe) | $ / Boe		17.63	24.22	18.18	24.76
Depreciation on other property (per BOE) | $ / Boe		0.29	0.25	0.28	0.26
Depreciation, depletion, and amortization (per BOE) | $ / Boe		17.92	24.47	18.46	25.02

Other Noncurrent Assets (Detail

Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Noncurrent Assets
Deferred financing costs	$ 33,483	$ 37,807
Field inventory	5,911	5,713
Other	166	211
Other noncurrent assets	39,560	$ 43,731
Impairment of deferred financing cost	$ 4,600

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities
Accrued oil and gas capital expenditures	$ 54,674	$ 76,398
Accrued revenue and royalty distributions	44,411	51,292
Accrued lease operating and workover expense	17,250	10,113
Accrued interest	23,567	21,521
Accrued taxes	4,427	4,226
Other	10,892	20,281
Accrued liabilities	$ 155,221	$ 183,831

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Asset Retirement Obligations
Asset retirement obligations	$ 17,737	$ 20,382	$ 21,599	$ 26,308
Changes in Company's asset retirement obligations
Asset retirement obligations - beginning of period			21,599	26,308
Liabilities incurred			2	844
Liabilities settled				(47)
Liabilities eliminated through asset sales			(4,699)	(7,652)
Current period accretion expense	390	432	835	929
Asset retirement obligations - end of period	$ 17,737	$ 20,382	$ 17,737	$ 20,382

Long-Term Debt (Details)

Long-Term Debt (Details)	Jun. 02, 2015USD ($)	Jun. 02, 2015USD ($)	May. 21, 2015USD ($)	Mar. 24, 2015	Mar. 23, 2015	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Mar. 21, 2015USD ($)	Dec. 31, 2014USD ($)	May. 31, 2013USD ($)	Oct. 01, 2012USD ($)
Long-Term Debt
Borrowings						$ 658,000,000
Repayments						(468,150,000)	$ (131,000,000)
Amortization of Forgiven Debt						(1,775,000)
PIK interest						1,187,000
Total debt						1,924,412,000			$ 1,735,150,000
Long-term debt						1,924,412,000			$ 1,735,150,000
Unamortized Deferred Gain on Debt Forgiven						(132,827,000)
Principle Balance Outstanding						1,791,585,000
Drawdowns during the period						$ 33,000,000	$ 84,000,000
Midstates Sub
Long-Term Debt
Ownership interest (as a percent)											100.00%
Any time before October 1, 2016
Long-Term Debt
Redemption price (as a percentage)						100.00%
Sixth Amendment | Fiscal quarter ending December 31, 2015
Long-Term Debt
Leverage ratio				4.5
Minimum
Long-Term Debt
Actual Debt to EBITDA						1
Maximum
Long-Term Debt
Leverage ratio						1
Senior Revolving Credit Facility, due 2018
Long-Term Debt
Carrying Value, beginning balance						$ 435,150,000
Borrowings						33,000,000
Repayments			$ (468,200,000)			(468,150,000)
Maximum borrowing capacity						750,000,000
Borrowing base						252,400,000
Drawdowns during the period						0
Outstanding letters of credit amount						$ 1,500,000
Weighted-average interest rate (as a percent)						2.90%	2.80%
Commitment fee, option one (as a percent)						0.375%
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 | item						6
Period for commencement of repayment of equal successive monthly payments following the administrative agent's notice regarding borrowing base reduction						30 days
Mortgage requirement- percentage of properties included in the borrowing base that are required to be subject to mortgages for the benefit of the lenders					80.00%
Increase in borrowing capacity under the credit agreement	$ 252,400,000	$ 252,400,000
Senior Revolving Credit Facility, due 2018 | Fiscal quarter ending December 31, 2015
Long-Term Debt
Current ratio					4
Senior Revolving Credit Facility, due 2018 | Sixth Amendment
Long-Term Debt
Mortgage requirement- percentage of properties included in the borrowing base that are required to be subject to mortgages for the benefit of the lenders				90.00%
Senior Revolving Credit Facility, due 2018 | Seventh Amendment
Long-Term Debt
Total Senior Indebtedness (as defined) to EBITDA			1
Senior Revolving Credit Facility, due 2018 | Seventh Amendment | Midstates Sub
Long-Term Debt
Increase in borrowing capacity under the credit agreement								$ 252,400,000
Senior Revolving Credit Facility, due 2018 | Minimum
Long-Term Debt
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%
Minimum aggregate principal amount as a percentage of the then effective borrowing base as default provision						5.00%
Senior Revolving Credit Facility, due 2018 | Minimum | LIBOR Loans
Long-Term Debt
Interest rate added to base rate (as a percent)						2.00%
Senior Revolving Credit Facility, due 2018 | Maximum
Long-Term Debt
Additional borrowing base redeterminations at company request per 6 month period following each scheduled borrowing base redetermination | item						1
Senior Revolving Credit Facility, due 2018 | Maximum | LIBOR Loans
Long-Term Debt
Interest rate added to base rate (as a percent)						3.00%
2020 Senior Notes, 2021 Senior Notes, Second Lien Notes and Third Lien Notes | Minimum
Long-Term Debt
Principal amount- debt default provision						$ 50,000,000
Unsecured Notes
Long-Term Debt
Percentage of exchanged debt's par value		70.00%	80.00%			80.00%
2020 Senior Notes
Long-Term Debt
Carrying Value, beginning balance						$ 600,000,000
Exchanges	(306,400,000)	$ 26,600,000	$ 279,800,000			(242,445,000)
Deferred Gain on Forgiven Debt						(63,930,000)
Carrying Value, ending balance						293,625,000
Principle Balance Outstanding						293,625,000					$ 600,000,000
Stated Interest Rate (as a percent)			10.75%
Principal amount extinguished		63,900,000
Redemption price, upon the occurrence of certain change of control events (as a percentage)						101
Estimated fair value of the Notes						$ 121,100,000
2020 Senior Notes | Any time prior to October 1, 2015
Long-Term Debt
Redemption period, start date						Oct. 1, 2012
Redemption period, end date						Sep. 30, 2015
Redemption price, with net proceeds from equity offering (as a percentage)						110.75%
2020 Senior Notes | Any time before October 1, 2016
Long-Term Debt
Redemption period, start date						Oct. 1, 2012
Redemption period, end date						Sep. 30, 2016
2020 Senior Notes | Maximum | Any time prior to October 1, 2015
Long-Term Debt
Percentage of aggregate principal amount can be redeemed with net proceeds of equity offering						35.00%
2021 Senior Notes
Long-Term Debt
Carrying Value, beginning balance						$ 700,000,000
Exchanges	352,300,000	2,000,000	$ 350,300,000			(281,676,000)
Deferred Gain on Forgiven Debt						(70,672,000)
Carrying Value, ending balance						347,652,000
Principle Balance Outstanding						347,652,000				$ 700,000,000
Stated Interest Rate (as a percent)			9.25%
Principal amount extinguished		70,700,000
Redemption price, upon the occurrence of certain change of control events (as a percentage)						101
Estimated fair value of the Notes						$ 137,800,000
2021 Senior Notes | Prior to June 1, 2016
Long-Term Debt
Redemption period, start date						May 31, 2013
Redemption period, end date						May 31, 2016
Redemption price, with net proceeds from equity offering (as a percentage)						109.25%
Redemption price (as a percentage)						100.00%
2021 Senior Notes | Maximum | Prior to June 1, 2016
Long-Term Debt
Percentage of aggregate principal amount can be redeemed with net proceeds of equity offering						35.00%
Second Lien Notes
Long-Term Debt
Borrowings						$ 625,000,000
Deferred Gain on Forgiven Debt						47,082,000
Amortization of Forgiven Debt						(896,000)
Carrying Value, ending balance						671,186,000
Unamortized Deferred Gain on Debt Forgiven						(46,186,000)
Principle Balance Outstanding			$ 625,000,000			$ 625,000,000
Stated Interest Rate (as a percent)			10.00%			10.00%
Estimated fair value of the Notes						$ 601,600,000
Debt Instrument, Number of Days To File Registration Statement			270 days
Third Lien Notes
Long-Term Debt
Exchanges						524,121,000
Deferred Gain on Forgiven Debt						87,520,000
Amortization of Forgiven Debt						(879,000)
PIK interest						1,187,000
Carrying Value, ending balance						611,949,000
Unamortized Deferred Gain on Debt Forgiven						(86,641,000)
Principle Balance Outstanding	$ 20,000,000	$ 20,000,000	$ 504,100,000			$ 525,308,000
Stated Interest Rate (as a percent)			12.00%
PIK Interest						2.00%
Estimated fair value of the Notes						$ 420,300,000
Effective annual interest rate (as a percent)						12.00%
Debt Instrument, Number of Days To File Registration Statement			270 days
Cash interest rate						10.00%

Preferred Stock (Details)

Preferred Stock (Details) - Mandatorily redeemable convertible preferred units - USD ($) $ / shares in Units, $ in Millions	Mar. 30, 2015	Sep. 28, 2012	Jun. 30, 2015	Jun. 30, 2015
Series A Preferred Stock
Dividends payable	$ 13
Liquidation value (in dollars per share)	$ 1,241
Conversion rate for preferred stock (in dollars per share)	$ 110
Number of Common Shares Issuable Upon Conversion	71,893
Notional dividend amount of convertible preferred stock			$ 7.9
Minimum | Common Stock
Series A Preferred Stock
Additional shares of common stock to be issued upon conversion				580,151
Maximum | Common Stock
Series A Preferred Stock
Additional shares of common stock to be issued upon conversion				712,004
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)				$ 135
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)				$ 110
Eagle Property Acquisition | Maximum
Series A Preferred Stock
Conversion rate for preferred stock (in dollars per share)				$ 135
$ 13.50
Series A Preferred Stock
Number of Common Shares Issuable Upon Conversion				2,987,558
$ 11
Series A Preferred Stock
Number of Common Shares Issuable Upon Conversion				3,666,549

Equity and Share-Based Compen48

Equity and Share-Based Compensation (Details) - Jun. 30, 2015 - Conversion Rate [Domain] - shares	Total
Common Stock
Changes in number of outstanding shares
Share count at the beginning of the period (in shares)	7,049,173
Grants of restricted stock (in shares)	268,677
Forfeitures of restricted stock (in shares)	(60,843)
Share count at the end of the period (in shares)	7,257,007
Treasury Stock
Changes in number of outstanding shares
Share count at the beginning of the period (in shares)	(53,467)
Acquisition of treasury stock (in shares)	(38,572)
Share count at the end of the period (in shares)	(92,039)

Equity and Share-Based Compen49

Equity and Share-Based Compensation (Details 2) - Jun. 30, 2015 - Incentive units - USD ($)	Total
Restricted Stock Awards
Incentive units issued	1,099
Stock-based compensation expense (in dollars)	$ 0

Equity and Share-Based Compen50

Equity and Share-Based Compensation (Details 3) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015	May. 27, 2014	Apr. 20, 2012
Restricted stock awards
Shares
Non-vested shares outstanding at the beginning of the period	306,201
Granted (in shares)	268,677
Vested (in shares)	(136,479)
Forfeited (in shares)	(60,843)
Non-vested shares outstanding at the end of the period	377,556
Weighted Average Grant Date Fair Value
Non-vested shares outstanding at the beginning of the period (in dollars per share)	$ 52.76
Granted (in dollars per share)	12.29
Vested (in dollars per share)	57.23
Forfeited (in dollars per share)	47.06
Non-vested shares outstanding at the end of the period (in dollars per share)	$ 22.76
Additional information
Unrecognized expense, adjusted for estimated forfeitures (in dollars)	$ 6.4
Weighted-average period for over which unrecognized expense will be recognized	1 year 9 months 18 days
2012 LTIP
Restricted Stock Awards
Number of shares available for future issuance		863,843	656,343
Number of shares authorized	863,843
Additional information
Shares available for issuance	170,271
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)	377,556
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) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Income Taxes
Effective annual tax rate (as a percent)	1.10%
Federal statutory rate	35.00%
Valuation allowance in light of the impairment of oil and gas properties	$ 305.9
Valuation allowance	309.7
Current income taxes	$ 0

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net Loss Per Share
Net loss	$ (598,437)	$ (2,098)	$ (791,989)	$ (85,743)
Preferred Dividend	(669)	(4,806)	(800)	(7,426)
Net loss attributable to shareholders	(599,106)	(6,904)	(792,789)	(93,169)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (599,106)	$ (6,904)	$ (792,789)	$ (93,169)
Weighted average shares outstanding	6,774,000	6,645,000	6,750,000	6,622,000
Net loss per common share - basic and diluted	$ (88.44)	$ (1.04)	$ (117.45)	$ (14.07)
Aggregate number of common shares outstanding	7,164,968		7,164,968		6,995,705
Restricted stock awards
Net Loss Per Share
Aggregate number of common shares outstanding	377,556		377,556
Series A Preferred Stock
Net Loss Per Share
Preferred Stock, Shares Outstanding	325,000		325,000		325,000
Preferred Stock, Liquidation Preference Per Share	$ 1,241		$ 1,241
Equivalent number of common shares after conversion of Series A preferred stock			3,666,549
Conversion price (in dollars per share)	$ 110		$ 110