Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'New Source Energy Partners L.P. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 9,034,810 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001560443 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $258 | $0 |
Oil and natural gas sales receivable | 7,308 | 5,621 |
Oil and natural gas sales receivable-related parties | 1,145 | 42 |
Derivative assets | 443 | 25 |
Other current assets | 160 | ' |
Total current assets | 9,314 | 5,688 |
Oil and natural gas properties, at cost, using full cost method: | ' | ' |
Proved oil and natural gas properties | 262,745 | 202,795 |
Accumulated depreciation, depletion, and amortization | -124,057 | -112,372 |
Total property and equipment, net | 138,688 | 90,423 |
Prepaid drilling and completion costs | 4,266 | 1,000 |
Loan fees, net | 1,476 | 1,508 |
Deferred offering costs | ' | 1,315 |
Derivative assets | 837 | ' |
Total assets | 154,581 | 99,934 |
Current liabilities: | ' | ' |
Accounts payable | 291 | ' |
Accounts payable-related parties | 4,510 | 1,564 |
Accrued liabilities | 209 | 259 |
Accrued income taxes | ' | 103 |
Derivative obligations | 1,556 | 47 |
Total current liabilities | 6,566 | 1,973 |
Long-term related party payables | 283 | 345 |
Credit facility | 67,500 | 68,000 |
Derivative obligations | 238 | 107 |
Asset retirement obligation | 3,059 | 1,510 |
Deferred tax liability | ' | 12,024 |
Total liabilities | 77,646 | 83,959 |
Parent net investment | 76,935 | 15,975 |
Partners' capital: | ' | ' |
Common units (6,773,500 units outstanding at September 30, 2013) | 98,934 | ' |
Subordinated units (2,205,000 units outstanding at September 30, 2013) | -20,595 | ' |
General partner's capital (155,102 units outstanding at September 30, 2013) | -1,404 | ' |
Total partners' capital | 76,935 | 15,975 |
Total liabilities, parent net investment and partners' capital | $154,581 | $99,934 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parentheticals) | Sep. 30, 2013 |
Common units outstanding (in Shares) | 6,773,500 |
Subordinated units outstanding (in Shares) | 2,205,000 |
General partner's capital units outstanding (in Shares) | 155,102 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Oil sales | $2,044 | $1,390 | $4,879 | $4,371 |
Natural gas sales | 2,582 | 1,608 | 7,031 | 4,177 |
Natural gas liquids sales | 7,805 | 5,264 | 20,530 | 17,900 |
Total revenues | 12,431 | 8,262 | 32,440 | 26,448 |
OPERATING COSTS AND EXPENSES | ' | ' | ' | ' |
Oil and natural gas production expenses | 3,428 | 1,133 | 8,702 | 4,789 |
Oil and natural gas production taxes | 557 | 178 | 1,996 | 829 |
General and administrative | 1,353 | 2,504 | 11,452 | 10,956 |
Depreciation, depletion and amortization | 4,913 | 3,409 | 11,686 | 11,052 |
Accretion expense | 59 | 29 | 145 | 86 |
Total operating costs and expenses | 10,310 | 7,253 | 33,981 | 27,712 |
Operating income (loss) | 2,121 | 1,009 | -1,541 | -1,264 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -654 | -824 | -3,220 | -2,422 |
Gain (loss) from derivatives, net | -3,453 | -1,546 | -2,597 | 6,866 |
Income (loss) before income taxes | -1,986 | -1,361 | -7,358 | 3,180 |
Income tax benefit (expense) | ' | 562 | 12,126 | -1,166 |
Net income (loss) | -1,986 | -799 | 4,768 | 2,014 |
ALLOCATION OF NET INCOME (LOSS) FOR THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013: | ' | ' | ' | ' |
Net income | ' | ' | 4,768 | ' |
Net income prior to purchase of properties from New Source Energy on February 13, 2013 | ' | ' | 5,303 | ' |
Net loss subsequent to purchase of properties from New Source Energy on February 13, 2013 | ' | ' | -535 | ' |
Net income per common unit (in Dollars per share) | ($0.22) | ' | ($0.01) | ' |
General Partnership Units [Member] | ' | ' | ' | ' |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Net income (loss) | -34 | ' | ' | ' |
ALLOCATION OF NET INCOME (LOSS) FOR THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013: | ' | ' | ' | ' |
Net loss subsequent to purchase of properties from New Source Energy on February 13, 2013 | ' | ' | -29 | ' |
Net income per common unit (in Dollars per share) | ($0.22) | ' | ' | ' |
Net loss allocable to general partner for the three months ended September 30, 2013 | -34 | ' | ' | ' |
Subordinated Units [Member] | ' | ' | ' | ' |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Net income (loss) | -479 | ' | ' | ' |
ALLOCATION OF NET INCOME (LOSS) FOR THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013: | ' | ' | ' | ' |
Net loss subsequent to purchase of properties from New Source Energy on February 13, 2013 | ' | ' | -430 | ' |
Net income per common unit (in Dollars per share) | ($0.22) | ' | ' | ' |
Net loss allocable to subordinated units for the three months ended September 30, 2013 | -479 | ' | ' | ' |
Common Units [Member] | ' | ' | ' | ' |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Net income (loss) | -1,473 | ' | ' | ' |
ALLOCATION OF NET INCOME (LOSS) FOR THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013: | ' | ' | ' | ' |
Net loss subsequent to purchase of properties from New Source Energy on February 13, 2013 | ' | ' | -76 | ' |
Net income per common unit (in Dollars per share) | ($0.22) | ' | ' | ' |
Net loss allocable to common units for the three months ended September 30, 2013 | ($1,473) | ' | ' | ' |
Statement_of_Partnerss_Capital
Statement of Partners's Capital (Unaudited) (USD $) | Subordinated Note Transferred to Parent [Member] | Cash Paid to Parent at Closing [Member] | Distribution of Accounts Receivable to Parent [Member] | Accounts Payable Assumed by Parent [Member] | Oil and Gas Properties Received for Unit Issuance [Member] | Oil and Gas Properties Received for Unit Issuance [Member] | Oil and Gas Properties Received for Unit Issuance [Member] | Oil and Gas Properties Received for Unit Issuance [Member] | Oil and Gas Properties Received for Unit Issuance [Member] | Parent Net Investment [Member] | Common Units [Member] | Subordinated Units [Member] | General Partnership Units [Member] | Total |
In Thousands | Parent Net Investment [Member] | Parent Net Investment [Member] | Parent Net Investment [Member] | Parent Net Investment [Member] | Parent Net Investment [Member] | Common Units [Member] | Subordinated Units [Member] | General Partnership Units [Member] | ||||||
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,975 | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,303 | ' | ' | ' | ' |
Allocated equity-based compensation of parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388 | ' | ' | ' | ' |
Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,495 | ' | ' | ' | ' |
Increase (Decrease) Partner's Capital | -25,000 | -15,800 | -7,014 | 1,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Feb. 12, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,975 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,768 |
Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,582 | -1,818 | -127 | -7,527 |
Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,934 | -20,595 | -1,404 | 76,935 |
Balance (in Shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,773,500 | 2,205,000 | 155,102 | ' |
Balance at Feb. 12, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76 | -430 | -29 | -535 |
Purchase of oil and natural gas properties from New Source Energy in exchange for units | ' | ' | ' | ' | 26,901 | -7,306 | -18,347 | -1,248 | -26,901 | ' | ' | ' | ' | ' |
Purchase of oil and natural gas properties from New Source Energy in exchange for units (in Shares) | ' | ' | ' | ' | ' | 777,500 | 2,205,000 | 150,000 | ' | ' | ' | ' | ' | ' |
Proceeds from equity offering, net of offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,565 | ' | ' | 76,565 |
Proceeds from equity offering, net of offering costs (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,250,000 | ' | ' | ' |
Issuance to general partner from overallotment exercised (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,102 | ' |
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,350 | ' | ' | 7,350 |
Equity-based compensation (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 367,500 | ' | ' | ' |
Units issued in exchange for oil and natural gas properties | ' | ' | ' | ' | ' | 27,983 | ' | ' | 27,983 | ' | ' | ' | ' | ' |
Units issued in exchange for oil and natural gas properties (in Shares) | ' | ' | ' | ' | ' | 1,378,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,934 | -20,595 | -1,404 | 76,935 |
Balance (in Shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,773,500 | 2,205,000 | 155,102 | ' |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,473 | -479 | -34 | -1,986 |
Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,934 | ($20,595) | ($1,404) | $76,935 |
Balance (in Shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,773,500 | 2,205,000 | 155,102 | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $4,768 | $2,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 11,686 | 11,052 |
Write off of loan fees due to debt refinancing | 1,436 | ' |
Equity-based compensation | 7,738 | 7,405 |
Deferred income tax expense (benefit) | -12,023 | 947 |
Amortization of loan fees | 358 | 453 |
Accretion expense | 145 | 86 |
Unrealized gain (loss) on derivatives, net | 1,719 | -889 |
Payments for derivative option premiums | -1,334 | ' |
Changes in operating assets and liabilities: | ' | ' |
Oil and natural gas sales receivable | -9,673 | 1,276 |
Other current assets | -160 | ' |
Accounts payable | 5,173 | 475 |
Accrued liabilities | -50 | -118 |
Income taxes payable | -103 | 48 |
Net cash provided by operating activities | 9,680 | 22,749 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Payments for oil and natural gas properties and equipment | -34,218 | -9,175 |
Net cash used in investing activities | -34,218 | -9,175 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Payments on long-term debt | -95,000 | -3,500 |
Payments for deferred loan costs | -1,762 | -65 |
Proceeds from sales of common units, net of offering costs | 77,880 | -492 |
Proceeds from borrowings on long-term debt | 69,500 | 3,000 |
Distribution to unitholders | -7,527 | ' |
Distribution to parent | -18,295 | -12,517 |
Net cash provided by (used in) financing activities | 24,796 | -13,574 |
Net change in cash and cash equivalents | 258 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 258 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Cash paid for interest expense | 1,476 | 2,087 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Capitalized asset retirement obligation | 1,403 | 26 |
Decrease in accrued capital expenditures | -258 | -478 |
Income taxes assumed by parent | ' | 172 |
Accounts receivable distributed to parent | -7,014 | ' |
Accounts payable assumed by parent | -1,742 | ' |
Subordinated note given to parent in exchange for oil and gas properties | 25,000 | ' |
Purchase of oil and natural gas properties in exchange for units | ($27,983) | ' |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
Organization | |||||||||||||
New Source Energy Partners L.P. (the “Partnership”) is a Delaware limited partnership formed in October 2012 by New Source Energy Corporation (“New Source Energy”) to own and acquire oil and natural gas properties in the United States. | |||||||||||||
On February 13, 2013, the Partnership completed its initial public offering (the “Offering”) of 4,000,000 common units representing limited partner interests in the Partnership at a price to the public of $20.00 per common unit. The Partnership received net proceeds of approximately $74.4 million from the Offering, after deducting underwriting discounts. The Partnership made a cash distribution of $15.8 million to New Source Energy as consideration (together with its issuance to New Source Energy of approximately 50% of New Source Energy, GP, LLC, which owns all of the Partnership general partner units, 777,500 common units, 2,205,000 subordinated units and a $25.0 million note payable) for the contribution by New Source Energy of certain oil and gas properties (the “IPO Properties”) and certain commodity derivative contracts. Additionally, the Partnership assumed approximately $70.0 million of New Source Energy’s indebtedness previously secured by the IPO Properties, and used a portion of the net proceeds from the Offering to repay in full such assumed debt at the closing of the Offering. The Partnership also borrowed $15.0 million under a new revolving credit facility on February 13, 2013. On March 12, 2013, the Partnership received net proceeds of $4.7 million from the partial exercise, in the amount of 250,000 common units, of the underwriters’ overallotment option. | |||||||||||||
The IPO Properties consist of interests in wells producing oil, natural gas, and natural gas liquids from the Misener-Hunton (the “Hunton”) formation in East-Central Oklahoma. The IPO Properties represent New Source’s working interest in certain Hunton formation producing wells located in Pottawatomie, Seminole and Okfuskee Counties, Oklahoma (“Golden Lane Area”), which equates to approximately a 38% weighted average working interest in the Golden Lane Area. | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited condensed financial statements present the financial position of the Partnership at September 30, 2013 and December 31, 2012 and the Partnership’s results of operations and cash flows for the nine months ended September 30, 2013 and 2012. These condensed financial statements include all adjustments, consisting of normal and recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and the results of operations for the indicated interim periods in accordance with accounting principles generally accepted in the United States of America, or “GAAP,” for interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these unaudited condensed financial statements should be read along with the Partnership’s financial statements and the financial statements of the IPO Properties for the year ended December 31, 2012 included in the Partnership’s Form 10-K (File No. 001-35809) for an expanded discussion of the Partnership’s financial disclosures and accounting policies. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |||||||||||||
Nature of Operations and Basis of Presentation | |||||||||||||
The acquisition of the IPO Properties discussed above was a transaction between businesses under common control. The accounts relating to the IPO Properties have been reflected retroactively in the Partnership’s financial statements at carryover basis. Therefore, for periods prior to February 13, 2013, the accompanying financial statements may not be indicative of the Partnership’s future performance and may not reflect what its financial position, results of operations, and cash flows would have been had it been operated as an independent company during the periods presented. Prior to February 13, 2013, New Source Energy performed certain corporate functions on behalf of the IPO Properties, and the financial statements reflect an allocation of the costs New Source Energy incurred. These functions included executive management, information technology, tax, insurance, accounting, legal and treasury services. The costs of such services were allocated based on the most relevant allocation method to the service provided, primarily based on relative book value of assets, among other factors. Management believes such allocations are reasonable; however, they may not be indicative of the actual expense that would have been incurred had the Partnership been operated as an independent company for all of the periods presented. The charges for these functions are included primarily in general and administrative expenses. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves. Other significant estimates include, but are not limited to, the valuation of commodity derivatives and the Partnership’s common units issued in a business combination and as compensation for services, the allocation of general and administrative expenses, and asset retirement obligations. | |||||||||||||
Oil and Natural Gas Properties | |||||||||||||
The Partnership utilizes the full cost method of accounting for oil and natural gas properties whereby productive and nonproductive costs incurred in connection with the acquisition, exploration, and development of oil and natural gas reserves are capitalized. All capitalized costs of oil and natural gas properties and equipment, including the estimated future costs to develop proved reserves, are amortized using the units-of-production method based on total proved reserves. No gains or losses are recognized upon the sale or other disposition of oil and natural gas properties except in transactions that would significantly alter the relationship between capitalized costs and proved reserves. Under the full cost method, the net book value of oil and natural gas properties, less related deferred income taxes, may not exceed the estimated after-tax future net revenues from proved oil and natural gas properties, discounted at 10% (the ceiling limitation). In arriving at estimated after-tax future net revenues, estimated lease operating expenses, development costs, and certain production-related and ad valorem taxes are deducted. In calculating future net revenues, prices and costs in effect at the time of the calculation are held constant indefinitely, except for changes that are fixed and determinable by existing contracts. The net book value is compared to the ceiling limitation on a quarterly and yearly basis. The excess, if any, of the net book value above the ceiling limitation is charged to expense in the period in which it occurs and is not subsequently reinstated. Reserve estimates used in determining estimated after-tax future net revenues have been prepared by an internal petroleum engineer. Future net revenues were computed based on reserves using prices calculated as the unweighted arithmetical average oil and natural gas prices on the first day of each month within the latest twelve-month period. Subsequent to February 13, 2013, the ceiling limitation computation is determined without regard to income taxes due to the Partnership being a non-income tax paying entity. There were no full cost ceiling write-downs recorded in the nine months ended September 30, 2013 or 2012. | |||||||||||||
Earnings per Unit | |||||||||||||
Basic and diluted earnings per unit is determined by dividing net income for the period by the weighted average number of units outstanding. Basic and diluted earnings per unit for the period from February 13, 2013 through September 30, 2013 were computed using the following components: | |||||||||||||
Common | Subordinated | General | |||||||||||
Units | Units | Partner | |||||||||||
Numerator | |||||||||||||
Net loss (in thousands) | $ | (76 | ) | $ | (430 | ) | $ | (29 | ) | ||||
Denominator: | |||||||||||||
Weighted average units outstanding | 6,480,439 | 2,205,000 | 154,503 | ||||||||||
Basic and diluted loss per unit | $ | (0.01 | ) | $ | (0.20 | ) | $ | (0.19 | ) | ||||
Basic and diluted earnings per unit for the three months ended September 30, 2013 were computed using the following components: | |||||||||||||
Common Units | Subordinated | General | |||||||||||
Units | Partner | ||||||||||||
Numerator | |||||||||||||
Net loss (in thousands) | $ | (1,473 | ) | $ | (479 | ) | $ | (34 | ) | ||||
Denominator: | |||||||||||||
Weighted average units outstanding | 6,773,500 | 2,205,000 | 155,102 | ||||||||||
Basic and diluted loss per unit | $ | (0.22 | ) | $ | (0.22 | ) | $ | (0.22 | ) | ||||
Note_2_Related_Party_Transacti
Note 2 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
2. Related Party Transactions | |
The Partnership has a working relationship with New Dominion, LLC (“New Dominion”), an exploration and production operator based in Tulsa, Oklahoma wholly owned by the Chairman of the general partner’s board of directors. Pursuant to the Partnership’s Development Agreement, New Dominion is currently contracted to operate the Partnership’s existing wells in the Hunton formation in east-central Oklahoma. New Dominion has historically performed this service for New Source Energy. As a result, all pre-Offering accounts payable related to the Partnership’s properties are presented as accounts payable – related party in the accompanying balance sheets. | |
New Dominion acquires leasehold acreage on behalf of the Partnership for which the Partnership is obligated to pay in varying amounts according to agreements applicable to particular areas of mutual interest. The leasehold cost for which the Partnership is obligated is approximately $0.4 million as of September 30, 2013, of which $0.1 million is reflected as a current liability and $0.3 million is reflected as a long-term liability. The Partnership classifies these amounts as current or long-term liabilities based on the estimated dates of future development of the leasehold, which is customarily when New Dominion invoices the Partnership for these costs. |
Note_3_Credit_Agreement
Note 3 - Credit Agreement | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
3. Credit Agreement | |
On February 13, 2013, in connection with the closing of the Offering, the Partnership entered into a Credit Agreement (the “Credit Agreement”) by and among the Partnership, as borrower, Bank of Montreal, as administrative agent for the lenders party thereto (the “Administrative Agent”), and the other lenders party thereto. | |
The Credit Agreement is a four-year, senior secured revolving credit facility. The borrowing base is subject to redetermination on a semi-annual basis based on an engineering report with respect to the estimated oil and gas reserves of the Partnership and its subsidiaries, which will take into account the prevailing oil and gas prices at such time, as adjusted for the impact of commodity derivative contracts. The Credit Agreement is available for working capital for exploration and production, to provide funds in connection with the Partnership’s acquisition of oil and gas properties contributed upon the closing of the Offering, to refinance certain indebtedness of New Source Energy and for general corporate purposes. | |
On February 28, 2013, the Partnership entered into a First Amendment (the “First Amendment”) to its Credit Agreement. The First Amendment (i) added a lender under the Credit Agreement, (ii) increased the Partnership’s borrowing base under the Credit Agreement from $30 million to $60 million, (iii) increased the lenders’ aggregate commitment under the Credit Agreement from $60 million to $150 million and (iv) removed references and provisions related to the $25.0 million subordinated promissory note (the “Subordinated Note”) issued by the Partnership to New Source Energy in connection with the Partnership’s initial public offering. As a condition precedent to effectiveness of the First Amendment, the Partnership repaid the Subordinated Note in full. | |
On June 25, 2013, the Partnership entered into a Second Amendment (the “Second Amendment”) to its Credit Agreement. The Second Amendment (i) added two lenders under the Credit Agreement, and (ii) increased the Partnership’s borrowing base under the Credit Agreement from $60 million to $75 million. | |
Borrowings under the Credit Agreement bear interest at a base rate (a rate equal to the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Administrative Agent’s prime rate or (c) LIBOR plus 1.00%) or LIBOR, in each case plus an applicable margin ranging from 1.50% to 2.25%, in the case of a base rate loan, or from 2.50% to 3.25%, in the case of a LIBOR loan (determined with reference to the borrowing base utilization). The unused portion of the borrowing base is subject to a commitment fee of 0.50% per annum. Accrued interest and commitment fees are payable quarterly, or in the case of certain LIBOR loans, at shorter intervals. The Credit Agreement matures on February 13, 2017 and the variable rate was approximately 3.31% per annum at September 30, 2013. As of September 30, 2013, the Partnership had $67.5 million outstanding under the Credit Agreement and, as a result, had $7.5 million of available borrowing capacity. The Partnership was in compliance with all covenants of the Credit Agreement as of September 30, 2013. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' |
4. Fair Value Measurements | |
Measurements of fair value of derivative instruments are classified according to the fair value hierarchy, which prioritizes the inputs to the valuation techniques used to measure fair value. As defined in ASC 820-10, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |
Level 1: Measured based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Management considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: Measured based on quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that management values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange traded derivatives such as oil swaps. | |
Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). Management’s valuation models are primarily industry standard models that consider various inputs including: (a) quoted forward prices for commodities, (b) time value, and (c) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Level 3 instruments primarily include derivative instruments, such as natural gas liquids (“NGL”) swaps, natural gas swaps for those derivatives that are indexed to local and non-observable indices, and oil, NGL and natural gas collars. Although management utilizes third party broker quotes to assess the reasonableness of our prices and valuation techniques, management does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 2. | |
The Partnership’s commodity derivative contracts are accounted for at fair value. The fair values of derivative instruments are based on a third-party pricing model which utilizes inputs that include (a) quoted forward prices for oil and gas, (b) discount rates, (c) volatility factors and (d) current market and contractual prices, as well as other relevant economic measures. The estimates of fair value are compared to the values provided by the counterparty for reasonableness. Derivative instruments are subject to the risk that counterparties will be unable to meet their obligations. Such non-performance risk is considered in the valuation of the Partnership’s derivative instruments but to date has not had a material impact on estimates of fair values. Significant changes in the quoted forward prices for commodities and changes in market volatility generally leads to corresponding changes in the fair value measurement of the Partnership’s derivative contracts. | |
The Partnership follows the provisions of ASC 820-10 for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. ASC 820-10 applies to equity issued in business combinations and the initial recognition of asset retirement obligations for which fair value is used. | |
The Partnership utilizes ASC Topic 718, “Compensation—Stock Compensation,” to value units issued for compensation purposes. Measurement of equity-based payment transactions with employees is generally based on the grant date fair value of the equity instruments issued. | |
Asset retirement cost estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no corroborating market activity to support the assumptions used, the Partnership has designated these liabilities as Level 3. | |
The Partnership utilizes ASC 805-10 to identify and record the fair value of assets and liabilities acquired in business combinations. New assets measured at fair value during the nine months ended September 30, 2013 relate to an acquisition of certain oil and natural gas properties in exchange for approximately 1.4 million common units, valued at $28 million using the closing trading price at date of issuance and other acquisitions of certain oil and natural gas properties in exchange for an aggregate of $16.2 million in cash based upon the discounted cash flows associated with the properties’ estimated proved reserves (using various analyses with discount factors ranging from 8% to 15%). The inputs used by management for the fair value measurements of these acquired oil and gas properties include significant unobservable inputs, and therefore, the fair value measurements employed are classified as Level 3 for these types of assets. | |
The carrying amount of the revolving long-term debt of $67.5 million as of September 30, 2013 approximates fair value because the Partnership’s current borrowing rate does not materially differ from market rates for similar bank borrowings. The revolving long-term debt is classified as a Level 2 item within the fair value hierarchy. |
Note_5_Derivative_Contracts
Note 5 - Derivative Contracts | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||||||||||||||
5. Derivative Contracts | |||||||||||||||||||||
To reduce the impact of fluctuations in oil and natural gas prices on the Partnership’s revenues, or to protect the economics of property acquisitions, the Partnership periodically enters into derivative contracts with respect to a portion of its projected oil and natural gas production through various transactions that fix or, through options, modify the future prices to be realized. These transactions may include price swaps whereby the Partnership will receive a fixed price for its production and pay a variable market price to the contract counterparty. Additionally, the Partnership may enter into collars, whereby it receives the excess, if any, of the fixed floor price over the floating rate or pays the excess, if any, of the floating rate over the fixed ceiling price. In addition, the Partnership purchases options, such as puts, as a way to manage its exposure to fluctuating prices. These hedging activities are intended to support oil and natural gas prices at targeted levels and to manage exposure to oil and natural gas price fluctuations. It is never the Partnership’s intention to enter into derivative contracts for speculative trading purposes. | |||||||||||||||||||||
Under ASC Topic 815, “Derivatives and Hedging,” all derivative instruments are recorded on the condensed consolidated balance sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. The Partnership records derivative assets and liabilities by counterparty, by commodity and by type of derivative contract. Changes in the derivatives’ fair values are recognized currently in earnings unless specific hedge accounting criteria are met. The Partnership has elected not to designate its current derivative contracts as hedges. Therefore, changes in the fair value of these instruments are recognized in earnings and included as realized and unrealized gains (losses) on derivative instruments in the condensed statements of operations. | |||||||||||||||||||||
Commodity derivative positions at September 30, 2013 were as follows: | |||||||||||||||||||||
Oil put options: | |||||||||||||||||||||
Year | Volumes (Bbls) | Floor Price | |||||||||||||||||||
October 1, - December 31, 2013 | 1,209 | $ | 80 | ||||||||||||||||||
2014 | 26,403 | $ | 80 | ||||||||||||||||||
Natural gas put options: | |||||||||||||||||||||
Year | Volumes | Floor Price | |||||||||||||||||||
(MMBtu) | |||||||||||||||||||||
October 1, - December 31, 2013 | 79,985 | $ | 3.5 | ||||||||||||||||||
2014 | 476,309 | $ | 3.5 | ||||||||||||||||||
2015 | 798,853 | $ | 3.5 | ||||||||||||||||||
2016 | 930,468 | $ | 3.5 | ||||||||||||||||||
Natural gas liquids put options: | |||||||||||||||||||||
Year | Volumes (Bbls) | Average Floor | |||||||||||||||||||
Price | |||||||||||||||||||||
October 1, - December 31, 2013 | 13,862 | $ | 28.65 | ||||||||||||||||||
2014 | 63,409 | $ | 28.66 | ||||||||||||||||||
Oil swaps: | |||||||||||||||||||||
Year | Volumes (Bbls) | Fixed Price per | |||||||||||||||||||
Bbl | |||||||||||||||||||||
October 1, - December 31, 2013 | 8,323 | $ | 93.05 | ||||||||||||||||||
2014 | 17,324 | $ | 90.2 | ||||||||||||||||||
2015 | 39,411 | $ | 88.9 | ||||||||||||||||||
2016 | 36,658 | $ | 86 | ||||||||||||||||||
Natural gas swaps: | |||||||||||||||||||||
Year | Volumes | Avg Price per | Range | ||||||||||||||||||
(MMBtu) | MMBtu | ||||||||||||||||||||
October 1, - December 31, 2013 | 387,288 | $ | 3.66 | $ | 3.6 | - | $ | 3.69 | |||||||||||||
2014 | 1,224,147 | $ | 4.09 | $ | 4.09 | ||||||||||||||||
2015 | 800,573 | $ | 4.25 | $ | 4.25 | ||||||||||||||||
2016 | 629,301 | $ | 4.37 | $ | 4.37 | ||||||||||||||||
Natural gas liquid swaps: | |||||||||||||||||||||
Year | Volumes | Avg Price | Range | ||||||||||||||||||
(Bbls) | |||||||||||||||||||||
October 1, - December 31, 2013 | 153,355 | $ | 35.42 | $34.72 | - | $40.71 | |||||||||||||||
2014 | 541,835 | $ | 34.94 | $34.60 | - | $39.39 | |||||||||||||||
The following table sets forth by level within the fair value hierarchy the Partnership’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 (in thousands): | |||||||||||||||||||||
Description | Active Market | Observable | Unobservable | Total | |||||||||||||||||
for Identical | Inputs | Inputs | Carrying | ||||||||||||||||||
Assets | (Level 2) | (Level 3) | Value | ||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Oil and natural gas swaps | $ | - | $ | 451 | $ | - | $ | 451 | |||||||||||||
Natural gas liquids swaps | - | - | (1,602 | ) | (1,602 | ) | |||||||||||||||
Oil, natural gas and liquids put options | - | - | 637 | 637 | |||||||||||||||||
Total net financial assets (liabilities) | $ | - | $ | 451 | $ | (965 | ) | $ | (514 | ) | |||||||||||
Current asset | $ | - | $ | 279 | $ | 164 | $ | 443 | |||||||||||||
Long-term asset | - | 364 | 473 | 837 | |||||||||||||||||
Current liability | - | (192 | ) | (1,364 | ) | (1,556 | ) | ||||||||||||||
Long-term liability | - | - | (238 | ) | (238 | ) | |||||||||||||||
Total net financial assets (liabilities) | $ | - | $ | 451 | $ | (965 | ) | $ | (514 | ) | |||||||||||
The following table sets forth a reconciliation of changes in the fair value of the Partnership’s derivative contracts classified as Level 3 in the fair value hierarchy (in thousands): | |||||||||||||||||||||
Significant Unobservable | Significant Unobservable | ||||||||||||||||||||
Inputs (Level 3) | Inputs (Level 3) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Beginning balance | $ | 1,866 | $ | 6,007 | $ | (112 | ) | $ | (1,198 | ) | |||||||||||
Gains (losses) | (3,277 | ) | (1,348 | ) | (1,522 | ) | 7,063 | ||||||||||||||
Settlements paid (received) | 446 | (4,761 | ) | 669 | (5,967 | ) | |||||||||||||||
Ending balance | $ | (965 | ) | $ | (102 | ) | $ | (965 | ) | $ | (102 | ) | |||||||||
Losses included in earnings related to derivatives still held as of September 30, 2013 and 2012 | $ | (2,677 | ) | $ | (102 | ) | $ | (884 | ) | $ | (102 | ) | |||||||||
Note_6_Income_Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
6. Income Taxes | |
Income taxes are reflected in these financial statements during the periods in which the IPO Properties were owned by a taxable entity. Since the Partnership is not a taxable entity, no income taxes have been provided for the periods following completion of the Offering. Upon the Partnership becoming a non-taxable entity, the Partnership recognized a tax benefit related to the change in tax status of approximately $12.1 million. |
Note_7_EquityBased_Compensatio
Note 7 - Equity-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
7. Equity-based Compensation | |||||||||||||||||
On February 13, 2013, the Partnership granted 367,500 units of restricted common units to consultants, officers and other employees. Disposition of the units is restricted until the later of the termination of the subordination period or December 31, 2015. The award was valued at the IPO price of $20.00 per common unit and charged to equity-based compensation in general and administrative expenses at the date of the award. The restricted units do not contain a future service requirement from the recipients. For periods prior to February 13, 2013, an allocated amount of New Source Energy stock-based compensation was recognized in the Partnership’s financial statements. | |||||||||||||||||
Accordingly, the Partnership recorded the following equity-based compensation expense for the periods ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total equity-based compensation | $ | - | $ | 1,108 | $ | 7,738 | $ | 7,405 | |||||||||
Equity-based compensation allocated from New Source Energy | $ | - | $ | 1,108 | $ | 388 | $ | 7,405 | |||||||||
Note_8_Acquisition_of_Properti
Note 8 - Acquisition of Properties from New Source Energy and Other Parties | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||||||
8. Acquisition of Properties from New Source Energy and Other Parties | |||||||||||||||||
On March 29, 2013, the Partnership entered into a Contribution Agreement between the Partnership and New Source Energy, pursuant to which New Source Energy contributed certain producing and undeveloped oil and gas properties in the Luther field in Oklahoma to the Partnership in exchange for 348,000 common units. On March 29, 2013, the Partnership entered into a Contribution Agreement between the Partnership and Scintilla pursuant to which New Source Energy contributed certain producing and undeveloped oil and gas properties in the Golden Lane and Luther fields in Oklahoma to the Partnership in exchange for 976,500 common units. On March 29, 2013, the Partnership entered into a Contribution Agreement between the Partnership and W.K. Chernicky, LLC, pursuant to which New Source Energy contributed certain producing and undeveloped oil and gas properties in the Golden Lane and Luther fields in Oklahoma to the Partnership in exchange for 54,000 common units. The acquisitions were recorded at fair value based on the future cash flow of the estimated reserves of the properties acquired. This amount approximated the fair value of the units issued in connection with the transactions of $28 million. | |||||||||||||||||
The allocation of the purchase price to the fair value of the acquired assets and liabilities assumed was as follows (in thousands): | |||||||||||||||||
Proved oil and natural gas properties including related equipment | $ | 29,316 | |||||||||||||||
Future abandonment costs | (1,333 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 27,983 | |||||||||||||||
On May 31, 2013, the Partnership completed an acquisition of certain oil and gas properties located in Oklahoma from New Source Energy, pursuant to an Assignment, Bill of Sale and Conveyance from NSEC in favor of the Partnership. As consideration for the assets, the Partnership paid approximately $8.0 million in cash, after purchase price adjustments, to NSEC, which approximates fair value, based on the future expected cash flow of the estimated reserves of the properties acquired. The acquisition closed on May 31, 2013, with an effective date of May 1, 2013. | |||||||||||||||||
The allocation of the purchase price to fair value of the acquired assets and liabilities is as follows (in thousands): | |||||||||||||||||
Proved oil and natural gas properties | $ | 8,166 | |||||||||||||||
Future abandonment costs | (19 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 8,147 | |||||||||||||||
On July 23, 2013, the Partnership completed an acquisition of certain producing and undeveloped oil and gas properties in the Golden Lane field in Oklahoma from Scintilla for $5.0 million in cash, after purchase price adjustments, which approximates fair value based on future expected cash flow of the estimated reserves of the properties acquired. The acquisition closed on July 23, 2013, with an effective date of May 1, 2013. | |||||||||||||||||
The allocation of the purchase price to fair value of the acquired assets and liabilities is as follows (in thousands): | |||||||||||||||||
Proved oil and natural gas properties | $ | 4,866 | |||||||||||||||
Future abandonment costs | (8 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 4,858 | |||||||||||||||
On July 25, 2013, the Partnership acquired certain producing and undeveloped oil and gas properties in the Golden Lane field in Oklahoma from Orion Exploration Partners, LLC and Orion Exploration LLC for $3.0 million in cash, after purchase price adjustments,which approximates fair value based on future expected cash flow of the estimated reserves of the properties acquired. The acquisition closed on July 25, 2013, with an effective date of June 1, 2013. | |||||||||||||||||
The allocation of the purchase price to fair value of the acquired assets and liabilities is as follows (in thousands): | |||||||||||||||||
Proved oil and natural gas properties | $ | 3,230 | |||||||||||||||
Future abandonment costs | (24 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 3,206 | |||||||||||||||
Pro Forma Operating Results | |||||||||||||||||
The following table reflects the unaudited pro forma results of operations as though the above acquisitions had occurred on January 1, 2012. The pro forma amounts are not necessarily indicative of the results that may be reported in the future: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 12,494 | $ | 11,104 | $ | 35,516 | $ | 35,191 | |||||||||
Net income (loss) | $ | (1,998 | ) | $ | (3,706 | ) | $ | 5,650 | $ | 2,797 | |||||||
The amounts of revenues and revenues in excess of direct operating expenses included in our statements of operations for the acquisitions are shown in the table that follows. Direct operating expenses include lease operating expenses and production and other taxes. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 4,197 | $ | 6,974 | |||||||||||||
Excess of revenues over direct operating expenses | $ | 2,180 | $ | 3,350 | |||||||||||||
Note_9_General_and_Administrat
Note 9 - General and Administrative Expenses | 9 Months Ended |
Sep. 30, 2013 | |
General And Administrative Expenses [Abstract] | ' |
General And Administrative Expenses [Text Block] | ' |
9. General and Administrative Expenses | |
On February 13, 2013, in connection with the closing of the Offering, the Partnership entered into an Omnibus Agreement (the “Omnibus Agreement”) by and among New Source Energy, the Partnership and our general partner. Pursuant to the Omnibus Agreement, New Source Energy provides management and administrative services for the Partnership and our general partner. From the closing of the Offering through December 31, 2013, the Partnership will pay New Source Energy a quarterly fee of $675,000 for the provision of such services. The Partnership recorded a prorated fee of $352,500 for the period from February 13, 2013 through March 31, 2013 in its general and administrative expenses in the quarter ended March 31, 2013. After December 31, 2013, in lieu of the quarterly fee, our general partner will reimburse New Source Energy, on a quarterly basis, for the actual direct and indirect expenses it incurs in its performance under the Omnibus Agreement, and the Partnership will reimburse our general partner for such payments it makes to New Source Energy. Prior to February 13, 2013, the Partnership’s financial statements reflected an allocated portion of the general and administrative expenses of the owner of the IPO Properties. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
10. Commitments and Contingencies | |
Commitments | |
As part of the transactions described in Notes 1 and 2, the Partnership acquired rights to participate in the development of undeveloped properties held and to be acquired by Scintilla and New Dominion. These properties will be held by New Dominion for the benefit of the Partnership pending development of the properties. The Partnership is required by its underlying agreements with New Dominion to pay certain acreage fees to reimburse New Dominion for the cost of the acreage attributable to the Partnership’s working interest when invoiced by New Dominion. The Partnership recognizes an asset and corresponding liability as the acreage costs are incurred by New Dominion, as set forth in Note 2, Related Party Transactions. | |
Legal Matters | |
New Dominion is a defendant in a legal proceeding arising in the normal course of its business which may impact the Partnership as described below. | |
In the case of Mattingly v. Equal Energy, LLC, New Dominion is a named defendant. In this case, the plaintiffs assert claims on behalf of a class of royalty owners in wells operated by New Dominion and others from which natural gas is sold by New Dominion to Scissortail Energy, LLC. The plaintiffs assert that royalties to the class should be paid based upon the price received by Scissortail for the gas and its components at the tailgate of the plant, rather than the price paid by Scissortail at the wellhead where the gas is purchased. The plaintiffs assert a variety of breach of contract and tort claims. The case was originally filed in the District Court of Creek County, Oklahoma was removed by the defendants to the federal court but was remanded to state court on August 1, 2011. | |
If a liability does attach to New Dominion as operator, New Dominion would look to the working interest owners to pay their proportionate share of any liability. While the outcome and impact on the Partnership of this proceeding cannot be predicted with certainty, management believes a range of loss from $10,000 to $250,000 may be reasonably possible. | |
The Partnership may be involved in other various routine legal proceedings incidental to its business from time to time. However, there were no other material pending legal proceedings to which the Partnership is a party or to which any of its assets are subject. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
11. Subsequent Events | |
On October 4, 2013, the Partnership acquired certain producing and undeveloped oil and gas properties in the Southern Dome field from Scintilla for total consideration of $13.6 million consisting of $5.0 million in cash and 414,045 common units, valued at $20.79 per unit or an aggregate of $8.6 million, that were delivered in November. | |
On October 21, 2013, our general partner’s board of directors approved a cash distribution of $0.575 per unit payable on November 15, 2013 to unitholders of record on November 1, 2013. | |
On October 29, 2013, the Partnership entered into a Third Amendment to its Credit Agreement (the “Third Amendment”). The Third Amendment (i) added a lender under the Credit Agreement, and (ii) increased the Partnership’s borrowing base under the Credit Agreement from $75 million to $87.5 million. | |
On November 12, 2013, the Partnership acquired the partnership interests in MCE, LP from its current owners (the “Contributors”) for approximately $43.6 million in total initial consideration to be paid in approximately $3.8 million in cash and 1,847,265 NSLP common units, valued using a volume weighted average trading price for the period between August 21, 2013 and November 11, 2013 of $21.55 per common unit. MCE, LP is an oilfield services company that specializes in increasing efficiencies and safety in drilling and completion processes. MCE, LP is considered to be a related party of the Partnership as the Chief Executive Officer of the Partnership, who is also the majority owner of New Source Energy GP, LLC, is one of the Contributors. | |
The Contributors retained 100 Class B Units in MCE, LP, which entitle them to incentive distributions of cash distributed by MCE, LP on its partnership interests above specified thresholds, up to a maximum of 50% at the highest level of distributions. | |
In addition to the initial consideration, the Contributors are entitled to receive an earn out payment on May 1, 2015. Any earn out payment will be calculated based on a specified multiple of the annualized EBITDA generated by MCE, LP for the nine months ended March 31, 2015 less certain adjustments and will be satisfied using the Partnership’s common units, valued using a trailing twenty-day volume weighted average trading price as of three trading days prior to the issuance of such common units. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Organization | |
New Source Energy Partners L.P. (the “Partnership”) is a Delaware limited partnership formed in October 2012 by New Source Energy Corporation (“New Source Energy”) to own and acquire oil and natural gas properties in the United States. | |
On February 13, 2013, the Partnership completed its initial public offering (the “Offering”) of 4,000,000 common units representing limited partner interests in the Partnership at a price to the public of $20.00 per common unit. The Partnership received net proceeds of approximately $74.4 million from the Offering, after deducting underwriting discounts. The Partnership made a cash distribution of $15.8 million to New Source Energy as consideration (together with its issuance to New Source Energy of approximately 50% of New Source Energy, GP, LLC, which owns all of the Partnership general partner units, 777,500 common units, 2,205,000 subordinated units and a $25.0 million note payable) for the contribution by New Source Energy of certain oil and gas properties (the “IPO Properties”) and certain commodity derivative contracts. Additionally, the Partnership assumed approximately $70.0 million of New Source Energy’s indebtedness previously secured by the IPO Properties, and used a portion of the net proceeds from the Offering to repay in full such assumed debt at the closing of the Offering. The Partnership also borrowed $15.0 million under a new revolving credit facility on February 13, 2013. On March 12, 2013, the Partnership received net proceeds of $4.7 million from the partial exercise, in the amount of 250,000 common units, of the underwriters’ overallotment option. | |
The IPO Properties consist of interests in wells producing oil, natural gas, and natural gas liquids from the Misener-Hunton (the “Hunton”) formation in East-Central Oklahoma. The IPO Properties represent New Source’s working interest in certain Hunton formation producing wells located in Pottawatomie, Seminole and Okfuskee Counties, Oklahoma (“Golden Lane Area”), which equates to approximately a 38% weighted average working interest in the Golden Lane Area. | |
Basis of Presentation | |
The accompanying unaudited condensed financial statements present the financial position of the Partnership at September 30, 2013 and December 31, 2012 and the Partnership’s results of operations and cash flows for the nine months ended September 30, 2013 and 2012. These condensed financial statements include all adjustments, consisting of normal and recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and the results of operations for the indicated interim periods in accordance with accounting principles generally accepted in the United States of America, or “GAAP,” for interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these unaudited condensed financial statements should be read along with the Partnership’s financial statements and the financial statements of the IPO Properties for the year ended December 31, 2012 included in the Partnership’s Form 10-K (File No. 001-35809) for an expanded discussion of the Partnership’s financial disclosures and accounting policies. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
Nature of Operations and Basis of Presentation | |
The acquisition of the IPO Properties discussed above was a transaction between businesses under common control. The accounts relating to the IPO Properties have been reflected retroactively in the Partnership’s financial statements at carryover basis. Therefore, for periods prior to February 13, 2013, the accompanying financial statements may not be indicative of the Partnership’s future performance and may not reflect what its financial position, results of operations, and cash flows would have been had it been operated as an independent company during the periods presented. Prior to February 13, 2013, New Source Energy performed certain corporate functions on behalf of the IPO Properties, and the financial statements reflect an allocation of the costs New Source Energy incurred. These functions included executive management, information technology, tax, insurance, accounting, legal and treasury services. The costs of such services were allocated based on the most relevant allocation method to the service provided, primarily based on relative book value of assets, among other factors. Management believes such allocations are reasonable; however, they may not be indicative of the actual expense that would have been incurred had the Partnership been operated as an independent company for all of the periods presented. The charges for these functions are included primarily in general and administrative expenses. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates in the Preparation of Financial Statements | |
Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves. Other significant estimates include, but are not limited to, the valuation of commodity derivatives and the Partnership’s common units issued in a business combination and as compensation for services, the allocation of general and administrative expenses, and asset retirement obligations. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Oil and Natural Gas Properties | |
The Partnership utilizes the full cost method of accounting for oil and natural gas properties whereby productive and nonproductive costs incurred in connection with the acquisition, exploration, and development of oil and natural gas reserves are capitalized. All capitalized costs of oil and natural gas properties and equipment, including the estimated future costs to develop proved reserves, are amortized using the units-of-production method based on total proved reserves. No gains or losses are recognized upon the sale or other disposition of oil and natural gas properties except in transactions that would significantly alter the relationship between capitalized costs and proved reserves. Under the full cost method, the net book value of oil and natural gas properties, less related deferred income taxes, may not exceed the estimated after-tax future net revenues from proved oil and natural gas properties, discounted at 10% (the ceiling limitation). In arriving at estimated after-tax future net revenues, estimated lease operating expenses, development costs, and certain production-related and ad valorem taxes are deducted. In calculating future net revenues, prices and costs in effect at the time of the calculation are held constant indefinitely, except for changes that are fixed and determinable by existing contracts. The net book value is compared to the ceiling limitation on a quarterly and yearly basis. The excess, if any, of the net book value above the ceiling limitation is charged to expense in the period in which it occurs and is not subsequently reinstated. Reserve estimates used in determining estimated after-tax future net revenues have been prepared by an internal petroleum engineer. Future net revenues were computed based on reserves using prices calculated as the unweighted arithmetical average oil and natural gas prices on the first day of each month within the latest twelve-month period. Subsequent to February 13, 2013, the ceiling limitation computation is determined without regard to income taxes due to the Partnership being a non-income tax paying entity. There were no full cost ceiling write-downs recorded in the nine months ended September 30, 2013 or 2012. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings per Unit | |
Basic and diluted earnings per unit is determined by dividing net income for the period by the weighted average number of units outstanding. Basic and diluted earnings per unit for the period from February 13, 2013 through September 30, 2013 were computed using the following components: |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Common | Subordinated | General | |||||||||||
Units | Units | Partner | |||||||||||
Numerator | |||||||||||||
Net loss (in thousands) | $ | (76 | ) | $ | (430 | ) | $ | (29 | ) | ||||
Denominator: | |||||||||||||
Weighted average units outstanding | 6,480,439 | 2,205,000 | 154,503 | ||||||||||
Basic and diluted loss per unit | $ | (0.01 | ) | $ | (0.20 | ) | $ | (0.19 | ) | ||||
Common Units | Subordinated | General | |||||||||||
Units | Partner | ||||||||||||
Numerator | |||||||||||||
Net loss (in thousands) | $ | (1,473 | ) | $ | (479 | ) | $ | (34 | ) | ||||
Denominator: | |||||||||||||
Weighted average units outstanding | 6,773,500 | 2,205,000 | 155,102 | ||||||||||
Basic and diluted loss per unit | $ | (0.22 | ) | $ | (0.22 | ) | $ | (0.22 | ) |
Note_5_Derivative_Contracts_Ta
Note 5 - Derivative Contracts (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Description | Active Market | Observable | Unobservable | Total | |||||||||||||||||
for Identical | Inputs | Inputs | Carrying | ||||||||||||||||||
Assets | (Level 2) | (Level 3) | Value | ||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Oil and natural gas swaps | $ | - | $ | 451 | $ | - | $ | 451 | |||||||||||||
Natural gas liquids swaps | - | - | (1,602 | ) | (1,602 | ) | |||||||||||||||
Oil, natural gas and liquids put options | - | - | 637 | 637 | |||||||||||||||||
Total net financial assets (liabilities) | $ | - | $ | 451 | $ | (965 | ) | $ | (514 | ) | |||||||||||
Current asset | $ | - | $ | 279 | $ | 164 | $ | 443 | |||||||||||||
Long-term asset | - | 364 | 473 | 837 | |||||||||||||||||
Current liability | - | (192 | ) | (1,364 | ) | (1,556 | ) | ||||||||||||||
Long-term liability | - | - | (238 | ) | (238 | ) | |||||||||||||||
Total net financial assets (liabilities) | $ | - | $ | 451 | $ | (965 | ) | $ | (514 | ) | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
Significant Unobservable | Significant Unobservable | ||||||||||||||||||||
Inputs (Level 3) | Inputs (Level 3) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Beginning balance | $ | 1,866 | $ | 6,007 | $ | (112 | ) | $ | (1,198 | ) | |||||||||||
Gains (losses) | (3,277 | ) | (1,348 | ) | (1,522 | ) | 7,063 | ||||||||||||||
Settlements paid (received) | 446 | (4,761 | ) | 669 | (5,967 | ) | |||||||||||||||
Ending balance | $ | (965 | ) | $ | (102 | ) | $ | (965 | ) | $ | (102 | ) | |||||||||
Losses included in earnings related to derivatives still held as of September 30, 2013 and 2012 | $ | (2,677 | ) | $ | (102 | ) | $ | (884 | ) | $ | (102 | ) | |||||||||
Oil Options [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes (Bbls) | Floor Price | |||||||||||||||||||
October 1, - December 31, 2013 | 1,209 | $ | 80 | ||||||||||||||||||
2014 | 26,403 | $ | 80 | ||||||||||||||||||
Natural Gas Options [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes | Floor Price | |||||||||||||||||||
(MMBtu) | |||||||||||||||||||||
October 1, - December 31, 2013 | 79,985 | $ | 3.5 | ||||||||||||||||||
2014 | 476,309 | $ | 3.5 | ||||||||||||||||||
2015 | 798,853 | $ | 3.5 | ||||||||||||||||||
2016 | 930,468 | $ | 3.5 | ||||||||||||||||||
Natural Gas Liquid Options [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes (Bbls) | Average Floor | |||||||||||||||||||
Price | |||||||||||||||||||||
October 1, - December 31, 2013 | 13,862 | $ | 28.65 | ||||||||||||||||||
2014 | 63,409 | $ | 28.66 | ||||||||||||||||||
Oil Swaps [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes (Bbls) | Fixed Price per | |||||||||||||||||||
Bbl | |||||||||||||||||||||
October 1, - December 31, 2013 | 8,323 | $ | 93.05 | ||||||||||||||||||
2014 | 17,324 | $ | 90.2 | ||||||||||||||||||
2015 | 39,411 | $ | 88.9 | ||||||||||||||||||
2016 | 36,658 | $ | 86 | ||||||||||||||||||
Natural Gas Swaps [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes | Avg Price per | Range | ||||||||||||||||||
(MMBtu) | MMBtu | ||||||||||||||||||||
October 1, - December 31, 2013 | 387,288 | $ | 3.66 | $ | 3.6 | - | $ | 3.69 | |||||||||||||
2014 | 1,224,147 | $ | 4.09 | $ | 4.09 | ||||||||||||||||
2015 | 800,573 | $ | 4.25 | $ | 4.25 | ||||||||||||||||
2016 | 629,301 | $ | 4.37 | $ | 4.37 | ||||||||||||||||
Natural Gas Liquid Swaps [Member] | ' | ||||||||||||||||||||
Note 5 - Derivative Contracts (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
Year | Volumes | Avg Price | Range | ||||||||||||||||||
(Bbls) | |||||||||||||||||||||
October 1, - December 31, 2013 | 153,355 | $ | 35.42 | $34.72 | - | $40.71 | |||||||||||||||
2014 | 541,835 | $ | 34.94 | $34.60 | - | $39.39 |
Note_7_EquityBased_Compensatio1
Note 7 - Equity-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total equity-based compensation | $ | - | $ | 1,108 | $ | 7,738 | $ | 7,405 | |||||||||
Equity-based compensation allocated from New Source Energy | $ | - | $ | 1,108 | $ | 388 | $ | 7,405 |
Note_8_Acquisition_of_Properti1
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
Proved oil and natural gas properties including related equipment | $ | 29,316 | |||||||||||||||
Future abandonment costs | (1,333 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 27,983 | |||||||||||||||
Proved oil and natural gas properties | $ | 8,166 | |||||||||||||||
Future abandonment costs | (19 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 8,147 | |||||||||||||||
Proved oil and natural gas properties | $ | 4,866 | |||||||||||||||
Future abandonment costs | (8 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 4,858 | |||||||||||||||
Proved oil and natural gas properties | $ | 3,230 | |||||||||||||||
Future abandonment costs | (24 | ) | |||||||||||||||
Fair value of net assets acquired | $ | 3,206 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 12,494 | $ | 11,104 | $ | 35,516 | $ | 35,191 | |||||||||
Net income (loss) | $ | (1,998 | ) | $ | (3,706 | ) | $ | 5,650 | $ | 2,797 | |||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | $ | 4,197 | $ | 6,974 | |||||||||||||
Excess of revenues over direct operating expenses | $ | 2,180 | $ | 3,350 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 12, 2013 | Feb. 12, 2013 | Feb. 12, 2013 | Feb. 12, 2013 | Mar. 12, 2013 | Feb. 12, 2013 | |
IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | |||||
Common Units [Member] | Subordinated Units [Member] | |||||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | 4,000,000 |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $20 |
Proceeds from Issuance of Common Stock | $77,880,000 | ($492,000) | ' | ' | ' | ' | ' | $74,400,000 |
Payments of Capital Distribution | ' | ' | ' | ' | ' | ' | ' | 15,800,000 |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | ' | ' | ' | ' | 777,500 | ' | 250,000 | ' |
Subordinated Units Issued (in Shares) | ' | ' | ' | ' | ' | 2,205,000 | ' | ' |
Other Notes Payable (in Dollars) | ' | ' | ' | 25,000,000 | ' | ' | ' | 25,000,000 |
Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | 70,000,000 |
Proceeds from Lines of Credit | 69,500,000 | 3,000,000 | ' | ' | ' | ' | ' | 15,000,000 |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | ' | $4,700,000 | ' |
Weighted Average Working Interest | ' | ' | 38.00% | ' | ' | ' | ' | ' |
Discount of Estimated Future Net Revenues | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Unit Computations (USD $) | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 1 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Unit Computations [Line Items] | ' | ' | ' | ' | ' |
Net loss (in thousands) (in Dollars) | ($1,986) | ($799) | ($535) | $4,768 | $2,014 |
Basic and diluted loss per unit (in Dollars per share) | ($0.22) | ' | ' | ($0.01) | ' |
Common Units [Member] | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Unit Computations [Line Items] | ' | ' | ' | ' | ' |
Net loss (in thousands) (in Dollars) | -1,473 | ' | -76 | ' | ' |
Weighted average units outstanding | 6,773,500 | ' | 6,480,439 | ' | ' |
Basic and diluted loss per unit (in Dollars per share) | ($0.22) | ' | ($0.01) | ' | ' |
Subordinated Units [Member] | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Unit Computations [Line Items] | ' | ' | ' | ' | ' |
Net loss (in thousands) (in Dollars) | -479 | ' | -430 | ' | ' |
Weighted average units outstanding | 2,205,000 | ' | 2,205,000 | ' | ' |
Basic and diluted loss per unit (in Dollars per share) | ($0.22) | ' | ($0.20) | ' | ' |
General Partnership Units [Member] | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Unit Computations [Line Items] | ' | ' | ' | ' | ' |
Net loss (in thousands) (in Dollars) | ($34) | ' | ($29) | ' | ' |
Weighted average units outstanding | 155,102 | ' | 154,503 | ' | ' |
Basic and diluted loss per unit (in Dollars per share) | ($0.22) | ' | ($0.19) | ' | ' |
Note_2_Related_Party_Transacti1
Note 2 - Related Party Transactions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Due to Related Parties | $400,000 | ' |
Due to Related Parties, Current | 100,000 | ' |
Due to Related Parties, Noncurrent | $283,000 | $345,000 |
Note_3_Credit_Agreement_Detail
Note 3 - Credit Agreement (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
Feb. 12, 2013 | Sep. 30, 2013 | Jun. 25, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity (in Dollars) | ' | ' | ' | $60,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | 75,000,000 | 75,000,000 | 150,000,000 | ' |
Other Notes Payable (in Dollars) | 25,000,000 | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 3.31% | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | ' | 67,500,000 | ' | ' | 68,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | ' | $7,500,000 | ' | ' | ' |
Federal Funds Rate [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ' | ' | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' | ' | ' | ' |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' | ' | ' | ' |
Minimum [Member] | Base Rate [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' | ' | ' | ' |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ' | ' | ' | ' |
Maximum [Member] | Base Rate [Member] | ' | ' | ' | ' | ' |
Note 3 - Credit Agreement (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ' | ' | ' | ' |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Note 4 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Purchase of Assets (in Shares) | 1,400,000 | ' |
Stock Issued During Period, Value, Purchase of Assets | $28,000,000 | ' |
Payments for Purchase of Other Assets | 16,200,000 | ' |
Line of Credit Facility, Amount Outstanding | $67,500,000 | $68,000,000 |
Minimum [Member] | ' | ' |
Note 4 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 8.00% | ' |
Maximum [Member] | ' | ' |
Note 4 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 15.00% | ' |
Note_5_Derivative_Contracts_De
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Oil Options (Oil Options [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
bbl | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 1,209 |
Floor Price (in Dollars per Barrel (of Oil)) | 80 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 26,403 |
Floor Price (in Dollars per Barrel (of Oil)) | 80 |
Note_5_Derivative_Contracts_De1
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Natural Gas Options (Natural Gas Options [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
MMBTU | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 79,985 |
Floor Price | 3.5 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 476,309 |
Floor Price | 3.5 |
2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 798,853 |
Floor Price | 3.5 |
2016 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 930,468 |
Floor Price | 3.5 |
Note_5_Derivative_Contracts_De2
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Natural Gas Liquid Options (Natural Gas Liquid Options [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
bbl | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 13,862 |
Average Floor Price (in Dollars per Barrel (of Oil)) | 28.65 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 63,409 |
Average Floor Price (in Dollars per Barrel (of Oil)) | 28.66 |
Note_5_Derivative_Contracts_De3
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Oil Swaps (Oil Swaps [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
bbl | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 8,323 |
Fixed Price per Bbl (in Dollars per Barrel (of Oil)) | 93.05 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 17,324 |
Fixed Price per Bbl (in Dollars per Barrel (of Oil)) | 90.2 |
2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 39,411 |
Fixed Price per Bbl (in Dollars per Barrel (of Oil)) | 88.9 |
2016 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) | 36,658 |
Fixed Price per Bbl (in Dollars per Barrel (of Oil)) | 86 |
Note_5_Derivative_Contracts_De4
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Natural Gas Swaps (Natural Gas Swaps [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
MMBTU | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 387,288 |
Avg Price per MMBtu | 3.66 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 1,224,147 |
Avg Price per MMBtu | 4.09 |
Range | 4.09 |
2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 800,573 |
Avg Price per MMBtu | 4.25 |
Range | 4.25 |
2016 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (MMBtu) (in Millions of British Thermal Units) | 629,301 |
Avg Price per MMBtu | 4.37 |
Range | 4.37 |
Minimum [Member] | October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Range | 3.6 |
Maximum [Member] | October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Range | 3.69 |
Note_5_Derivative_Contracts_De5
Note 5 - Derivative Contracts (Details) - Commodity Derivative Positions Liquid Swaps (Natural Gas Liquid Swaps [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
bbl | |
October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) (in Barrels (of Oil)) | 153,355 |
Avg Price per Bbl | 35.42 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (Bbls) (in Barrels (of Oil)) | 541,835 |
Avg Price per Bbl | 34.94 |
Minimum [Member] | October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Range | 34.72 |
Minimum [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Range | 34.6 |
Maximum [Member] | October 1 - December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Range | 40.71 |
Maximum [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Range | 39.39 |
Note_5_Derivative_Contracts_De6
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | ($514) | ' | ' | ' | ' | ' |
Current asset | 443 | ' | 25 | ' | ' | ' |
Long-term asset | 837 | ' | ' | ' | ' | ' |
Current liability | -1,556 | ' | -47 | ' | ' | ' |
Long-term liability | -238 | ' | ' | ' | ' | ' |
Total net financial assets (liabilities) | -514 | ' | ' | ' | ' | ' |
Oil and Natural Gas Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | 451 | ' | ' | ' | ' | ' |
Oil and Natural Gas Swaps [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | 451 | ' | ' | ' | ' | ' |
Natural Gas Liquid Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | -1,602 | ' | ' | ' | ' | ' |
Natural Gas Liquid Swaps [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | -1,602 | ' | ' | ' | ' | ' |
Oil, Natural Gas and Liquid Options [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | 637 | ' | ' | ' | ' | ' |
Oil, Natural Gas and Liquid Options [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | 637 | ' | ' | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | 451 | ' | ' | ' | ' | ' |
Current asset | 279 | ' | ' | ' | ' | ' |
Long-term asset | 364 | ' | ' | ' | ' | ' |
Current liability | -192 | ' | ' | ' | ' | ' |
Total net financial assets (liabilities) | 451 | ' | ' | ' | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Note 5 - Derivative Contracts (Details) - Derivative Assets and Liabilities at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value | -965 | 1,866 | -112 | -102 | 6,007 | -1,198 |
Current asset | 164 | ' | ' | ' | ' | ' |
Long-term asset | 473 | ' | ' | ' | ' | ' |
Current liability | -1,364 | ' | ' | ' | ' | ' |
Long-term liability | -238 | ' | ' | ' | ' | ' |
Total net financial assets (liabilities) | ($965) | ' | ' | ' | ' | ' |
Note_5_Derivative_Contracts_De7
Note 5 - Derivative Contracts (Details) - Reconciliation of Changes in the Fair Value of Allocated Derivative Assets and Liabilities at Level Three (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Gains (losses) | ($3,453) | ($1,546) | ($2,597) | $6,866 |
Ending balance | -514 | ' | -514 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,866 | 6,007 | -112 | -1,198 |
Gains (losses) | -3,277 | -1,348 | -1,522 | 7,063 |
Settlements paid (received) | 446 | -4,761 | 669 | -5,967 |
Ending balance | -965 | -102 | -965 | -102 |
Losses included in earnings related to derivatives still held as of September 30, 2013 and 2012 | ($2,677) | ($102) | ($884) | ($102) |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | ($562) | ($12,126) | $1,166 |
Related to Change in Tax Status [Member] | ' | ' | ' |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ($12,100) | ' |
Note_7_EquityBased_Compensatio2
Note 7 - Equity-Based Compensation (Details) | 0 Months Ended | 12 Months Ended |
Feb. 12, 2013 | Feb. 12, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | 367,500 |
Investment Owned, Restricted, Carrying Value Per Unit at Date of Balance Sheet (in Dollars per Item) | 20 | ' |
Note_7_EquityBased_Compensatio3
Note 7 - Equity-Based Compensation (Details) - Equity-Based Compensation Expense (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 7 - Equity-Based Compensation (Details) - Equity-Based Compensation Expense [Line Items] | ' | ' | ' |
Total equity-based compensation | $1,108 | $7,738 | $7,405 |
New Source Energy [Member] | ' | ' | ' |
Note 7 - Equity-Based Compensation (Details) - Equity-Based Compensation Expense [Line Items] | ' | ' | ' |
Equity-based compensation allocated from New Source Energy | $1,108 | $388 | $7,405 |
Note_8_Acquisition_of_Properti2
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) (USD $) | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Jun. 30, 2013 | Jul. 23, 2013 | Jul. 25, 2013 |
New Source Energy [Member] | Scintilla, LLC [Member] | W.K. Chernicky, LLC [Member] | NSEC [Member] | Scintilla, LLC [Member] | Orion Exploration Partners, LLC and Orion Exploration LLC [Member] | ||
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions (in Shares) | ' | 348,000 | 976,500 | 54,000 | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | ' | $28 | ' | ' | ' |
Payments for Purchase of Other Assets | $16.20 | ' | ' | ' | $8 | $5 | $3 |
Note_8_Acquisition_of_Properti3
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Allocation of Purchase Price to Fair Value of Acquired Assets and Liabilities Assumed (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
W.K. Chernicky, LLC [Member] | ' |
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Allocation of Purchase Price to Fair Value of Acquired Assets and Liabilities Assumed [Line Items] | ' |
Proved oil and natural gas properties | $29,316 |
Future abandonment costs | -1,333 |
Fair value of net assets acquired | 27,983 |
NSEC [Member] | ' |
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Allocation of Purchase Price to Fair Value of Acquired Assets and Liabilities Assumed [Line Items] | ' |
Proved oil and natural gas properties | 8,166 |
Future abandonment costs | -19 |
Fair value of net assets acquired | 8,147 |
Scintilla, LLC [Member] | ' |
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Allocation of Purchase Price to Fair Value of Acquired Assets and Liabilities Assumed [Line Items] | ' |
Proved oil and natural gas properties | 4,866 |
Future abandonment costs | -8 |
Fair value of net assets acquired | 4,858 |
Orion Exploration Partners, LLC and Orion Exploration LLC [Member] | ' |
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Allocation of Purchase Price to Fair Value of Acquired Assets and Liabilities Assumed [Line Items] | ' |
Proved oil and natural gas properties | 3,230 |
Future abandonment costs | -24 |
Fair value of net assets acquired | $3,206 |
Note_8_Acquisition_of_Properti4
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Unaudited Pro Forma Results of Operations as Though the Acquisition (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unaudited Pro Forma Results of Operations as Though the Acquisition [Abstract] | ' | ' | ' | ' |
Revenues | $12,494 | $11,104 | $35,516 | $35,191 |
Net income (loss) | ($1,998) | ($3,706) | $5,650 | $2,797 |
Note_8_Acquisition_of_Properti5
Note 8 - Acquisition of Properties from New Source Energy and Other Parties (Details) - Amounts of Revenues and Revenues in Excess of Direct Operating Expenses Included in Statement of Operations for Acquisition (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenues | $12,431 | $8,262 | $32,440 | $26,448 |
Excess of revenues over direct operating expenses | 2,121 | 1,009 | -1,541 | -1,264 |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenues | 4,197 | ' | 6,974 | ' |
Excess of revenues over direct operating expenses | $2,180 | ' | $3,350 | ' |
Note_9_General_and_Administrat1
Note 9 - General and Administrative Expenses (Details) (USD $) | 2 Months Ended | 9 Months Ended |
Mar. 31, 2013 | Sep. 30, 2013 | |
General And Administrative Expenses [Abstract] | ' | ' |
Service Management Costs | ' | $675,000 |
Prorated Fee | $352,500 | ' |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
Minimum [Member] | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' |
Loss Contingency, Estimate of Possible Loss | $10,000 |
Maximum [Member] | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' |
Loss Contingency, Estimate of Possible Loss | $250,000 |
Note_11_Subsequent_Events_Deta
Note 11 - Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 25, 2013 | Feb. 28, 2013 | Oct. 04, 2013 | Nov. 12, 2013 | Oct. 21, 2013 | Oct. 29, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Scintilla, LLC [Member] | MCE, LP [Member] | |||||||
Note 11 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $13,600,000 | $43,600,000 | ' | ' |
Payments to Acquire Oil and Gas Property | 34,218,000 | 9,175,000 | ' | ' | 5,000,000 | ' | ' | ' |
Stock Issued During Period, Shares, Purchase of Assets (in Shares) | 1,400,000 | ' | ' | ' | 414,045 | ' | ' | ' |
Stock Issued During Period, Value Per Share, Purchase Of Assets (in Dollars per share) | ' | ' | ' | ' | $20.79 | ' | ' | ' |
Stock Issued During Period, Value, Purchase of Assets | 28,000,000 | ' | ' | ' | 8,600,000 | ' | ' | ' |
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.57 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ' | 75,000,000 | 150,000,000 | ' | ' | ' | 87,500,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | $3,800,000 | ' | ' |
Partners' Capital Account, Units, Acquisitions (in Shares) | ' | ' | ' | ' | ' | 1,847,265 | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | $21.55 | ' | ' |
Business Combination, Shares Retained by Contributers (in Shares) | ' | ' | ' | ' | ' | 100 | ' | ' |
Maximum Level of Incentive Distribution | ' | ' | ' | ' | ' | 50.00% | ' | ' |