Escalera Resources (ESCR) 10-Q 7 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document Document And Entity Information [Line Items]	'	'
Entity Registrant Name	'DOUBLE EAGLE PETROLEUM CO	'
Entity Central Index Key	'0000029834	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	11,351,412

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$3,804	$4,070
Cash held in escrow	283	565
Accounts receivable	4,649	6,608
Assets from price risk management	3,174	6,742
Other current assets	3,207	3,024
Total current assets	15,117	21,009
Oil and gas properties and equipment, successful efforts method:	'	'
Developed properties	233,910	225,382
Wells in progress	8,591	10,963
Gas transportation pipeline	5,510	5,510
Undeveloped properties	2,704	2,734
Corporate and other assets	2,041	2,068
Total oil and gas properties and equipment, successful efforts method	252,756	246,657
Less accumulated depreciation, depletion and amortization	-125,207	-109,606
Net properties and equipment	127,549	137,051
Assets from price risk management	951	682
Other assets	58	68
TOTAL ASSETS	143,675	158,810
Current liabilities:	'	'
Accounts payable and accrued expenses	7,150	11,052
Accrued production taxes	2,984	1,906
Other current liabilities	219	200
Total current liabilities	10,353	13,158
Credit facility	47,450	47,450
Asset retirement obligation	8,788	8,494
Deferred tax liability	4,429	7,896
Other long-term liabilities	123	370
Total liabilities	71,143	77,368
Preferred stock, $0.10, par value; 10,000,000 shares authorized; 1,610,000 shares issued and outstanding as of September 30, 2013 and December 31, 2012	37,972	37,972
Stockholders’ equity:	'	'
Common stock, $0.10 par value; 50,000,000 shares authorized; 11,369,302 issued and 11,341,552 shares outstanding at September 30, 2013 and 11,305,043 shares issued and 11,279,268 outstanding at December 31, 2012	1,134	1,128
Additional paid-in-capital	43,156	45,405
Accumulated deficit	-9,730	-3,063
Total stockholders’ equity	34,560	43,470
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$143,675	$158,810

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement Consolidated Balance Sheets Parenthetical Unaudited [Line Items]	'	'
Preferred stock, par value	$0.10	$0.10
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	1,610,000	1,610,000
Preferred stock, shares outstanding	1,610,000	1,610,000
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	11,369,302	11,305,043
Common stock, shares outstanding	11,341,552	11,279,268

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Oil and gas sales	$7,599	$6,498	$23,634	$17,742
Transportation revenue	914	1,276	2,751	3,763
Price risk management activities	630	-1,827	1,264	2,705
Other income, net	-2	-46	506	-23
Total revenues	9,141	5,901	28,155	24,187
Costs and expenses	'	'	'	'
Production costs	3,150	2,766	9,346	8,682
Production taxes	886	783	2,851	1,921
Exploration expenses including dry hole costs	52	62	122	638
Pipeline operating costs	1,238	1,184	3,950	3,633
General and administrative	983	1,513	3,946	4,736
Impairment and abandonment of equipment and properties	-36	21	1,500	330
Depreciation, depletion and amortization	5,178	4,779	15,631	14,186
Total costs and expenses	11,451	11,108	37,346	34,126
Income (loss) from operations	-2,310	-5,207	-9,191	-9,939
Interest expense, net	-488	-516	-943	-1,369
Income (loss) before income taxes	-2,798	-5,723	-10,134	-11,308
Benefit (provision) for deferred income taxes	946	2,155	3,467	4,043
Net income (loss)	-1,852	-3,568	-6,667	-7,265
Preferred stock dividends	930	930	2,792	2,792
Net loss attributable to common stock	($2,782)	($4,498)	($9,459)	($10,057)
Net loss per common share:	'	'	'	'
Basic	($0.25)	($0.40)	($0.84)	($0.89)
Diluted	($0.25)	($0.40)	($0.84)	($0.89)
Weighted average shares outstanding:	'	'	'	'
Basic	11,341,277	11,255,229	11,324,653	11,240,945
Diluted	11,341,277	11,255,229	11,324,653	11,240,945

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	($1,852)	($3,568)	($6,667)	($7,265)
Other comprehensive income, net of tax	'	'	'	'
Comprehensive income (loss)	($1,852)	($3,568)	($6,667)	($7,265)

Consolidated_Statements_of_Cas

Consolidated 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 loss	($6,667)	($7,265)
Adjustments to reconcile net loss to net cash from operating activities:	'	'
Depreciation, depletion, amortization and accretion of asset retirement obligation	15,822	14,328
Impairment and abandonment of equipment and properties	1,500	330
Dry hole costs	'	462
Provision for deferred benefit	-3,467	-4,042
Stock-based compensation expense	570	1,234
Change in fair value of derivative contracts	3,071	8,082
Settlement on asset retirement obligation	'	-2
Loss on sale of working interest in non-producing property	12	16
Changes in current assets and liabilities:	'	'
Decrease (increase) in deposit held in escrow	282	-1
Decrease in accounts receivable	1,959	937
Decrease in other current assets	283	369
Decrease in accounts payable and accrued expenses	-4,160	-1,202
Increase in accrued production taxes	1,078	384
NET CASH PROVIDED BY OPERATING ACTIVITIES	10,283	13,630
Cash flows from investing activities:	'	'
Payments to acquire producing properties and equipment, net	-7,729	-20,530
Payment to acquire corporate and non-producing properties	-7	-24
NET CASH USED IN INVESTING ACTIVITIES	-7,736	-20,554
Cash flows from financing activities:	'	'
Tax withholdings related to net share settlement of restricted stock awards	-21	-24
Dividends on preferred stock	-2,792	-2,792
Net borrowings (repayments) on credit facility	'	4,200
NET CASH USED IN FINANCING ACTIVITIES	-2,813	1,384
Change in cash and cash equivalents	-266	-5,540
Cash and cash equivalents at beginning of period	4,070	8,678
CASH AND CASH EQUIVALENTS AT END OF PERIOD	3,804	-3,138
Supplemental disclosure of cash and non-cash transactions:	'	'
Cash paid for interest	1,254	961
Interest capitalized	67	226
Additions to developed properties included in current liabilities	$2,523	$2,246

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
	1.              Summary of Significant Accounting Policies
	Basis of presentation
	The accompanying unaudited interim consolidated financial statements and related notes were prepared by Double Eagle Petroleum Co. (“Double Eagle” or the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted as allowed by such rules and regulations. These consolidated financial statements include all of the adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations. All such adjustments are of a normal recurring nature only. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.
	Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the 2013 consolidated financial statement presentation. Such reclassifications had no effect on net income.
	The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2012, and are supplemented throughout the notes to this Quarterly Report on Form 10-Q.
	The unaudited interim consolidated financial statements presented herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2012.
	Principles of consolidation
	The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Petrosearch Energy Corporation and Eastern Washakie Midstream LLC (“EWM”). In 2006, the Company sold transportation assets located in the Catalina Unit, at cost, to EWM in exchange for an intercompany note receivable bearing interest of 5% per annum, maturing on January 31, 2028. The note and related interest are fully eliminated in consolidation. In addition, the Company has an agreement with EWM under which the Company pays a fee to EWM to gather, compress and transport gas produced at the Catalina Unit. This fee is also eliminated in consolidation.
	Recently adopted accounting pronouncements
	In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-01 (“ASU No. 2013-01”), ASU No. 2013-01 clarifies that the scope of Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU No. 2011-11”), would apply to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or are subject to a master netting arrangement or similar agreement. ASU No. 2011-11, issued in December 2011, requires that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. The Company adopted ASU No. 2013-01 effective January 1, 2013, and it did not have an effect on the Company’s consolidated financial statements.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share	'
	2.              Earnings per share
	Basic earnings per share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share incorporates the treasury stock method to measure the dilutive impact of potential common stock equivalents by including the effect of outstanding vested and unvested stock options and unvested stock awards in the average number of shares of common stock outstanding during the period. Income attributable to common stock is calculated as net income less dividends paid on the Company’s Series A Preferred Stock. The Company declared and paid cash dividends of $930 ($.5781 per share of preferred stock) for each of the three months ended September 30, 2013 and 2012 and $2,792 for the each of the nine months ended September 30, 2013 and 2012.
	The following is the calculation of basic and diluted weighted average shares outstanding and earnings per share of common stock for the periods indicated:
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2013				2012				2013					2012
	Net income (loss)	$		(1,852	)	$	(3,568	)			$	(6,667		)		$	(7,265	)
	Preferred stock dividends			930			930					2,792					2,792
	Net loss attributable to common stock	$		(2,782	)	$	(4,498	)			$	(9,459		)		$	(10,057	)
	Weighted average shares:
	Weighted average shares—basic			11,341,277			11,255,229					11,324,653					11,240,945
	Dilution effect of stock options outstanding at the end of period			—			—					—					—
	Weighted average shares—diluted			11,341,277			11,255,229					11,324,653					11,240,945
	Net loss per common share:
	Basic	$		(0.25	)	$	(0.40	)			$	(0.84		)		$	(0.89	)
	Diluted	$		(0.25	)	$	(0.40	)			$	(0.84		)		$	(0.89	)
	The following options and unvested restricted shares, which could be potentially dilutive in future periods, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive for the periods indicated:
		For the Three Months Ended September 30,							For the Nine Months Ended September 30,
			2013			2012				2013			2012
	Anti-dilutive shares		75,978			83,617				56,395			74,557

Credit_Facility

Credit Facility	9 Months Ended
	Sep. 30, 2013
Credit Facility	'
	3.              Credit Facility
	As of September 30, 2013, the Company had a $150,000 revolving line of credit in place with a $60,000 borrowing base. The credit facility is collateralized by the Company’s oil and gas producing properties. Any balance outstanding on the credit facility is due October 24, 2016.
	As of September 30, 2013, the outstanding balance of $47,450 on the credit facility has been used to fund the development of the Catalina Unit and other non-operated projects in the Atlantic Rim, development projects in the Pinedale Anticline, and the Company’s Niobrara exploration project.
	Borrowings under the revolving line of credit bear interest at a daily rate equal to (a) the highest of the Federal Funds rate, plus 0.5%, the Prime Rate or the Adjusted Eurodollar Rate plus (b) a margin ranging between 0.75% and 2.75% depending on the level of funds borrowed. The average interest rate on the facility at September 30, 2013, including the impact of our interest rate swaps, was 3.3%. For the three months ended September 30, 2013 and 2012, the Company incurred interest expense on the credit facility of $407 and $363, respectively, and for the nine months ended September 30, 2013 and 2012, $1,232 and $1,027, respectively. Of the total interest incurred, the Company capitalized interest costs of $11 and $77 for the three months ended September 30, 2013 and 2012, respectively, and $67 and $226 for the nine months ended September 30, 2013 and 2012, respectively.
	Under the credit facility, the Company is subject to both financial and non-financial covenants. The financial covenants, as defined in the credit agreement, include maintaining (i) a current ratio of 1.0 to 1.0; (ii) a ratio of earnings before interest, taxes, depreciation, depletion, amortization, exploration and other non-cash items (“EBITDAX”) to interest plus dividends of greater than 1.5 to 1.0; and (iii) a funded debt to EBITDAX ratio of less than 3.5 to 1.0. As of September 30, 2013, the Company was in compliance with all financial and non-financial covenants under the credit facility. If the covenants are violated and the Company is unable to negotiate a waiver or amendment thereof, the lenders would have the right to declare an event of default, terminate the remaining commitment and accelerate all principal and interest outstanding.

Derivative_Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2013
Derivative Instruments	'
	4.              Derivative Instruments
	Commodity Contracts
	The Company’s primary market exposure is to adverse fluctuations in the price of natural gas. The Company uses derivative instruments, primarily forward contracts, costless collars and swaps, to manage the price risk associated with its gas production, and the resulting impact on cash flow, net income and earnings per share. The Company does not use derivative instruments for speculative purposes.
	The extent of the Company’s risk management activities is controlled through policies and procedures that involve senior management and were approved by the Company’s Board of Directors. Senior management is responsible for proposing hedging recommendations, executing the approved hedging plan, overseeing the risk management process including methodologies used for valuation and risk measurement and presenting policy changes to the Company’s Board of Directors. The Company’s Board of Directors is responsible for approving risk management policies and for establishing the Company’s overall risk tolerance levels. The duration of the various derivative instruments depends on senior management’s view of market conditions, available contract prices and the Company’s operating strategy. Under the Company’s credit agreement, the Company can hedge up to 90% of the projected proved developed producing reserves for the next 12-month period, and up to 80% of the projected proved developed producing reserves for the 24-month period thereafter.
	The Company accounts for its derivative instruments as mark-to-market derivative instruments. Under mark-to-market accounting, derivative instruments are recognized as either assets or liabilities at fair value on the Company’s consolidated balance sheets, and changes in fair value are recognized in the price risk management activities line on the consolidated statements of operations. Realized gains and losses resulting from the contract settlement of derivatives are also recorded in the price risk management activities line on the consolidated statements of operations.
	On the consolidated statements of cash flows, the cash flows from these instruments are classified as operating activities.
	Derivative instruments expose the Company to counterparty credit risk. The Company enters into these contracts with third parties and financial institutions that it considers to be creditworthy. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty.
	As with most derivative instruments, the Company’s derivative contracts contain provisions which may allow for another party to require security from the counterparty to ensure performance under the contract. The security may be in the form of, but not limited to, a letter of credit, security interest or a performance bond. As of September 30, 2013, no party to any of the Company’s derivative contracts has required any form of security guarantee.
	The Company had the following commodity volumes under derivative contracts as of September 30, 2013:
	Type of Contract		Remaining		Term	Price							Price
			Contractual										Index (1)
			Volume (Mcf)
	Fixed Price Swap		552,000		01/13-12/13	$		5.16				NYMEX
	Costless Collar		552,000		01/13-12/13	$		5.00		floor		NYMEX
						$		5.35		ceiling
	Costless Collar		540,000		01/13-12/13	$		3.25		floor		NYMEX
						$		4.00		ceiling
	Fixed Price Swap		1,825,000		01/14-12/14	$		4.27				NYMEX
	Fixed Price Swap		1,800,000		01/14-12/14	$		4.20				NYMEX
	Costless Collar		1,800,000		01/14-12/14	$		4.00		floor		NYMEX
						$		4.50		ceiling
	Fixed Price Swap		3,000,000		01/15-12/15	$		4.28				NYMEX
	Total		10,069,000
		(1	)	New York Mercantile Exchange (“NYMEX”).
	Interest Rate Swap
	As of September 30, 2013, the Company had the following interest rate swap in place with a third party to manage the risk associated with the floating interest rate on its credit facility:
	Type of Contract		Contractual				Term		Rate (LIBOR)			Effective
			Amount									Interest Rate (1)
	Interest Rate Swap		$		30,000		12/31/12-9/30/16		1.050		%	3.55		%
		(1	)	In accordance with its credit facility, the Company pays interest at a daily rate equal to (a) the higher of the Federal Funds rate, plus 0.5%, the Prime Rate or the Adjusted Eurodollar LIBOR rate, plus (b) a spread ranging from 0.75% to 2.75% depending on its outstanding borrowings. The effective interest rate shown reflects the interest rate based on the outstanding borrowings at September 30, 2013.
	The table below contains a summary of all of the Company’s derivative positions reported on the consolidated balance sheet as of September 30, 2013, presented gross of any master netting arrangements:
	Derivatives not designated as		Balance Sheet Location		Fair Value
	hedging instruments under ASC 815
	Assets
	Commodity derivatives		Assets from price risk management - current		$	3,182
			Assets from price risk management - long term			951
	Liabilities
	Commodity derivatives		Assets from price risk management - current		$	(8	)
	Interest rate swap		Other current liabilities			(219	)
			Other long term liabilities			(123	)
	Total				$	3,783
	The before-tax effect of derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 was as follows:
		Amount of Gain (Loss) Recognized in												Amount of Gain (Loss) Recognized in
		Three Months Ended September 30,												Nine Months Ended September 30,
		2013				2012						2013					2012
	Unrealized loss on commodity contracts1	$		(1,028	)	$		(4,993	)			$			(3,299	)	$	(7,522	)
	Realized gain on commodity contracts1			1,658				3,166							4,563			10,227
	Unrealized gain (loss) on interest rate swap2			(92	)			(226	)						228			(560	)
	Realized loss on interest rate swap2			(68	)			(26	)						(197	)		(75	)
	Total activity for derivatives not designated as hedging instruments	$		470		$		(2,079	)			$			1,295		$	2,070
		1 Included in price risk management activities on the consolidated statements of operations. Price risk management activities totaled $630 and $(1,827) for the three months ended September 30, 2013 and 2012, respectively, and $1,264 and $2,705 for the nine months ended September 30, 2013 and 2012, respectively.
		2 Included in interest expense, net on the consolidated statements of operations.
	Refer to Note 5 for additional information regarding the valuation of the Company’s derivative instruments.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Value of Financial Instruments	'
	5.              Fair Value of Financial Instruments
	Assets and Liabilities Measured on a Recurring Basis
	The Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Company’s credit facility also approximates fair value as it bears interest at a floating rate.
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). A three-level valuation hierarchy has been established to allow readers to understand the transparency of inputs in the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
	•           Level 1—Quoted prices (unadjusted) for identical assets or liabilities in active markets.
	•           Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs or significant value drivers are observable.
	•           Level 3—Unobservable inputs that reflect the Company’s own assumptions.
	The following table provides a summary as of September 30, 2013 of assets and liabilities measured at fair value on a recurring basis:
		Level 1		Level 2		Level 3		Total
	Assets
	Derivative instruments -
	Commodity forward contracts	$	—	$	4,125	$	—	$	4,125
	Total assets at fair value	$	—	$	4,125	$	—	$	4,125
	Liabilities
	Derivative instruments -
	Interest rate swap	$	—	$	342	$	—	$	342
	Total liabilities at fair value	$	—	$	342	$	—	$	342
	The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the three and nine months ended September 30, 2013.
	The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above:
	Derivative instruments
	The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted prices in active markets, market-corroborated inputs, such as NYMEX forward-strip pricing, the credit rating of each counterparty, and the Company’s own credit rating.
	In consideration of counterparty credit risk, the Company assessed the possibility of whether each counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.
	At September 30, 2013, the Company had various types of derivative instruments, which included costless collars and swaps. The natural gas derivative markets and interest rate swap markets are highly active. Although the Company’s economic hedges are valued using public indices, the instruments themselves are traded with third party counterparties and are not openly traded on an exchange. As such, the Company has classified these instruments as Level 2.
	Credit facility
	The recorded value of the Company’s credit facility approximates fair value as it bears interest at a floating rate.
	Concentration of credit risk
	Financial instruments that potentially subject the Company to credit risk consist of accounts receivable and derivative financial instruments. Substantially all of the Company’s receivables are within the oil and gas industry, including those from a third party gas marketing company. Collectability is dependent upon the financial wherewithal of each counterparty as well as the general economic conditions of the industry. The receivables are not collateralized.
	The Company currently uses two counterparties for its derivative financial instruments. The Company continually reviews the credit worthiness of its counterparties, which are generally other energy companies or major financial institutions. In addition, the Company uses master netting agreements which allow the Company, in the event of default, to elect early termination of all contracts with the defaulting counterparty. If the Company chooses to elect early termination, all asset and liability positions with the defaulting counterparty would be “net settled” at the time of election. “Net settlement” refers to a process by which all transactions between counterparties are resolved into a single amount owed by one party to the other.
	Assets and Liabilities Measured on a Non-recurring Basis
	The Company utilizes fair value on a non-recurring basis to perform impairment tests as required on its property and equipment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such property and equipment. The fair value of impaired assets is determined based on quoted market prices in active markets, if available, or upon the present values of expected future cash flows using discount rates commensurate with the risks involved in the asset group. The impairment analysis performed by the Company may utilize Level 3 inputs.
	Based upon management’s analysis of formation attributes and its estimate of the present value of the future cash flows from its Niobrara exploration well, as of September 30, 2013, the Company does not believe it will recover the full amount of capitalized costs of this well and has written the well down to its estimated fair value.  Refer to Note 6 for additional information regarding the impairment expense related to this well.
	The following table provides a summary as of September 30, 2013 of assets measured at fair value on a nonrecurring basis:
		Level 1		Level 2		Level 3				Total
	Assets
	Oil and gas properties -
	Niobrara exploration well	$	—	$	—	$	6,390		$		6,390
	Total assets at fair value	$	—	$	—	$	6,390		$		6,390

Impairment_of_LongLived_Assets

Impairment of Long-Lived Assets	9 Months Ended
	Sep. 30, 2013
Impairment of Long-Lived Assets	'
	6.              Impairment of Long-Lived Assets
	The Company reviews the carrying values of its long-lived assets annually or whenever events or changes in circumstances indicate that such carrying values may not be recoverable. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, generally on a field-by-field basis. The fair value of impaired assets is determined based on quoted market prices in active markets, if available, or upon the present values of expected future cash flows using discount rates commensurate with the risks involved in the asset group. The impairment analysis performed by the Company may utilize Level 3 inputs. The long-lived assets of the Company consist primarily of proved oil and gas properties and undeveloped leaseholds.
	The Company completed an exploration well targeting the Niobrara, Dakota and Frontier formations in 2012. Upon completion, the Company determined that it did not expect to recover the full amount of capitalized costs associated with this exploration well, and wrote-off a portion of the capitalized costs in the fourth quarter of 2012. The Company incurred $(36) and $1,379 of additional costs related to this well in the three and nine months ended September 30, 2013, respectively, which were charged to impairment expense consistent with the Company’s 2012 year-end assessment. During the three months ended September 30, 2013, the Company sold recovered injection fluid that had been injected into the ground during the fracture stimulation stage of completing the well.  The cost of the injection fluid is capitalized as part of a well’s cost.  In instances where the Company is able to recover these costs, it reduces the amount of capital costs associated with the well.  As the Company had already written down the well to the value of its estimated future cash flows, the Company recorded the proceeds from the sale as an offset to impairment expense.  There was no change to the Company’s estimate of future cash flow during 2013.  In the three and nine months ended September 30, 2012, the Company recorded impairment expense of $0 and $301, respectively, related to wells that were plugged and abandoned at a non-operated property. The Company also wrote off $0 and $121 during the three and nine months ended September 30, 2013, respectively, and $21 and $29 during the three and nine months ended September 30, 2012, respectively, related to expired undeveloped leaseholds and the write-off of other non-core assets.

Compensation_Plans

Compensation Plans	9 Months Ended
	Sep. 30, 2013
Compensation Plans	'
	7.              Compensation Plans
	The Company recognized stock-based compensation expense totaling $54 and $570 for the three and nine months ended September 30, 2013, respectively, and $414 and $1,234 for the three and nine months ended September 30, 2012, respectively.
	Compensation expense related to stock options is calculated using the Black-Scholes valuation model. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected terms of the options. The expected terms of the options are estimated based on factors such as vesting periods, contractual expiration dates, historical trends in the Company’s common stock price and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms.
	A summary of stock option activity under the Company’s various stock option plans as of September 30, 2013 and changes during the nine months ended September 30, 2013 is presented below:
	Options:	Shares		Weighted-		Weighted-	Aggregate
				Average		Average	Intrinsic
				Exercise		Remaining	Value
				Price		Contractual
						Term (in years)
	Outstanding at January 1, 2013	419,350		$	11.06	2.9
	Granted	—
	Exercised	—
	Cancelled/expired	(78,592	)	$	12.07
	Outstanding at September 30, 2013	340,758		$	10.83	2.8	$	—
	Exercisable at September 30, 2013	311,047		$	11.34	2.8	$	—
	The Company measures the fair value of stock awards based upon the fair market value of its common stock on the date of grant and recognizes the resulting compensation expense ratably over the associated service period, which is generally the vesting term of the stock awards. The Company recognizes the compensation expenses net of a forfeiture rate and recognizes the compensation expenses for only those shares expected to vest. The Company typically estimates forfeiture rates based on historical experience, while also considering the duration of the vesting term of the award.
	Nonvested stock awards as of September 30, 2013 and changes during the nine months ended September 30, 2013 were as follows:
	Stock Awards:	Shares		Weighted-
				Average
				Grant Date
				Fair Value
	Outstanding at January 1, 2013	533,981		$	6.33
	Granted	80,001		$	4.18
	Vested	(67,239	)	$	4.48
	Forfeited/returned	(87,742	)	$	6.02
	Nonvested at September 30, 2013	459,001		$	6.28
	In the fourth quarter of 2011, the Company adopted a Long-Term Incentive Plan (“LTIP”), under which the executive officers of the Company may earn shares for both continuous employment (one-third of the total shares) and through increases in the Company’s adjusted net asset value, as defined in the LTIP (two-thirds of the total shares).  As of September 30, 2013, there were 405,262 nonvested shares of common stock outstanding under the LTIP.  If the Company ultimately achieves the service requirements and performance objectives determined by the LTIP, the associated total stock-based compensation expense would be approximately $2.7 million, based on the grant date fair value.  The total compensation expense recorded by the Company related to the LTIP was $(16) and $218 for the three and nine months ended September 30, 2013, respectively, and $164 and $468 for the three and nine months ended September 30, 2012, respectively.  Compensation expense was negative in the three months ended September 30, 2013 due to the forfeiture of shares by the Company’s former chief financial officer, who left the Company in August 2013.  As of September 30, 2013, the Company did not expect that it would meet the LTIP performance objectives and therefore it did not record any stock-based compensation expense associated with the performance shares component of the LTIP in 2013. The shares granted under the LTIP are included as nonvested shares in the stock awards table above.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
	8.              Income Taxes
	The Company is required to record income tax expense for financial reporting purposes. The Company does not anticipate any payments of current tax liabilities in the near future due to its net operating loss carryforwards.
	The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2013, the Company made no provision for interest or penalties related to uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdiction and various states. There are currently no federal or state income tax examinations of the Company underway for these jurisdictions. Furthermore, the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for tax years before 2007 and for state and local tax authorities for tax years before 2006.

Preferred_Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2013
Preferred Stock	'
	9.              Preferred Stock
	In 2007, the stockholders of the Company approved an amendment to the Company’s Articles of Incorporation to provide for the issuance of 10,000,000 shares of preferred stock, and the Company subsequently completed a public offering of 1,610,000 shares of 9.25% Series A Cumulative Preferred Stock (the “Series A Preferred Stock”) at a price of $25.00 per share.
	Holders of the Series A Preferred Stock are entitled to receive, when and as declared by the Company’s Board of Directors, dividends at a rate of 9.25% per annum ($2.3125 per annum per share). The Series A Preferred Stock does not have any stated maturity date and will not be subject to any sinking fund or mandatory redemption provisions except, under certain circumstances, upon a change of ownership or control.   The Company may redeem the Series A Preferred Stock for cash at its option, in whole or from time to time in part, at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) to the redemption date.
	The shares of Series A Preferred Stock are classified outside of permanent equity on the consolidated balance sheets due to the change of control redemption provision applicable to such shares. Following a change of ownership or control of the Company by a person or entity in which the common stock of the Company is no longer traded on a national exchange, the Company will be required to redeem the Series A Preferred Stock within 90 days after the date on which the change of ownership or control occurred for cash. In the event of liquidation, the holders of the Series A Preferred Stock will have the right to receive $25.00 per share, plus all accrued and unpaid dividends, before any payments are made to the holders of the Company’s common stock.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2013
Contingencies	'
	10.              Contingencies
	Legal proceedings
	From time to time, the Company is involved in various legal proceedings. These proceedings are subject to the uncertainties inherent in any litigation. The Company is defending itself vigorously in all such matters, and while the ultimate outcome and impact of any proceeding cannot be predicted with certainty, management believes that the resolution of any proceeding will not have a material adverse effect on the Company’s financial condition or results of operations.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation	'
	Basis of presentation
	The accompanying unaudited interim consolidated financial statements and related notes were prepared by Double Eagle Petroleum Co. (“Double Eagle” or the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted as allowed by such rules and regulations. These consolidated financial statements include all of the adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations. All such adjustments are of a normal recurring nature only. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.
	Certain amounts in the 2012 consolidated financial statements have been reclassified to conform to the 2013 consolidated financial statement presentation. Such reclassifications had no effect on net income.
	The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2012, and are supplemented throughout the notes to this Quarterly Report on Form 10-Q.
	The unaudited interim consolidated financial statements presented herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2012.
Principles of Consolidation	'
	Principles of consolidation
	The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Petrosearch Energy Corporation and Eastern Washakie Midstream LLC (“EWM”). In 2006, the Company sold transportation assets located in the Catalina Unit, at cost, to EWM in exchange for an intercompany note receivable bearing interest of 5% per annum, maturing on January 31, 2028. The note and related interest are fully eliminated in consolidation. In addition, the Company has an agreement with EWM under which the Company pays a fee to EWM to gather, compress and transport gas produced at the Catalina Unit. This fee is also eliminated in consolidation.
Recently Adopted Accounting Pronouncements	'
	Recently adopted accounting pronouncements
	In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-01 (“ASU No. 2013-01”), ASU No. 2013-01 clarifies that the scope of Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU No. 2011-11”), would apply to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or are subject to a master netting arrangement or similar agreement. ASU No. 2011-11, issued in December 2011, requires that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. The Company adopted ASU No. 2013-01 effective January 1, 2013, and it did not have an effect on the Company’s consolidated financial statements.
Derivatives accounting methodology	'
	Commodity Contracts
	The Company’s primary market exposure is to adverse fluctuations in the price of natural gas. The Company uses derivative instruments, primarily forward contracts, costless collars and swaps, to manage the price risk associated with its gas production, and the resulting impact on cash flow, net income and earnings per share. The Company does not use derivative instruments for speculative purposes.
	The extent of the Company’s risk management activities is controlled through policies and procedures that involve senior management and were approved by the Company’s Board of Directors. Senior management is responsible for proposing hedging recommendations, executing the approved hedging plan, overseeing the risk management process including methodologies used for valuation and risk measurement and presenting policy changes to the Company’s Board of Directors. The Company’s Board of Directors is responsible for approving risk management policies and for establishing the Company’s overall risk tolerance levels. The duration of the various derivative instruments depends on senior management’s view of market conditions, available contract prices and the Company’s operating strategy. Under the Company’s credit agreement, the Company can hedge up to 90% of the projected proved developed producing reserves for the next 12-month period, and up to 80% of the projected proved developed producing reserves for the 24-month period thereafter.
	The Company accounts for its derivative instruments as mark-to-market derivative instruments. Under mark-to-market accounting, derivative instruments are recognized as either assets or liabilities at fair value on the Company’s consolidated balance sheets, and changes in fair value are recognized in the price risk management activities line on the consolidated statements of operations. Realized gains and losses resulting from the contract settlement of derivatives are also recorded in the price risk management activities line on the consolidated statements of operations.
	On the consolidated statements of cash flows, the cash flows from these instruments are classified as operating activities.
	Derivative instruments expose the Company to counterparty credit risk. The Company enters into these contracts with third parties and financial institutions that it considers to be creditworthy. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty.
Fair value of financial instruments	'
	Derivative instruments
	The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted prices in active markets, market-corroborated inputs, such as NYMEX forward-strip pricing, the credit rating of each counterparty, and the Company’s own credit rating.
	In consideration of counterparty credit risk, the Company assessed the possibility of whether each counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.
	At September 30, 2013, the Company had various types of derivative instruments, which included costless collars and swaps. The natural gas derivative markets and interest rate swap markets are highly active. Although the Company’s economic hedges are valued using public indices, the instruments themselves are traded with third party counterparties and are not openly traded on an exchange. As such, the Company has classified these instruments as Level 2.
Impairment of Long-Lived Assets	'
	The Company reviews the carrying values of its long-lived assets annually or whenever events or changes in circumstances indicate that such carrying values may not be recoverable. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, generally on a field-by-field basis. The fair value of impaired assets is determined based on quoted market prices in active markets, if available, or upon the present values of expected future cash flows using discount rates commensurate with the risks involved in the asset group. The impairment analysis performed by the Company may utilize Level 3 inputs. The long-lived assets of the Company consist primarily of proved oil and gas properties and undeveloped leaseholds.
Compensation expense related to stock options	'
	Compensation expense related to stock options is calculated using the Black-Scholes valuation model. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected terms of the options. The expected terms of the options are estimated based on factors such as vesting periods, contractual expiration dates, historical trends in the Company’s common stock price and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms.
Compensation expense related to stock awards	'
	The Company measures the fair value of stock awards based upon the fair market value of its common stock on the date of grant and recognizes the resulting compensation expense ratably over the associated service period, which is generally the vesting term of the stock awards. The Company recognizes the compensation expenses net of a forfeiture rate and recognizes the compensation expenses for only those shares expected to vest. The Company typically estimates forfeiture rates based on historical experience, while also considering the duration of the vesting term of the award.
Control redemption provision	'
	Holders of the Series A Preferred Stock are entitled to receive, when and as declared by the Company’s Board of Directors, dividends at a rate of 9.25% per annum ($2.3125 per annum per share). The Series A Preferred Stock does not have any stated maturity date and will not be subject to any sinking fund or mandatory redemption provisions except, under certain circumstances, upon a change of ownership or control.   The Company may redeem the Series A Preferred Stock for cash at its option, in whole or from time to time in part, at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) to the redemption date.
	The shares of Series A Preferred Stock are classified outside of permanent equity on the consolidated balance sheets due to the change of control redemption provision applicable to such shares. Following a change of ownership or control of the Company by a person or entity in which the common stock of the Company is no longer traded on a national exchange, the Company will be required to redeem the Series A Preferred Stock within 90 days after the date on which the change of ownership or control occurred for cash. In the event of liquidation, the holders of the Series A Preferred Stock will have the right to receive $25.00 per share, plus all accrued and unpaid dividends, before any payments are made to the holders of the Company’s common stock.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Calculation of Basic and Diluted Weighted Average Shares Outstanding and Earnings Per Share of Common Stock	'
	The following is the calculation of basic and diluted weighted average shares outstanding and earnings per share of common stock for the periods indicated:
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2013				2012				2013					2012
	Net income (loss)	$		(1,852	)	$	(3,568	)			$	(6,667		)		$	(7,265	)
	Preferred stock dividends			930			930					2,792					2,792
	Net loss attributable to common stock	$		(2,782	)	$	(4,498	)			$	(9,459		)		$	(10,057	)
	Weighted average shares:
	Weighted average shares—basic			11,341,277			11,255,229					11,324,653					11,240,945
	Dilution effect of stock options outstanding at the end of period			—			—					—					—
	Weighted average shares—diluted			11,341,277			11,255,229					11,324,653					11,240,945
	Net loss per common share:
	Basic	$		(0.25	)	$	(0.40	)			$	(0.84		)		$	(0.89	)
	Diluted	$		(0.25	)	$	(0.40	)			$	(0.84		)		$	(0.89	)
Effect of Anti-Dilutive Shares	'
	The following options and unvested restricted shares, which could be potentially dilutive in future periods, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive for the periods indicated:
		For the Three Months Ended September 30,							For the Nine Months Ended September 30,
			2013			2012				2013			2012
	Anti-dilutive shares		75,978			83,617				56,395			74,557

Derivative_Instruments_Tables

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Commodity volumes under derivative contracts	'
	The Company had the following commodity volumes under derivative contracts as of September 30, 2013:
	Type of Contract		Remaining		Term	Price							Price
			Contractual										Index (1)
			Volume (Mcf)
	Fixed Price Swap		552,000		01/13-12/13	$		5.16				NYMEX
	Costless Collar		552,000		01/13-12/13	$		5.00		floor		NYMEX
						$		5.35		ceiling
	Costless Collar		540,000		01/13-12/13	$		3.25		floor		NYMEX
						$		4.00		ceiling
	Fixed Price Swap		1,825,000		01/14-12/14	$		4.27				NYMEX
	Fixed Price Swap		1,800,000		01/14-12/14	$		4.20				NYMEX
	Costless Collar		1,800,000		01/14-12/14	$		4.00		floor		NYMEX
						$		4.50		ceiling
	Fixed Price Swap		3,000,000		01/15-12/15	$		4.28				NYMEX
	Total		10,069,000
		(1	)	New York Mercantile Exchange (“NYMEX”).
Summary of Interest Rate Swaps with a Third Party	'
	As of September 30, 2013, the Company had the following interest rate swap in place with a third party to manage the risk associated with the floating interest rate on its credit facility:
	Type of Contract		Contractual				Term		Rate (LIBOR)			Effective
			Amount									Interest Rate (1)
	Interest Rate Swap		$		30,000		12/31/12-9/30/16		1.050		%	3.55		%
		(1	)	In accordance with its credit facility, the Company pays interest at a daily rate equal to (a) the higher of the Federal Funds rate, plus 0.5%, the Prime Rate or the Adjusted Eurodollar LIBOR rate, plus (b) a spread ranging from 0.75% to 2.75% depending on its outstanding borrowings. The effective interest rate shown reflects the interest rate based on the outstanding borrowings at September 30, 2013.
Summary of derivatives not designated as hedging instruments on the consolidated balance sheet	'
	The table below contains a summary of all of the Company’s derivative positions reported on the consolidated balance sheet as of September 30, 2013, presented gross of any master netting arrangements:
	Derivatives not designated as		Balance Sheet Location		Fair Value
	hedging instruments under ASC 815
	Assets
	Commodity derivatives		Assets from price risk management - current		$	3,182
			Assets from price risk management - long term			951
	Liabilities
	Commodity derivatives		Assets from price risk management - current		$	(8	)
	Interest rate swap		Other current liabilities			(219	)
			Other long term liabilities			(123	)
	Total				$	3,783
Before-tax effect of derivative instruments not designated as hedging instruments on the consolidated statements of operations	'
	The before-tax effect of derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 was as follows:
		Amount of Gain (Loss) Recognized in												Amount of Gain (Loss) Recognized in
		Three Months Ended September 30,												Nine Months Ended September 30,
		2013				2012						2013					2012
	Unrealized loss on commodity contracts1	$		(1,028	)	$		(4,993	)			$			(3,299	)	$	(7,522	)
	Realized gain on commodity contracts1			1,658				3,166							4,563			10,227
	Unrealized gain (loss) on interest rate swap2			(92	)			(226	)						228			(560	)
	Realized loss on interest rate swap2			(68	)			(26	)						(197	)		(75	)
	Total activity for derivatives not designated as hedging instruments	$		470		$		(2,079	)			$			1,295		$	2,070
		1 Included in price risk management activities on the consolidated statements of operations. Price risk management activities totaled $630 and $(1,827) for the three months ended September 30, 2013 and 2012, respectively, and $1,264 and $2,705 for the nine months ended September 30, 2013 and 2012, respectively.
		2 Included in interest expense, net on the consolidated statements of operations.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Summary of Fair Values of Assets and Liabilities on a Recurring Basis	'
	The following table provides a summary as of September 30, 2013 of assets and liabilities measured at fair value on a recurring basis:
		Level 1		Level 2		Level 3		Total
	Assets
	Derivative instruments -
	Commodity forward contracts	$	—	$	4,125	$	—	$	4,125
	Total assets at fair value	$	—	$	4,125	$	—	$	4,125
	Liabilities
	Derivative instruments -
	Interest rate swap	$	—	$	342	$	—	$	342
	Total liabilities at fair value	$	—	$	342	$	—	$	342
Assets Measured at Fair Value on Nonrecurring Basis	'
	The following table provides a summary as of September 30, 2013 of assets measured at fair value on a nonrecurring basis:
		Level 1		Level 2		Level 3				Total
	Assets
	Oil and gas properties -
	Niobrara exploration well	$	—	$	—	$	6,390		$		6,390
	Total assets at fair value	$	—	$	—	$	6,390		$		6,390

Compensation_Plans_Tables

Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2013
Summary of stock option activity under stock option plans	'
	A summary of stock option activity under the Company’s various stock option plans as of September 30, 2013 and changes during the nine months ended September 30, 2013 is presented below:
	Options:	Shares		Weighted-		Weighted-	Aggregate
				Average		Average	Intrinsic
				Exercise		Remaining	Value
				Price		Contractual
						Term (in years)
	Outstanding at January 1, 2013	419,350		$	11.06	2.9
	Granted	—
	Exercised	—
	Cancelled/expired	(78,592	)	$	12.07
	Outstanding at September 30, 2013	340,758		$	10.83	2.8	$	—
	Exercisable at September 30, 2013	311,047		$	11.34	2.8	$	—
Summary of nonvested stock awards	'
	Nonvested stock awards as of September 30, 2013 and changes during the nine months ended September 30, 2013 were as follows:
	Stock Awards:	Shares		Weighted-
				Average
				Grant Date
				Fair Value
	Outstanding at January 1, 2013	533,981		$	6.33
	Granted	80,001		$	4.18
	Vested	(67,239	)	$	4.48
	Forfeited/returned	(87,742	)	$	6.02
	Nonvested at September 30, 2013	459,001		$	6.28

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (Intercompany note receivable)	9 Months Ended
	Sep. 30, 2013
Intercompany note receivable	'
Summary of Significant Accounting Policies (Textual) [Abstract]	'
Intercompany note receivable, interest rate	5.00%
Intercompany note receivable, maturity date	31-Jan-28

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Calculation of basic and diluted weighted average shares outstanding and earnings per share of common stock	'	'	'	'
Net income (loss)	($1,852)	($3,568)	($6,667)	($7,265)
Preferred stock dividends	930	930	2,792	2,792
Net loss attributable to common stock	($2,782)	($4,498)	($9,459)	($10,057)
Weighted average shares outstanding:	'	'	'	'
Basic	11,341,277	11,255,229	11,324,653	11,240,945
Dilution effect of stock options outstanding at the end of period	'	'	'	'
Weighted average shares—diluted	11,341,277	11,255,229	11,324,653	11,240,945
Net loss per common share:	'	'	'	'
Basic	($0.25)	($0.40)	($0.84)	($0.89)
Diluted	($0.25)	($0.40)	($0.84)	($0.89)

Earnings_Per_Share_Details_1

Earnings Per Share (Details 1)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Effect of anti-dilutive shares	'	'	'	'
Anti-dilutive shares	75,978	83,617	56,395	74,557

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share (Textual) [Abstract]	'	'	'	'
Preferred stock dividends	$930	$930	$2,792	$2,792
Preferred stock dividends declared, per share	$0.58	$0.58	'	'

Credit_Facility_Details

Credit Facility (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Credit Facility (Additional Textual) [Abstract]	'	'	'	'	'
Company revolving line of credit	$150,000	'	$150,000	'	'
Amount available for borrowing	60,000	'	60,000	'	'
Date of balance outstanding on the credit facility	'	'	24-Oct-16	'	'
Credit facility	47,450	'	47,450	'	47,450
Federal Funds rate	'	'	0.50%	'	'
Average interest rate on the facility	3.30%	'	3.30%	'	'
Interest capitalized	11	77	67	226	'
Credit Facility (Textual) [Abstract]	'	'	'	'	'
Interest expense, net	488	516	943	1,369	'
Current ratio of the company	'	'	1	'	'
Ratio of EBITDAX	'	'	1.5	'	'
Funded debt to EBITDAX ratio	'	'	3.5	'	'
Interest expense, net	'	'	'	'	'
Credit Facility (Textual) [Abstract]	'	'	'	'	'
Interest expense, net	$407	$363	$1,232	$1,027	'
Minimum	'	'	'	'	'
Credit Facility (Textual) [Abstract]	'	'	'	'	'
Margin on the level of funds borrowed, rate	'	'	0.75%	'	'
Maximum	'	'	'	'	'
Credit Facility (Textual) [Abstract]	'	'	'	'	'
Margin on the level of funds borrowed, rate	'	'	2.75%	'	'

Derivative_Instruments_Details

Derivative Instruments (Details)	Sep. 30, 2013
	Mcf
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	10,069,000
Fixed Price Swap	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	552,000
Contract Price	5.16
Price Index	'NYMEX	[1]
Fixed Price Swap | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-13
Fixed Price Swap | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-13
Costless Collar Floor	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	552,000
Contract Price	5
Price Index	'NYMEX	[1]
Costless Collar Floor | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-13
Costless Collar Floor | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-13
Costless Collar Ceiling	'
Commodity volumes under derivative contracts	'
Contract Price	5.35
Costless Collar Ceiling | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-13
Costless Collar Ceiling | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-13
Costless Collar Floor	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	540,000
Contract Price	3.25
Price Index	'NYMEX	[1]
Costless Collar Floor | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-13
Costless Collar Floor | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-13
Costless Collar Ceiling	'
Commodity volumes under derivative contracts	'
Contract Price	4
Costless Collar Ceiling | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-13
Costless Collar Ceiling | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-13
Fixed Price Swap	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	1,825,000
Contract Price	4.27
Price Index	'NYMEX	[1]
Fixed Price Swap | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-14
Fixed Price Swap | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-14
Fixed Price Swap	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	1,800,000
Contract Price	4.2
Price Index	'NYMEX	[1]
Fixed Price Swap | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-14
Fixed Price Swap | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-14
Costless Collar Floor	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	1,800,000
Contract Price	4
Price Index	'NYMEX	[1]
Costless Collar Floor | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-14
Costless Collar Floor | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-14
Costless Collar Ceiling	'
Commodity volumes under derivative contracts	'
Contract Price	4.5
Costless Collar Ceiling | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-14
Costless Collar Ceiling | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-14
Fixed Price Swap	'
Commodity volumes under derivative contracts	'
Remaining Contractual Volume	3,000,000
Contract Price	4.28
Price Index	'NYMEX	[1]
Fixed Price Swap | Minimum	'
Commodity volumes under derivative contracts	'
Term	'--01-15
Fixed Price Swap | Maximum	'
Commodity volumes under derivative contracts	'
Term	'--12-15
[1]	New York Mercantile Exchange (“NYMEX”).

Derivative_Instruments_Details1

Derivative Instruments (Details 1) (Interest Rate Swap One, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Summary of interest rate swaps with a third party	'
Contractual Amount	$30,000
Rate (LIBOR)	1.05%
Effective Interest Rate	3.55%	[1]
Minimum	'
Summary of interest rate swaps with a third party	'
Term	31-Dec-12
Maximum	'
Summary of interest rate swaps with a third party	'
Term	30-Sep-16
[1]	In accordance with its credit facility, the Company pays interest at a daily rate equal to (a) the higher of the Federal Funds rate, plus 0.5%, the Prime Rate or the Adjusted Eurodollar LIBOR rate, plus (b) a spread ranging from 0.75% to 2.75% depending on its outstanding borrowings. The effective interest rate shown reflects the interest rate based on the outstanding borrowings at September 30, 2013.

Derivative_Instruments_Details2

Derivative Instruments (Details 2) (Not Designated as Hedging Instrument, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Current liabilities:	'
Total	$3,783
Commodity Derivatives | Assets from price risk management - current	'
ASSETS	'
Fair value, asset	3,182
Commodity Derivatives | Assets from price risk management - long term	'
ASSETS	'
Fair value, asset	951
Commodity Derivatives | Liabilities from price risk management - current	'
Current liabilities:	'
Fair value, liability	-8
Interest Rate Swap | Other current liabilities	'
Current liabilities:	'
Fair value, liability	-219
Interest Rate Swap | Other long term liabilities	'
Current liabilities:	'
Fair value, liability	($123)

Derivative_Instruments_Details3

Derivative Instruments (Details 3) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Before-tax effect of derivative instruments not designated as hedging instruments on the consolidated statements of operations	'		'		'		'
Unrealized loss on commodity contracts	($1,028)	[1]	($4,993)	[1]	($3,299)	[1]	($7,522)	[1]
Realized gain on commodity contracts	1,658	[1]	3,166	[1]	4,563	[1]	10,227	[1]
Unrealized gain (loss) on interest rate swap	-92	[2]	-226	[2]	228	[2]	-560	[2]
Realized loss on interest rate swap	-68	[2]	-26	[2]	-197	[2]	-75	[2]
Total activity for derivatives not designated as hedging instruments	$470		($2,079)		$1,295		$2,070
[1]	Included in price risk management activities on the consolidated statements of operations. Price risk management activities totaled $630 and $(1,827) for the three months ended September 30, 2013 and 2012, respectively, and $1,264 and $2,705 for the nine months ended September 30, 2013 and 2012, respectively.
[2]	Included in interest expense, net on the consolidated statements of operations.

Derivative_Instruments_Details4

Derivative Instruments (Details 1) (Parenthetical)	9 Months Ended
	Sep. 30, 2013
Derivatives Fair Value [Line Items]	'
Federal Funds rate	0.50%
Eurodollar Libor Rate	'
Derivatives Fair Value [Line Items]	'
Federal Funds rate	0.50%
Minimum	'
Derivatives Fair Value [Line Items]	'
Spread ranging	0.75%
Maximum	'
Derivatives Fair Value [Line Items]	'
Spread ranging	2.75%

Derivative_Instruments_Details5

Derivative Instruments (Details 3) (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Before-tax effect of derivative instruments not designated as hedging instruments on the consolidated statements of operations	'	'	'	'
Price risk management activities	$630	($1,827)	$1,264	$2,705

Derivative_Instruments_Details6

Derivative Instruments (Details Textual)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments (Additional Textual) [Abstract]	'
Hedging up projected proved for twelve months, rate	90.00%
Hedging up projected proved for twenty four months rate	80.00%

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Commodity Forward Contracts, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Total assets at fair value	$4,125
Total liabilities at fair value	342
Commodity Forward Contracts	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	4,125
Interest Rate Swap	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	342
Level 1	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Total assets at fair value	'
Total liabilities at fair value	'
Level 1 | Commodity Forward Contracts	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	'
Level 1 | Interest Rate Swap	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	'
Level 2	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Total assets at fair value	4,125
Total liabilities at fair value	342
Level 2 | Commodity Forward Contracts	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	4,125
Level 2 | Interest Rate Swap	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	342
Level 3	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Total assets at fair value	'
Total liabilities at fair value	'
Level 3 | Commodity Forward Contracts	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	'
Level 3 | Interest Rate Swap	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'
Derivative instruments	'

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Wells in progress	$8,591	$10,963
Fair Value, Measurements, Nonrecurring	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Total assets at fair value	6,390	'
Fair Value, Measurements, Nonrecurring | Level 1	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Total assets at fair value	'	'
Fair Value, Measurements, Nonrecurring | Level 2	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Total assets at fair value	'	'
Fair Value, Measurements, Nonrecurring | Level 3	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Total assets at fair value	6,390	'
Fair Value, Measurements, Nonrecurring | Niobrara Exploration	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Wells in progress	6,390	'
Fair Value, Measurements, Nonrecurring | Niobrara Exploration | Level 1	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Wells in progress	'	'
Fair Value, Measurements, Nonrecurring | Niobrara Exploration | Level 2	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Wells in progress	'	'
Fair Value, Measurements, Nonrecurring | Niobrara Exploration | Level 3	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Wells in progress	$6,390	'

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments (Details Textual)	Sep. 30, 2013
	Counterparty
Fair Value of Financial Instruments (Textual) [Abstract]	'
Number of counterparties for derivative financial instruments	2

Impairment_of_LongLived_Assets1

Impairment of Long-Lived Assets (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Impairment of Long-Lived Assets (Textual) [Abstract]	'	'	'	'
Impairment and abandonment of equipment and properties	($36)	$21	$1,500	$330
Impairment of proved property and equipment	'	'	'	'
Impairment of Long-Lived Assets (Textual) [Abstract]	'	'	'	'
Impairment and abandonment of equipment and properties	-36	0	1,379	301
Impairment of leaseholds and the write-off of other non-core assets	'	'	'	'
Impairment of Long-Lived Assets (Textual) [Abstract]	'	'	'	'
Impairment and abandonment of equipment and properties	$0	$21	$121	$29

Compensation_Plans_Details

Compensation Plans (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Summary of stock option activity under the Company's various stock option plans	'	'
Outstanding Shares, Beginning	419,350	'
Shares, Granted	'	'
Shares, Exercised	'	'
Shares, Cancelled/expired	-78,592	'
Outstanding Shares, Closing	340,758	419,350
Shares, Exercisable	311,047	'
Weighted-Average Exercise Price, Outstanding, Beginning	$11.06	'
Weighted-Average Exercise Price, Cancelled/expired	$12.07	'
Weighted-Average Exercise Price, Outstanding, Ending	$10.83	$11.06
Weighted-Average Exercise Price, Exercisable	$11.34	'
Weighted-Average Remaining Contractual Term (in years), Outstanding, Beginning	'2 years 9 months 18 days	'2 years 10 months 24 days
Weighted-Average Remaining Contractual Term (in years), Outstanding, Ending	'2 years 9 months 18 days	'2 years 10 months 24 days
Weighted-Average Remaining Contractual Term (in years), Exercisable	'2 years 9 months 18 days	'
Aggregated Intrinsic Value, Outstanding	'	'
Aggregate Intrinsic Value, Exercisable	'	'

Compensation_Plans_Details_1

Compensation Plans (Details 1) (USD $)	9 Months Ended
	Sep. 30, 2013
Summary of nonvested stock awards	'
Shares Nonvested, Beginning Balance	533,981
Shares, Granted	80,001
Shares, Vested	-67,239
Shares, Forfeited/returned	-87,742
Shares Nonvested, Ending Balance	459,001
Weighted-Average Grant Date Fair Value, Nonvested, Beginning Balance	$6.33
Weighted-Average Grant Date Fair Value, Granted	$4.18
Weighted-Average Grant Date Fair Value, Vested	$4.48
Weighted-Average Grant Date Fair Value, Forfeited/returned	$6.02
Weighted-Average Grant Date Fair Value, Nonvested, Ending Balance	$6.28

Compensation_Plans_Details_Tex

Compensation Plans (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Compensation Plans (Additional Textual) [Abstract]	'	'	'	'	'
Stock-based compensation expense	$54,000	$414,000	$570,000	$1,234,000	'
Compensation Plans (Textual) [Abstract]	'	'	'	'	'
Nonvested shares of common stock outstanding	459,001	'	459,001	'	533,981
LTIP	'	'	'	'	'
Compensation Plans (Additional Textual) [Abstract]	'	'	'	'	'
Stock-based compensation expense	-16,000	164,000	218,000	468,000	'
Compensation Plans (Textual) [Abstract]	'	'	'	'	'
Nonvested shares of common stock outstanding	405,262	'	405,262	'	'
Expenses related to long term incentive plan	'	'	$2,700,000	'	'
Percentage portion of shares employee may earn by continued employment with company	'	'	33.30%	'	'
Percentage remaining portion of shares employee may earn through increase in net asset value	'	'	66.70%	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Income Taxes (Textual) [Abstract]	'
Provision for interest or penalties related to uncertain tax positions	$0
Income tax examination, federal or state income taxes	$0

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013
			Series A Cumulative Preferred Stock	Series A Preferred Stock
Preferred Stock (Textual) [Abstract]	'	'	'	'
Price of Series A Preferred Stock	'	'	$25	$25
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000	'
Preferred stock, shares issued	1,610,000	1,610,000	1,610,000	'
Percentage of Series A Cumulative Preferred Stock	'	'	9.25%	'
Preferred Stock, dividend rate	'	'	'	$2.31
Preferred Stock, redemption terms	'	'	'	'Within 90 days after the date on which the change of ownership or control occurred for cash other than by a Qualifying Public Company.