Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Aug. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ABRAXAS PETROLEUM CORP | ' |
Entity Central Index Key | '0000867665 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 105,377,024 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,686 | $5,205 |
Accounts receivable, net: | ' | ' |
Joint owners | 4,536 | 15,493 |
Oil and gas production | 24,778 | 16,625 |
Other | 440 | 1,497 |
Total accounts receivable | 29,754 | 33,615 |
Derivative asset – current | 332 | 85 |
Other current assets | 738 | 644 |
Total current assets | 33,510 | 39,549 |
Oil and gas properties, full cost method of accounting: | ' | ' |
Proved | 694,071 | 564,755 |
Other property and equipment | 39,980 | 38,959 |
Total | 734,051 | 603,714 |
Less accumulated depreciation, depletion, and amortization | -453,153 | -423,069 |
Total property and equipment – net | 280,898 | 180,645 |
Deferred financing fees, net | 2,307 | 2,140 |
Derivative asset – long-term | 7 | 925 |
Other assets | 391 | 391 |
Total assets | 317,113 | 223,650 |
Current liabilities: | ' | ' |
Accounts payable | 45,011 | 52,793 |
Oil and gas production payable | 20,752 | 23,810 |
Accrued interest | 75 | 31 |
Other accrued expenses | 2,204 | 1,231 |
Derivative liability – current | 924 | 2,728 |
Current maturities of long-term debt | 2,205 | 2,142 |
Total current liabilities | 71,171 | 82,735 |
Long-term debt, excluding current maturities | 59,290 | 41,790 |
Other liabilities | 57 | 57 |
Derivative liability – long-term | 1,024 | 2,274 |
Future site restoration | 9,539 | 9,888 |
Total liabilities | 141,081 | 136,744 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders’ Equity | ' | ' |
Preferred stock, par value $0.01 per share, authorized 1,000,000 shares; -0- issued and outstanding | 0 | 0 |
Common stock, par value $0.01 per share, authorized 200,000,000 shares; 105,377,618 and 92,906,049 issued and outstanding, respectively | 1,054 | 929 |
Additional paid-in capital | 309,127 | 253,193 |
Accumulated deficit | -133,475 | -166,609 |
Accumulated other comprehensive loss | -674 | -607 |
Total stockholders’ equity | 176,032 | 86,906 |
Total liabilities and stockholders’ equity | $317,113 | $223,650 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Stockholders’ Equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 105,377,618 | 92,906,049 |
Common stock, shares outstanding (in shares) | 105,377,618 | 92,906,049 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Oil and gas production revenues | $44,196 | $29,092 | $103,594 | $71,733 |
Other | 9 | 3 | 63 | 52 |
Total revenue | 44,205 | 29,095 | 103,657 | 71,785 |
Operating costs and expenses: | ' | ' | ' | ' |
Lease operating expenses | 7,338 | 5,469 | 19,002 | 18,097 |
Production taxes | 3,825 | 2,637 | 8,867 | 6,475 |
Depreciation, depletion, and amortization | 13,940 | 7,260 | 30,817 | 19,545 |
Impairment | 0 | 158 | 0 | 2,135 |
General and administrative (including stock-based compensation of $582, $520, $2,050 and $1,662, respectively) | 2,452 | 2,410 | 8,392 | 7,737 |
Operating costs and expenses | 27,555 | 17,934 | 67,078 | 53,989 |
Operating income | 16,650 | 11,161 | 36,579 | 17,796 |
Other (income) expense: | ' | ' | ' | ' |
Interest income | 0 | -1 | -1 | -2 |
Interest expense | 554 | 1,110 | 1,945 | 3,577 |
Amortization of deferred financing fees | 150 | 344 | 779 | 1,020 |
Loss on derivative contracts - Realized | 534 | 2,124 | 2,624 | 3,832 |
(Gain) loss on derivative contracts - Unrealized | -9,979 | 4,490 | -1,899 | -2,374 |
Other | -8 | -96 | -6 | 5 |
Total other (income) expense | -8,749 | 7,971 | 3,442 | 6,058 |
Net income before income tax | 25,399 | 3,190 | 33,137 | 11,738 |
Income tax expense | 0 | 0 | 0 | 87 |
Net income | $25,399 | $3,190 | $33,137 | $11,651 |
Net income (loss) per common share - basic (in dollars per share) | $0.24 | $0.03 | $0.34 | $0.13 |
Net income (loss) per common share - diluted (in dollars per share) | $0.24 | $0.03 | $0.33 | $0.12 |
Weighted average shares outstanding - basic (shares) | 104,408 | 92,475 | 96,742 | 92,435 |
Weighted average shares outstanding - diluted (shares) | 107,671 | 93,542 | 99,531 | 93,375 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating costs and expenses: | ' | ' | ' | ' |
Stock-based compensation | $582 | $520 | $2,050 | $1,662 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Other Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Consolidated net income | $25,399 | $3,190 | $33,137 | $11,651 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in unrealized value of investments | 0 | -128 | 0 | -79 |
Foreign currency translation adjustment | -35 | 28 | -67 | -370 |
Other comprehensive loss | -35 | -100 | -67 | -449 |
Comprehensive income | $25,364 | $3,090 | $33,070 | $11,202 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income | $33,137 | $11,651 |
Adjustments to reconcile net income to net | ' | ' |
Change in derivative fair value | -2,383 | -1,813 |
Depreciation, depletion, and amortization | 30,817 | 19,545 |
Impairment | 0 | 2,135 |
Amortization of deferred financing fees | 779 | 1,020 |
Accretion of future site restoration | 436 | 487 |
Stock-based compensation | 2,050 | 1,662 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 3,855 | -17,445 |
Other | -96 | -182 |
Accounts payable and accrued expenses | -10,582 | 18,938 |
Net cash provided by operating activities | 58,013 | 35,998 |
Investing Activities | ' | ' |
Capital expenditures, including purchases and development of properties | -137,517 | -60,889 |
Proceeds from sale of oil and gas properties | 6,389 | 42,144 |
Net cash used in investing activities | -131,128 | -18,745 |
Financing Activities | ' | ' |
Proceeds from long-term borrowings | 64,000 | 40,000 |
Payments on long-term borrowings | -46,437 | -54,150 |
Proceeds from Issuance of Common Stock | 53,755 | 0 |
Increase (Decrease) in Deferred Charges | -946 | -100 |
Exercise of stock options | 255 | 44 |
Other | -28 | -141 |
Net cash provided by (used in) financing activities | 70,599 | -14,347 |
Effect of exchange rate changes on cash | -3 | 18 |
(Decrease) increase in cash | -2,519 | 2,924 |
Cash and equivalents, at beginning of period | 5,205 | 2,061 |
Cash and equivalents, at end of period | 2,686 | 4,985 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | $1,899 | $3,096 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||
Basis of Presentation | ' | ||||||||||||||
Note 1. Basis of Presentation | |||||||||||||||
The accounting policies followed by Abraxas Petroleum Corporation and its subsidiaries (the “Company”) are set forth in the notes to the Company’s audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 17, 2014. Such policies have been continued without change. Also, refer to the notes to those financial statements for additional details of the Company’s financial condition, results of operations, and cash flows. All material items included in those notes have not changed except as a result of normal transactions in the interim, or as disclosed within this report. The accompanying interim condensed consolidated financial statements have not been audited by our independent registered public accountants, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the financial position and results of operations. Any and all adjustments are of a normal and recurring nature. Although management believes the unaudited interim related disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the SEC. The results of operations and the cash flows for the period ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||
Consolidation Principles | |||||||||||||||
The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”) and a wholly-owned foreign subsidiary, Canadian Abraxas Petroleum, ULC (“Canadian Abraxas”). On October 31, 2014, we sold all of the shares we owned in Canadian Abraxas to a third party. See Note 9 - Subsequent Events. | |||||||||||||||
Canadian Abraxas’ assets and liabilities are translated to U.S. dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity. | |||||||||||||||
Rig Accounting | |||||||||||||||
In accordance with SEC Regulation S-X, no income is to be recognized in connection with contractual drilling services performed in connection with properties in which the Company or its affiliates holds an ownership, or other economic interest. Any income not recognized as a result of this limitation is to be credited to the full cost pool and recognized through lower amortization as reserves are produced. | |||||||||||||||
Use of Estimates | |||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||
New Accounting Standards and Disclosures | |||||||||||||||
Revenue Recognition | |||||||||||||||
The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) in May 2014 which provides accounting guidance for all revenue arising from contracts to provide goods or services to customers. The requirements from the new ASU are effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. The standard allows for either full retrospective adoption or modified retrospective adoption. At this time, we are evaluating the guidance to determine the method of adoption and the impact of this ASU on our financial statements and related disclosures, if any. | |||||||||||||||
Stock-based Compensation and Option Plans | |||||||||||||||
Stock Options | |||||||||||||||
The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. | |||||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 361 | $ | 408 | $ | 1,475 | $ | 1,328 | ||||||||
The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2014: | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Number | Average | Average | |||||||||||||
of | Option | Grant | |||||||||||||
Shares | Exercise | Date Fair | |||||||||||||
Price Per | Value | ||||||||||||||
Share | Per Share | ||||||||||||||
Outstanding, December 31, 2013 | 5,400 | $ | 2.77 | $ | 1.98 | ||||||||||
Granted | 1,022 | $ | 3.37 | $ | 2.44 | ||||||||||
Exercised | (410 | ) | $ | 2.71 | $ | 1.86 | |||||||||
Canceled | (119 | ) | $ | 3.03 | $ | 2.16 | |||||||||
Outstanding, September 30, 2014 | 5,893 | $ | 2.87 | $ | 2.06 | ||||||||||
Additional information related to stock options at September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Options exercisable | 4,109 | 3,828 | |||||||||||||
As of September 30, 2014, there was approximately $2.9 million of unamortized compensation expense related to outstanding stock options that will be recognized in 2014 through 2017. | |||||||||||||||
Restricted Stock Awards | |||||||||||||||
Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. | |||||||||||||||
The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||
Number | Weighted | ||||||||||||||
of | Average | ||||||||||||||
Shares | Grant Date | ||||||||||||||
Fair Value | |||||||||||||||
Per Share | |||||||||||||||
Unvested, December 31, 2013 | 355 | $ | 3.24 | ||||||||||||
Granted | 763 | 3.16 | |||||||||||||
Vested/Released | (120 | ) | 3.65 | ||||||||||||
Forfeited | (29 | ) | 3.45 | ||||||||||||
Unvested, September 30, 2014 | 969 | $ | 3.12 | ||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 221 | $ | 112 | $ | 575 | $ | 334 | ||||||||
As of September 30, 2014, there was approximately $2.2 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized in 2014 through 2017. | |||||||||||||||
Common Stock Offering | |||||||||||||||
On June 24, 2014, we completed a public offering of 11.5 million common shares at $5.00 per share. The offering was made pursuant to an effective shelf registration statement on Form S-3 previously filed by the Company with the SEC. We received proceeds of approximately $53.8 million after deducting discounts and offering costs. The proceeds from this offering were used to repay indebtedness under our credit facility. | |||||||||||||||
Oil and Gas Properties | |||||||||||||||
The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful, as well as unsuccessful, exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of the unamortized capitalized cost or the cost ceiling. The cost ceiling is calculated as PV-10, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. We calculate the projected income tax effect using the “short-cut” method for the cost ceiling test calculation. Costs in excess of the cost ceiling are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties, except where the sale or disposition causes a significant change in the relationship between capitalized cost and the estimated quantity of proved reserves. We apply the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At September 30, 2013, our net capitalized costs of oil and gas properties in the United States did not exceed the cost ceiling of our estimated proved reserves; however, the net capitalized cost of oil and gas properties in Canada exceeded the cost ceiling by $2.1 million resulting in a write down for the nine months ended September 30, 2013. At September 30, 2014, our net capitalized costs of oil and gas properties in the United States and Canada did not exceed the cost ceiling of our estimated proved reserves. | |||||||||||||||
Restoration, Removal and Environmental Liabilities | |||||||||||||||
The Company is subject to extensive federal, provincial, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefit are expensed. | |||||||||||||||
Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component are fixed or reliably determinable. | |||||||||||||||
The Company accounts for asset retirement obligations based on the guidance of ASC 410 which addresses accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of a liability for an asset's retirement obligation be recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and amortize these costs as a component of our depletion expense in the accompanying condensed consolidated financial statements. | |||||||||||||||
The following table summarizes the Company’s asset retirement obligation transactions for the nine months ended September 30, 2014 and the year ended December 31, 2013: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Beginning asset retirement obligation | $ | 9,888 | $ | 11,381 | |||||||||||
New wells placed on production and other | 267 | 222 | |||||||||||||
Deletions related to property disposals and plugging costs | (851 | ) | (2,491 | ) | |||||||||||
Accretion expense | 436 | 638 | |||||||||||||
Revisions and other | (201 | ) | 138 | ||||||||||||
Ending asset retirement obligation | $ | 9,539 | $ | 9,888 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 2. Income Taxes | |
The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are expected to reverse. | |
For the three and nine months ended September 30, 2014, there was no current or deferred income tax expense or benefit due to loss carryforwards. Valuation allowances have been recorded against such benefits in prior periods. | |
The Company accounts for uncertain tax positions under the provisions of ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2014, the Company did not have any accrued interest or penalties related to uncertain tax positions. The tax years 2003 through 2013 remain open to examination by the tax jurisdictions to which the Company is subject. | |
At December 31, 2013, the Company had, subject to the limitation discussed below, $160.8 million of net operating loss carryforwards for U.S. tax purposes and $21.8 million of net operating loss carryforwards for Canadian tax purposes. The U.S. loss carryforward will expire in varying amounts through 2032 and the Canadian loss carryforward will expire in 2033, if not utilized. | |
Uncertainties exist as to the future utilization of the operating loss carryforwards under the criteria set forth under ASC 740-10 “Income Taxes”. Therefore, we have established a valuation allowance of $75.6 million for deferred tax assets at December 31, 2013. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Long-Term Debt | ' | |||||||||
Note 3. Long-Term Debt | ||||||||||
The following table summarizes the Company’s long-term debt: | ||||||||||
September 30, | 31-Dec-13 | |||||||||
2014 | ||||||||||
Credit facility | $ | 52,000 | $ | 33,000 | ||||||
Rig loan agreement | 5,105 | 6,378 | ||||||||
Real estate lien note | 4,390 | 4,554 | ||||||||
61,495 | 43,932 | |||||||||
Less current maturities | (2,205 | ) | (2,142 | ) | ||||||
$ | 59,290 | $ | 41,790 | |||||||
Credit Facility | ||||||||||
We have a senior secured credit facility with Société Générale, as administrative agent and issuing lender, and certain other lenders, which we refer to as the credit facility. As of September 30, 2014, $52.0 million was outstanding under the credit facility. | ||||||||||
The credit facility has a maximum commitment of $300.0 million and availability is subject to a borrowing base. As of September 30, 2014 we had a borrowing base of $165.0 million. The borrowing base is determined semi-annually by the lenders based upon our reserve reports, one of which must be prepared by our independent petroleum engineers and one of which may be prepared internally. The amount of the borrowing base is calculated by the lenders based upon their valuation of our Proved reserves securing the facility, utilizing these reserve reports, and their own internal decisions including internal decisions regarding future commodity prices. In addition, the lenders, in their sole discretion, are able to make one additional borrowing base redetermination during any six-month period between scheduled redeterminations and we are able to request one redetermination during any six-month period between scheduled redeterminations. The borrowing base will be automatically reduced in connection with any sales of producing properties with a market value of 5% or more of our then-current borrowing base and in connection with any hedge termination which could reduce the collateral value by 5% or more. Our borrowing base of $165.0 million was determined based upon our internal reserve report dated June 30, 2014. Our borrowing base can never exceed the $300.0 million maximum commitment amount. Outstanding amounts under the credit facility bear interest at (a) the greater of (1) the reference rate announced from time to time by Société Générale, (2) the Federal Funds Rate plus 0.5%, and (3) a rate determined by Société Générale as the daily one-month LIBOR plus, in each case, (b) 0.75%—1.75%, depending on the utilization of the borrowing base, or, if we elect LIBOR plus 1.75%—2.75%, depending on the utilization of the borrowing base. At September 30, 2014 the interest rate on the credit facility was 2.15% based on 1-month LIBOR borrowings and the level of utilization. | ||||||||||
Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is June 30, 2018. Interest is payable quarterly on reference rate advances and not less than quarterly on LIBOR advances. We are permitted to terminate the credit facility and are able, from time to time, to permanently reduce the lenders’ aggregate commitment under the credit facility in compliance with certain notice and dollar increment requirements. | ||||||||||
Each of our subsidiaries has guaranteed our obligations under the credit facility on a senior secured basis. Obligations under the credit facility are secured by a first priority perfected security interest, subject to certain permitted encumbrances, in all of our and our subsidiary guarantors’ material property and assets, other than Raven Drilling. | ||||||||||
Under the credit facility, we are subject to customary covenants, including certain financial covenants and reporting requirements. We are required to maintain a current ratio, as of the last day of each quarter of not less than 1.00 to 1.00 and an interest coverage ratio of not less than 2.50 to 1.00. We are also required as of the last day of each quarter to maintain a debt to EBITDAX ratio as of the last day of each quarter of not more than 4.00 to 1.00. The current ratio is defined as the ratio of consolidated current assets to consolidated current liabilities. For the purposes of this calculation, current assets include the portion of the borrowing base which is undrawn but excludes any cash deposited with a counter-party to a hedging arrangement and any assets representing a valuation account arising from the application of ASC 815 and ASC 410-20 and current liabilities exclude the current portion of long-term debt and any liabilities representing a valuation account arising from the application of ASC 815 and ASC 410-20. The interest coverage ratio is defined as the ratio of consolidated EBITDAX to consolidated interest expense for the four fiscal quarters ended on the calculation date. For the purposes of this calculation, EBITDAX is defined as the sum of consolidated net income plus interest expense, oil and gas exploration expenses, income, franchise or margin taxes, depreciation, amortization, depletion and other non-cash charges including non-cash charges resulting from the application of ASC 718, ASC 815 and ASC 410-20 plus all realized net cash proceeds arising from the settlement or monetization of any hedge contracts plus expenses incurred in connection with the negotiation, execution, delivery and performance of the credit facility plus expenses incurred in connection with any acquisition permitted under the credit facility plus expenses incurred in connection with any offering of senior unsecured notes, subordinated debt or equity plus up to $1.0 million of extraordinary expenses in any 12-month period plus extraordinary losses minus all non-cash items of income which were included in determining consolidated net income, including all non-cash items resulting from the application of ASC 815 and ASC 410-20. Interest expense includes total interest, letter of credit fees and other fees and expenses incurred in connection with any debt. The total debt to EBITDAX ratio is defined as the ratio of total debt to consolidated EBITDAX for the four fiscal quarters ended on the calculation date. For the purposes of this calculation, total debt is the outstanding principal amount of debt, excluding debt associated with the office building, Raven Drilling’s rig loan and obligations with respect to surety bonds and derivative contracts. | ||||||||||
At September 30, 2014, we were in compliance with all of our debt covenants. As of September 30, 2014, the interest coverage ratio was 31.22 to 1.00, the total debt to EBITDAX ratio was 0.71 to 1.00 and our current ratio was 2.15 to 1.00. | ||||||||||
The credit facility contains a number of covenants that, among other things, restrict our ability to: | ||||||||||
• | incur or guarantee additional indebtedness; | |||||||||
• | transfer or sell assets; | |||||||||
• | create liens on assets; | |||||||||
• | engage in transactions with affiliates other than on an “arm’s length” basis; | |||||||||
• | make any change in the principal nature of our business; and | |||||||||
• | permit a change of control. | |||||||||
The credit facility also contains customary events of default, including nonpayment of principal or interest, violations of covenants, cross default and cross acceleration to certain other indebtedness, bankruptcy and material judgments and liabilities. | ||||||||||
Rig Loan Agreement | ||||||||||
On September 19, 2011, Raven Drilling entered into a rig loan agreement with RBS Asset Finance, Inc. to finance the costs of purchasing and refurbishing an Oilwell 2,000 hp diesel electric drilling rig (the “Collateral”). The rig loan agreement provided for interim borrowings payable to Raven Drilling until the final amount of the loan was determined. | ||||||||||
On February 14, 2012, Raven Drilling finalized the note with respect to the rig loan agreement. The principal amount of the note is $7.0 million and bears interest at 4.26%. Interest only was due for the first 18-months of the note and thereafter, the note amortizes in full over the remaining life of the note. Interest and principal, when required, is payable monthly. Subject to earlier prepayment provisions and events of default, the stated maturity date of the note is February 14, 2017. As of September 30, 2014, $5.1 million was outstanding under the rig loan agreement. | ||||||||||
Abraxas Petroleum has guaranteed Raven Drilling’s obligations under the rig loan agreement and associated note. Obligations under the rig loan agreement are secured by a first priority perfected security interest, subject to certain permitted encumbrances, in the Collateral. | ||||||||||
Real Estate Lien Note | ||||||||||
On May 9, 2008, the Company entered into an advancing line of credit in the amount of $5.4 million for the purchase and finish out of a building to serve as its corporate headquarters. This note was refinanced in November 2008. The note was modified on April 4, 2013, reducing the interest to a fixed rate of 4.25%, and was further modified on July 20, 2013 to extend the maturity date to July 20, 2023. The note is payable in monthly installments of principal and interest of $34,354 based on a twenty year amortization. Beginning August 20, 2018, the interest rate will adjust to the bank's current prime rate plus 1.00% with a maximum annual rate of 7.25% The note is secured by a first lien deed of trust on the property and improvements. As of September 30, 2014, $4.4 million was outstanding on the note. |
Income_Per_Share
Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income Per Share | ' | ||||||||||||||||
Note 4. Income Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 25,399 | $ | 3,190 | $ | 33,137 | $ | 11,651 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic income per share - | |||||||||||||||||
Weighted-average shares | 104,408 | 92,475 | 96,742 | 92,435 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 3,263 | 1,067 | 2,789 | 940 | |||||||||||||
Denominator for diluted income per share - | |||||||||||||||||
Weighted-average shares and assumed conversions | 107,671 | 93,542 | 99,531 | 93,375 | |||||||||||||
Net income per common share – basic | $ | 0.24 | $ | 0.03 | $ | 0.34 | $ | 0.13 | |||||||||
Net income per common share – diluted | $ | 0.24 | $ | 0.03 | $ | 0.33 | $ | 0.12 | |||||||||
Hedging_Program_and_Derivative
Hedging Program and Derivatives | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Hedging Program and Derivatives | ' | ||||||||||||||||||||||||||||
Note 5. Hedging Program and Derivatives | |||||||||||||||||||||||||||||
The derivative instruments we utilize are based on index prices that may and often do differ from the actual oil and gas prices realized in our operations. Management has elected not to apply hedge accounting as prescribed by ASC 815. Accordingly, fluctuations in the market value of the derivative contracts are recognized in earnings during the current period. | |||||||||||||||||||||||||||||
The following table sets forth our derivative contracts at September 30, 2014: | |||||||||||||||||||||||||||||
Fixed Price Swap | |||||||||||||||||||||||||||||
Oil – WTI | Oil - Brent (1) | Oil - LLS | Gas | ||||||||||||||||||||||||||
Contract Periods | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Mcf) | Swap Price (per Mcf) | |||||||||||||||||||||
2014 | 1,586 | $ | 90.74 | — | $ | — | 98 | $ | 101.26 | 3,101 | $ | 4.1 | |||||||||||||||||
2015 | 921 | $ | 85 | 125 | $ | 96.78 | — | $ | — | 1,450 | $ | 4.08 | |||||||||||||||||
2016 | 948 | $ | 84.1 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||
2017 | 493 | $ | 84.18 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||
(1) The Brent swap was monetized in October 2014 for $0.1 million and replaced with a $85.30 WTI swap for 3,800 Bbl per month for 2015. | |||||||||||||||||||||||||||||
At September 30, 2014, the aggregate fair value of our commodity derivative contracts was a liability of approximately $1.6 million. | |||||||||||||||||||||||||||||
The following table illustrates the impact of derivative contracts on the Company’s balance sheet: | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments as of September 30, 2014 | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||
Commodity price derivatives | Derivatives – current | $ | 332 | Derivatives – current | $ | 924 | |||||||||||||||||||||||
Commodity price derivatives | Derivatives - long-term | 7 | Derivatives - long-term | 1,024 | |||||||||||||||||||||||||
$ | 339 | $ | 1,948 | ||||||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 2013 | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||
Commodity price derivatives | Derivatives – current | $ | 85 | Derivatives – current | $ | 2,728 | |||||||||||||||||||||||
Commodity price derivatives | Derivatives – long-term | 925 | Derivatives – long-term | 2,274 | |||||||||||||||||||||||||
$ | 1,010 | $ | 5,002 | ||||||||||||||||||||||||||
Gains and losses from derivative activities are reflected as “(Gain) loss on derivative contracts” in the accompanying condensed consolidated statements of operations. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value | ' | |||||||||||||||||
Note 6. Fair Value | ||||||||||||||||||
Fair Value Hierarchy—ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: | ||||||||||||||||||
• | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
• | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
• | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company is further required to assess the creditworthiness of the counter-party to the derivative contract. The results of the assessment of non-performance risk, based on the counter-party’s credit risk, could result in an adjustment of the carrying value of the derivative instrument. The following tables set forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): | ||||||||||||||||||
Quoted Prices | Significant | |||||||||||||||||
in Active | Other | |||||||||||||||||
Markets for | Observable | Significant | Balance as of September 30, | |||||||||||||||
Identical | Inputs | Unobservable | 2014 | |||||||||||||||
Assets | (Level 2) | Inputs (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 339 | $ | — | $ | 339 | ||||||||||
Total Assets | $ | — | $ | 339 | $ | — | $ | 339 | ||||||||||
Liabilities: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 1,948 | $ | — | $ | 1,948 | ||||||||||
Total Liabilities | $ | — | $ | 1,948 | $ | — | $ | 1,948 | ||||||||||
Quoted Prices | Significant | |||||||||||||||||
in Active | Other | |||||||||||||||||
Markets for | Observable | Significant | Balance as of | |||||||||||||||
Identical | Inputs | Unobservable | December 31, | |||||||||||||||
Assets | (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 1,010 | $ | — | $ | 1,010 | ||||||||||
Total Assets | $ | — | $ | 1,010 | $ | — | $ | 1,010 | ||||||||||
Liabilities: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 5,002 | $ | — | $ | 5,002 | ||||||||||
Total Liabilities | $ | — | $ | 5,002 | $ | — | $ | 5,002 | ||||||||||
The Company’s derivative contracts consist of NYMEX-based fixed price commodity swaps and Brent-based fixed price commodity swaps. The NYMEX-based and Brent based fixed price derivative contracts are indexed to their respective futures contracts, which are actively traded for the underlying commodity and commonly used in the energy industry. As the fair value of these derivative contracts is based on a number of inputs, including contractual volumes and prices stated in each derivative contract, current and future NYMEX commodity prices, and quantitative models that are based upon readily observable market parameters that are actively quoted and can be validated through external sources, we have characterized these derivative contracts as Level 2. | ||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||
The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Business Segments | ' | |||||||||||||||||
Note 7. Business Segments | ||||||||||||||||||
The following tables provide the Company’s geographic operating segment data for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 43,865 | $ | 331 | $ | — | $ | 44,196 | ||||||||||
Other | — | — | 9 | 9 | ||||||||||||||
43,865 | 331 | 9 | 44,205 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 7,131 | 207 | — | 7,338 | ||||||||||||||
Production taxes | 3,744 | 81 | — | 3,825 | ||||||||||||||
Depreciation, depletion and amortization | 13,774 | 104 | 62 | 13,940 | ||||||||||||||
General and administrative | 449 | 73 | 1,930 | 2,452 | ||||||||||||||
Net interest | 141 | 6 | 407 | 554 | ||||||||||||||
Amortization of deferred financing fees | — | — | 150 | 150 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 534 | 534 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (9,979 | ) | (9,979 | ) | ||||||||||||
Other | — | — | (8 | ) | (8 | ) | ||||||||||||
Net income (loss) | $ | 18,626 | $ | (140 | ) | $ | 6,913 | $ | 25,399 | |||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 28,571 | $ | 521 | $ | — | $ | 29,092 | ||||||||||
Other | — | — | 3 | 3 | ||||||||||||||
28,571 | 521 | 3 | 29,095 | |||||||||||||||
Expenses (income): | ||||||||||||||||||
Lease operating | 5,003 | 466 | — | 5,469 | ||||||||||||||
Production taxes | 2,637 | — | — | 2,637 | ||||||||||||||
Depreciation, depletion and amortization | 6,995 | 203 | 62 | 7,260 | ||||||||||||||
Impairment | — | 158 | — | 158 | ||||||||||||||
General and administrative | 406 | 265 | 1,739 | 2,410 | ||||||||||||||
Net interest | 148 | 6 | 955 | 1,109 | ||||||||||||||
Amortization of deferred financing fees | — | — | 344 | 344 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 2,124 | 2,124 | ||||||||||||||
Loss on derivative contracts - Unrealized | — | — | 4,490 | 4,490 | ||||||||||||||
Other | — | — | (96 | ) | (96 | ) | ||||||||||||
Income tax expense | — | — | — | — | ||||||||||||||
Net income (loss) | $ | 13,382 | $ | (577 | ) | $ | (9,615 | ) | $ | 3,190 | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 102,521 | $ | 1,073 | $ | — | $ | 103,594 | ||||||||||
Other | — | — | 63 | 63 | ||||||||||||||
102,521 | 1,073 | 63 | 103,657 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 18,361 | 641 | — | 19,002 | ||||||||||||||
Production taxes | 8,786 | 81 | — | 8,867 | ||||||||||||||
Depreciation, depletion and amortization | 30,254 | 376 | 187 | 30,817 | ||||||||||||||
General and administrative | 1,466 | 477 | 6,449 | 8,392 | ||||||||||||||
Net interest | 419 | 17 | 1,508 | 1,944 | ||||||||||||||
Amortization of deferred financing fees | — | — | 779 | 779 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 2,624 | 2,624 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (1,899 | ) | (1,899 | ) | ||||||||||||
Other | — | — | (6 | ) | (6 | ) | ||||||||||||
Net income (loss) | $ | 43,235 | $ | (519 | ) | $ | (9,579 | ) | $ | 33,137 | ||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 70,075 | $ | 1,658 | $ | — | $ | 71,733 | ||||||||||
Other | — | — | 52 | 52 | ||||||||||||||
70,075 | 1,658 | 52 | 71,785 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 16,590 | 1,507 | — | 18,097 | ||||||||||||||
Production taxes | 6,470 | 5 | — | 6,475 | ||||||||||||||
Depreciation, depletion and amortization | 18,620 | 738 | 187 | 19,545 | ||||||||||||||
Impairment | — | 2,135 | — | 2,135 | ||||||||||||||
General and administrative | 1,367 | 606 | 5,764 | 7,737 | ||||||||||||||
Net interest | 471 | 17 | 3,087 | 3,575 | ||||||||||||||
Amortization of deferred financing fees | — | — | 1,020 | 1,020 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 3,832 | 3,832 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (2,374 | ) | (2,374 | ) | ||||||||||||
Other | — | — | 5 | 5 | ||||||||||||||
Income tax expense | — | — | 87 | 87 | ||||||||||||||
Net income (loss) | $ | 26,557 | $ | (3,350 | ) | $ | (11,556 | ) | $ | 11,651 | ||||||||
The following table provides the Company’s geographic asset data as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Segment Assets: | September 30, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
United States | $ | 308,096 | $ | 213,212 | ||||||||||||||
Canada | 911 | 1,640 | ||||||||||||||||
Corporate | 8,106 | 8,798 | ||||||||||||||||
$ | 317,113 | $ | 223,650 | |||||||||||||||
Contingencies_Litigation
Contingencies - Litigation | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies - Litigation | ' |
Note 8. Contingencies – Litigation | |
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. At September 30, 2014, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on its operations. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
On October 31, 2014, the Company closed on the sale of its wholly-owned Canadian subsidiary. Net proceeds from the sale after expenses were approximately $2.9 million. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||
Consolidation Principles | ' | ||||||||||||||
Consolidation Principles | |||||||||||||||
The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”) and a wholly-owned foreign subsidiary, Canadian Abraxas Petroleum, ULC (“Canadian Abraxas”). On October 31, 2014, we sold all of the shares we owned in Canadian Abraxas to a third party. See Note 9 - Subsequent Events. | |||||||||||||||
Canadian Abraxas’ assets and liabilities are translated to U.S. dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity. | |||||||||||||||
Rig Accounting | ' | ||||||||||||||
Rig Accounting | |||||||||||||||
In accordance with SEC Regulation S-X, no income is to be recognized in connection with contractual drilling services performed in connection with properties in which the Company or its affiliates holds an ownership, or other economic interest. Any income not recognized as a result of this limitation is to be credited to the full cost pool and recognized through lower amortization as reserves are produced. | |||||||||||||||
Use of Estimates | ' | ||||||||||||||
Use of Estimates | |||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||
New Accounting Standards and Disclosures | |||||||||||||||
Revenue Recognition | |||||||||||||||
The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) in May 2014 which provides accounting guidance for all revenue arising from contracts to provide goods or services to customers. The requirements from the new ASU are effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. The standard allows for either full retrospective adoption or modified retrospective adoption. At this time, we are evaluating the guidance to determine the method of adoption and the impact of this ASU on our financial statements and related disclosures, if any. | |||||||||||||||
Stock-based Compensation and Option Plans | ' | ||||||||||||||
Stock-based Compensation and Option Plans | |||||||||||||||
Stock Options | |||||||||||||||
The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. | |||||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 361 | $ | 408 | $ | 1,475 | $ | 1,328 | ||||||||
The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2014: | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Number | Average | Average | |||||||||||||
of | Option | Grant | |||||||||||||
Shares | Exercise | Date Fair | |||||||||||||
Price Per | Value | ||||||||||||||
Share | Per Share | ||||||||||||||
Outstanding, December 31, 2013 | 5,400 | $ | 2.77 | $ | 1.98 | ||||||||||
Granted | 1,022 | $ | 3.37 | $ | 2.44 | ||||||||||
Exercised | (410 | ) | $ | 2.71 | $ | 1.86 | |||||||||
Canceled | (119 | ) | $ | 3.03 | $ | 2.16 | |||||||||
Outstanding, September 30, 2014 | 5,893 | $ | 2.87 | $ | 2.06 | ||||||||||
Additional information related to stock options at September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Options exercisable | 4,109 | 3,828 | |||||||||||||
As of September 30, 2014, there was approximately $2.9 million of unamortized compensation expense related to outstanding stock options that will be recognized in 2014 through 2017. | |||||||||||||||
Restricted Stock Awards | |||||||||||||||
Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. | |||||||||||||||
The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||
Number | Weighted | ||||||||||||||
of | Average | ||||||||||||||
Shares | Grant Date | ||||||||||||||
Fair Value | |||||||||||||||
Per Share | |||||||||||||||
Unvested, December 31, 2013 | 355 | $ | 3.24 | ||||||||||||
Granted | 763 | 3.16 | |||||||||||||
Vested/Released | (120 | ) | 3.65 | ||||||||||||
Forfeited | (29 | ) | 3.45 | ||||||||||||
Unvested, September 30, 2014 | 969 | $ | 3.12 | ||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 221 | $ | 112 | $ | 575 | $ | 334 | ||||||||
As of September 30, 2014, there was approximately $2.2 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized in 2014 through 2017. | |||||||||||||||
Oil and Gas Properties | ' | ||||||||||||||
Oil and Gas Properties | |||||||||||||||
The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful, as well as unsuccessful, exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of the unamortized capitalized cost or the cost ceiling. The cost ceiling is calculated as PV-10, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. We calculate the projected income tax effect using the “short-cut” method for the cost ceiling test calculation. Costs in excess of the cost ceiling are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties, except where the sale or disposition causes a significant change in the relationship between capitalized cost and the estimated quantity of proved reserves. We apply the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At September 30, 2013, our net capitalized costs of oil and gas properties in the United States did not exceed the cost ceiling of our estimated proved reserves; however, the net capitalized cost of oil and gas properties in Canada exceeded the cost ceiling by $2.1 million resulting in a write down for the nine months ended September 30, 2013. At September 30, 2014, our net capitalized costs of oil and gas properties in the United States and Canada did not exceed the cost ceiling of our estimated proved reserves. | |||||||||||||||
Restoration, Removal and Environmental Liabilities | ' | ||||||||||||||
Restoration, Removal and Environmental Liabilities | |||||||||||||||
The Company is subject to extensive federal, provincial, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefit are expensed. | |||||||||||||||
Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component are fixed or reliably determinable. | |||||||||||||||
The Company accounts for asset retirement obligations based on the guidance of ASC 410 which addresses accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of a liability for an asset's retirement obligation be recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and amortize these costs as a component of our depletion expense in the accompanying condensed consolidated financial statements. | |||||||||||||||
The following table summarizes the Company’s asset retirement obligation transactions for the nine months ended September 30, 2014 and the year ended December 31, 2013: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Beginning asset retirement obligation | $ | 9,888 | $ | 11,381 | |||||||||||
New wells placed on production and other | 267 | 222 | |||||||||||||
Deletions related to property disposals and plugging costs | (851 | ) | (2,491 | ) | |||||||||||
Accretion expense | 436 | 638 | |||||||||||||
Revisions and other | (201 | ) | 138 | ||||||||||||
Ending asset retirement obligation | $ | 9,539 | $ | 9,888 | |||||||||||
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Stock Options Activity | ' | ||||||||||||||
The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2014: | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Number | Average | Average | |||||||||||||
of | Option | Grant | |||||||||||||
Shares | Exercise | Date Fair | |||||||||||||
Price Per | Value | ||||||||||||||
Share | Per Share | ||||||||||||||
Outstanding, December 31, 2013 | 5,400 | $ | 2.77 | $ | 1.98 | ||||||||||
Granted | 1,022 | $ | 3.37 | $ | 2.44 | ||||||||||
Exercised | (410 | ) | $ | 2.71 | $ | 1.86 | |||||||||
Canceled | (119 | ) | $ | 3.03 | $ | 2.16 | |||||||||
Outstanding, September 30, 2014 | 5,893 | $ | 2.87 | $ | 2.06 | ||||||||||
Additional Information Related To Stock Options | ' | ||||||||||||||
Additional information related to stock options at September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Options exercisable | 4,109 | 3,828 | |||||||||||||
Restricted Stock Activity | ' | ||||||||||||||
The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||
Number | Weighted | ||||||||||||||
of | Average | ||||||||||||||
Shares | Grant Date | ||||||||||||||
Fair Value | |||||||||||||||
Per Share | |||||||||||||||
Unvested, December 31, 2013 | 355 | $ | 3.24 | ||||||||||||
Granted | 763 | 3.16 | |||||||||||||
Vested/Released | (120 | ) | 3.65 | ||||||||||||
Forfeited | (29 | ) | 3.45 | ||||||||||||
Unvested, September 30, 2014 | 969 | $ | 3.12 | ||||||||||||
Asset Retirement Obligation Transactions | ' | ||||||||||||||
The following table summarizes the Company’s asset retirement obligation transactions for the nine months ended September 30, 2014 and the year ended December 31, 2013: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Beginning asset retirement obligation | $ | 9,888 | $ | 11,381 | |||||||||||
New wells placed on production and other | 267 | 222 | |||||||||||||
Deletions related to property disposals and plugging costs | (851 | ) | (2,491 | ) | |||||||||||
Accretion expense | 436 | 638 | |||||||||||||
Revisions and other | (201 | ) | 138 | ||||||||||||
Ending asset retirement obligation | $ | 9,539 | $ | 9,888 | |||||||||||
Restricted Stock [Member] | ' | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 221 | $ | 112 | $ | 575 | $ | 334 | ||||||||
Stock Options [Member] | ' | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||
The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
$ | 361 | $ | 408 | $ | 1,475 | $ | 1,328 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Long-Term Debt | ' | |||||||||
The following table summarizes the Company’s long-term debt: | ||||||||||
September 30, | 31-Dec-13 | |||||||||
2014 | ||||||||||
Credit facility | $ | 52,000 | $ | 33,000 | ||||||
Rig loan agreement | 5,105 | 6,378 | ||||||||
Real estate lien note | 4,390 | 4,554 | ||||||||
61,495 | 43,932 | |||||||||
Less current maturities | (2,205 | ) | (2,142 | ) | ||||||
$ | 59,290 | $ | 41,790 | |||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 25,399 | $ | 3,190 | $ | 33,137 | $ | 11,651 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic income per share - | |||||||||||||||||
Weighted-average shares | 104,408 | 92,475 | 96,742 | 92,435 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 3,263 | 1,067 | 2,789 | 940 | |||||||||||||
Denominator for diluted income per share - | |||||||||||||||||
Weighted-average shares and assumed conversions | 107,671 | 93,542 | 99,531 | 93,375 | |||||||||||||
Net income per common share – basic | $ | 0.24 | $ | 0.03 | $ | 0.34 | $ | 0.13 | |||||||||
Net income per common share – diluted | $ | 0.24 | $ | 0.03 | $ | 0.33 | $ | 0.12 | |||||||||
Hedging_Program_and_Derivative1
Hedging Program and Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Contract Position and Additional Hedges | ' | ||||||||||||||||||||||||||||
The following table sets forth our derivative contracts at September 30, 2014: | |||||||||||||||||||||||||||||
Fixed Price Swap | |||||||||||||||||||||||||||||
Oil – WTI | Oil - Brent (1) | Oil - LLS | Gas | ||||||||||||||||||||||||||
Contract Periods | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Bbl) | Swap Price (per Bbl) | Daily Volume (Mcf) | Swap Price (per Mcf) | |||||||||||||||||||||
2014 | 1,586 | $ | 90.74 | — | $ | — | 98 | $ | 101.26 | 3,101 | $ | 4.1 | |||||||||||||||||
2015 | 921 | $ | 85 | 125 | $ | 96.78 | — | $ | — | 1,450 | $ | 4.08 | |||||||||||||||||
2016 | 948 | $ | 84.1 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||
2017 | 493 | $ | 84.18 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||
(1) The Brent swap was monetized in October 2014 for $0.1 million and replaced with a $85.30 WTI swap for 3,800 Bbl per month for 2015. | |||||||||||||||||||||||||||||
Impact of Derivative Contracts on Balance Sheet | ' | ||||||||||||||||||||||||||||
The following table illustrates the impact of derivative contracts on the Company’s balance sheet: | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments as of September 30, 2014 | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||
Commodity price derivatives | Derivatives – current | $ | 332 | Derivatives – current | $ | 924 | |||||||||||||||||||||||
Commodity price derivatives | Derivatives - long-term | 7 | Derivatives - long-term | 1,024 | |||||||||||||||||||||||||
$ | 339 | $ | 1,948 | ||||||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 2013 | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||
Commodity price derivatives | Derivatives – current | $ | 85 | Derivatives – current | $ | 2,728 | |||||||||||||||||||||||
Commodity price derivatives | Derivatives – long-term | 925 | Derivatives – long-term | 2,274 | |||||||||||||||||||||||||
$ | 1,010 | $ | 5,002 | ||||||||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Assets and Liabilities Measured At Fair Value | ' | |||||||||||||||||
The following tables set forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): | ||||||||||||||||||
Quoted Prices | Significant | |||||||||||||||||
in Active | Other | |||||||||||||||||
Markets for | Observable | Significant | Balance as of September 30, | |||||||||||||||
Identical | Inputs | Unobservable | 2014 | |||||||||||||||
Assets | (Level 2) | Inputs (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 339 | $ | — | $ | 339 | ||||||||||
Total Assets | $ | — | $ | 339 | $ | — | $ | 339 | ||||||||||
Liabilities: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 1,948 | $ | — | $ | 1,948 | ||||||||||
Total Liabilities | $ | — | $ | 1,948 | $ | — | $ | 1,948 | ||||||||||
Quoted Prices | Significant | |||||||||||||||||
in Active | Other | |||||||||||||||||
Markets for | Observable | Significant | Balance as of | |||||||||||||||
Identical | Inputs | Unobservable | December 31, | |||||||||||||||
Assets | (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 1,010 | $ | — | $ | 1,010 | ||||||||||
Total Assets | $ | — | $ | 1,010 | $ | — | $ | 1,010 | ||||||||||
Liabilities: | ||||||||||||||||||
NYMEX Fixed Price Derivative contracts | $ | — | $ | 5,002 | $ | — | $ | 5,002 | ||||||||||
Total Liabilities | $ | — | $ | 5,002 | $ | — | $ | 5,002 | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Entity's Operating Segment Data and Asset Data | ' | |||||||||||||||||
The following tables provide the Company’s geographic operating segment data for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 43,865 | $ | 331 | $ | — | $ | 44,196 | ||||||||||
Other | — | — | 9 | 9 | ||||||||||||||
43,865 | 331 | 9 | 44,205 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 7,131 | 207 | — | 7,338 | ||||||||||||||
Production taxes | 3,744 | 81 | — | 3,825 | ||||||||||||||
Depreciation, depletion and amortization | 13,774 | 104 | 62 | 13,940 | ||||||||||||||
General and administrative | 449 | 73 | 1,930 | 2,452 | ||||||||||||||
Net interest | 141 | 6 | 407 | 554 | ||||||||||||||
Amortization of deferred financing fees | — | — | 150 | 150 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 534 | 534 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (9,979 | ) | (9,979 | ) | ||||||||||||
Other | — | — | (8 | ) | (8 | ) | ||||||||||||
Net income (loss) | $ | 18,626 | $ | (140 | ) | $ | 6,913 | $ | 25,399 | |||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 28,571 | $ | 521 | $ | — | $ | 29,092 | ||||||||||
Other | — | — | 3 | 3 | ||||||||||||||
28,571 | 521 | 3 | 29,095 | |||||||||||||||
Expenses (income): | ||||||||||||||||||
Lease operating | 5,003 | 466 | — | 5,469 | ||||||||||||||
Production taxes | 2,637 | — | — | 2,637 | ||||||||||||||
Depreciation, depletion and amortization | 6,995 | 203 | 62 | 7,260 | ||||||||||||||
Impairment | — | 158 | — | 158 | ||||||||||||||
General and administrative | 406 | 265 | 1,739 | 2,410 | ||||||||||||||
Net interest | 148 | 6 | 955 | 1,109 | ||||||||||||||
Amortization of deferred financing fees | — | — | 344 | 344 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 2,124 | 2,124 | ||||||||||||||
Loss on derivative contracts - Unrealized | — | — | 4,490 | 4,490 | ||||||||||||||
Other | — | — | (96 | ) | (96 | ) | ||||||||||||
Income tax expense | — | — | — | — | ||||||||||||||
Net income (loss) | $ | 13,382 | $ | (577 | ) | $ | (9,615 | ) | $ | 3,190 | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 102,521 | $ | 1,073 | $ | — | $ | 103,594 | ||||||||||
Other | — | — | 63 | 63 | ||||||||||||||
102,521 | 1,073 | 63 | 103,657 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 18,361 | 641 | — | 19,002 | ||||||||||||||
Production taxes | 8,786 | 81 | — | 8,867 | ||||||||||||||
Depreciation, depletion and amortization | 30,254 | 376 | 187 | 30,817 | ||||||||||||||
General and administrative | 1,466 | 477 | 6,449 | 8,392 | ||||||||||||||
Net interest | 419 | 17 | 1,508 | 1,944 | ||||||||||||||
Amortization of deferred financing fees | — | — | 779 | 779 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 2,624 | 2,624 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (1,899 | ) | (1,899 | ) | ||||||||||||
Other | — | — | (6 | ) | (6 | ) | ||||||||||||
Net income (loss) | $ | 43,235 | $ | (519 | ) | $ | (9,579 | ) | $ | 33,137 | ||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
U.S. | Canada | Corporate | Total | |||||||||||||||
Revenues: | ||||||||||||||||||
Oil and gas production | $ | 70,075 | $ | 1,658 | $ | — | $ | 71,733 | ||||||||||
Other | — | — | 52 | 52 | ||||||||||||||
70,075 | 1,658 | 52 | 71,785 | |||||||||||||||
Expenses: | ||||||||||||||||||
Lease operating | 16,590 | 1,507 | — | 18,097 | ||||||||||||||
Production taxes | 6,470 | 5 | — | 6,475 | ||||||||||||||
Depreciation, depletion and amortization | 18,620 | 738 | 187 | 19,545 | ||||||||||||||
Impairment | — | 2,135 | — | 2,135 | ||||||||||||||
General and administrative | 1,367 | 606 | 5,764 | 7,737 | ||||||||||||||
Net interest | 471 | 17 | 3,087 | 3,575 | ||||||||||||||
Amortization of deferred financing fees | — | — | 1,020 | 1,020 | ||||||||||||||
Loss on derivative contracts - Realized | — | — | 3,832 | 3,832 | ||||||||||||||
(Gain) on derivative contracts - Unrealized | — | — | (2,374 | ) | (2,374 | ) | ||||||||||||
Other | — | — | 5 | 5 | ||||||||||||||
Income tax expense | — | — | 87 | 87 | ||||||||||||||
Net income (loss) | $ | 26,557 | $ | (3,350 | ) | $ | (11,556 | ) | $ | 11,651 | ||||||||
Geographic Operating Segment and Asset Data | ' | |||||||||||||||||
The following table provides the Company’s geographic asset data as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Segment Assets: | September 30, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
United States | $ | 308,096 | $ | 213,212 | ||||||||||||||
Canada | 911 | 1,640 | ||||||||||||||||
Corporate | 8,106 | 8,798 | ||||||||||||||||
$ | 317,113 | $ | 223,650 | |||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 24, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 24, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $582,000 | $520,000 | $2,050,000 | $1,662,000 | ' | ' |
Weighted Average Grant Date Fair value Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 11,500,000 | ' | ' | ' | ' | ' | ' |
Shares Issued, Price Per Share | ' | ' | ' | ' | ' | ' | $5 |
Proceeds from Issuance of Common Stock | ' | ' | ' | 53,755,000 | 0 | ' | ' |
Entity's asset retirement obligation transactions [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning asset retirement obligation | ' | ' | ' | 9,888,000 | 11,381,000 | 11,381,000 | ' |
New wells placed on production and other | ' | ' | ' | 267,000 | ' | 222,000 | ' |
Deletions related to property disposals and plugging costs | ' | ' | ' | -851,000 | ' | -2,491,000 | ' |
Accretion expense | ' | ' | ' | 436,000 | 487,000 | 638,000 | ' |
Revisions | ' | ' | ' | -201,000 | ' | 138,000 | ' |
Ending asset retirement obligation | ' | 9,539,000 | ' | 9,539,000 | ' | 9,888,000 | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 361,000 | 408,000 | 1,475,000 | 1,328,000 | ' | ' |
Number of Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning (in shares) | ' | ' | ' | 5,400,000 | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 1,022,000 | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | -410,000 | ' | ' | ' |
Canceled (in shares) | ' | ' | ' | -119,000 | ' | ' | ' |
Outstanding, ending (in shares) | ' | 5,893,000 | ' | 5,893,000 | ' | ' | ' |
Weighted Average Option Exercise Price Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning (in dollars per share) | ' | ' | ' | $2.77 | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $3.37 | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $2.71 | ' | ' | ' |
Canceled (in dollars per share) | ' | ' | ' | $3.03 | ' | ' | ' |
Outstanding, ending (in dollars per share) | ' | $2.87 | ' | $2.87 | ' | ' | ' |
Weighted Average Grant Date Fair Value Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning (in dollars per share) | ' | ' | ' | $1.98 | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $2.44 | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $1.86 | ' | ' | ' |
Canceled (in dollars per share) | ' | ' | ' | $2.16 | ' | ' | ' |
Outstanding, ending (in dollars per share) | ' | $2.06 | ' | $2.06 | ' | ' | ' |
Options exercisable (in shares) | ' | 4,109,000 | ' | 4,109,000 | ' | 3,828,000 | ' |
Unamortized compensation expense | ' | 2,900,000 | ' | 2,900,000 | ' | ' | ' |
Restricted Stock Awards [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 221,000 | 112,000 | 575,000 | 334,000 | ' | ' |
Weighted Average Grant Date Fair Value Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unamortized compensation expense | ' | 2,200,000 | ' | 2,200,000 | ' | ' | ' |
Number of Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unvested, beginning (in shares) | ' | ' | ' | 355,000 | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 763,000 | ' | ' | ' |
Vested/Released (in shares) | ' | ' | ' | -120,000 | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | -29,000 | ' | ' | ' |
Unvested, ending (in shares) | ' | 969,000 | ' | 969,000 | ' | ' | ' |
Weighted Average Grant Date Fair value Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unvested, beginning (in dollars per share) | ' | ' | ' | $3.24 | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $3.16 | ' | ' | ' |
Vested/Released (in dollars per share) | ' | ' | ' | $3.65 | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $3.45 | ' | ' | ' |
Unvested, ending (in dollars per share) | ' | $3.12 | ' | $3.12 | ' | ' | ' |
Canada | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair value Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitations, Expense | ' | ' | ' | ' | $2,100,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Income tax expense | $0 | $0 | $0 | $87,000 | ' |
Accrued interest or penalties related to uncertain tax positions | 0 | ' | 0 | ' | ' |
Valuation allowance | ' | ' | ' | ' | 75,600,000 |
U.S. tax [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | 160,800,000 |
Canadian Tax [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | $21,800,000 |
Expiration dates of operating loss carryforwards | ' | ' | 31-Dec-33 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 14, 2012 | Sep. 19, 2011 | Jul. 20, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 04, 2013 | 9-May-08 | |
Minimum [Member] | Maximum [Member] | Senior Secured Credit facility [Member] | Senior Secured Credit facility [Member] | Rig loan agreement [Member] | Rig loan agreement [Member] | Rig loan agreement [Member] | Rig loan agreement [Member] | Rig loan agreement [Member] | Real estate lien note [Member] | Real estate lien note [Member] | Real estate lien note [Member] | Real estate lien note [Member] | Real estate lien note [Member] | |||
report | hp | |||||||||||||||
redetermination | ||||||||||||||||
Long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $61,495,000 | $43,932,000 | ' | ' | $52,000,000 | $33,000,000 | ' | $5,105,000 | $6,378,000 | ' | ' | ' | $4,390,000 | $4,554,000 | ' | ' |
Less current maturities | -2,205,000 | -2,142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current maturities | 59,290,000 | 41,790,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing base | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve report prepared by independent petroleum engineers | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve report prepared internally | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of borrowing base redeterminations | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of borrowing base redetermination | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value of property (in hundredths) | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced collateral value (in hundredths) | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage added to reference rate (in hundredths) | 0.50% | ' | 0.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage added to variable rate of interest (in hundredths) | ' | ' | 1.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on credit facility (in hundredths) | ' | ' | ' | ' | 2.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, minimum current ratio | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, interest coverage ratio | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, total debt To EBITDAX ratio | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extraordinary expenses included in EBITDAX | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of EBITDAX calculation | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | 31.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt to EBITDAX ratio | ' | ' | ' | ' | 0.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | ' | ' | ' | 2.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rig Loan Agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power of diesel electric drilling rig (in horsepower) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' |
Maximum amount that can be borrowed under rig loan agreement | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | 7,000,000 | ' | ' | ' | ' | ' | 5,400,000 |
Interest rate on debt (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.26% | ' | ' | ' | ' | ' | ' |
Interest free period | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Lien Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate on note (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' |
Maturity date of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20-Jul-23 | ' | ' | ' | ' |
Monthly installments of principal and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,354 | ' | ' | ' | ' |
Long Term Debt, Amortization Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, Expected Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Maximum rate on variable rate note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | ' | ' | ' |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $25,399 | $3,190 | $33,137 | $11,651 |
Denominator for basic income per share - | ' | ' | ' | ' |
Weighted-average shares | 104,408 | 92,475 | 96,742 | 92,435 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and restricted stock | 3,263 | 1,067 | 2,789 | 940 |
Weighted-average shares and assumed conversions | 107,671 | 93,542 | 99,531 | 93,375 |
Net income (loss) per common share - diluted (in dollars per share) | $0.24 | $0.03 | $0.34 | $0.13 |
Net income (loss) per common share - diluted (in dollars per share) | $0.24 | $0.03 | $0.33 | $0.12 |
Hedging_Program_and_Derivative2
Hedging Program and Derivatives (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 |
Derivative Assets - Current [Member] | Derivative Assets - Current [Member] | Derivative Assets - Noncurrent [Member] | Derivative Assets - Noncurrent [Member] | Derivative Liabilities - Current [Member] | Derivative Liabilities - Current [Member] | Derivative Liabilities - Noncurrent [Member] | Derivative Liabilities - Noncurrent [Member] | Oil – WTI | Oil – WTI | Oil – WTI | Oil – WTI | Oil - Brent | Oil - Brent | Oil - Brent | Oil - Brent | Oil - LLS | Oil - LLS | Oil - LLS | Oil - LLS | Natural Gas - NYMEX | Natural Gas - NYMEX | Natural Gas - NYMEX | Natural Gas - NYMEX | Subsequent event | |||
2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | Oil - Brent | |||||||||||
bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | Mcf | Mcf | Mcf | Mcf | ||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily Volume (Bbl / Mcf) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,586 | 921 | 948 | 493 | 0 | 125 | 0 | 0 | 98 | 0 | 0 | 0 | 3,101 | 1,450 | 0 | 0 | ' |
Swap Price (per Bbl / per Mcf) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.74 | 85 | 84.1 | 84.18 | 0 | 96.78 | 0 | 0 | 101.26 | 0 | 0 | 0 | 4.1 | 4.08 | 0 | 0 | ' |
Monetization of derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of commodity derivative contract | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of derivative contracts on balance sheet [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset – current | 332,000 | 85,000 | 332,000 | 85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset - noncurrent | 7,000 | 925,000 | ' | ' | 7,000 | 925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets, Total | 339,000 | 1,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability – current | 924,000 | 2,728,000 | ' | ' | ' | ' | 924,000 | 2,728,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability - noncurrent | 1,024,000 | 2,274,000 | ' | ' | ' | ' | ' | ' | 1,024,000 | 2,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities, Total | $1,948,000 | $5,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Fixed Price Derivative contracts | $339 | $1,010 |
Liabilities [Abstract] | ' | ' |
Fixed Price Derivative contracts | 1,948 | 5,002 |
Recurring Basis [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Fixed Price Derivative contracts | 339 | 1,010 |
Total Assets | 339 | 1,010 |
Liabilities [Abstract] | ' | ' |
Fixed Price Derivative contracts | 1,948 | 5,002 |
Total Liabilities | 1,948 | 5,002 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets [Abstract] | ' | ' |
Fixed Price Derivative contracts | 339 | 1,010 |
Total Assets | 339 | 1,010 |
Liabilities [Abstract] | ' | ' |
Fixed Price Derivative contracts | 1,948 | 5,002 |
Total Liabilities | $1,948 | $5,002 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Oil and gas production revenues | $44,196 | $29,092 | $103,594 | $71,733 | ' |
Other | 9 | 3 | 63 | 52 | ' |
Total revenue | 44,205 | 29,095 | 103,657 | 71,785 | ' |
Expenses: | ' | ' | ' | ' | ' |
Lease operating expenses | 7,338 | 5,469 | 19,002 | 18,097 | ' |
Production taxes | 3,825 | 2,637 | 8,867 | 6,475 | ' |
Depreciation, depletion, and amortization | 13,940 | 7,260 | 30,817 | 19,545 | ' |
Impairment | 0 | 158 | 0 | 2,135 | ' |
General and administrative | 2,452 | 2,410 | 8,392 | 7,737 | ' |
Net interest | 554 | 1,109 | 1,944 | 3,575 | ' |
Amortization of deferred financing fees | 150 | 344 | 779 | 1,020 | ' |
Loss on derivative contracts - Realized | 534 | 2,124 | 2,624 | 3,832 | ' |
(Gain) loss on derivative contracts - Unrealized | -9,979 | 4,490 | -1,899 | -2,374 | ' |
Other | -8 | -96 | -6 | 5 | ' |
Income tax expense | 0 | 0 | 0 | 87 | ' |
Net income | 25,399 | 3,190 | 33,137 | 11,651 | ' |
Segment Assets [Abstract] | ' | ' | ' | ' | ' |
Total segment assets | 317,113 | ' | 317,113 | ' | 223,650 |
U.S. | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Oil and gas production revenues | 43,865 | 28,571 | 102,521 | 70,075 | ' |
Other | 0 | 0 | 0 | 0 | ' |
Total revenue | 43,865 | 28,571 | 102,521 | 70,075 | ' |
Expenses: | ' | ' | ' | ' | ' |
Lease operating expenses | 7,131 | 5,003 | 18,361 | 16,590 | ' |
Production taxes | 3,744 | 2,637 | 8,786 | 6,470 | ' |
Depreciation, depletion, and amortization | 13,774 | 6,995 | 30,254 | 18,620 | ' |
Impairment | ' | 0 | ' | 0 | ' |
General and administrative | 449 | 406 | 1,466 | 1,367 | ' |
Net interest | 141 | 148 | 419 | 471 | ' |
Amortization of deferred financing fees | 0 | 0 | 0 | 0 | ' |
Loss on derivative contracts - Realized | 0 | 0 | 0 | 0 | ' |
(Gain) loss on derivative contracts - Unrealized | 0 | 0 | 0 | 0 | ' |
Other | 0 | 0 | 0 | 0 | ' |
Income tax expense | ' | 0 | ' | 0 | ' |
Net income | 18,626 | 13,382 | 43,235 | 26,557 | ' |
Segment Assets [Abstract] | ' | ' | ' | ' | ' |
Total segment assets | 308,096 | ' | 308,096 | ' | 213,212 |
Canada | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Oil and gas production revenues | 331 | 521 | 1,073 | 1,658 | ' |
Other | 0 | 0 | 0 | 0 | ' |
Total revenue | 331 | 521 | 1,073 | 1,658 | ' |
Expenses: | ' | ' | ' | ' | ' |
Lease operating expenses | 207 | 466 | 641 | 1,507 | ' |
Production taxes | 81 | 0 | 81 | 5 | ' |
Depreciation, depletion, and amortization | 104 | 203 | 376 | 738 | ' |
Impairment | ' | 158 | ' | 2,135 | ' |
General and administrative | 73 | 265 | 477 | 606 | ' |
Net interest | 6 | 6 | 17 | 17 | ' |
Amortization of deferred financing fees | 0 | 0 | 0 | 0 | ' |
Loss on derivative contracts - Realized | 0 | 0 | 0 | 0 | ' |
(Gain) loss on derivative contracts - Unrealized | 0 | 0 | 0 | 0 | ' |
Other | 0 | 0 | 0 | 0 | ' |
Income tax expense | ' | 0 | ' | 0 | ' |
Net income | -140 | -577 | -519 | -3,350 | ' |
Segment Assets [Abstract] | ' | ' | ' | ' | ' |
Total segment assets | 911 | ' | 911 | ' | 1,640 |
Corporate | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Oil and gas production revenues | 0 | 0 | 0 | 0 | ' |
Other | 9 | 3 | 63 | 52 | ' |
Total revenue | 9 | 3 | 63 | 52 | ' |
Expenses: | ' | ' | ' | ' | ' |
Lease operating expenses | 0 | 0 | 0 | 0 | ' |
Production taxes | 0 | 0 | 0 | 0 | ' |
Depreciation, depletion, and amortization | 62 | 62 | 187 | 187 | ' |
Impairment | ' | 0 | ' | 0 | ' |
General and administrative | 1,930 | 1,739 | 6,449 | 5,764 | ' |
Net interest | 407 | 955 | 1,508 | 3,087 | ' |
Amortization of deferred financing fees | 150 | 344 | 779 | 1,020 | ' |
Loss on derivative contracts - Realized | 534 | 2,124 | 2,624 | 3,832 | ' |
(Gain) loss on derivative contracts - Unrealized | -9,979 | 4,490 | -1,899 | -2,374 | ' |
Other | -8 | -96 | -6 | 5 | ' |
Income tax expense | ' | 0 | ' | 87 | ' |
Net income | 6,913 | -9,615 | -9,579 | -11,556 | ' |
Segment Assets [Abstract] | ' | ' | ' | ' | ' |
Total segment assets | $8,106 | ' | $8,106 | ' | $8,798 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent event, USD $) | Oct. 31, 2014 |
In Millions, unless otherwise specified | |
Subsequent event | ' |
Subsequent Event [Line Items] | ' |
Net sale proceeds | $2.90 |