Petroquest Energy (PQ) 10-Q 6 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'PETROQUEST ENERGY INC	'
Entity Central Index Key	'0000872248	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	64,484,346

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$19,409	$14,904
Revenue receivable	31,561	17,742
Joint interest billing receivable	27,212	42,595
Other receivable	0	9,208
Derivative asset	2,323	830
Prepaid drilling costs	963	1,698
Other current assets	7,411	2,607
Total current assets	88,879	89,584
Oil and gas properties:	'	'
Oil and gas properties, full cost method	2,003,907	1,734,477
Unevaluated oil and gas properties	87,117	71,713
Accumulated depreciation, depletion and amortization	-1,530,928	-1,472,244
Oil and gas properties, net	560,096	333,946
Other property and equipment	13,340	12,370
Accumulated depreciation of other property and equipment	-8,512	-7,607
Total property and equipment	564,924	338,709
Derivative asset	305	0
Other assets, net of accumulated depreciation and amortization of $5,166 and $4,240, respectively	9,783	5,110
Total assets	663,891	433,403
Current liabilities:	'	'
Accounts payable to vendors	31,353	58,960
Advances from co-owners	7,144	20,459
Oil and gas revenue payable	45,438	26,175
Accrued interest and preferred stock dividend	4,175	6,190
Asset retirement obligation	1,502	2,351
Derivative liability	525	233
Other accrued liabilities	9,616	6,535
Total current liabilities	99,753	120,903
Bank debt	75,000	50,000
10% Senior Notes	350,000	150,000
Asset retirement obligation	41,350	24,909
Commitments and contingencies	'	'
Stockholders’ equity:	'	'
Preferred stock, $.001 par value; authorized 5,000 shares; issued and outstanding 1,495 shares	1	1
Common stock, $.001 par value; authorized 150,000 shares; issued and outstanding 63,353 and 62,768 shares, respectively	63	63
Paid-in capital	279,260	276,534
Accumulated other comprehensive income	1,340	521
Accumulated deficit	-182,876	-189,528
Total stockholders’ equity	97,788	87,591
Total liabilities and stockholders’ equity	$663,891	$433,403

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Debt Instrument [Line Items]	'	'
Accumulated depreciation and amortization	5,166	4,240
Preferred stock, par value	0.001	0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,495,000	1,495,000
Preferred stock, shares outstanding	1,495,000	1,495,000
Common stock, par value	0.001	0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	63,353,000	62,768,000
Common stock, shares outstanding	63,353,000	62,768,000
Senior Notes [Member] | 10% Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Interest rate of Senior Notes	10.00%	10.00%

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Oil and gas sales	$55,578	$33,913	$129,630	$103,286
Gas gathering revenue	9	38	68	119
Total revenues	55,587	33,951	129,698	103,405
Expenses:	'	'	'	'
Lease operating expenses	12,652	9,658	31,208	28,408
Production taxes	1,248	880	3,757	112
Depreciation, depletion and amortization	22,475	15,032	49,882	46,024
Ceiling test writedown	0	35,391	0	108,987
General and administrative	9,132	5,963	20,199	17,541
Accretion of asset retirement obligation	543	525	1,203	1,542
Interest expense	8,071	2,338	14,051	7,021
Total expenses	54,121	69,787	120,300	209,635
Other income (expense):	'	'	'	'
Other income	176	257	432	529
Derivative income (expense)	45	-340	202	-715
Other operating income (expense), net	221	-83	634	-186
Income (loss) from operations	1,687	-35,919	10,032	-106,416
Income tax expense (benefit)	17	1,435	-474	1,496
Net income (loss)	1,670	-37,354	10,506	-107,912
Preferred stock dividend	1,287	1,285	3,854	3,855
Net income (loss) available to common stockholders	$383	($38,639)	$6,652	($111,767)
Basic	'	'	'	'
Net income (loss) per share (in usd per share)	$0.01	($0.62)	$0.10	($1.79)
Diluted	'	'	'	'
Net income (loss) per share (in usd per share)	$0.01	($0.62)	$0.10	($1.79)
Weighted average number of common shares:	'	'	'	'
Basic (shares)	63,096	62,492	62,936	62,356
Diluted (shares)	63,242	62,492	63,105	62,356

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	$1,670	($37,354)	$10,506	($107,912)
Change in fair value of derivative instruments, accounted for as hedges, net of income tax expense (benefit) of $(46), $1,435, $485 and $2,032, respectively.	-78	-2,423	819	-3,431
Comprehensive income (loss)	$1,592	($39,777)	$11,325	($111,343)

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]	'	'	'	'
Net of income taxes	($46)	$1,435	$485	$2,032

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income (loss)	$10,506	($107,912)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Deferred tax expense (benefit)	-474	1,496
Depreciation, depletion and amortization	49,882	46,024
Ceiling test writedown	0	108,987
Accretion of asset retirement obligation	1,203	1,542
Share based compensation expense	3,105	5,609
Amortization costs and other	1,138	594
Non-cash derivative (income) expense	-202	715
Payments to settle asset retirement obligations	-2,415	-2,519
Changes in working capital accounts:	'	'
Revenue receivable	-13,819	141
Prepaid drilling and pipe costs	735	2,891
Joint interest billing receivable	13,612	20,312
Accounts payable and accrued liabilities	-11,781	1,464
Advances from co-owners	-13,315	-8,802
Other	-5,266	-2,866
Net cash provided by operating activities	32,909	67,676
Cash flows used in investing activities:	'	'
Investment in oil and gas properties	-261,707	-121,428
Investment in other property and equipment	-970	0
Sale of oil and gas properties	18,915	837
Sale of unevaluated oil and gas properties	0	6,083
Net cash used in investing activities	-243,762	-114,508
Cash flows provided by financing activities:	'	'
Net payments for share based compensation plans	-379	-840
Deferred financing costs	-487	-33
Payment of preferred stock dividend	-3,854	-3,855
Proceeds from issuance of 10% Senior Notes	200,000	0
Proceeds from bank borrowings	62,000	72,500
Repayment of bank borrowings	-37,000	-37,500
Net cash provided by financing activities	215,358	30,272
Net increase (decrease) in cash and cash equivalents	4,505	-16,560
Cash and cash equivalents, beginning of period	14,904	22,263
Cash and cash equivalents, end of period	19,409	5,703
Cash paid during the period for:	'	'
Interest	19,479	15,628
Income taxes	11	15
Senior Notes [Member] | 10% Senior Notes [Member]	'	'
Cash flows provided by financing activities:	'	'
Deferred financing costs	$4,922	$0

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (Senior Notes [Member], 10% Senior Notes [Member])	Sep. 30, 2013	Dec. 31, 2012	Aug. 19, 2010
Senior Notes [Member] | 10% Senior Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest rate of Senior Notes	10.00%	10.00%	10.00%

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The consolidated financial information for the three and nine month periods ended September 30, 2013 and 2012, has been prepared by the Company and was not audited by its independent registered public accountants. In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial position, results of operations, and cash flows of the Company at September 30, 2013 and for all reported periods. Results of operations for the interim periods presented are not necessarily indicative of the operating results for the full year or any future periods.
	The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Certain prior year amounts have been reclassified to conform to current year presentations.
	Unless the context otherwise indicates, any references in this Quarterly Report on Form 10-Q to “PetroQuest” or the “Company” refer to PetroQuest Energy, Inc. (Delaware) and its wholly-owned consolidated subsidiaries, PetroQuest Energy, L.L.C. (a single member Louisiana limited liability company), PetroQuest Oil & Gas, L.L.C. (a single member Louisiana limited liability company), TDC Energy LLC (a single member Louisiana limited liability company) and Pittrans, Inc. (an Oklahoma corporation).

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Acquisition	'
	Acquisition
	On July 3, 2013, the Company acquired certain shallow water Gulf of Mexico shelf oil and gas properties (the “Acquired Assets”), for an aggregate cash purchase price of $188.2 million, subject to customary adjustments to reflect an effective date of January 1, 2013 (collectively, the "Gulf of Mexico Acquisition"). The Acquired Assets included 16 wells located on seven platforms.
	The aggregate cash purchase price of the Gulf of Mexico Acquisition was financed with the net proceeds from the sale in a private offering under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the "Securities Act"), of $200 million aggregate principal amount of the Company's 10% Senior Notes due 2017.  The Company subsequently registered the 10% Senior Notes due 2017 in an exchange offer completed in September 2013 (the "New Notes"). The New Notes have terms that, subject to certain exceptions, are substantially identical to the Company's existing $150 million aggregate principal amount of 10% Senior Notes due 2017. The Company recorded $0.9 million of deferred financing costs related to the New Notes in the second and third quarters of 2013 and an additional $4.0 million of deferred financing costs related to the underwriting fee paid to the initial purchasers of the New Notes on the closing date of July 3, 2013. The Company also incurred $3.9 million of acquisition-related costs, including $2.6 million related to a bridge commitment fee, which were recognized as general and administrative expenses.
	The Gulf of Mexico Acquisition is accounted for under the purchase method of accounting, which involves determining the fair value of the assets acquired and liabilities assumed. The following purchase price allocation is preliminary and based on management's best estimates of the fair value of the assets acquired and liabilities assumed as of the date of this Form 10-Q. The preliminary purchase price allocation is subject to change based on numerous factors, including the final adjusted purchase price and the final estimated fair value of the assets acquired and liabilities assumed. Any such adjustments to the preliminary estimates of fair value could be material.
	The fair value of proved and unevaluated oil and gas properties was estimated using the income approach based on estimated reserve quantities, costs to produce and develop reserves, and forward prices for oil and gas, which represent Level 2 and Level 3 inputs. Asset retirement obligations were determined in accordance with applicable accounting standards.
	The following table summarizes the estimated acquisition date fair values of the net assets acquired (in thousands):
	Oil and gas properties		$	191,466
	Unevaluated oil and gas properties		12,033
	Asset retirement obligations		(15,319		)
	Net assets to be acquired		$	188,180
	The following unaudited summary pro forma statement of operations for the three and nine month periods ended September 30, 2013 and 2012 has been prepared to give effect to the Gulf of Mexico Acquisition as if it had occurred on January 1, 2012. The pro forma financial information is not necessarily indicative of the results that might have occurred had the transaction taken place on January 1, 2012 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma financial information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Amounts in millions, except per share amounts.
		Three Months Ended September 30,							Nine Months Ended September 30,
		2013				2012			2013		2012
	Revenues	$	55,587			$	46,384		$	162,494	$	132,303
	Income (Loss) from Operations	4,318				(38,178		)	15,487		(121,955		)
	Net Income (Loss) available to common stockholders	3,014				(40,898		)	12,107		(127,306		)
	Basic Earnings per Share	$	0.05			$	(0.65	)	$	0.19	$	(2.04	)
	Diluted Earnings per Share	$	0.05			$	(0.65	)	$	0.19	$	(2.04	)

Convertible_Preferred_Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Convertible Preferred Stock	'
	Convertible Preferred Stock
	The Company has 1,495,000 shares of 6.875% Series B cumulative convertible perpetual preferred stock (the “Series B Preferred Stock”) outstanding.
	The following is a summary of certain terms of the Series B Preferred Stock:
	Dividends. The Series B Preferred Stock accumulates dividends at an annual rate of 6.875% for each share of Series B Preferred Stock. Dividends are cumulative from the date of first issuance and, to the extent payment of dividends is not prohibited by the Company’s debt agreements, assets are legally available to pay dividends and the Company’s board of directors or an authorized committee of the board declares a dividend payable, the Company pays dividends in cash, every quarter.
	Mandatory conversion. The Company may, at its option, cause shares of the Series B Preferred Stock to be automatically converted at the applicable conversion rate, but only if the closing sale price of the Company’s common stock for 20 trading days within a period of 30 consecutive trading days ending on the trading day immediately preceding the date the Company gives the conversion notice equals or exceeds 130% of the conversion price in effect on each such trading day.
	Conversion rights. Each share of Series B Preferred Stock may be converted at any time, at the option of the holder, into 3.4433 shares of the Company’s common stock (which is based on an initial conversion price of approximately $14.52 per share of common stock, subject to adjustment) plus cash in lieu of fractional shares, subject to the Company’s right to settle all or a portion of any such conversion in cash or shares of the Company’s common stock. If the Company elects to settle all or any portion of its conversion obligation in cash, the conversion value and the number of shares of the Company’s common stock it will deliver upon conversion (if any) will be based upon a 20 trading day averaging period.
	Upon any conversion, the holder will not receive any cash payment representing accumulated and unpaid dividends on the Series B Preferred Stock, whether or not in arrears, except in limited circumstances. The conversion rate is equal to $50 divided by the conversion price at the time. The conversion price is subject to adjustment upon the occurrence of certain events. The conversion price on the conversion date and the number of shares of the Company’s common stock, as applicable, to be delivered upon conversion may be adjusted if certain events occur.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share
	A reconciliation between the basic and diluted earnings per share computations (in thousands, except per share amounts) is as follows:
	For the Three Months Ended September 30, 2013	Income			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	Net income available to common stockholders	$	383		63,096
	Attributable to participating securities	(8		)
	BASIC EPS	$	375		63,096	$	0.01
	Net income available to common stockholders	383			63,096
	Effect of dilutive securities:
	Stock options	—			146
	Attributable to participating securities	(8		)	—
	DILUTED EPS	$	375		63,242	$	0.01
	For the Nine Months Ended September 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	6,652		62,936
	Attributable to participating securities	(151		)
	BASIC EPS	$	6,501		62,936	$	0.1
	Net income available to common stockholders	$	6,652		62,936
	Effect of dilutive securities:
	Stock options				169
	Attributable to participating securities	(151		)	—
	DILUTED EPS	$	6,501		63,105	$	0.1
	For the Three Months Ended September 30, 2012	Loss			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	BASIC EPS
	Net loss available to common stockholders	$	(38,639	)	62,492	$	(0.62	)
	Effect of dilutive securities:
	Stock options	—			—
	Restricted stock	—			—
	DILUTED EPS	$	(38,639	)	62,492	$	(0.62	)
	For the Nine Months Ended September 30, 2012	Loss			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	BASIC EPS
	Net loss available to common stockholders	$	(111,767	)	62,356	$	(1.79	)
	Effect of dilutive securities:
	Stock options	—			—
	Restricted stock	—			—
	DILUTED EPS	$	(111,767	)	62,356	$	(1.79	)
	Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three and nine month periods ended September 30, 2013 because the inclusion would have been anti-dilutive. Options to purchase 1,199,000 and 1,245,000 shares of common stock were outstanding during the three and nine month periods ended September 30, 2013, respectively, and were not included in the computation of diluted earnings per share because the options' exercise prices were in excess of the average market price of the common shares.
	An aggregate of 1,104,000 and 943,000 shares of common stock representing options to purchase common stock and unvested shares of restricted common stock and common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three and nine month periods ended September 30, 2012, respectively, because the inclusion would have been anti-dilutive as a result of the net loss reported for the respective periods.

LongTerm_Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	Long-Term Debt
	On August 19, 2010, the Company issued $150 million in principal amount of 10% Senior Notes due 2017 (the “ Existing Notes”) in a public offering. On July 3, 2013, the Company closed a private offering of $200 million aggregate principal amount of 10% Senior Notes due 2017. The Company subsequently registered the 10% Senior Notes due 2017 in an exchange offer completed in September 2013 (the "New Notes" and together with the Existing Notes, the "Notes"). The New Notes were issued at a price equal to 100% of their face value plus accrued interest from March 1, 2013.  The New Notes have terms that, subject to certain exceptions, are substantially identical to the Existing Notes. The net proceeds from the offering were used to finance the $188.2 million aggregate cash purchase price of the Gulf of Mexico Acquisition, which also closed on July 3, 2013.
	The Notes have numerous covenants including restrictions on liens, incurrence of indebtedness, asset sales, dividend payments and other restricted payments. Interest is payable semi-annually on March 1 and September 1. At September 30, 2013, $2.9 million had been accrued in connection with the March 1, 2014 interest payment and the Company was in compliance with all of the covenants contained in the Notes.
	The Company and PetroQuest Energy, L.L.C. (the “Borrower”) have a Credit Agreement (as amended, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A. and IberiaBank. The Credit Agreement provides the Company with a $300 million revolving credit facility that permits borrowings based on the commitments of the lenders and the available borrowing base as determined in accordance with the Credit Agreement. The Credit Agreement also allows the Company to use up to $25 million of the borrowing base for letters of credit. The credit facility matures on October 3, 2016. As of September 30, 2013 the Company had $75.0 million of borrowings outstanding under (and no letters of credit issued pursuant to) the Credit Agreement.
	The borrowing base under the Credit Agreement is based upon the valuation of the reserves attributable to the Company’s oil and gas properties as of January 1 and July 1 of each year. On July 3, 2013 the borrowing base was increased from $150 million to $200 million (subject to the aggregate commitments of the lenders then in effect). As of September 30, 2013, the aggregate commitments of the lenders was $150 million and can be increased to up to $300 million by either adding new lenders or increasing the commitments of existing lenders, subject to certain conditions. The next borrowing base redetermination is scheduled to occur by March 31, 2014. The Company or the lenders may request two additional borrowing base re-determinations each year. Each time the borrowing base is to be re-determined, the administrative agent under the Credit Agreement will propose a new borrowing base as it deems appropriate in its sole discretion, which must be approved by all lenders if the borrowing base is to be increased, or by lenders holding two-thirds of the amounts outstanding under the Credit Agreement if the borrowing base remains the same or is reduced.
	The Credit Agreement is secured by a first priority lien on substantially all of the assets of the Company and its subsidiaries, including a lien on all equipment and at least 80% of the aggregate total value of the Company’s oil and gas properties. Outstanding balances under the Credit Agreement bear interest at the alternate base rate (“ABR”) plus a margin (based on a sliding scale of 0.5% to 1.5% depending on total commitments) or the adjusted LIBO rate (“Eurodollar”) plus a margin (based on a sliding scale of 1.5% to 2.5% depending on total commitments). The alternate base rate is equal to the highest of (i) the JPMorgan Chase prime rate, (ii) the Federal Funds Effective Rate plus 0.5% or (iii) the adjusted LIBO rate plus 1%. For the purposes of the definition of alternative base rate only, the adjusted LIBO rate is equal to the rate at which dollar deposits of $5,000,000 with a one month maturity are offered by the principal London office of JPMorgan Chase Bank, N.A. in immediately available funds in the London interbank market. For all other purposes, the adjusted LIBO rate is equal to the rate at which Eurodollar deposits in the London interbank market for one, two, three or six months (as selected by the Company) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities. Outstanding letters of credit are charged a participation fee at a per annum rate equal to the margin applicable to Eurodollar loans, a fronting fee and customary administrative fees. In addition, the Company pays commitment fees based on a sliding scale of 0.375% to 0.5% depending on total commitments.
	The Company and its subsidiaries are subject to certain restrictive financial covenants under the Credit Agreement, including a maximum ratio of total debt to EBITDAX, determined on a tiered rolling four quarter basis, of 3.5 to 1.0 and a minimum ratio of consolidated current assets to consolidated current liabilities of 1.0 to 1.0, all as defined in the Credit Agreement. The Credit Agreement also includes customary restrictions with respect to debt, liens, dividends, distributions and redemptions, investments, loans and advances, nature of business, international operations and foreign subsidiaries, leases, sale or discount of receivables, mergers or consolidations, sales of properties, transactions with affiliates, negative pledge agreements, gas imbalances and swap agreements. However, the Credit Agreement permits the Company to repurchase up to $10 million of the Company’s common stock during the term of the Credit Agreement, so long as after giving effect to such repurchase the Borrower’s Liquidity (as defined therein) is greater than 20% of the total commitments of the lenders at such time. As of September 30, 2013, the Company was in compliance with all of the covenants contained in the Credit Agreement.

Asset_Retirement_Obligation

Asset Retirement Obligation	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligation	'
	Asset Retirement Obligation
	The following table describes the changes to the Company’s asset retirement obligation liability (in thousands):
		Nine Months Ended September 30,
		2013			2012
	Asset retirement obligation, beginning of period	$	27,260		$	30,427
	Liabilities incurred	498			867
	Liabilities assumed	15,319			—
	Liabilities settled	(2,415		)	(2,519		)
	Accretion expense	1,203			1,542
	Revisions in estimated cash flows	987			(42		)
	Asset retirement obligation, end of period	42,852			30,275
	Less: current portion of asset retirement obligation	(1,502		)	(1,034		)
	Long-term asset retirement obligation	$	41,350		$	29,241

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	Share-Based Compensation
	Share-based compensation expense is reflected as a component of the Company’s general and administrative expense. A detail of share-based compensation expense for the three and nine month periods ended September 30, 2013 and 2012 is as follows (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
	Stock options:
	Incentive Stock Options	$	86	$	211	$	175	$	646
	Non-Qualified Stock Options	41		181		176		509
	Restricted stock	1,182		1,379		2,754		4,454
	Restricted stock units	604		—		1,147		—
	Share based compensation	$	1,913	$	1,771	$	4,252	$	5,609

Ceiling_Test

Ceiling Test	9 Months Ended
	Sep. 30, 2013
Ceiling Test [Abstract]	'
Ceiling Test	'
	Ceiling Test
	The Company uses the full cost method to account for its oil and gas properties. Accordingly, the costs to acquire, explore for and develop oil and gas properties are capitalized. Capitalized costs of oil and gas properties, net of accumulated DD&A and related deferred taxes, are limited to the estimated future net cash flows from estimated proved oil and gas reserves, including the effects of cash flow hedges in place, discounted at 10%, plus the lower of cost or fair value of unproved properties, as adjusted for related income tax effects (the full cost ceiling). If capitalized costs exceed the full cost ceiling, the excess is charged to ceiling test write-down of oil and gas properties in the quarter in which the excess occurs.
	At September 30, 2012, the prices used in computing the estimated future net cash flows from the Company’s estimated proved reserves, including the effect of hedges in place at that date, averaged $2.22 per Mcf of natural gas, $104.83 per barrel of oil and $7.44 per Mcfe of Ngl. As a result of lower natural gas prices and their negative impact on certain of the Company’s longer-lived estimated proved reserves and estimated future net cash flows, the Company recognized ceiling test write-downs of $35.4 million and $109.0 million during the three and nine months ended September 30, 2012, respectively. The Company’s cash flow hedges in place at September 30, 2012 decreased the ceiling test write-down by approximately $2.1 million. The Company recognized no such ceiling test write-down during the three and nine months ended September 30, 2013.

Derivative_Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments	'
	Derivative Instruments
	The Company seeks to reduce its exposure to commodity price volatility by hedging a portion of its production through commodity derivative instruments. When the conditions for hedge accounting are met, the Company may designate its commodity derivatives as cash flow hedges. The changes in fair value of derivative instruments that qualify for hedge accounting treatment are recorded in other comprehensive income (loss) until the hedged oil, natural gas or natural gas liquids (Ngl) quantities are produced. If a hedge becomes ineffective because the hedged production does not occur, or the hedge otherwise does not qualify for hedge accounting treatment, the changes in the fair value of the derivative are recorded in the income statement as derivative income (expense). At September 30, 2013, the Company designated all but three of its derivative instruments as effective cash flow hedges. The Company does not have master netting arrangements with any of its counterparties. Accordingly, derivative assets and liabilities are recorded on a gross basis in the consolidated balance sheet.
	Oil and gas sales include additions (reductions) related to the settlement of gas hedges of $767,000 and $1,482,000, Ngl hedges of $5,000 and $312,000 and oil hedges of ($538,000) and $491,000 for the three months ended September 30, 2013 and 2012, respectively. For the nine month periods ended September 30, 2013 and 2012, oil and gas sales include additions (reductions) related to the settlement of gas hedges of $422,000 and $6,867,000, Ngl hedges of $5,000 and $544,000 and oil hedges of ($684,000) and $853,000, respectively.
	As of September 30, 2013, the Company had entered into the following commodity derivative instruments:
	Production Period	Instrument		Daily Volumes		Weighted
		Type				Average Price
	Natural Gas:
	October - December 2013	Three-Way Collar		10,000 Mmbtu		$2.00-$3.00-$4.09
	October - December 2013	Swap		30,000 Mmbtu		$3.78
	October - December 2013	Collar		5,000 Mmbtu		$4.00 - $4.75
	2014	Swap		20,000 Mmbtu		$4.04
	Crude Oil:
	October - December 2013	Swap		1,350 Bbls	-1	$102.45
	January - June 2014	Swap		200 Bbls	-3	$101.30
	2014	Swap		750 Bbls	-2	$97.47
	Natural Gas Liquids:
	October - December 2013	Swap		150 Bbls		$92.42
	(1) 500 Bbls per day tied to LLS index.
	(2) 400 Bbls per day tied to LLS index.
	(3) 200 Bbls per day tied to LLS index.
	At September 30, 2013, the Company had accumulated other comprehensive income of approximately $1.3 million related to the estimated fair value of its effective cash flow hedges. Based on estimated future commodity prices as of September 30, 2013, the Company would realize a $1.1 million gain, net of taxes, during the next 12 months. This gain is expected to be reclassified based on the schedule of volumes stipulated in the derivative contracts.
	Derivatives designated as hedging instruments:
	The following tables reflect the fair value of the Company’s effective cash flow hedges in the consolidated financial statements (in thousands):
	Effect of Cash Flow Hedges on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012:
		Commodity Derivatives
	Period	Balance Sheet	Fair Value
		Location
	September 30, 2013	Derivative asset (short-term)	$	2,274
	September 30, 2013	Derivative asset (long-term)	$	305
	September 30, 2013	Derivative liability (short-term)	$	(445	)
	December 31, 2012	Derivative asset (short-term)	$	830
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the three months ended September 30, 2013 and 2012:
	Instrument	Amount of Loss				Location of	Amount of Gain Reclassified into
		Recognized in Other				Gain Reclassified	Income
		Comprehensive Income				into Income
	Commodity Derivatives at September 30, 2013	$	(78	)		Oil and gas sales	$	436
	Commodity Derivatives at September 30, 2012	$	(2,423	)		Oil and gas sales	$	2,285
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the nine months ended September 30, 2013 and 2012 :
	Instrument	Amount of Gain (Loss)				Location of	Amount of Gain (Loss)
		Recognized in Other				Gain (Loss) Reclassified	Reclassified into
		Comprehensive Income				into Income	Income
	Commodity Derivatives at September 30, 2013	$	819			Oil and gas sales	$	(18	)
	Commodity Derivatives at September 30, 2012	$	(3,431	)		Oil and gas sales	$	8,264
	Derivatives not designated as hedging instruments:
	The following tables reflect the fair value of the Company’s non-designated derivative instruments in the consolidated financial statements (in thousands):
	Effect of Non-designated Derivative Instruments on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012:
		Commodity Derivatives
	Period	Balance Sheet Location	Fair Value
	September 30, 2013	Derivative asset (short-term)	$	49
	September 30, 2013	Derivative liability (short-term)	$	(80	)
	December 31, 2012	Derivative liability (short-term)	$	(233	)
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the three months ended September 30, 2013 and 2012:
	Instrument	Amount of Unrealized Gain (Loss)
		Recognized in Derivative
		Expense
	Commodity Derivatives at September 30, 2013	$	45
	Commodity Derivatives at September 30, 2012	$	(340	)
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the nine months ended September 30, 2013 and 2012:
	Instrument	Amount of Unrealized Gain (Loss)
		Recognized in Derivative
		Expense
	Commodity Derivatives at September 30, 2013	$	202
	Commodity Derivatives at September 30, 2012	$	(715	)

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels:
	•	Level 1: valuations consist of unadjusted quoted prices in active markets for identical assets and liabilities and has the highest priority;
	•	Level 2: valuations rely on quoted prices in markets that are not active or observable inputs over the full term of the asset or liability;
	•	Level 3: valuations are based on prices or third party or internal valuation models that require inputs that are significant to the fair value measurement and are less observable and thus have the lowest priority.
	The Company classifies its commodity derivatives based upon the data used to determine fair value. The Company’s derivative instruments at September 30, 2013 were in the form of a three-way collar, a zero cost collar and swaps based on NYMEX pricing for oil and natural gas and OPIS Mt. Belvieu pricing for natural gas liquids. The fair value of these derivatives is derived using an independent third-party’s valuation model that utilizes market-corroborated inputs that are observable over the term of the derivative contract. The Company’s fair value calculations also incorporate an estimate of the counterparties’ default risk for derivative assets and an estimate of the Company’s default risk for derivative liabilities. As a result, the Company designates its commodity derivatives as Level 2 in the fair value hierarchy.
	The following table summarizes the net valuation of the Company’s derivatives subject to fair value measurement on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
		Fair Value Measurements Using
	Instrument	Quoted Prices		Significant Other		Significant
		in Active		Observable		Unobservable
		Markets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	Commodity Derivatives:
	At September 30, 2013	$	—	$	2,103	$	—
	At December 31, 2012	$	—	$	597	$	—
	The fair value of the Company's cash and cash equivalents and variable-rate bank debt approximated book value at September 30, 2013 and December 31, 2012. The estimated fair value of the Notes was $350.9 million and $155.3 million as of September 30, 2013 and December 31, 2012, respectively, as compared to the book value of $350 million and $150 million as of September 30, 2013 and December 31, 2012, respectively. The estimated fair value of the Notes was provided by independent brokers using the actual period end quotes for the Notes, which represent Level 2 inputs.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	The Company typically provides for income taxes at a statutory rate of 35% adjusted for permanent differences expected to be realized, primarily statutory depletion, non-deductible stock compensation expense and state income taxes. As a result of the ceiling test write-downs recognized, the Company has incurred a cumulative three year loss. Because of the impact the cumulative loss has on the determination of the recoverability of deferred tax assets through future earnings, the Company assessed the realizability of its deferred tax assets based on the future reversals of existing deferred tax liabilities. Accordingly, the Company established a valuation allowance for a portion of the deferred tax asset. The valuation allowance was $47.2 million as of September 30, 2013.

Other_Comprehensive_Income

Other Comprehensive Income	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Other Comprehensive Income	'
	Other Comprehensive Income
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended September 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges
	Balance as of June 30, 2013	$	1,418
	Other comprehensive income before reclassifications	196
	Amounts reclassified from accumulated other comprehensive income	(274		)
	Net other comprehensive loss	(78		)
	Balance as of September 30, 2013	$	1,340
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the nine month period ended September 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges
	Balance as of December 31, 2012	$	521
	Other comprehensive income before reclassifications	808
	Amounts reclassified from accumulated other comprehensive income	11
	Net other comprehensive income	819
	Balance as of September 30, 2013	$	1,340

Acquisition_Tables

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table summarizes the estimated acquisition date fair values of the net assets acquired (in thousands):
	Oil and gas properties		$	191,466
	Unevaluated oil and gas properties		12,033
	Asset retirement obligations		(15,319		)
	Net assets to be acquired		$	188,180
Summary pro forma statement of operations	'
	The following unaudited summary pro forma statement of operations for the three and nine month periods ended September 30, 2013 and 2012 has been prepared to give effect to the Gulf of Mexico Acquisition as if it had occurred on January 1, 2012. The pro forma financial information is not necessarily indicative of the results that might have occurred had the transaction taken place on January 1, 2012 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma financial information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Amounts in millions, except per share amounts.
		Three Months Ended September 30,							Nine Months Ended September 30,
		2013				2012			2013		2012
	Revenues	$	55,587			$	46,384		$	162,494	$	132,303
	Income (Loss) from Operations	4,318				(38,178		)	15,487		(121,955		)
	Net Income (Loss) available to common stockholders	3,014				(40,898		)	12,107		(127,306		)
	Basic Earnings per Share	$	0.05			$	(0.65	)	$	0.19	$	(2.04	)
	Diluted Earnings per Share	$	0.05			$	(0.65	)	$	0.19	$	(2.04	)

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
A reconciliation between basic and diluted earnings per share computations	'
	A reconciliation between the basic and diluted earnings per share computations (in thousands, except per share amounts) is as follows:
	For the Three Months Ended September 30, 2013	Income			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	Net income available to common stockholders	$	383		63,096
	Attributable to participating securities	(8		)
	BASIC EPS	$	375		63,096	$	0.01
	Net income available to common stockholders	383			63,096
	Effect of dilutive securities:
	Stock options	—			146
	Attributable to participating securities	(8		)	—
	DILUTED EPS	$	375		63,242	$	0.01
	For the Nine Months Ended September 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	6,652		62,936
	Attributable to participating securities	(151		)
	BASIC EPS	$	6,501		62,936	$	0.1
	Net income available to common stockholders	$	6,652		62,936
	Effect of dilutive securities:
	Stock options				169
	Attributable to participating securities	(151		)	—
	DILUTED EPS	$	6,501		63,105	$	0.1
	For the Three Months Ended September 30, 2012	Loss			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	BASIC EPS
	Net loss available to common stockholders	$	(38,639	)	62,492	$	(0.62	)
	Effect of dilutive securities:
	Stock options	—			—
	Restricted stock	—			—
	DILUTED EPS	$	(38,639	)	62,492	$	(0.62	)
	For the Nine Months Ended September 30, 2012	Loss			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	BASIC EPS
	Net loss available to common stockholders	$	(111,767	)	62,356	$	(1.79	)
	Effect of dilutive securities:
	Stock options	—			—
	Restricted stock	—			—
	DILUTED EPS	$	(111,767	)	62,356	$	(1.79	)

Asset_Retirement_Obligation_Ta

Asset Retirement Obligation (Tables)	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation Disclosure [Abstract]	'
Changes to the Company's asset retirement obligation liability	'
	The following table describes the changes to the Company’s asset retirement obligation liability (in thousands):
		Nine Months Ended September 30,
		2013			2012
	Asset retirement obligation, beginning of period	$	27,260		$	30,427
	Liabilities incurred	498			867
	Liabilities assumed	15,319			—
	Liabilities settled	(2,415		)	(2,519		)
	Accretion expense	1,203			1,542
	Revisions in estimated cash flows	987			(42		)
	Asset retirement obligation, end of period	42,852			30,275
	Less: current portion of asset retirement obligation	(1,502		)	(1,034		)
	Long-term asset retirement obligation	$	41,350		$	29,241

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of share-based compensation	'
	A detail of share-based compensation expense for the three and nine month periods ended September 30, 2013 and 2012 is as follows (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
	Stock options:
	Incentive Stock Options	$	86	$	211	$	175	$	646
	Non-Qualified Stock Options	41		181		176		509
	Restricted stock	1,182		1,379		2,754		4,454
	Restricted stock units	604		—		1,147		—
	Share based compensation	$	1,913	$	1,771	$	4,252	$	5,609

Derivative_Instruments_Tables

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Oil and gas contracts	'
	As of September 30, 2013, the Company had entered into the following commodity derivative instruments:
	Production Period	Instrument		Daily Volumes		Weighted
		Type				Average Price
	Natural Gas:
	October - December 2013	Three-Way Collar		10,000 Mmbtu		$2.00-$3.00-$4.09
	October - December 2013	Swap		30,000 Mmbtu		$3.78
	October - December 2013	Collar		5,000 Mmbtu		$4.00 - $4.75
	2014	Swap		20,000 Mmbtu		$4.04
	Crude Oil:
	October - December 2013	Swap		1,350 Bbls	-1	$102.45
	January - June 2014	Swap		200 Bbls	-3	$101.30
	2014	Swap		750 Bbls	-2	$97.47
	Natural Gas Liquids:
	October - December 2013	Swap		150 Bbls		$92.42
Effect of Cash Flow Hedges on the Consolidated Balance Sheet	'
	Effect of Cash Flow Hedges on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012:
		Commodity Derivatives
	Period	Balance Sheet	Fair Value
		Location
	September 30, 2013	Derivative asset (short-term)	$	2,274
	September 30, 2013	Derivative asset (long-term)	$	305
	September 30, 2013	Derivative liability (short-term)	$	(445	)
	December 31, 2012	Derivative asset (short-term)	$	830
Effect of Cash Flow Hedges on the Consolidated Statement of Operations	'
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the three months ended September 30, 2013 and 2012:
	Instrument	Amount of Loss				Location of	Amount of Gain Reclassified into
		Recognized in Other				Gain Reclassified	Income
		Comprehensive Income				into Income
	Commodity Derivatives at September 30, 2013	$	(78	)		Oil and gas sales	$	436
	Commodity Derivatives at September 30, 2012	$	(2,423	)		Oil and gas sales	$	2,285
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the nine months ended September 30, 2013 and 2012 :
	Instrument	Amount of Gain (Loss)				Location of	Amount of Gain (Loss)
		Recognized in Other				Gain (Loss) Reclassified	Reclassified into
		Comprehensive Income				into Income	Income
	Commodity Derivatives at September 30, 2013	$	819			Oil and gas sales	$	(18	)
	Commodity Derivatives at September 30, 2012	$	(3,431	)		Oil and gas sales	$	8,264
Effect of Non-designated Derivative Instruments	'
	Effect of Non-designated Derivative Instruments on the Consolidated Balance Sheet at September 30, 2013 and December 31, 2012:
		Commodity Derivatives
	Period	Balance Sheet Location	Fair Value
	September 30, 2013	Derivative asset (short-term)	$	49
	September 30, 2013	Derivative liability (short-term)	$	(80	)
	December 31, 2012	Derivative liability (short-term)	$	(233	)
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the three months ended September 30, 2013 and 2012:
	Instrument	Amount of Unrealized Gain (Loss)
		Recognized in Derivative
		Expense
	Commodity Derivatives at September 30, 2013	$	45
	Commodity Derivatives at September 30, 2012	$	(340	)
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the nine months ended September 30, 2013 and 2012:
	Instrument	Amount of Unrealized Gain (Loss)
		Recognized in Derivative
		Expense
	Commodity Derivatives at September 30, 2013	$	202
	Commodity Derivatives at September 30, 2012	$	(715	)

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'
	The following table summarizes the net valuation of the Company’s derivatives subject to fair value measurement on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
		Fair Value Measurements Using
	Instrument	Quoted Prices		Significant Other		Significant
		in Active		Observable		Unobservable
		Markets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	Commodity Derivatives:
	At September 30, 2013	$	—	$	2,103	$	—
	At December 31, 2012	$	—	$	597	$	—

Other_Comprehensive_Income_Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Accumulated Other Comprehensive Income (Loss)	'
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended September 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges
	Balance as of June 30, 2013	$	1,418
	Other comprehensive income before reclassifications	196
	Amounts reclassified from accumulated other comprehensive income	(274		)
	Net other comprehensive loss	(78		)
	Balance as of September 30, 2013	$	1,340
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the nine month period ended September 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges
	Balance as of December 31, 2012	$	521
	Other comprehensive income before reclassifications	808
	Amounts reclassified from accumulated other comprehensive income	11
	Net other comprehensive income	819
	Balance as of September 30, 2013	$	1,340

Acquisition_Details

Acquisition (Details) (USD $)	9 Months Ended		0 Months Ended	3 Months Ended		0 Months Ended	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jul. 03, 2013	Sep. 30, 2013	Aug. 19, 2010	Jul. 03, 2013	Sep. 30, 2013	Sep. 30, 2013
			10% Senior Notes [Member]	10% Senior Notes [Member]	10% Senior Notes [Member]	Gulf of Mexico Acquisition [Member]	Gulf of Mexico Acquisition [Member]	Gulf of Mexico Acquisition [Member]
						well	General and Administrative Expense [Member]	General and Administrative Expense [Member]
						platform		Bridge Loan [Member]
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Purchase price	'	'	'	'	'	$188,200,000	'	'
Number of wells acquired	'	'	'	'	'	16	'	'
Number of platforms purchased	'	'	'	'	'	7	'	'
Principal amount	'	'	200,000,000	'	150,000,000	'	'	'
Interest rate of Senior Notes	'	'	10.00%	'	'	'	'	'
Payments of financing costs	487,000	33,000	4,000,000	900,000	'	'	'	'
Acquisition-related costs	'	'	'	'	'	'	3,900,000	'
Expected acquisition-related costs	'	'	'	'	'	'	'	$2,600,000

Acquisition_Schedule_of_Assets

Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Gulf of Mexico Acquisition [Member], USD $)	Jul. 03, 2013
In Thousands, unless otherwise specified
Gulf of Mexico Acquisition [Member]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]	'
Oil and gas properties	$191,466
Unevaluated oil and gas properties	12,033
Asset retirement obligations	-15,319
Net assets to be acquired	$188,180

Acquisition_Pro_Forma_Details

Acquisition (Pro Forma) (Details) (Gulf of Mexico Acquisition [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Gulf of Mexico Acquisition [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenues	$55,587	$46,384	$162,494	$132,303
Income (Loss) from Operations	4,318	-38,178	15,487	-121,955
Net Income (Loss) available to common stockholders	$3,014	($40,898)	$12,107	($127,306)
Basic Earnings per Share	$0.05	($0.65)	$0.19	($2.04)
Diluted Earnings per Share	$0.05	($0.65)	$0.19	($2.04)

Convertible_Preferred_Stock_De

Convertible Preferred Stock (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
	Rate
Equity [Abstract]	'	'
Preferred stock, shares outstanding	1,495,000	1,495,000
Series B cumulative convertible perpetual preferred stock interest rate	6.88%	'
Terms of applicable conversion terms	'if the closing sale price of the Company’s common stock for 20 trading days within a period of 30 consecutive trading days ending on the trading day immediately preceding the date the Company gives the conversion notice equals or exceeds 130% of the conversion price in effect on each such trading day. Each share of Series B Preferred Stock may be converted at any time, at the option of the holder, into 3.4433 shares of the Company’s common stock (which is based on an initial conversion price of approximately $14.52 per share of common stock, subject to adjustment) plus cash in lieu of fractional shares, subject to the Company’s right to settle all or a portion of any such conversion in cash or shares of the Company’s common stock. If the Company elects to settle all or any portion of its conversion obligation in cash, the conversion value and the number of shares of the Company’s common stock it will deliver upon conversion (if any) will be based upon a 20 trading day averaging period.	'
Number of trading days	'20 days	'
Number of consecutive trading days	'30 days	'
Closing price as percentage of conversion price	130.00%	'
Series B Preferred Stock converted into common stock (in shares)	3.4433	'
Initial conversion price of common stock (in usd per share)	$14.52	'
Applicable settlement terms	'If the Company elects to settle all or any portion of its conversion obligation in cash, the conversion value and the number of shares of the Company’s common stock it will deliver upon conversion (if any) will be based upon a 20 trading day averaging period.	'
Conversion rate numerator for Preferred Stock	$50	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
A reconciliation between basic and diluted earnings per share computations	'	'	'	'
Net income (loss) available to common stockholders	$383	($38,639)	$6,652	($111,767)
Attributable to participating securities	-8	'	-151	'
Net income or loss available to common stockholders, Loss (excluding income attributable to participating securities)	375	'	6,501	'
Net loss available to common stockholders (in shares)	63,096	62,492	62,936	62,356
Stock options, Effect of dilutive securities	'	'	'	'
Net loss available to common stockholders, Per Share Amount (in dollars per share)	$0.01	($0.62)	$0.10	($1.79)
Stock options, effect of dilutive securities, (in shares)	146	'	169	'
Dilutive Securities, Effect on Basic Earnings Per Share, Restricted Stock	-8	'	-151	0
Restricted stock, effect of dilutive securities (in shares)	0	0	0	0
DILUTED EPS, Loss	$375	($38,639)	$6,501	($111,767)
DILUTED EPS, Shares	63,242	62,492	63,105	62,356
DILUTED EPS, Per Share Amount (in dollars per share)	$0.01	($0.62)	$0.10	($1.79)

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Convertible preferred stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,148,000	5,148,000	5,148,000	5,148,000
Stock Options [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,199,000	'	1,245,000	'
Series B Preferred Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	'	1,104,000	'	943,000

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2013

Jul. 03, 2013

Jul. 02, 2013

Jul. 03, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jul. 03, 2013

Dec. 31, 2012

Aug. 19, 2010

determination

Gulf of Mexico Acquisition [Member]

Maximum [Member]

Minimum [Member]

Alternate Base Rate [Member]

Alternate Base Rate [Member]

Federal Funds Effective Rate [Member]

Adjusted LIBO rate [Member]

Adjusted LIBO rate [Member]

Letters of credit [Member]

10% Senior Notes [Member]

10% Senior Notes [Member]

10% Senior Notes [Member]

10% Senior Notes [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Senior Notes [Member]

Senior Notes [Member]

Senior Notes [Member]

Senior Notes [Member]

Long-Term Debt (Textual) [Abstract]

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Principal amount

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$200,000,000

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$150,000,000

Interest rate of Senior Notes

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10.00%

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10.00%

10.00%

Price at which notes were issued (as a percent)

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100.00%

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Purchase price

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188,200,000

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Adjusted LIBO rate is equal to the rate at which dollar deposits

2,900,000

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Revolving credit facility

300,000,000

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25,000,000

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Borrowings outstanding under the Credit Agreement

75,000,000

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Current borrowing base

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200,000,000

150,000,000

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Aggregate commitments of the lenders

150,000,000

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Number of additional borrowing base re-determinations each year that may be requested

2

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Percent of amount outstanding held by lenders needed to approve borrowing base to remain the same or be reduced

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66.67%

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Agreement bear interest at the alternate base rate

'Agreement bear interest at the alternate base rate (“ABR”) plus a margin (based on a sliding scale of 0.5% to 1.5% depending on total commitments) or the adjusted LIBO rate (“Eurodollar”) plus a margin (based on a sliding scale of 1.5% to 2.5% depending on total commitments). The alternate base rate is equal to the highest of (i) the JPMorgan Chase prime rate, (ii) the Federal Funds Effective Rate plus 0.5% or (iii) the adjusted LIBO rate plus 1%.

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At least secured percentage value of oil and gas properties

80.00%

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Adjusted LIBO rate

1.00%

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1.50%

0.50%

0.50%

2.50%

1.50%

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Accrued in connection with the interest payment

5,000,000

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Commitment fees on a sliding scale

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0.50%

0.38%

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Maximum ratio of total debt to EBITDAX

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3.5

1

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Repurchase Company's common stock

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$10,000,000

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Borrower's Liquidity

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20.00%

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Asset_Retirement_Obligation_De

Asset Retirement Obligation (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Changes to the Company's asset retirement obligation liability	'	'	'
Asset retirement obligation, beginning of period	$27,260	$30,427	'
Liabilities incurred	498	867	'
Liabilities assumed	15,319	0	'
Liabilities settled	-2,415	-2,519	'
Accretion expense	1,203	1,542	'
Revisions in estimated cash flows	987	-42	'
Asset retirement obligation, end of period	42,852	30,275	'
Less: current portion of asset retirement obligation	-1,502	-1,034	-2,351
Long-term asset retirement obligation	$41,350	$29,241	$24,909

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Summary of share-based compensation	'	'	'	'
Share based compensation	$1,913	$1,771	$4,252	$5,609
Incentive Stock Options	'	'	'	'
Summary of share-based compensation	'	'	'	'
Share based compensation	86	211	175	646
Non-Qualified Stock Options	'	'	'	'
Summary of share-based compensation	'	'	'	'
Share based compensation	41	181	176	509
Restricted stock	'	'	'	'
Summary of share-based compensation	'	'	'	'
Share based compensation	1,182	1,379	2,754	4,454
Restricted stock units	'	'	'	'
Summary of share-based compensation	'	'	'	'
Share based compensation	$604	$0	$1,147	$0

Ceiling_Test_Details

Ceiling Test (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Ceiling Test (Textual) [Abstract]	'	'	'	'
Increase (Decrease) in ceiling test write-downs	$0	$35,391,000	$0	$108,987,000
Cash Flow Hedge, Decrease in Impairment of Gas and Oil Properties	'	($2,100,000)	'	'
Ceiling Test (Additional Textual) [Abstract]	'	'	'	'
Rate for discounting future cash flows	'	'	10.00%	'
Mcf of natural gas [Member]	'	'	'	'
Ceiling Test (Textual) [Abstract]	'	'	'	'
Average sales prices	'	'	2.22	'
Barrel of oil [Member]	'	'	'	'
Ceiling Test (Textual) [Abstract]	'	'	'	'
Average sales prices	'	'	104.83	'
Mcfe of Ngl [Member]	'	'	'	'
Ceiling Test (Textual) [Abstract]	'	'	'	'
Average sales prices	'	'	7.44	'

Derivative_Instruments_Details

Derivative Instruments (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
	MMBTU
Three-Way Collar | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Daily Volumes	10,000
Weighted Average Price	$3
Three-Way Collar | Minimum [Member] | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Weighted Average Price	$2
Three-Way Collar | Maximum [Member] | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Weighted Average Price	$4.09
Collar | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Daily Volumes	5,000
Collar | Minimum [Member] | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Weighted Average Price	$4
Collar | Maximum [Member] | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Weighted Average Price	$4.75
Swap | October - December 2013 | Natural Gas	'
Oil and gas contracts	'
Daily Volumes	30,000
Weighted Average Price	$3.78
Swap | October - December 2013 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	1,350
Weighted Average Price	$102.45	[1]
Swap | October - December 2013 | Natural Gas Liquids	'
Oil and gas contracts	'
Daily Volumes	150
Weighted Average Price	$92.42
Swap | January - June 2014 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	200
Weighted Average Price	$101.30	[1]
Swap | 2014 | Natural Gas	'
Oil and gas contracts	'
Daily Volumes	20,000
Weighted Average Price	$4.04
Swap | 2014 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	750
Weighted Average Price	$97.47	[1]
LLS Index | Swap | October - December 2013 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	500
LLS Index | Swap | January - June 2014 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	200
LLS Index | Swap | 2014 | Crude Oil	'
Oil and gas contracts	'
Daily Volumes	400
[1]	Bbls per day tied to LLS index.

Derivative_Instruments_Details1

Derivative Instruments (Details 1) (Designated as Hedging Instrument [Member], USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative asset (short-term)	$2,274	$830
Derivative asset (long-term)	305	'
Derivative liability (short-term)	($445)	'

Derivative_Instruments_Details2

Derivative Instruments (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Recognized in Other Comprehensive Income	($78)	($2,423)	$819	($3,431)
Designated as Hedging Instrument [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Recognized in Other Comprehensive Income	-78	-2,423	819	-3,431
Oil and gas sales | Designated as Hedging Instrument [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Gain Reclassified into Income	$436	$2,285	($18)	$8,264

Derivative_Instruments_Details3

Derivative Instruments (Details 3) (Not Designated as Hedging Instrument [Member], USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Not Designated as Hedging Instrument [Member]	'	'
Effect of Non-designated Derivative Instruments on the Consolidated Balance Sheet	'	'
Commodity derivatives, assets fair value	$49	'
Commodity derivatives, liabilities fair value	($80)	($233)

Derivative_Instruments_Details4

Derivative Instruments (Details 4) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations	'	'	'	'
Amount of Unrealized Loss Recognized in Other Income Expense	$45	($340)	$202	($715)

Derivative_Instruments_Details5

Derivative Instruments (Details Textual) (USD $)

3 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Gas hedges [Member]

Gas hedges [Member]

Gas hedges [Member]

Gas hedges [Member]

Natural Gas Liquids Hedges [Member]

Natural Gas Liquids Hedges [Member]

Natural Gas Liquids Hedges [Member]

Natural Gas Liquids Hedges [Member]

Crude Oil

Crude Oil

Crude Oil

Crude Oil

Derivatives, Fair Value [Line Items]

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Gain or loss recognized in oil and gas contracts

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$767,000

$1,482,000

$422,000

$6,867,000

$5,000

$312,000

$5,000

$544,000

($538,000)

$491,000

($684,000)

$853,000

Accumulated other comprehensive income

1,340,000

521,000

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Realization of gain, net of taxes

$1,100,000

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Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'	'
Estimated fair value of the Notes	$350,900,000	$155,300,000
Book value of notes	350,000,000	150,000,000
Quoted Prices in Active Markets (Level 1)	'	'
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'	'
Commodity derivatives	0	0
Significant Other Observable Inputs (Level 2)	'	'
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'	'
Commodity derivatives	2,103,000	597,000
Significant Unobservable Inputs (Level 3)	'	'
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'	'
Commodity derivatives	$0	$0

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Income Taxes (Textual) [Abstract]	'
Income taxes at a statutory rate	35.00%
Cumulative loss period	'3 years
Valuation allowance	$47.20

Other_Comprehensive_Income_Det

Other Comprehensive Income (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Gains and Losses on Cash Flow Hedges	Gains and Losses on Cash Flow Hedges
Accumulated other Comprehensive Income [Roll Forward]	'	'	'	'
Balance at beginning of period	$1,340	$521	$1,418	$521
Other comprehensive income before reclassifications	'	'	196	808
Amounts reclassified from accumulated other comprehensive income	'	'	-274	11
Net other comprehensive income	'	'	-78	819
Balance as of September 30, 2013	$1,340	$521	$1,340	$1,340