Petroquest Energy (PQ) 10-Q 5 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
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-Jun-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	66,093,733

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$30,901	$9,153
Revenue receivable	26,113	26,568
Joint interest billing receivable	17,967	26,556
Derivative asset	22	521
Prepaid drilling costs	343	477
Other current assets	7,532	8,132
Total current assets	82,878	71,407
Oil and gas properties:	'	'
Oil and gas properties, full cost method	2,111,889	2,035,899
Unevaluated oil and gas properties	126,571	98,387
Accumulated depreciation, depletion and amortization	-1,594,875	-1,553,044
Oil and gas properties, net	643,585	581,242
Other property and equipment	14,511	13,993
Accumulated depreciation of other property and equipment	9,571	8,901
Total property and equipment	648,525	586,334
Derivative asset	164	0
Other assets, net of accumulated depreciation and amortization of $6,753 and $5,689, respectively	8,017	9,449
Total assets	739,584	667,190
Current liabilities:	'	'
Accounts payable to vendors	42,730	47,341
Advances from co-owners	16,407	969
Oil and gas revenue payable	35,676	22,664
Accrued interest and preferred stock dividend	12,780	12,909
Asset retirement obligation	2,959	3,113
Derivative liability	3,840	1,617
Accrued acquisition cost	14,000	0
Other accrued liabilities	11,738	8,924
Total current liabilities	140,130	97,537
Bank debt	72,500	75,000
10% Senior Notes	350,000	350,000
Asset retirement obligation	46,893	45,423
Accrued acquisition cost	10,000	0
Other long-term liability	220	135
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 64,179 and 63,664 shares, respectively	64	64
Paid-in capital	284,380	280,711
Accumulated other comprehensive loss	-3,654	-1,096
Accumulated deficit	-160,950	-180,585
Total stockholders’ equity	119,841	99,095
Total liabilities and stockholders’ equity	$739,584	$667,190

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Accumulated depreciation and amortization	$6,753	$5,689
Preferred stock, par value	$0.00	$0.00
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	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	64,179,000	63,664,000
Common stock, shares outstanding	64,179,000	63,664,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Oil and gas sales	$60,581	$38,076	$120,547	$74,052
Expenses:	'	'	'	'
Lease operating expenses	12,168	8,837	24,426	18,556
Production taxes	1,492	1,481	2,969	2,509
Depreciation, depletion and amortization	21,702	14,536	42,130	27,407
General and administrative	6,467	6,351	12,709	11,067
Accretion of asset retirement obligation	708	328	1,499	660
Interest expense	7,380	3,116	15,016	5,980
Costs and Expenses	49,917	34,649	98,749	66,179
Other income:	'	'	'	'
Other income	215	88	404	315
Derivative income	0	594	0	157
Other Income (Expense), Net	215	682	404	472
Income from operations	10,879	4,109	22,202	8,345
Income tax benefit	0	-840	0	-491
Net income	10,879	4,949	22,202	8,836
Preferred stock dividend	1,287	1,287	2,567	2,567
Income available to common stockholders	$9,592	$3,662	$19,635	$6,269
Basic	'	'	'	'
Net income (loss) per share (in usd per share)	$0.15	$0.06	$0.30	$0.10
Diluted	'	'	'	'
Net income (loss) per share (in usd per share)	$0.15	$0.06	$0.30	$0.10
Weighted average number of common shares:	'	'	'	'
Basic (shares)	64,103	62,963	63,940	62,899
Diluted (shares)	64,167	63,130	63,996	63,084

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$10,879	$4,949	$22,202	$8,836
Change in fair value of derivative instruments, accounted for as hedges, net of income tax expense of $0, $840, $0, and $531, respectively	860	4,807	-2,558	897
Comprehensive income	$11,739	$9,756	$19,644	$9,733

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net of income taxes	$0	$840	$0	$531

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$22,202	$8,836
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Deferred tax expense benefit	0	-491
Depreciation, depletion and amortization	42,130	27,407
Accretion of asset retirement obligation	1,499	660
Share-based compensation expense	2,716	1,780
Amortization costs and other	1,094	406
Non-cash derivative income	0	-157
Payments to settle asset retirement obligations	-1,149	-94
Changes in working capital accounts:	'	'
Revenue receivable	455	3,735
Prepaid drilling costs	134	-801
Joint interest billing receivable	8,589	10,314
Accounts payable and accrued liabilities	8,614	-19,195
Advances from co-owners	15,438	-8,548
Other	1,022	-3,237
Net cash provided by operating activities	102,744	20,615
Cash flows from investing activities:	'	'
Investment in oil and gas properties	-76,993	-52,740
Investment in other property and equipment	-468	-257
Deposit on acquisition	0	-5,000
Sale of oil and gas properties	371	18,914
Sale of unevaluated oil and gas properties	229	0
Net cash used in investing activities	-76,861	-39,083
Cash flows from financing activities:	'	'
Net proceeds for share based compensation	1,039	20
Deferred financing costs	-109	-774
Payment of preferred stock dividend	-2,565	-2,569
Proceeds from bank borrowings	10,000	40,000
Repayment of bank borrowings	-12,500	-25,000
Net cash provided by (used in) financing activities	-4,135	11,677
Net increase (decrease) in cash and cash equivalents	21,748	-6,791
Cash and cash equivalents, beginning of period	9,153	14,904
Cash and cash equivalents, end of period	30,901	8,113
Cash paid during the period for:	'	'
Interest	18,700	8,321
Income taxes	$0	$40

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The consolidated financial information for the three and six month periods ended June 30, 2014 and 2013, 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 June 30, 2014 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, 2013 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, 2013. 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,” the “Company,” "we," or "us" 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).

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Acquisitions	'
	Acquisitions
	Gulf of Mexico 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 $188.8 million, reflecting 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 of $200 million in principal amount of the Company's 10% Senior Notes due 2017 (the "New Notes").  In connection with the transaction, the Company recorded $5.0 million of deferred financing costs related to the New Notes and incurred $4.0 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 was accounted for under the purchase method of accounting, which involves determining the fair value of the assets acquired and liabilities assumed. 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 acquisition date fair values of the net assets acquired (in thousands):
	Oil and gas properties		$	192,067
	Unevaluated oil and gas properties		12,033
	Asset retirement obligations		(15,319		)
	Net assets acquired		$	188,781
	The following unaudited summary pro forma financial information for the three and six month periods ended June 30, 2013 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 thousands, except per share amounts.
		Three Months Ended			Six Months Ended
		June 30, 2013			June 30, 2013
	Revenues	$	55,155		$	106,907
	Income from operations	6,346			11,169
	Income available to common stockholders	5,899			9,093
	Basic earnings per share	0.09			0.14
	Diluted earnings per share	0.09			0.14
	Fleetwood Joint Venture:
	In June 2014, we entered into a joint venture in Louisiana for an aggregate purchase price of $24 million. The assets acquired under the joint venture include an average 37% working interest in an approximately 30,000 acre leasehold position in Louisiana and exclusive rights, along with our joint venture partner, to a 200 square mile proprietary 3D survey which has generated several conventional and shallow non-conventional oil focused prospects.
	The purchase price was comprised of $10 million in cash ($3 million paid in July 2014 and $7 million due in January 2015) and $14 million in cash funding for future drilling, completion and lease acquisition costs. If the $14 million in drilling, completion and lease acquisition costs is not fully funded by December 31, 2015, any remaining balance becomes payable at the election of our joint venture partner.
	Amounts payable with regard to the joint venture are reflected as accrued acquisition costs in the Consolidated Balance Sheet. The amounts payable related to the $14 million discussed above are classified as current and long term based on the current exploration and development plans under the joint venture. All of the costs associated with the joint venture are considered unevaluated at June 30, 2014.

Convertible_Preferred_Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2014
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	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014	Income			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	Net income available to common stockholders	$	9,592		64,103
	Attributable to participating securities	(273		)
	BASIC EPS	$	9,319		64,103	$	0.15
	Net income available to common stockholders	$	9,592		64,103
	Effect of dilutive securities:
	Stock options	—			64
	Attributable to participating securities	(273		)	—
	DILUTED EPS	$	9,319		64,167	$	0.15
	For the Six Months Ended June 30, 2014	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	19,635		63,940
	Attributable to participating securities	(571		)
	BASIC EPS	$	19,064		63,940	$	0.3
	Net income available to common stockholders	$	19,635		63,940
	Effect of dilutive securities:
	Stock options	—			56
	Attributable to participating securities	(571		)	—
	DILUTED EPS	$	19,064		63,996	$	0.3
	For the Three Months Ended June 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	3,662		62,963
	Attributable to participating securities	(87		)
	BASIC EPS	$	3,575		62,963	$	0.06
	Net income available to common stockholders	$	3,662		62,963
	Effect of dilutive securities:
	Stock options	—			167
	Attributable to participating securities	(87		)	—
	DILUTED EPS	$	3,575		63,130	$	0.06
	For the Six Months Ended June 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	6,269		62,899
	Attributable to participating securities	(163		)
	BASIC EPS	$	6,106		62,899	$	0.1
	Net income available to common stockholders	$	6,269		62,899
	Effect of dilutive securities:
	Stock options	—			185
	Attributable to participating securities	(163		)	—
	DILUTED EPS	$	6,106		63,084	$	0.1
	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 any of the 2013 and 2014 periods presented because the inclusion would have been anti-dilutive. Options to purchase 937,800 and 1,060,700 shares of common stock were outstanding during the three and six month periods ended June 30, 2014, 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.
	Options to purchase 1,265,500 and 1,277,600 shares of common stock were outstanding during the three and six months ended June 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.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	Long-Term Debt
	On August 19, 2010, the Company issued $150 million in principal amount of its 10% Senior Notes due 2017 (the “Existing Notes”). On July 3, 2013, the Company issued an additional $200 million in principal amount of its 10% Senior Notes due 2017 (the "New Notes" and together with the Existing Notes, the "Notes"). The New Notes were issued at a price equal to 100% of 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 $188.8 million aggregate cash purchase price of the Gulf of Mexico Acquisition, which also closed on July 3, 2013. The Notes are guaranteed by certain of PetroQuest's subsidiaries. The subsidiary guarantors are 100% owned by PetroQuest and all guarantees are full and unconditional and joint and several. PetroQuest has no independent assets or operations and the subsidiaries not providing guarantees are minor, as defined by the rules of the Securities and Exchange Commission (the "SEC").
	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 June 30, 2014, $11.7 million had been accrued in connection with the September 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., IberiaBank, Bank of America, N.A. and The Bank of Nova Scotia. 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 Agreement matures on October 3, 2016. As of June 30, 2014 the Company had $72.5 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. In connection with the most recent redetermination, the borrowing base was reaffirmed at $200 million (subject to the aggregate commitments of the lenders then in effect) effective March 31, 2014. The aggregate commitments of the lenders is currently $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 September 30, 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 Borrower’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 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 June 30, 2014, the Company was in compliance with all of the covenants contained in the Credit Agreement.

Asset_Retirement_Obligation

Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2014
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):
		Six Months Ended June 30,
		2014			2013
	Asset retirement obligation, beginning of period	$	48,536		$	27,260
	Liabilities incurred	224			498
	Liabilities settled	(1,149		)	(94		)
	Accretion expense	1,499			660
	Revisions in estimated cash flows	742			986
	Asset retirement obligation, end of period	49,852			29,310
	Less: current portion of asset retirement obligation	(2,959		)	(3,823		)
	Long-term asset retirement obligation	$	46,893		$	25,487

Derivative_Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2014
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 or natural gas quantities are produced. If a derivative 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 June 30, 2014, all of the Company's derivative instruments were designated as effective cash flow hedges.
	Oil and gas sales include reductions related to the settlement of gas hedges of $2,170,000 and $877,000 and oil hedges of $672,000 and $1,000 for the three months ended June 30, 2014 and 2013, respectively. For the six month periods ended June 30, 2014 and 2013, oil and gas sales include reductions related to the settlement of gas hedges of $5,139,000 and $345,000 and oil hedges of $1,106,000 and $146,000, respectively.
	As of June 30, 2014, the Company had entered into the following commodity derivative instruments:
	Production Period	Instrument		Daily Volumes		Weighted
		Type				Average Price
	Natural Gas:
	July - December 2014	Swap		45,000 Mmbtu		$4.14
	2015	Swap		5,000 Mmbtu		$4.32
	Crude Oil:
	July - December 2014	Swap (LLS)		650 Bbls		$101.05
	July - December 2014	Swap (WTI)		350 Bbls		$93.26
	Pentane:
	July - December 2014	Swap		100 Bbls		$91.58
	LLS - Louisiana Light Sweet
	WTI - West Texas Intermediate
	At June 30, 2014, the Company had recognized an accumulated other comprehensive loss of approximately $3.7 million related to the estimated fair value of its effective cash flow hedges. Based on estimated future commodity prices as of June 30, 2014, the Company would reclassify approximately $2.4 million, net of taxes, of accumulated other comprehensive loss into earnings during the next 12 months. These losses are expected to be reclassified to oil and gas sales based on the schedule of oil and gas volumes stipulated in the derivative contracts.
	Derivatives designated as hedging instruments:
	All of the Company’s swap contracts are designated as effective cash flow hedges under ASC Topic 815-20-25. 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 June 30, 2014 and December 31, 2013:
		Commodity Derivatives
	Period	Balance Sheet	Fair Value
		Location
	June 30, 2014	Derivative asset	$	186
	June 30, 2014	Derivative liability	$	(3,840	)
	December 31, 2013	Derivative asset	$	521
	December 31, 2013	Derivative liability	$	(1,617	)
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the three months ended June 30, 2014 and 2013:
	Instrument	Amount of Gain				Location of	Amount of Loss Reclassified into
		Recognized in Other				Loss Reclassified	Income
		Comprehensive Income				into Income
	Commodity Derivatives at June 30, 2014	$	860			Oil and gas sales	$	(2,842	)
	Commodity Derivatives at June 30, 2013	$	4,807			Oil and gas sales	$	(878	)
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the six months ended June 30, 2014 and 2013 :
	Instrument	Amount of Gain (Loss)				Location of	Amount of Loss
		Recognized in Other				Loss Reclassified	Reclassified into
		Comprehensive Income				into Income	Income
	Commodity Derivatives at June 30, 2014	$	(2,558	)		Oil and gas sales	$	(6,245	)
	Commodity Derivatives at June 30, 2013	$	897			Oil and gas sales	$	(491	)
	Derivatives not designated as hedging instruments:
	During 2013, the Company utilized a three-way collar contract that was not designated as an effective cash flow hedge and therefore the changes in fair value on this derivative were recorded as derivative income in the statement of operations. This contract expired on December 31, 2013. The following tables reflect the fair value of this contract in the consolidated financial statements (in thousands):
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the three months ended June 30, 2014 and 2013:
	Instrument	Amount of Gain Recognized in Derivative
		Income
	Commodity Derivatives at June 30, 2014	$	—
	Commodity Derivatives at June 30, 2013	$	594
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the six months ended June 30, 2014 and 2013:
	Instrument	Amount of Gain
		Recognized in Derivative
		Income
	Commodity Derivatives at June 30, 2014	$	—
	Commodity Derivatives at June 30, 2013	$	157

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 were in the form of swaps based on NYMEX pricing for oil and natural gas and OPIS Mt. Bellevue 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 June 30, 2014 and December 31, 2013 (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 June 30, 2014	$	—	$	(3,654	)	$	—
	At December 31, 2013	$	—	$	(1,096	)	$	—
	The fair value of the Company's cash and cash equivalents and variable-rate bank debt approximated book value at June 30, 2014 and December 31, 2013. The fair value of the Notes was approximately $371 million and $364 million as of June 30, 2014 and December 31, 2013, respectively, as compared to the book value of $350 million as of each date. The fair value of the Notes was determined based upon a market quote provided by an independent broker, which represents a Level 2 input.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
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 expenses and state income taxes. As a result of ceiling test write-downs recognized in prior periods, 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 $38.1 million as of June 30, 2014.

Other_Comprehensive_Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of March 31, 2014	($2,834)		($1,680)		($4,514)
	Other comprehensive loss before reclassifications:
	Change in fair value of derivatives	(1,982	)			(1,982	)
	Income tax effect	737		(737	)	—
	Net of tax	(1,245	)	(737	)	(1,982	)
	Amounts reclassified from accumulated other comprehensive loss:
	Oil and gas sales	2,842				2,842
	Income tax effect	(1,057	)	1,057		—
	Net of tax	1,785		1,057		2,842
	Net other comprehensive income	540		320		860
	Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2014 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of December 31, 2013	($688)		($408)		($1,096)
	Other comprehensive loss before reclassifications:
	Change in fair value of derivatives	(8,803	)			(8,803	)
	Income tax effect	3,275		(3,275	)	—
	Net of tax	(5,528	)	(3,275	)	(8,803	)
	Amounts reclassified from accumulated other comprehensive loss:
	Oil and gas sales	6,245				6,245
	Income tax effect	(2,323	)	2,323		—
	Net of tax	3,922		2,323		6,245
	Net other comprehensive loss	(1,606	)	(952	)	(2,558	)
	Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended June 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of March 31, 2013	($2,128)		($1,261)		($3,389)
	Other comprehensive income before reclassifications:
	Change in fair value of derivatives	4,769		—		4,769
	Income tax effect	(1,774	)	934		(840	)
	Net of tax	2,995		934		3,929
	Amounts reclassified from accumulated other comprehensive income:
	Oil and gas sales	878		—		878
	Income tax effect	(327	)	327		—
	Net of tax	551		327		878
	Net other comprehensive income	3,546		1,261		4,807
	Balance as of June 30, 2013	$1,418		$0		$1,418
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of December 31, 2012	$521		$0		$521
	Other comprehensive income before reclassifications:
	Change in fair value of derivatives	406		—		406
	Income tax effect	183		—		183
	Net of tax	589		—		589
	Amounts reclassified from accumulated other comprehensive income:
	Oil and gas sales	491		—		491
	Income tax effect	(183	)	—		(183	)
	Net of tax	308		—		308
	Net other comprehensive income	897		—		897
	Balance as of June 30, 2013	$1,418		$0		$1,418

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements.  The core principle of ASU 2014-09 is that an entity will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods and or services.  The standard is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years.  Early application is not permitted.  Entities can choose to apply the standard using either a full retrospective approach or a modified retrospective approach, with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application.  We are currently evaluating the effect that this new standard will have on our consolidated financial statements and related disclosures.

Acquisitions_Tables

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table summarizes the acquisition date fair values of the net assets acquired (in thousands):
	Oil and gas properties		$	192,067
	Unevaluated oil and gas properties		12,033
	Asset retirement obligations		(15,319		)
	Net assets acquired		$	188,781
Pro Forma Financial Information	'
	The following unaudited summary pro forma financial information for the three and six month periods ended June 30, 2013 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 thousands, except per share amounts.
		Three Months Ended			Six Months Ended
		June 30, 2013			June 30, 2013
	Revenues	$	55,155		$	106,907
	Income from operations	6,346			11,169
	Income available to common stockholders	5,899			9,093
	Basic earnings per share	0.09			0.14
	Diluted earnings per share	0.09			0.14

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014	Income			Shares	Per
		(Numerator)			(Denominator)	Share Amount
	Net income available to common stockholders	$	9,592		64,103
	Attributable to participating securities	(273		)
	BASIC EPS	$	9,319		64,103	$	0.15
	Net income available to common stockholders	$	9,592		64,103
	Effect of dilutive securities:
	Stock options	—			64
	Attributable to participating securities	(273		)	—
	DILUTED EPS	$	9,319		64,167	$	0.15
	For the Six Months Ended June 30, 2014	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	19,635		63,940
	Attributable to participating securities	(571		)
	BASIC EPS	$	19,064		63,940	$	0.3
	Net income available to common stockholders	$	19,635		63,940
	Effect of dilutive securities:
	Stock options	—			56
	Attributable to participating securities	(571		)	—
	DILUTED EPS	$	19,064		63,996	$	0.3
	For the Three Months Ended June 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	3,662		62,963
	Attributable to participating securities	(87		)
	BASIC EPS	$	3,575		62,963	$	0.06
	Net income available to common stockholders	$	3,662		62,963
	Effect of dilutive securities:
	Stock options	—			167
	Attributable to participating securities	(87		)	—
	DILUTED EPS	$	3,575		63,130	$	0.06
	For the Six Months Ended June 30, 2013	Income (Numerator)			Shares	Per
					(Denominator)	Share Amount
	Net income available to common stockholders	$	6,269		62,899
	Attributable to participating securities	(163		)
	BASIC EPS	$	6,106		62,899	$	0.1
	Net income available to common stockholders	$	6,269		62,899
	Effect of dilutive securities:
	Stock options	—			185
	Attributable to participating securities	(163		)	—
	DILUTED EPS	$	6,106		63,084	$	0.1

Asset_Retirement_Obligation_Ta

Asset Retirement Obligation (Tables)	6 Months Ended
	Jun. 30, 2014
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):
		Six Months Ended June 30,
		2014			2013
	Asset retirement obligation, beginning of period	$	48,536		$	27,260
	Liabilities incurred	224			498
	Liabilities settled	(1,149		)	(94		)
	Accretion expense	1,499			660
	Revisions in estimated cash flows	742			986
	Asset retirement obligation, end of period	49,852			29,310
	Less: current portion of asset retirement obligation	(2,959		)	(3,823		)
	Long-term asset retirement obligation	$	46,893		$	25,487

Derivative_Instruments_Tables

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Oil and gas contracts	'
	As of June 30, 2014, the Company had entered into the following commodity derivative instruments:
	Production Period	Instrument		Daily Volumes		Weighted
		Type				Average Price
	Natural Gas:
	July - December 2014	Swap		45,000 Mmbtu		$4.14
	2015	Swap		5,000 Mmbtu		$4.32
	Crude Oil:
	July - December 2014	Swap (LLS)		650 Bbls		$101.05
	July - December 2014	Swap (WTI)		350 Bbls		$93.26
	Pentane:
	July - December 2014	Swap		100 Bbls		$91.58
Effect of Cash Flow Hedges on the Consolidated Balance Sheet	'
	Effect of Cash Flow Hedges on the Consolidated Balance Sheet at June 30, 2014 and December 31, 2013:
		Commodity Derivatives
	Period	Balance Sheet	Fair Value
		Location
	June 30, 2014	Derivative asset	$	186
	June 30, 2014	Derivative liability	$	(3,840	)
	December 31, 2013	Derivative asset	$	521
	December 31, 2013	Derivative liability	$	(1,617	)
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 June 30, 2014 and 2013:
	Instrument	Amount of Gain				Location of	Amount of Loss Reclassified into
		Recognized in Other				Loss Reclassified	Income
		Comprehensive Income				into Income
	Commodity Derivatives at June 30, 2014	$	860			Oil and gas sales	$	(2,842	)
	Commodity Derivatives at June 30, 2013	$	4,807			Oil and gas sales	$	(878	)
	Effect of Cash Flow Hedges on the Consolidated Statement of Operations for the six months ended June 30, 2014 and 2013 :
	Instrument	Amount of Gain (Loss)				Location of	Amount of Loss
		Recognized in Other				Loss Reclassified	Reclassified into
		Comprehensive Income				into Income	Income
	Commodity Derivatives at June 30, 2014	$	(2,558	)		Oil and gas sales	$	(6,245	)
	Commodity Derivatives at June 30, 2013	$	897			Oil and gas sales	$	(491	)
Effect of Non-designated Derivative Instruments	'
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the three months ended June 30, 2014 and 2013:
	Instrument	Amount of Gain Recognized in Derivative
		Income
	Commodity Derivatives at June 30, 2014	$	—
	Commodity Derivatives at June 30, 2013	$	594
	Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations for the six months ended June 30, 2014 and 2013:
	Instrument	Amount of Gain
		Recognized in Derivative
		Income
	Commodity Derivatives at June 30, 2014	$	—
	Commodity Derivatives at June 30, 2013	$	157

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013 (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 June 30, 2014	$	—	$	(3,654	)	$	—
	At December 31, 2013	$	—	$	(1,096	)	$	—

Other_Comprehensive_Income_Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of March 31, 2014	($2,834)		($1,680)		($4,514)
	Other comprehensive loss before reclassifications:
	Change in fair value of derivatives	(1,982	)			(1,982	)
	Income tax effect	737		(737	)	—
	Net of tax	(1,245	)	(737	)	(1,982	)
	Amounts reclassified from accumulated other comprehensive loss:
	Oil and gas sales	2,842				2,842
	Income tax effect	(1,057	)	1,057		—
	Net of tax	1,785		1,057		2,842
	Net other comprehensive income	540		320		860
	Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2014 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of December 31, 2013	($688)		($408)		($1,096)
	Other comprehensive loss before reclassifications:
	Change in fair value of derivatives	(8,803	)			(8,803	)
	Income tax effect	3,275		(3,275	)	—
	Net of tax	(5,528	)	(3,275	)	(8,803	)
	Amounts reclassified from accumulated other comprehensive loss:
	Oil and gas sales	6,245				6,245
	Income tax effect	(2,323	)	2,323		—
	Net of tax	3,922		2,323		6,245
	Net other comprehensive loss	(1,606	)	(952	)	(2,558	)
	Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended June 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of March 31, 2013	($2,128)		($1,261)		($3,389)
	Other comprehensive income before reclassifications:
	Change in fair value of derivatives	4,769		—		4,769
	Income tax effect	(1,774	)	934		(840	)
	Net of tax	2,995		934		3,929
	Amounts reclassified from accumulated other comprehensive income:
	Oil and gas sales	878		—		878
	Income tax effect	(327	)	327		—
	Net of tax	551		327		878
	Net other comprehensive income	3,546		1,261		4,807
	Balance as of June 30, 2013	$1,418		$0		$1,418
	The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2013 (in thousands):
		Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
	Balance as of December 31, 2012	$521		$0		$521
	Other comprehensive income before reclassifications:
	Change in fair value of derivatives	406		—		406
	Income tax effect	183		—		183
	Net of tax	589		—		589
	Amounts reclassified from accumulated other comprehensive income:
	Oil and gas sales	491		—		491
	Income tax effect	(183	)	—		(183	)
	Net of tax	308		—		308
	Net other comprehensive income	897		—		897
	Balance as of June 30, 2013	$1,418		$0		$1,418

Acquisitions_Details

Acquisitions (Details) (USD $)	0 Months Ended	6 Months Ended				0 Months Ended		0 Months Ended
	Jul. 03, 2013	Jun. 30, 2014	Jun. 30, 2013	Aug. 19, 2010	Jul. 03, 2013	Jul. 03, 2013	Jul. 03, 2013	Jul. 03, 2013
				Ten Percent Senior Notes	Gulf of Mexico Acquisition	Gulf of Mexico Acquisition	Ten Percent Senior Notes	Ten Percent Senior Notes
					well	General and Administrative Expense	Senior Notes [Member]	Gulf of Mexico Acquisition
					platform	Bridge Loan [Member]
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Purchase price	'	'	'	'	'	'	'	$188,800,000
Number of wells acquired	'	'	'	'	16	'	'	'
Number of platforms purchased	'	'	'	'	7	'	'	'
Principal amount	200,000,000	'	'	150,000,000	'	'	200,000,000	'
Interest rate of Senior Notes	'	'	'	10.00%	'	'	10.00%	'
Payments of financing costs	5,000,000	109,000	774,000	'	'	'	'	'
Acquisition-related costs	$4,000,000	'	'	'	'	$2,600,000	'	'

Acquisitions_Schedule_of_Asset

Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Gulf of Mexico Acquisition, USD $)	Jul. 03, 2013
In Thousands, unless otherwise specified
Gulf of Mexico Acquisition	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]	'
Oil and gas properties	$192,067
Unevaluated oil and gas properties	12,033
Asset retirement obligations	-15,319
Oil and gas properties	$188,781

Acquisitions_Pro_Forma_Details

Acquisitions (Pro Forma) (Details) (Gulf of Mexico Acquisition, USD $)	3 Months Ended	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013
Gulf of Mexico Acquisition	'	'
Business Acquisition [Line Items]	'	'
Revenues	$55,155	$106,907
Income from operations	6,346	11,169
Income available to common stockholders	$5,899	$9,093
Basic earnings per share (in dollars per share)	$0.09	$0.14
Diluted earnings per share (in dollars per share)	$0.09	$0.14

Acquisitions_Fleetwood_Joint_V

Acquisitions (Fleetwood Joint Venture) (Details) (Fleetwood Joint Venture, Louisiana, USD $)	1 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jul. 31, 2014
	sqmi	Subsequent Event
	acre
Business Acquisition [Line Items]	'	'
Purchase price	$24	'
Average working interest in leasehold position	37.00%	'
Acres acquired in leasehold position	30,000	'
Square miles of proprietary 3D survey	200	'
Cash portion of acquisition	10	3
Cash payment in January 2015	7	'
Cash funding for future drilling	$14	'

Convertible_Preferred_Stock_De

Convertible Preferred Stock (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	Rate
Equity [Abstract]	'	'
Preferred stock, shares outstanding	1,495,000	1,495,000
Series B cumulative convertible perpetual preferred stock interest rate	6.88%	'
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		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
A reconciliation between basic and diluted earnings per share computations	'	'	'	'
Income available to common stockholders	$9,592	$3,662	$19,635	$6,269
Attributable to participating securities	-273	-87	-571	-163
Net income or loss available to common stockholders, Loss (excluding income attributable to participating securities)	9,319	3,575	19,064	6,106
Net loss available to common stockholders (in shares)	64,103	62,963	63,940	62,899
Stock options, Effect of dilutive securities	'	0	'	0
Net loss available to common stockholders, Per Share Amount	$0.15	$0.06	$0.30	$0.10
Stock options, effect of dilutive securities, (in shares)	64	167	56	185
Dilutive Securities, Effect on Basic Earnings Per Share, Restricted Stock	-273	-87	-571	-163
Restricted stock, effect of dilutive securities (in shares)	0	0	0	0
DILUTED EPS, Loss	$9,319	$3,575	$19,064	$6,106
DILUTED EPS, Shares	64,167	63,130	63,996	63,084
DILUTED EPS, Per Share Amount	$0.15	$0.06	$0.30	$0.10

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
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	937,800	1,265,500	1,060,700	1,277,600

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

6 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jul. 03, 2013

Jun. 30, 2014

Jun. 30, 2014

Aug. 19, 2010

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jul. 03, 2013

Jul. 03, 2013

Rate

Maximum [Member]

Minimum [Member]

10% Senior Notes

Letters of credit [Member]

Federal Funds Effective Rate [Member]

Adjusted London Inter Bank Offer Rate [Member]

Adjusted London Inter Bank Offer Rate [Member]

Ten Percent Senior Notes

Ten Percent Senior Notes

Rate

Rate

Rate

Maximum [Member]

Minimum [Member]

Gulf of Mexico Acquisition

Senior Notes [Member]

Rate

Rate

Long-Term Debt (Textual) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount

'

'

$200,000,000

'

'

$150,000,000

'

'

'

'

'

$200,000,000

Interest rate of Senior Notes

'

'

'

'

'

10.00%

'

'

'

'

'

10.00%

Purchase price

'

'

'

'

'

'

'

'

'

'

188,800,000

'

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

11,700,000

'

'

'

'

'

'

'

'

'

'

'

Revolving credit facility

300,000,000

'

'

'

'

'

25,000,000

'

'

'

'

'

Borrowings outstanding under the Credit Agreement

72,500,000

'

'

'

'

'

'

'

'

'

'

'

Current borrowing base

'

200,000,000

'

'

'

'

'

'

'

'

'

'

Aggregate commitments of the lenders

150,000,000

'

'

'

'

'

'

'

'

'

'

'

At least secured percentage value of oil and gas properties

80.00%

'

'

'

'

'

'

'

'

'

'

'

Adjusted LIBO rate

1.00%

'

'

1.50%

0.50%

'

'

0.50%

2.50%

1.50%

'

'

Accrued in connection with the interest payment

5,000,000

'

'

'

'

'

'

'

'

'

'

'

Commitment fees on a sliding scale

'

'

'

0.50%

0.38%

'

'

'

'

'

'

'

Maximum ratio of total debt to EBITDAX

'

'

'

3.5

1

'

'

'

'

'

'

'

Repurchase Company's common stock

'

'

'

$10,000,000

'

'

'

'

'

'

'

'

Borrower's Liquidity

'

'

'

'

20.00%

'

'

'

'

'

'

'

Long Term Debt (Additional Textual) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

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%.

'

'

'

'

'

'

'

'

'

'

'

Asset_Retirement_Obligation_De

Asset Retirement Obligation (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Changes to the Company's asset retirement obligation liability	'	'	'
Asset retirement obligation, beginning of period	$48,536	$27,260	'
Liabilities incurred	224	498	'
Liabilities settled	-1,149	-94	'
Accretion expense	1,499	660	'
Revisions in estimated cash flows	742	986	'
Asset retirement obligation, end of period	49,852	29,310	'
Less: current portion of asset retirement obligation	-2,959	-3,823	-3,113
Long-term asset retirement obligation	$46,893	$25,487	$45,423

Derivative_Instruments_Details

Derivative Instruments (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
	bbl
Swap LLS [Member] | Production Period April through December 2014 [Member] | Crude Oil [Member]	'
Oil and gas contracts	'
Daily Volumes	650
Weighted Average Price	$101.05
Swap [Member] | Production Period April through December 2014 [Member] | Natural Gas [Member]	'
Oil and gas contracts	'
Daily Volumes	45,000
Weighted Average Price	$4.14
Swap [Member] | Production Period April through December 2014 [Member] | Pentane [Member]	'
Oil and gas contracts	'
Daily Volumes	100
Weighted Average Price	$91.58
Swap [Member] | Production Period Year 2015 [Member] | Natural Gas [Member]	'
Oil and gas contracts	'
Daily Volumes	5,000
Weighted Average Price	$4.32
Swap WTI [Member] | Production Period April through December 2014 [Member] | Crude Oil [Member]	'
Oil and gas contracts	'
Daily Volumes	350
Weighted Average Price	$93.26

Derivative_Instruments_Details1

Derivative Instruments (Details 1) (Commodity Contract [Member], Designated as Hedging Instrument, USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Hedge Asset [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative asset	$186	$521
Hedge Liability [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liability	($3,840)	($1,617)

Derivative_Instruments_Details2

Derivative Instruments (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Gain Recognized in Other Comprehensive Income	$860	$4,807	($2,558)	$897
Designated as Hedging Instrument	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Gain Recognized in Other Comprehensive Income	860	4,807	-2,558	897
Oil and Gas Sales | Designated as Hedging Instrument	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified into Income	($2,842)	($878)	($6,245)	($491)

Derivative_Instruments_Details3

Derivative Instruments (Details 3) (Not Designated as Hedging Instrument, USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Not Designated as Hedging Instrument	'	'	'	'
Effect of Non-designated Derivative Instruments on the Consolidated Statement of Operations	'	'	'	'
Amount of Unrealized Loss Recognized in Other Income Expense	$0	$594	$0	$157

Derivative_Instruments_Details4

Derivative Instruments (Details Textual) (USD $)

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Gas hedges [Member]

Gas hedges [Member]

Gas hedges [Member]

Gas hedges [Member]

Crude Oil [Member]

Crude Oil [Member]

Crude Oil [Member]

Crude Oil [Member]

Derivatives, Fair Value [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain or loss recognized in oil and gas contracts

'

'

'

'

'

'

($2,170,000)

($877,000)

($5,139,000)

($345,000)

($672,000)

($1,000)

($1,106,000)

($146,000)

Accumulated other comprehensive loss

-3,654,000

-4,514,000

-1,096,000

1,418,000

-3,389,000

521,000

'

'

'

'

'

'

'

'

Realization of gain, net of taxes

($2,400,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis	'	'
Estimated fair value of the Notes	$371,000,000	$364,000,000
Book value of notes	350,000,000	350,000,000
Quoted Prices in Active Markets (Level 1)	'	'
Derivatives, Fair Value [Line Items]	'	'
Commodity derivatives at fair value	0	0
Significant Other Observable Inputs (Level 2)	'	'
Derivatives, Fair Value [Line Items]	'	'
Commodity derivatives at fair value	-3,654,000	-1,096,000
Significant Unobservable Inputs (Level 3)	'	'
Derivatives, Fair Value [Line Items]	'	'
Commodity derivatives at fair value	$0	$0

Income_Taxes_Details

Income Taxes (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Income Taxes (Textual) [Abstract]	'
Income taxes at a statutory rate	35.00%
Cumulative loss period	'3 years
Valuation allowance	$38.10

Other_Comprehensive_Income_Det

Other Comprehensive Income (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated other Comprehensive Income [Roll Forward]	'	'	'	'
Balance, beginning of period	($4,514)	($3,389)	($1,096)	$521
Change in fair value of derivatives	-1,982	4,769	-8,803	406
Income tax effect	0	-840	0	183
Other comprehensive loss before reclassifications	-1,982	3,929	-8,803	589
Oil and gas sales	2,842	878	6,245	491
Income tax effect	0	0	0	-183
Amounts reclassified from accumulated other comprehensive income (loss)	2,842	878	6,245	308
Net other comprehensive loss	860	4,807	-2,558	897
Balance, end of period	-3,654	1,418	-3,654	1,418
Gains and Losses on Cash Flow Hedges	'	'	'	'
Accumulated other Comprehensive Income [Roll Forward]	'	'	'	'
Balance, beginning of period	-2,834	-2,128	-688	521
Change in fair value of derivatives	-1,982	4,769	-8,803	406
Income tax effect	737	-1,774	3,275	183
Other comprehensive loss before reclassifications	-1,245	2,995	-5,528	589
Oil and gas sales	2,842	878	6,245	491
Income tax effect	-1,057	-327	-2,323	-183
Amounts reclassified from accumulated other comprehensive income (loss)	1,785	551	3,922	308
Net other comprehensive loss	540	3,546	-1,606	897
Balance, end of period	-2,294	1,418	-2,294	1,418
Change in Valuation Allowance	'	'	'	'
Accumulated other Comprehensive Income [Roll Forward]	'	'	'	'
Balance, beginning of period	-1,680	-1,261	-408	0
Change in fair value of derivatives	'	0	'	0
Income tax effect	-737	934	-3,275	0
Other comprehensive loss before reclassifications	-737	934	-3,275	0
Oil and gas sales	'	0	'	0
Income tax effect	1,057	327	2,323	0
Amounts reclassified from accumulated other comprehensive income (loss)	1,057	327	2,323	0
Net other comprehensive loss	320	1,261	-952	0
Balance, end of period	($1,360)	$0	($1,360)	$0