Goodrich Petroleum 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	GDP
Entity Registrant Name	GOODRICH PETROLEUM CORP
Entity Central Index Key	943,861
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		78,203,180

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 12,680	$ 11,782
Accounts receivable, trade and other, net of allowance	363	1,255
Accrued oil and natural gas revenue	3,002	3,421
Inventory	6,008	5,652
Prepaid expenses and other	598	1,119
Total current assets	22,651	23,229
PROPERTY AND EQUIPMENT:
Oil and natural gas properties (successful efforts method)	974,829	974,012
Furniture, fixtures and equipment	7,302	7,592
Property, Plant and Equipment, Gross, Total	982,131	981,604
Less: Accumulated depletion, depreciation and amortization	(914,097)	(911,072)
Net property and equipment	68,034	70,532
Deferred financing cost and other	90	90
TOTAL ASSETS	90,775	93,851
CURRENT LIABILITIES:
Accounts payable	15,258	19,673
Accrued liabilities	18,879	12,508
Accrued abandonment costs	83	83
Fair value of oil and natural gas derivatives	6	30
Current portion of debt	446,069	465,507
Total current liabilities	480,295	497,801
Accrued abandonment costs	3,712	3,645
Other non-current liability	490	490
Total liabilities	$ 484,497	$ 501,936
Commitments and contingencies (See Note 8)
STOCKHOLDERS’ EQUITY:
Common stock: $0.20 par value, 150,000,000 shares authorized, issued and outstanding 78,067,160 and 63,910,300 shares, respectively	$ 15,613	$ 12,782
Treasury stock (221,084 and 173,440 shares, respectively)	(46)	(41)
Additional paid in capital	1,095,840	1,069,673
Retained earnings (accumulated deficit)	(1,506,622)	(1,492,001)
Total stockholders’ equity (deficit)	(393,722)	(408,085)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	90,775	93,851
Series B Cumulative Convertible Preferred Stock
STOCKHOLDERS’ EQUITY:
Preferred stock	1,483	1,491
Series C Cumulative Preferred Stock
STOCKHOLDERS’ EQUITY:
Preferred stock	3	3
Series D Cumulative Preferred Stock
STOCKHOLDERS’ EQUITY:
Preferred stock	4	4
Series E Cumulative Preferred Stock
STOCKHOLDERS’ EQUITY:
Preferred stock	$ 3	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 1	$ 1
Common stock, par value	$ 0.20	$ 0.20
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	78,067,160	63,910,300
Common stock, shares outstanding	78,067,160	63,910,300
Treasury stock, shares	221,084	173,440
Series B Cumulative Convertible Preferred Stock
Preferred stock, shares issued	1,483,441	1,491,459
Preferred stock, shares outstanding	1,483,441	1,491,459
Series C Cumulative Preferred Stock
Preferred stock, shares issued	3,060	3,125
Preferred stock, shares outstanding	3,060	3,125
Series D Cumulative Preferred Stock
Preferred stock, shares issued	3,621	3,736
Preferred stock, shares outstanding	3,621	3,736
Series E Cumulative Preferred Stock
Preferred stock, shares issued	2,903	3,553
Preferred stock, shares outstanding	2,903	3,553

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Oil and natural gas revenues	$ 6,464,000	$ 24,143,000
Other	(219,000)	(113,000)
Total revenues	6,245,000	24,030,000
OPERATING EXPENSES:
Lease operating expense	2,336,000	4,138,000
Production and other taxes	739,000	1,409,000
Transportation and processing	431,000	1,247,000
Depreciation, depletion and amortization	3,145,000	20,233,000
Exploration	197,000	3,658,000
General and administrative	6,364,000	7,751,000
Gain on sale of assets	(837,000)	(892,000)
Other		(45,000)
Operating Expenses, Total	12,375,000	37,499,000
Operating loss	(6,130,000)	(13,469,000)
OTHER INCOME (EXPENSE):
Interest expense	(8,313,000)	(12,079,000)
Gain on commodity derivatives not designated as hedges	24,000	4,430,000
Nonoperating Income (Expense), Total	(8,289,000)	(7,649,000)
Restructuring	(4,314,000)
Loss before income taxes	(18,733,000)	(21,118,000)
Income tax benefit	0
Net loss	(18,733,000)	(21,118,000)
Preferred stock dividends	1,004,000	7,431,000
Net loss applicable to common stock	$ (19,737,000)	$ (28,549,000)
PER COMMON SHARE
Net loss applicable to common stock - basic	$ (0.26)	$ (0.58)
Net loss applicable to common stock - diluted	$ (0.26)	$ (0.58)
Weighted average common shares outstanding - basic	74,521	49,110
Weighted average common shares outstanding - diluted	74,521	49,110

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,733)	$ (21,118)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and amortization	3,145	20,233
(Gain) loss on commodity derivatives not designated as hedges	(24)	(4,430)
Net cash received (paid) in settlement of commodity derivative instruments		13,094
Amortization of leasehold costs	24	2,160
Share based compensation (non-cash)	1,070	1,886
Gain on sale of assets	(837)	(892)
Exploration cost		177
Embedded derivative	(3,845)
Amortization of finance cost, debt discount and accretion	4,329	2,092
Amortization of transportation obligation		189
Materials inventory write-down	156
Change in assets and liabilities:
Accounts receivable, trade and other, net of allowance	892	3,893
Accrued oil and natural gas revenue	419	6,309
Inventory	(512)	(214)
Prepaid expenses and other	735	475
Accounts payable	(3,867)	(15,851)
Accrued liabilities	6,560	(2,286)
Net cash (used in) provided by operating activities	(10,488)	5,717
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,006)	(68,354)
Proceeds from sale of assets	289	777
Net cash used in investing activities	(717)	(67,577)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings	13,000	97,000
Principal payments of bank borrowings		(166,000)
Proceeds from Second Lien Notes		100,000
Note conversions	(804)
Proceeds from equity offering		47,986
Preferred stock dividends		(7,431)
Debt issuance costs	(88)	(3,027)
Other	(5)	(250)
Net cash provided by financing activities	12,103	68,278
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	898	6,418
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	11,782	8
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 12,680	$ 6,426

Description of Business and Sig

Description of Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business and Significant Accounting Policies	NOTE 1—Description of Business and Significant Accounting Policies Goodrich Petroleum Corporation (together with its subsidiary, “we,” “our,” or the “Company”) is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas on properties primarily in (i) Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale Trend (“TMS”), (ii) Northwest Louisiana and East Texas, which includes the Haynesville Shale Trend, and (iii) South Texas, which includes the Eagle Ford Shale Trend We elected to exercise our right to a grace period with respect to the March 15, 2016 interest payments due on our 8.875% Senior Notes due 2019 (the “2019 Notes”), our 8.0% Second Lien Senior Secured Notes due 2018 (the “8.0% Second Lien Notes”) and our 8.875% Second Lien Senior Secured Notes due 2018 (the “8.875% Second Lien Notes”). Additionally, we elected to exercise our right to a grace period with respect to the April 1, 2016 interest payments due on our 5.0% Convertible Senior Notes due 2029 (the “2029 Notes”), our 5.0% Convertible Senior Notes due 2032 (the “2032 Notes”) and 5.0% Convertible Exchange Senior Notes due 2032 (the “2032 Exchange Notes”). The grace periods permitted us 30 days to make such interest payments before an event of default occurs under the indentures. Though, an event of default had not yet occurred, accounting principles generally accepted in the United States (“US GAAP”) requires us to classify all the related outstanding debt as a current liability. As a result, we are not in compliance with the Current Ratio covenant under the Senior Credit Facility as of March 31, 2016 and December 31, 2015. Voluntary Reorganization under Chapter 11 of the Bankruptcy Code On April 15, 2016, Goodrich Petroleum Corporation and its subsidiary Goodrich Petroleum Company, L.L.C. (together with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions” and, the cases commenced thereby, the “Chapter 11 Cases”) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for Southern District of Texas (the “Court”) to pursue a pre-packaged Chapter 11 plan of reorganization (the “Plan”). The Debtors filed a motion with the Court seeking joint administration of the Chapter 11 Cases under the caption In re Goodrich Petroleum Corporation, et. al (Case No. 16-31975). The Debtors will continue to operate as debtors-in-possession under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and an order of the Court. The Company is planning to account for the bankruptcy in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) The Company expects to continue operations in the normal course during the pendency of the Chapter 11 Cases, and anticipates making royalty payments and payments to working interest owners when due, except for pre-petition royalty and working interest payments, which will be paid upon approval by the Court. Employees should expect no change in their daily responsibilities and to be paid in the ordinary course. Prior to filing the Chapter 11 Cases, on March 28, 2016, the Debtors entered into a Restructuring Support Agreement (the “Restructuring Support Agreement”) Pursuant to the terms of the Restructuring Support Agreement, the Consenting Noteholders agreed, among other things, and subject to certain conditions: (a) to vote substantially all notes beneficially owned by such Consenting Noteholder in favor of the Plan; (b) to not withdraw or revoke its vote; (c) following the commencement of the Chapter 11 Cases, to not (1) object, on any grounds, to confirmation of the Plan, except to the extent that the terms of such Plan are inconsistent with the terms contained in the Term Sheet, or (2) directly or indirectly seek, solicit, support, or encourage (3) any objection to the Plan, or (4) any other plan of reorganization or liquidation with respect to the Company; (d) subject to appropriate confidentiality measures or agreements, to cooperate to the extent reasonable and practicable with the Company’s efforts to obtain required regulatory approvals of the Plan; and (e) to not take any other action, including, without limitation, initiating any legal proceeding, that is inconsistent with, or that would materially delay consummation of, the transactions embodied in the Plan. The Company has agreed, among other things, and subject to certain conditions: (a) to commence the Chapter 11 Cases on or before April 15, 2016; (b) to not file any motion, pleading or other document with the Bankruptcy Court that, in whole or in part, is inconsistent in any material respect with the Restructuring Support Agreement or the Plan; (c) to not incur or suffer to exist any material indebtedness, except indebtedness existing and outstanding immediately prior to the date of the Restructuring Support Agreement, trade payables, and liabilities arising and incurred in the ordinary course of business; and (d) to use its commercially reasonable best efforts to obtain prompt confirmation of the Plan by order of the Bankruptcy Court and, following such confirmation, promptly consummate the transactions embodied in the Plan, in each case within the timeframes specified in the Restructuring Support Agreement and to do all things reasonably necessary and appropriate in furtherance of the transactions embodied in the Plan. The Term Sheet contemplates that the Debtors will reorganize as a going concern and continue their day-to-day operations substantially as currently conducted. Specifically, the material terms of the Plan are expected to effect, among other things, subject to certain conditions and as more particularly set forth in the Term Sheet, upon the effective date of the Plan, a substantial reduction in the Debtors’ funded debt obligations (including $175 million of face amount of the Second Lien Notes). Certain principal terms of the Term Sheet are outlined below. · Each holder of an allowed priority claim (other than a priority tax claim or administrative claim) shall receive either: (a) cash equal to the full allowed amount of its claim or (b) such other treatment as may otherwise be agreed to by such holder, the Debtors, and the Consenting Noteholders; · Each holder of a secured claim (other than a priority tax claim, Senior Credit Facility claim, or Second Lien Notes claim) shall receive, at the Debtors’ election and with the consent of the Consenting Noteholders, either: (a) cash equal to the full allowed amount of its claim, (b) reinstatement of such holder’s claim, (c) the return or abandonment of the collateral securing such claim to such holder, or (d) such other treatment as may otherwise be agreed to by such holder, the Debtors, and the Consenting Noteholders; and · Holders of the Second Lien Notes shall receive their pro rata share of 100% of the new membership interests in the reorganized Company (the “New Equity Interests”), subject to dilution from shares issued in connection with a proposed long-term management incentive plan for the reorganized Company, which shall initially provide for grants of New Equity Interests in an aggregate amount equal to 9% of the total New Equity Interests. The commencement of the Chapter 11 Cases described above constitutes an event of default that accelerated the Company’s obligations under all of its outstanding debt instruments. The agreements governing the Company’s debt instruments provide that as a result of the Bankruptcy Petitions, the principal and interest due thereunder shall be immediately due and payable. However, any efforts to enforce such payment obligations under the Company’s debt instruments will be automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the debt instruments will be subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Reorganization Process On April 18, 2016, the Bankruptcy Court issued certain additional interim and final orders with respect to the Debtors’ first-day motions and other operating motions that allow the Debtors to operate their businesses in the ordinary course. Subject to certain exceptions under the Bankruptcy Code, the filing of the Bankruptcy Petitions automatically enjoined, or stayed, the continuation of any judicial or administrative proceedings or other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the filing of the Bankruptcy Petitions. Thus, for example, most creditor actions to obtain possession of property from the Debtors, or to create, perfect or enforce any lien against the Debtors’ property, or to collect on monies owed or otherwise exercise rights or remedies with respect to a pre-petition claim are enjoined unless and until the Bankruptcy Court lifts the automatic stay. Under Section 365 of the Bankruptcy Code, the Debtors’ may assume, assume and assign, or reject certain executory contracts and unexpired leases, including leases of real property and equipment, subject to the approval of the Bankruptcy Court and certain other conditions, including approval of the majority of Consenting Noteholders in accordance with the Restructuring Support Agreement. The Debtors may not assume such contracts or leases unless, at the time of assumption, the Debtors: (1) cure any default or provides adequate assurance that the default will be promptly cured; (2) compensate or provide adequate assurance that the Debtors will promptly compensate the other party for any pecuniary loss resulting from defaults; and (3) provide adequate assurance of future performance under the contract. A Chapter 11 plan (including the Plan) determines the rights and satisfaction of claims and interests of various creditors and security holders and is subject to the ultimate outcome of negotiations and the Court’s decisions through the date on which a Chapter 11 plan (including the Plan) is confirmed. The Debtors currently expect that any proposed Chapter 11 plan (including the Plan), among other things, would provide mechanisms for settlement of the Debtors’ pre-petition obligations, changes to certain operational cost drivers, treatment of the Company’s existing equity holders, potential income tax liabilities and certain corporate governance and administrative matters pertaining to the reorganized new entity. Any proposed Chapter 11 plan will (and the Plan may) be subject to revision prior to submission to the Bankruptcy Court based upon discussions with the Debtors’ creditors, including the lenders under the Second Amended and Restated Credit Agreement (including all amendments, the “ Under the priority rankings established by the Bankruptcy Code, unless creditors agree otherwise, pre-petition liabilities and post-petition liabilities must be satisfied in full before stockholders are entitled to receive any distribution or retain any property under a Chapter 11 plan (including the Plan). The ultimate recovery to creditors and/or stockholders, if any, will not be determined until confirmation of a Chapter 11 plan (including the Plan). No assurance can be given as to what values, if any, will be ascribed to each of these constituencies or what types or amounts of distributions, if any, they would receive. A Chapter 11 plan (including the Plan) could result in holders of certain liabilities and/or securities, including common stock, receiving no distribution on account of their interests. Because of such possibilities, there is significant uncertainty regarding the value of our liabilities and securities, including our common stock. At this time, there is no assurance we will be able to restructure as a going concern or successfully propose or implement a Chapter 11 plan (including the Plan). For the duration of the Company’s Chapter 11 proceedings, the Company’s operations and ability to develop and execute its business plan are subject to the risks and uncertainties associated with the Chapter 11 process as described in Item 1A, “Risk Factors”. As a result of these risks and uncertainties, the number of the Company’s outstanding shares and shareholders, assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of the Company’s operations, properties and capital plans included in this quarterly report may not accurately reflect its operations, properties and capital plans following the Chapter 11 process. Basis of Presentation — The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve month period following the date of these consolidated financial statements. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. Furthermore, the accompanying consolidated financial statements We adopted FASB Accounting Standard Update (ASU) 2015-03, Interest-Imputation of Interest, in 2016. This guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than an asset. This guidance requires retrospective application; therefore, prior year amounts within the consolidated balance sheets have been reclassified to conform to the current year presentation. Principles of Consolidation —The consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accordingly, certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) has been condensed or omitted. The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period. We have evaluated subsequent events through the date of this filing. Use of Estimates — Our management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with US GAAP. Cash and Cash Equivalents —Cash and cash equivalents includes cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety days or less at the date of purchase. Property and Equipment —As of March 31, 2016, we had interests in oil and natural gas properties totaling $67.4 million, net of accumulated depletion, which we account for under the successful efforts method. Under this method, costs of acquiring unproved and proved oil and natural gas leasehold acreage are capitalized. When proved reserves are found on an unproved property, the associated leasehold cost is transferred to proved properties. Significant unproved leases are reviewed periodically, and a valuation allowance is provided for any estimated decline in value. Costs of all other unproved leases are amortized over the estimated average holding period of the leases. Development costs are capitalized, including the costs of unsuccessful development wells. Impairment —We periodically assess our long-lived assets recorded in oil and natural gas properties on the Consolidated Balance Sheets to ensure that they are not carried in excess of fair value, which is computed using Level 3 inputs such as discounted cash flow models or valuations, based on estimated future commodity prices and our various operational assumptions. An evaluation is performed on a field-by-field basis at least annually or whenever changes in facts and circumstances indicate that our oil and natural gas properties may be impaired. To determine if a field is impaired, we compare the carrying value of the field to the undiscounted future net cash flows by applying management’s estimates of proved reserves, future oil and natural gas prices, future production of oil and natural gas reserves and future operating costs over the economic life of the property. In addition, other factors such as probable and possible reserves are taken into consideration when justified by economic conditions. If the carrying value is greater than the undiscounted cash flows we further evaluate the field to determine if an impairment exists. Fair value is estimated to be the present value of expected future net cash flows. Any impairment charge incurred is recorded in accumulated depletion, depreciation and amortization to reduce the carrying value of the field. Each part of this calculation is subject to a large degree of judgment, including the determination of the fields’ estimated reserves, future cash flows and fair value. Fair Value Measurement —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, our credit risk. We use various methods, including the income approach and market approach, to determine the fair values of our financial instruments that are measured at fair value on a recurring basis, which depend on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. For some of our instruments, the fair value is calculated based on directly observable market data or data available for similar instruments in similar markets. For other instruments, the fair value may be calculated based on these inputs as well as other assumptions related to estimates of future settlements of these instruments. We separate our financial instruments into three levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine the fair value of our instruments. Our assessment of an instrument can change over time based on the maturity or liquidity of the instrument, which could result in a change in the classification of the instruments between levels. Each of these levels and our corresponding instruments classified by level are further described below: · Level 1 Inputs— unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level are our senior notes; · Level 2 Inputs— quotes which are derived principally from or corroborated by observable market data. Included in this level are our Senior Credit Facility and commodity derivatives whose fair values are based on third-party quotes or available interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness or that of our counterparties; and · Level 3 Inputs— unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on our various assumptions and future commodity prices. Included in this level would be acquisitions and impairments of oil and natural gas properties, our 5.0% Convertible Exchange Senior Notes due 2032 (the “2032 Exchange Notes”), 8.0% Second Lien Senior Secured Notes due 2018 (the “8.0% Second Lien Notes”), the embedded derivative associated with the 8.0% Second Lien Notes (see Note 3) and 8.875% Second Lien Senior Secured Notes due 2018 (the “8.875% Second Lien Notes”) . As of March 31, 2016 and December 31, 2015, the carrying amounts of our cash and cash equivalents, trade receivables and payables represented fair value because of the short-term nature of these instruments. The following table summarizes the fair value of our financial instruments and long lived assets that are recorded or disclosed at fair value classified in each level as of March 31, 2016: Fair Value Measurements as of March 31, 2016 (in thousands) Description Level 1 Level 2 Level 3 Total Recurring Fair Value Measurements Commodity derivatives (see Note 6) $ — $ (6 ) $ — $ (6 ) Debt (see Note 3) (2,912 ) (40,000 ) (3,629 ) (46,541 ) Total recurring fair value measurements $ (2,912 ) $ (40,006 ) $ (3,629 ) $ (46,547 ) Depreciation— Depreciation and depletion of producing oil and natural gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements, is computed using the straight-line method over their estimated useful lives, which vary from three to five years Transportation Obligation —We entered into a natural gas gathering agreement with an independent service provider, effective July 27, 2010. The agreement was scheduled to remain in effect for a period of ten years and required the service provider to construct pipelines and facilities to connect our wells to the service provider’s gathering system in our Eagle Ford Shale Trend area of South Texas. In compensation for the services, we agreed to pay the service provider 110% of the total capital cost incurred by the service provider to construct new pipelines and facilities. The service provider billed us for 20% of the accumulated unpaid capital costs annually. This obligation was relieved upon the sale of our Eagle Ford Shale Trend properties in September 2015, however we are obligated to pay the 2015 annual billing. As a result of the sale, the transportation obligation liability was reduced to $1.0 million and remained unchanged through March 31, 2016. We accounted for the agreement by recording a long-term asset, included in “Deferred financing cost and other” on the Consolidated Balance Sheets. The asset was being amortized using the units-of-production method and the amortization expense was included in “Transportation and processing” on the Consolidated Statements of Operations. The related current and long-term liabilities were presented on the Consolidated Balance Sheets in “Accrued liabilities” and “Transportation obligation”, respectively. Asset Retirement Obligations —Asset retirement obligations are related to the abandonment and site restoration requirements that result from the exploration and development of our oil and natural gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense is included in “Depreciation, depletion and amortization” on our Consolidated Statements of Operations. See Note 2. The estimated fair value of the Company’s asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Revenue Recognition —Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. We record a liability or an asset for natural gas balancing when we have sold more or less than our working interest share of natural gas production, respectively. At March 31, 2016 and December 31, 2015, the net liability for natural gas balancing was immaterial. Differences between actual production and net working interest volumes are routinely adjusted. Derivative Instruments —We use derivative instruments such as futures, forwards, options, collars and swaps for purposes of hedging our exposure to fluctuations in the price of crude oil and natural gas and to hedge our exposure to changing interest rates. Accounting standards related to derivative instruments and hedging activities require that all derivative instruments subject to the requirements of those standards be measured at fair value and recognized as assets or liabilities in the balance sheet. We offset the fair value of our asset and liability positions with the same counterparty for each commodity type. Changes in fair value are required to be recognized in earnings unless specific hedge accounting criteria are met. All our realized gain or losses on our derivative contracts are the result of cash settlements. We have not designated any of our derivative contracts as hedges; accordingly, changes in fair value are reflected in earnings. See Note 6. Income or Loss Per Share— Basic income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders for each reporting period by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders for each reporting period by the weighted average number of common shares outstanding during the period, plus the effects of potentially dilutive stock options, stock warrants and restricted stock calculated using the Treasury Stock method and the potential dilutive effect of the conversion of shares associated with our 5.375% Series B Convertible Preferred Stock (“Series B Preferred Stock”), 10.00% Series E Cumulative Convertible Preferred Stock (the “Series E Preferred Stock”), 3.25% Convertible Senior Notes due 2026 (the “2026 Notes”), 5.0% Convertible Senior Notes due 2029 (the “2029 Notes”), and 5.0% Convertible Senior Notes due 2032 (the “2032 Notes”) and 2032 Exchange Notes. See Note 4. Commitments and Contingencies —Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Recoveries from third parties, when probable of realization, are separately recorded and are not offset against the related environmental liability. Guarantees —On March 2, 2011, we issued and sold $275 million aggregate principal amount of our 8.875% Senior Notes due 2019 (the “2019 Notes”). Upon issuance of the guarantee related to the 2019 Notes, our subsidiary also became a guarantor on our outstanding 2029 Notes and our 2026 Notes, pursuant to the respective indentures governing the 2029 Notes and 2026 Notes. On August 26, 2013 and October 1, 2013, we issued $109.25 million and $57.0 million, respectively, aggregate principal amount of our 2032 Notes, which are also guaranteed by our subsidiary pursuant to the terms of the indenture governing the 2032 Notes. The 2019 Notes, 2029 Notes, 2026 Notes and 2032 Notes are guaranteed on a senior unsecured basis by our 100% owned subsidiary, Goodrich Petroleum Company, L.L.C. On March 12, 2015, we issued and sold $100 million aggregate principal amount of our 8.0% Second Lien Notes and upon issuance our subsidiary became the guarantor of the 8.0% Second Lien Notes under the governing indenture. On September 8, 2015 and October 14, 2015 , we issued $27.5 million and $8.5 million, respectively, aggregate principal amount of our 2032 Exchange Notes and, upon issuance, our subsidiary became the guarantor of the 2032 Exchange Notes under the governing indenture. On October 1, 2015, we issued and sold $75 million aggregate principal amount of our 8.875% Second Lien Notes and upon issuance our subsidiary became the guarantor of the 8.875% Second Lien Notes under the governing indenture. The 2019 Notes, 2029 Notes, 2026 Notes, 2032 Notes, 8.0% Second Lien Notes, 2032 Exchange Notes, and 8.875 % Second Lien Notes are guaranteed on a senior unsecured basis by our wholly-owned subsidiary, Goodrich Petroleum Company, L.L.C. Goodrich Petroleum Corporation, as the parent company (the “Parent Company”), has no independent assets or operations. The guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing our 2019 Notes, 2026 Notes, 2029 Notes, 2032 Notes and 2032 Exchange Notes, as discussed below. The Parent Company has no other subsidiaries. In addition, there are no restrictions on the ability of the Parent Company to obtain funds from its subsidiary by dividend or loan. Finally, the Parent Company’s wholly-owned subsidiary does not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by the subsidiary without the consent of a third party. Guarantees of the 2019 Notes will be released under certain circumstances, including in the event a Subsidiary Guarantor (as defined in the indenture governing the 2019 Notes) is sold or disposed of (whether by merger, consolidation, the sale of its capital stock or the sale of all or substantially all of its assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving entity in such transaction to a person which is not the Parent Company or a Restricted Subsidiary of the Parent Company, such Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee if the sale or other disposition does not violate the covenants described under “Limitation on Sales of Assets and Subsidiary Stock” in the indenture governing the 2019 Notes. In addition, a Subsidiary Guarantor will be released from its obligations under the indenture and its guarantee if such Subsidiary Guarantor ceases to guarantee any other indebtedness of the Parent Company or a Subsidiary Guarantor under a credit facility, and is not a borrower under the Senior Secured Credit Agreement, provided no Event of Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing; or if the Parent Company designates such subsidiary as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of the indenture or if such subsidiary otherwise no longer meets the definition of a Restricted Subsidiary; or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the 2019 Notes in accordance with the indenture. Guarantees of the 2032 Exchange Notes, 2032 Notes, 2029 Notes and 2026 Notes will be released if the Subsidiary Guarantor no longer guarantees the 2019 Notes, if the Subsidiary Guarantor is dissolved or liquidated, if the Subsidiary Guarantor is no longer the Parent Company’s subsidiary or upon satisfaction and discharge of the 2032 Exchange Notes, 2032 Notes, 2029 Notes or 2026 Notes in accordance with their respective indentures. Guarantees of the 8.0% Second Lien Notes and 8.875% Second Lien Notes ( together the “Second Lien Notes” ) New Accounting Pronouncements On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improveme

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	NOTE 2—Asset Retirement Obligations The reconciliation of the beginning and ending asset retirement obligation for the period ending March 31, 2016 is as follows (in thousands): March 31, 2016 Beginning balance at December 31, 2015 $ 3,728 Liabilities incurred — Revisions in estimated liabilities — Liabilities settled — Accretion expense 67 Dispositions — Ending balance $ 3,795 Current liability $ 83 Long term liability $ 3,712

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	NOTE 3—Debt The commencement of the Chapter 11 Cases, described in Note 1 above, constitutes an event of default that accelerated the Company’s obligations under all of its outstanding debt instruments. The agreements governing the Company’s debt instruments provide that as a result of the Bankruptcy Petitions, the principal and interest due thereunder shall be immediately due and payable. However, any efforts to enforce such payment obligations under the Company’s debt instruments will be automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the debt instruments will be subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Debt consisted of the following balances as of the dates indicated (in thousands): March 31, 2016 December 31, 2015 Principal Carrying Amount (4) Fair Value (1) Principal Carrying Amount Fair Value (1) Senior Credit Facility $ 40,000 $ 38,661 $ 40,000 $ 27,000 $ 25,387 $ 27,000 8.0% Second Lien Senior Secured Notes due 2018 (2) 100,000 86,235 2,252 100,000 87,529 14,512 8.875% Second Lien Senior Secured Notes due 2018 75,000 91,363 1,114 75,000 91,364 7,586 8.875% Senior Notes due 2019 116,828 115,694 2,862 116,828 115,599 9,346 3.25% Convertible Senior Notes due 2026 429 429 — 429 429 64 5.0% Convertible Senior Notes due 2029 6,692 6,692 40 6,692 6,692 67 5.0% Convertible Senior Notes due 2032 (3) 99,155 96,758 10 98,664 95,882 6,923 5.0% Convertible Exchange Senior Notes due 2032 6,305 10,237 263 26,849 42,625 26,649 Total debt $ 444,409 $ 446,069 $ 46,541 $ 451,462 $ 465,507 $ 92,147 (1) The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair values of the notes were obtained by direct market quotes within Level 1 of the fair value hierarchy. The fair value of our Second Lien Notes and 2032 Exchange Notes were obtained using a discounted cash flow model within Level 3 of the fair value hierarchy. ( 2 ) The debt discount is being amortized using the effective interest rate method based upon a two and a half year term through September 1, 2017, the first repurchase date applicable to the 8.0% December 31, 2015 was $11.0 million, respectively ( 3 ) The debt discount is being amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $1.7 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively. ( 4 ) Total debt includes deferred loan costs of $4.4 million and $5.1 million as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs are amortized using the straight-line method through the contractual maturity dates for the Senior Credit Facility and 2019 Notes, through the first put date of September 1, 2017 for the 8.0% Second Lien Notes and through the first put date of October 1, 2017 for the 2032 Notes. The following table summarizes the total interest expense (contractual interest expense, accretion, amortization of debt discount and financing costs) and the effective interest rate on the liability component of the debt (amounts in thousands, except effective interest rates): Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 Effective Effective Interest Interest Interest Interest Expense Rate Expense Rate Senior Credit Facility $ 870 7.2 % $ 1,537 3.9 % 8.0% Second Lien Senior Secured Notes due 2018 ** 1,109 18.7 % 555 15.6 % 8.875% Second Lien Senior Secured Notes due 2018 — — % — — % 8.875% Senior Notes due 2019 2,688 9.1 % 6,327 9.2 % 3.25% Convertible Senior Notes due 2026 3 3.3 % 3 3.3 % 5.0% Convertible Senior Notes due 2029 84 5.0 % 84 5.0 % 5.0% Convertible Senior Notes due 2032 2,053 8.4 % 3,573 8.6 % 5.0% Convertible Exchange Senior Notes due 2032 1,484 * — — % Other 22 * — — % Total $ 8,313 $ 12,079 * - Not meaningful ** - Includes $3.8 million gain from the change in fair value of the embedded derivative associated with the 8.0% Second Lien Notes Senior Credit Facility Total lender commitments under the Senior Credit Facility were $40.3 million as of March 31, 2016. Total lender commitments under the Senior Credit Facility are also subject to a borrowing base limitation, which as of March 31, 2016 was $40.3 million. Pursuant to the terms of the Senior Credit Facility, borrowing base redeterminations occur on a semi-annual basis on April 1 and October 1. Our borrowing base was reduced to $20 million on April 1, 2016. As of March 31, 2016, we had $40.0 million outstanding under the Senior Credit Facility and $12.7 million in cash. With the redetermination of the borrowing base on April 1, 2016, the Company had a borrowing base deficiency of $20 million . On March 29, 2016, the Company entered into the Sixteenth Amendment to the Senior Credit Facility (the “Sixteenth Amendment”). The Sixteenth Amendment included the following key elements: (i) reduced total lender commitments to $40.3 million on March 29, 2016; (ii) the Company agreed not to request any borrowings, issue any new letters of credit or increase an existing letter of credit under the Senior Credit Facility before April 16, 2016; and (iii) requires that all letters of credit (except the letter of credit for the benefit of one specific vendor) expire at or prior to the earlier of (A) one year after the date of issuance or (B) five business days prior to February 24, 2017 The terms of the Senior Credit Facility require us to maintain certain covenants. Capitalized terms used here, but not defined, have the meanings assigned to them in the Senior Credit Facility. The primary financial covenants under the under the Senior Credit Facility, include: · Current Ratio of 1.0/1.0; · Interest Coverage Ratio of EBITDAX to interest expense of not less than 1.25/1.0 for the trailing four quarters EBITDAX. The interest for such period to apply solely to the cash portion of interest expense; and · Maximum First Lien Debt no greater than 1.25 times EBITDAX for the trailing four quarters. As used in connection with the Senior Credit Facility, Current Ratio is consolidated current assets (including current availability under the Senior Credit Facility, but excluding non-cash assets related to our derivatives) to consolidated current liabilities (excluding non-cash liabilities related to our derivatives, accrued capital expenditures and current maturities under the Senior Credit Facility). As used in connection with the Senior Credit Facility, EBITDAX is earnings before interest expense, income tax, depreciation, depletion and amortization, exploration expense, stock based compensation and impairment of oil and natural gas properties. In calculating EBITDAX for this purpose, gains/losses on derivatives not designated as hedges, less net cash received (paid) in settlement of commodity derivatives are excluded from Adjusted EBITDAX. The commencement of the Chapter 11 Cases on April 15, 2016 constituted an event of default that accelerated the Company’s obligations under the Senior Credit Facility. Additionally, other events of default existed as of April 15, 2016 which include the presence of an explanatory paragraph regarding the substantial doubt about our ability to continue as a going concern in the report of our independent registered public accounting firm that accompanied our audited consolidated financial statements for the year ended December 31, 2015. We were also not in compliance with the Current Ratio covenant under the Senior Credit Facility as of December 31, 2015. 8.0% Second Lien Senior Secured Notes due 2018 On March 12, 2015, we sold 100,000 units (the “Units”), each consisting of a $1,000 aggregate principal amount at maturity of our 8.0% Second Lien Notes and one warrant to purchase 48.84 shares of our $0.20 par value common stock. The 8.0% Second Lien Notes are guaranteed by our subsidiary that also guarantees our Senior Credit Facility. The Company received proceeds, before offering expenses payable by the Company, of $100 million from the sale of the Units. The proceeds from the issuance of the 8.0% Second Lien Notes were used to repay borrowings under the Senior Credit Facility and for general corporate purposes. The 8.0% Second Lien Notes are secured on a senior second-priority basis by liens on certain assets of the Company and its subsidiary that secures our Senior Credit Facility, which liens are subject to an inter-creditor agreement in favor of the lenders under the Senior Credit Facility. The 8.0% Second Lien Notes mature on March 15, 2018. If the aggregate principal amount outstanding on the 2032 Notes on August 1, 2017 is more than $25.0 million then the outstanding amount of the Second Lien Notes shall be due on September 1, 2017. Interest on the 8.0% Second Lien Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. We may redeem all or a portion of the 8.0% Second Lien Notes at redemption prices (expressed as percentages of principal amount) equal to (i) 106% for the twelve-month period beginning on March 15, 2016 and (ii) 100% on or after March 15, 2017, in each case plus accrued and unpaid interest to the redemption date. Prior to March 15, 2016, we may redeem the 8.0% Second Lien Notes at a customary “make-whole” premium. The indenture governing the 8.0% Second Lien Notes restricts our ability and the ability of certain of our subsidiaries to: (i) incur additional debt; (ii) make certain dividends or pay dividends or distributions on our capital stock or purchase, redeem or retire such capital stock or our unsecured debt; (iii) sell assets, including the capital stock of our restricted subsidiaries; (iv) pay dividends or other payments of our restricted subsidiaries; (v) create liens that secure debt; (vi) enter into transactions with affiliates and (vii) merge or consolidate with another company. These covenants are subject to a number of important exceptions and qualifications. At any time when the 8.0% Second Lien Notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no Default (as defined in the indenture governing the Second Lien Notes) has occurred and is continuing, many of these covenants will terminate. The 8.0% Second Lien Notes and the warrants became separately transferable on June 4, 2015 when a registration statement related to the resale of the warrants was declared effective by the SEC. The warrants are exercisable upon payment of the exercise price of $4.664 or convertible on a cashless basis as set forth in the agreement governing the warrants. Any warrants not exercised by March 12, 2025 will expire. In connection with the 8.0% Second Lien Notes, we entered into a registration rights agreement that provides holders of the 8.0% Second Lien Notes certain rights relating to registration of the 8.0% Second Lien Notes under the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the registration rights agreement, the Company is obligated to file an exchange offer registration statement with the SEC with respect to an offer to exchange the 8.0% Second Lien Notes for substantially identical notes that are registered under the Securities Act. We agreed to commence the exchange offer promptly after the exchange offer registration statement was declared effective by the SEC and use our reasonable best efforts to complete the exchange offer not later than 60 days after such effective date. Under certain circumstances, in lieu of a registered exchange offer, we agreed to file a shelf registration statement with respect to the 8.0% Second Lien Notes. If the exchange offer was not completed on or before March 12, 2016, or the shelf registration statement, if required, is not declared effective within the time periods specified in the Registration Rights Agreement, we agreed to pay additional interest with respect to the 8.0% Second Lien Notes in an amount of 0.25% of the principal amount of the 8.0% Second Lien Notes per year for the first 90 days following such failure, increasing by 0.25% for each additional 90 days and not to exceed 1.00% of the principal amount per year, until the exchange offer is completed or the shelf registration statement is declared effective. As of the date of this filing, neither an exchange offer nor shelf registration statement for the 8.0% Second Lien Notes has been filed with the SEC. We separately accounted for the liability and equity components of our 8.0% Second Lien Notes in a manner that reflected our nonconvertible debt borrowing rate when interest is recognized in subsequent periods. We measured the debt component of the 8.0% Second Lien Notes using a discount rate of 32% on the date of issuance. We attributed $78.7 million of the 8.0% Second Lien Notes relative fair value to the debt component, which compared to the face value results in a debt discount of $15.8 million. Additionally, we recorded $15.8 million within additional paid-in capital representing the equity component of the 8.0% Second Lien Notes. The debt discount will be amortized using the effective interest rate method through September 1, 2017 along with the applicable debt issuance costs. A debt discount of $7.9 million remains to be amortized on the 8.0% Second Lien Notes as of March 31, 2016. We also identified an embedded derivative associated with the 8.0% Second Lien Notes stemming from the length of time between the maturity date of March 15, 2018 and the put date of September 1, 2017. We valued the embedded derivative at $5.9 million using the discounted cash flow method on the date of issuance. The embedded derivative feature is recorded at fair value each reporting period with changes in fair value being reported as interest expense in the consolidated statements of operations. The fair value of the embedded derivative was $0.9 million and $5.1 million as of March 31, 2016 and December 31, 2015, respectively, and is included in the carrying amount of the 8.0% Second Lien Notes. The December 31, 2015 embedded derivative fair value consisted of $4.7 million attributable to the debt component 8.875% Second On October 1, 2015, we closed on a privately-negotiated exchange agreement under which we retired, in two tranches, $158.2 million in principal of our 2019 Notes for $75.0 million in principal of 8.875% Second Lien Notes. The first tranche exchanged $81.7 million of 2019 Notes for $36.8 million of 8.875% Second Lien Notes. The second tranche exchanged $76.5 million of 2019 Notes for $38.2 million of 8.875% Second Lien Notes which also included the issuance of 38,250 warrants. Each warrant is entitled to purchase approximately 156.9 shares of our $0.20 par value common stock for $1.00 per share. The 8.875% Second Lien Notes are secured on a senior second-priority basis by liens on certain assets of the Company and its subsidiary that secures our Senior Credit Facility, which liens are subject to an inter-creditor agreement in favor of the lenders under the Senior Credit Facility. The new 8.875% Second Lien Notes have a maturity date of March 15, 2018. If the aggregate principal amount outstanding on the 2032 Notes on August 1, 2017 is more than $25.0 million then the outstanding amount of the 8.875% Second Lien Notes shall be due on September 1, 2017. Interest on the 8.875% Second Lien Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2016. We may redeem all or a portion of the 8.875% Second Lien Notes at redemption prices (expressed as percentages of principal amount) equal to (i) 106% for the twelve-month period beginning on March 15, 2016 and (ii) 100% on or after March 15, 2017, in each case plus accrued and unpaid interest to the redemption date. Prior to March 15, 2016, we could have redeemed the 8.875% Second Lien Notes at a customary “make-whole” premium. The 8.875% Second Lien Notes contain a number of covenants including restrictions on: (i) the incurrence of indebtedness similar to the restrictions in the Company’s 2019 Notes; (ii) the incurrence of liens including prior liens securing indebtedness in an amount in excess of the greater of $150 million and the borrowing base under Senior Credit Facility, equally ranking liens securing indebtedness in an amount (including the 8.875% Second Lien Notes) of more than $75 million, and junior liens securing indebtedness in an amount of more than $50 million; and (iii) restricted payments including the purchase or repayment of unsecured indebtedness prior to its scheduled maturity. The indenture governing the 8.875% Second Lien Notes contains customary events of default. If an event of default, as defined, occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the 8.875% Second Lien Notes then outstanding may, and the trustee at the request of such holders shall, declare all unpaid principal and accrued and unpaid interest on the 8.875% Second Lien Notes to be due and payable immediately, by a notice in writing to the us. In the case of an event of default arising out of certain bankruptcy events, as defined, the principal and accrued and unpaid interest, on the 8.875% Second Lien Notes will automatically become due and payable without any declaration or other act on the part of the trustee or any holders. As previously stated, on April 15, 2016 we filed Chapter 11 Cases seeking relief under Chapter 11 of the Bankruptcy Code which constitutes an event of default under the indenture governing the 8.875% Second Lien Notes. However, any efforts to enforce payment obligations under any debt instrument will be automatically stayed as a result of the Chapter 11 Cases, and any creditors’ rights of enforcement with respect to debt instruments will be subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The 8.875% Second Lien Notes and the warrants were not separately transferable until the earlier of (i) 60 days after the date on which the Warrants are originally issued or (ii) in the event of the occurrence of a change of control, as defined in the governing indenture. Sixty days after the date of issuance the warrants became convertible on a cashless basis as set forth in the warrant agreement. Any warrants not exercised in ten years from the date of issuance will expire. We accounted for this transaction as a troubled debt transaction pursuant to guidance provided by FASB ASC section 470-60 “Troubled Debt Restructurings by Debtors”. We have determined that the prospective undiscounted cash flows from the 8.875% Second Lien Notes through their maturity did not exceed the adjusted carrying amount of the retired 2019 Notes, consequently a gain of $62.6 million was recognized for this exchange. Accordingly, on the date of the exchange, a carrying amount of $91.4 million was recorded as a liability and we recorded $2.5 million in Additional paid in capital representing the fair value of the warrants issued. On a basic and diluted loss per share basis the $62.6 million gain was $1.11 per share for the year ended December 31, 2015. 8.875% Senior Notes due 2019 On March 2, 2011, we sold $275 million of our 2019 Notes. The 2019 Notes mature on March 15, 2019, unless earlier redeemed or repurchased. The 2019 Notes are our senior unsecured obligations and rank equally in right of payment to all of our other existing and future unsecured indebtedness. The 2019 Notes accrue interest at a rate of 8.875% annually, and interest is paid semi-annually in arrears on March 15 and September 15. The 2019 Notes are guaranteed by our subsidiary that also guarantees our Senior Credit Facility. As described above, on October 1, 2015, we closed a privately-negotiated exchange under which we retired, in two tranches, $158.2 million in aggregate original principal amount of our outstanding 2019 Notes in exchange for the issuance of $75.0 million in aggregate original principal amount of our 8.875% Second Lien Notes and 38,250 warrants. Each warrant is entitled to purchase approximately 156.9 shares of our $0.20 par value common stock for $1.00 per share. Following this exchange, approximately $116.8 million aggregate original principal amount of the 2019 Notes remain outstanding with terms unchanged. We may redeem all or a portion of the 2019 Notes at redemption prices (expressed as percentages of principal amount) equal to approximately (i) 104% for the twelve-month period beginning on March 15, 2015; (ii) 102% for the twelve-month period beginning on March 15, 2016 and (iii) 100% on or after March 15, 2017, in each case plus accrued and unpaid interest to the redemption date. The indenture governing the 2019 Notes restricts our ability and the ability of certain of our subsidiaries to: (i) incur additional debt; (ii) make certain dividends or pay dividends or distributions on our capital stock or purchase, redeem or retire such capital stock; (iii) sell assets, including the capital stock of our restricted subsidiaries; (iv) pay dividends or other payments of our restricted subsidiaries; (v) create liens that secure debt; (vi) enter into transactions with affiliates and (vii) merge or consolidate with another company. These covenants are subject to a number of important exceptions and qualifications. At any time when the 2019 Notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing, many of these covenants will terminate. 5.0% Convertible Senior Notes due 2029 In September 2009, we sold $218.5 million of our 2029 Notes. The 2029 Notes mature on October 1, 2029, unless earlier converted, redeemed or repurchased. We exchanged $166.7 million of the 2029 Notes for the 2032 Notes in 2013. On October 1, 2014, we repurchased $45.1 million of the 2029 Notes using restricted cash held in escrow for that purpose. The 2029 Notes are convertible into shares of our common stock at a rate equal to 28.8534 shares per $1,000 principal amount of 2029 Notes (equal to an initial conversion price of approximately $34.66 per share of common stock). As of March 31, 2016, $6.7 million in aggregate principal amount of the 2029 Notes remain outstanding with terms unchanged. The 2029 Notes are our senior unsecured obligations and rank equally in right of payment to all of our other existing and future unsecured indebtedness. The 2029 Notes accrue interest at a rate of 5.0% annually, and interest is paid semi-annually in arrears on April 1 and October 1 of each year. Investors may convert their 2029 Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date under the following circumstances: (i) during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of our common stock is greater than or equal to 135% of the conversion price of the 2029 Notes for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; (ii) if the 2029 Notes have been called for redemption or (iii) upon the occurrence of one of specified corporate transactions. Investors may also convert their 2029 Notes at their option at any time beginning on September 1, 2029, and ending at the close of business on the second business day immediately preceding the maturity date. We separately accounted for the liability and equity components of our 2029 Notes in a manner that reflected our nonconvertible debt borrowing rate when interest was recognized in subsequent periods. The debt discount was amortized using the effective interest rate method based upon an original five year term through October 1, 2014. 5.0% Convertible Senior Notes due 2032 As described above, we entered into separate, privately negotiated exchange agreements in which we retired $166.7 million in aggregate principal amount of our outstanding 2029 Notes in exchange for the issuance of the 2032 Notes in an aggregate principal amount of $166.3 million. The 2032 Notes will mature on October 1, 2032. On September 8, 2015, we closed a privately-negotiated exchange under which we retired $55.0 million in aggregate original principal amount of our outstanding 2032 Notes in exchange for our issuance of a new series of 2032 Exchange Notes in an aggregate original principal amount of approximately $27.5 million. On October 14, 2015, we closed an additional privately-negotiated exchange under which we retired approximately $17.1 million in aggregate original principal amount of our outstanding 2032 Notes in exchange for our issuance of additional 2032 Exchange Notes in an aggregate original principal amount of approximately $8.5 million. Many terms of the 2032 Notes remain the same as the 2029 Notes they replaced, including the 5.0% annual cash interest rate and the conversion rate of 28.8534 shares of our common stock per $1,000 principal amount of 2032 Notes (equivalent to an initial conversion price of approximately $34.6580 per share of common stock), subject to adjustment in certain circumstances. Unlike the 2029 Notes, the principal amount of the 2032 Notes accretes at a rate of 2% per year commencing August 26, 2013, compounding on a semi-annual basis, until October 1, 2017. The accreted portion of the principal is payable in cash upon maturity but does not bear cash interest and is not convertible into our common stock. Holders have the option to require us to purchase any outstanding 2032 Notes on each of October 1, 2017, 2022 and 2027, at a price equal to 100% of the principal amount plus the accretion thereon. Accretion of principal is and will be reflected as a non-cash component of interest expense on our consolidated statement of operations during the term of the 2032 Notes. We recorded $0.5 million and $0.8 million of accretion in the three months ended March 31, 2016 and 2015, respectively. We have the right to redeem the 2032 Notes on or after October 1, 2016 at a price equal to 100% of the principal amount, plus accrued but unpaid interest and accretion thereon. The 2032 Notes also provide us with the option, at our election, to convert the new notes in whole or in part, prior to maturity, into the underlying common stock, provided the trading price of our common stock exceeds $45.06 (or 130% of the then applicable conversion price) for the required measurement period. If we elect to convert the 2032 Notes on or before October 1, 2016, holders will receive a make-whole premium. We separately accounted for the liability and equity components of our 2032 Notes in a manner that reflects our nonconvertible debt borrowing rate when interest is recognized in subsequent periods. We measured the debt component of the 2032 Notes using an effective interest rate of 8%. We attributed $158.8 million of the fair value to the 2032 Note debt component which compared to the face results in a debt discount of $7.5 million which will be amortized through the first put date of October 1, 2017. Additionally, we recorded $24.4 million within additional paid-in capital representing the equity component of the 2032 Notes. A debt discount of $1.7 million and $2.0 million remained to be amortized on the 2032 Notes as of March 31, 2016 and December 31, 2015, respectively. 5.0% Convertible Senior Exchange Notes due 2032 On September 8, 2015, we closed a privately-negotiated exchange under which we retired $55.0 million in principal amount of outstanding 2032 Notes in exchange for our issuance of approximately $27.5 million in aggregate original principal amount of 2032 Exchange Notes. On October 14, 2015, we closed an additional privately-negotiated exchange under which we retired approximately $17.1 million in aggregate original principal amount of our outstanding 2032 Notes in exchange for our issuance of additional 2032 Exchange Notes in an aggregate original principal amount of approximately $8.5 million. Investors may convert their 2032 Exchange Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date under the following circumstances: (1) if the 2032 Exchange Notes have been called for redemption or the Company exercises its option to convert the 2032 Exchange Notes, or (2) upon the occurrence of one of specified corporate transactions. The conversion rate is 500.00 shares per $1,000 principal amount of the 2032 Exchange Notes (equal to an initial conversion price of $2.00 per share of common stock), subject to adjustment. Like the 2032 Notes, the principal amount of the 2032 Exchange Notes will accrete at a rate of 2% per year from August 26, 2013, compounding on a semi-annual basis, until October 1, 2018. The accreted portion of the principal is payable in cash upon maturity but does not bear cash interest and is not convertible into our common stock. Holders have the option to require us to purchase any outstanding 2032 Exchange Notes on each of October 1, 2018, October 1, 2022 and October 1, 2027, at a price equal to 100% of the accreted principal amount thereof, plus accrued and unpaid interest on the original principal amount thereof. We have the right to redeem the 2032 Exchange Notes on or after October 1, 2017, at a price equal to 100% of the accreted principal amount thereof, plus accrued but unpaid interest on the original principal amount thereof. The 2032 Exchange Notes also provide us with the option to convert the 2032 Exchange Notes in whole or in part, prior to maturity, into the underlying common stock, provided the trading price of our common stock exceeds 125% of the then applicable conversion price for at least 20 trading days in any 30 trading day period. The initial conversion rate is 500 shares of common stock per $1,000 principal amount of 2032 Exchange Notes, subject to adjustment. Upon conversion, we must deliver, at our option, either (1) a number of shares of our common stock determined as set forth in the indenture related to the 2032 Exchange Notes, or (2) a combination of cash and shares of our common stock, if any. If the holders elect to convert the 2032 Exchange Notes on or before October 1, 2018, holders will receive a make-whole premium equal to (i) $100 per $1,000 face amount of the 2032 Exchange Notes if the conversion occurs prior to October 1, 2017 or (ii) $100 per $1,000 face amount of the 2032 Exchange Notes less an amount equal to 0.2778 multiplied by the number of days between September 30, 2017 and the conversion date, if the conversion occurs on or after October 1, 2017. We accounted for these exchange transactions as troubled debt restructuring transactions pursuant to guidance provided by FASB ASC section 470-60 “Troubled Debt Restructurings by Debtors”. We have determined that the prospective undiscounted cash flows from the 2032 Exchange Notes through their maturity exceed the adjusted carrying amount of the retired 2032 Notes, consequently a gain on extinguishment of debt was not recognized for these exchanges. Accordingly, on the date of the September 8, 2015 exchange, a carrying amount of $45.2 million remained as a liability and we recorded $10.1 million to additional paid in capital representing the net fair value of the convert feature. An annual discount rate of 1.3% is being used to amortize the liability until maturity on October 1, 2032. During 2016, holders converted an aggregate amount of $32.4 million of 2032 Exchange Notes into our common stock. As of March 31, 2016, $10.2 million aggregate principal amount of the 2032 Exchange Notes remained outstanding. 3.25% Convertible Senior Notes Due 2026 At March 31, 2016, $0.4 million of the 2026 Notes remained outstanding. Holders may present to us for redemption the remaining outstanding 2026 Notes on December 1, 2016 and December 1, 2021. Upon conversion, we have the option to deliver shares at the applicable conversion rate, redeem in cash or in certain circumstances redeem in a combination of cash and shares. The 2026 Notes are convertible into shares of our common stock at a rate equal to the sum of: ( i ) 15.1653 shares per $1,000 principal amount of 2026 Notes (equal to a “base conversion price” of approximately $65.94 per share) plus (ii ) an additional amount of shares per $1,000 of principal amount of 2026 Notes equal to the incremental share factor 2.6762), multiplied by a fraction, the numer

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss Per Common Share	NOTE 4—Net Loss Per Common Share Net loss applicable to common stock was used as the numerator in computing basic and diluted loss per common share for the three months ended March 31, 2016 and 2015. Included in Net loss applicable to common stock for the three months ended March 31, 2016 is $5.1 million of preferred stock dividends in arrears as a result of all cash dividends being suspended since the third quarter of 2015 to conserve capital. The preferred stock dividend in arrears amount is included in the 2016 Net loss applicable to common stock calculation for period-to-period comparison purposes only Three Months Ended March 31, 2016 2015 (Amounts in thousands, except per share data) Basic and Diluted loss per share: Net loss applicable to common stock $ (19,737 ) $ (28,549 ) Weighted average shares of common stock outstanding 74,521 49,110 Basic and Diluted loss per share (1) (2) (3) $ (0.26 ) $ (0.58 ) (1) Common shares issuable upon assumed conversion of convertible preferred stock or dividends paid were not presented as they would have been anti-dilutive. 16,878 3,588 (2) Common shares issuable upon assumed conversion of the 2026 Notes, 2029 Notes, 2032 Exchange Notes and 2032 Notes or interest paid were not presented as they would have been anti-dilutive. 5,910 4,997 (3) Common shares issuable on assumed conversion of restricted stock, stock warrants and employee stock options were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. 13,949 7,349

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 5—Income Taxes We recorded no income tax expense or benefit for the three months ended March 31, 2016. We increased our valuation allowance and reduced our net deferred tax assets to zero during 2009 after considering all available positive and negative evidence related to the realization of our deferred tax assets. Our assessment of the realization of our deferred tax assets has not changed, and as a result we continue to maintain a full valuation allowance for our net deferred assets as of March 31, 2016. We have elected to early adopt the provisions of ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” on a retrospective basis as of March 31, 2016. The amendments in this update seek to simplify the presentation of deferred income taxes and require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The implementation did not have a material impact on the Company’s consolidated statement of operations, balance sheet or statement of cash flows. As the noncurrent deferred tax amounts net to zero, they are no longer presented on the consolidated balance sheets. As of March 31, 2016, we have no unrecognized tax benefits. There were no significant changes to the calculation since December 31, 2015.

Commodity Derivative Activities

Commodity Derivative Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Commodity Derivative Activities	NOTE 6—Commodity Derivative Activities We use commodity and financial derivative contracts to manage fluctuations in commodity prices and interest rates. We are currently not designating our derivative contracts for hedge accounting. All derivative gains and losses from our derivative contracts have been recognized in “Other income (expense)” on our Consolidated Statements of Operations. All of our derivative contracts that were outstanding as of March 31, 2016 were terminated in April 2016 because of an event of default as a result of the Company filing the Bankruptcy Petitions on April 15, 2016. The following table summarizes gains and losses we recognized on our oil and natural gas derivatives for the three month periods ended March 31, 2016 and 2015. Three Months Ended March 31, Oil and Natural Gas Derivatives (in thousands) 2016 2015 Gain on commodity derivatives not designated as hedges $ 24 $ 4,430 Commodity Derivative Activity We enter into swap contracts, costless collars or other derivative agreements from time to time to manage commodity price risk for a portion of our production. Our policy is that all hedges are approved by the Hedging Committee of our Board of Directors, and reviewed periodically by the Board of Directors. As of March 31, 2016, the commodity derivatives we used were in the form of: (a) swaps, where we receive a fixed price and pay a floating price, based on NYMEX for natural gas, Louisiana Light Sweet Crude (LLS Argus) for crude oil or specific transfer point quoted prices, and (b) calls, where we grant the counter party the option to buy an underlying commodity at a specified strike price, within a certain period. Despite the measures taken by us to attempt to control price risk, we remain subject to price fluctuations for natural gas and crude oil sold in the spot market. Prices received for natural gas sold on the spot market are volatile due primarily to seasonality of demand and other factors beyond our control. Decreases in domestic crude oil and natural gas spot prices will have a material adverse effect on our financial position, results of operations and quantities of reserves recoverable on an economic basis. We routinely exercise our contractual right to net realized gains against realized losses when settling with our financial counterparties. Neither our counterparties nor we require any collateral upon entering derivative contracts. We would not have been at risk of losing any fair value amounts had our counterparties as a group been unable to fulfill their obligations as of December 31, 2015 since we did not have a derivative asset on our Consolidated Balance sheets as of . As of March 31, 2016, our open positions on our outstanding commodity derivative contracts, all of which were with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., were as follows: Contract Type Daily Volume Total Volume Fixed Price Fair Value at March 31, 2016 (in thousands) Natural gas calls (MMBtu) 2016 20,000 5,500,000 $ 5.05-5.06 $ (6 ) $ (6 ) The following table summarizes the fair values of our derivative financial instruments that are recorded at fair value classified in each level as of March 31, 2016 (in thousands). We measure the fair value of our commodity derivative contracts by applying the income approach. See Note 1 “Description of Business and Significant Accounting Policies-Fair Value Measurement” for our discussion for inputs used and valuation techniques for determining fair values. March 31, 2016 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Current Assets Commodity Derivatives $ — $ — $ — $ — Non-current Assets Commodity Derivatives — — — — Current Liabilities Commodity Derivatives — (6 ) — (6 ) Non-current Liabilities Commodity Derivatives — — — — Total $ — $ (6 ) $ — $ (6 ) We enter into oil and natural gas derivative contracts under which we have netting arrangements with each counter party. The following table discloses and reconciles the gross amounts to the amounts as presented on the Consolidated Balance Sheets for the periods ending March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Fair Value of Oil and Natural Gas Derivatives (in thousands) Gross Amount Amount Offset As Presented Gross Amount Amount Offset As Presented Derivative Current Asset $ — $ — $ — $ — $ — $ — Derivative Non-current Asset — — — — — — Derivative Current Liability (6 ) — (6 ) (30 ) — (30 ) Derivative Non-current Liability — — — — — — Total $ (6 ) $ — $ (6 ) $ (30 ) $ — $ (30 )

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	NOTE 7—Stockholders’ Equity Preferred Stock Dividends Beginning in the third quarter of 2015 all preferred stock dividend declarations and payments have been suspended. If we fail to pay dividends on our Series B Preferred Stock on any six dividend payment dates, whether or not consecutive, the dividend rate per annum will be increased by 1.0% until we have paid all dividends on our Series B Preferred Stock for all dividend periods up to and including the dividend payment date on which the accumulated and unpaid dividends are paid in full. If we fail to pay dividends for six or more quarterly periods, whether or not consecutive, on our 10% Series C Cumulative Preferred Stock (“Series C Preferred Stock”) or 9.75% Series D Cumulative Preferred Stock (“Series D Preferred Stock”) the holders will receive limited voting rights. In aggregate there were $15.3 million and $10.5 million of dividends in arrears as of March 31, 2016 and December 31, 2015, respectively, for the outstanding shares of our Series B, C and D Preferred Stock. The following table sets forth information related to the components of Preferred stock, net on our Consolidated Statements of Operations: Three Months Ended March 31, 2016 2015 (Amounts in thousands) Preferred stock, net: Preferred stock dividends $ — $ 7,431 Preferred stock dividends in arrears 5,116 — Preferred stock exchange (4,112 ) — $ 1,004 $ 7,431 Conversions to Common Stock In 2016, we issued 9.8 million shares of our common stock to holders that exercised their conversion rights on $19.6 million face amount of the 2032 Exchange Notes. We recorded the $32.4 million carrying amount of the converted 2032 Exchange Notes to stockholders’ equity. See Note 3. Additionally, in 2016, we issued 3.3 million shares of our common stock to Series E Preferred Stock holders that exercised their conversion rights on approximately 650,904 depositary shares of Series E Preferred Stock.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8—Commitments and Contingencies On June 10, 2015, we entered into an eighteen month term agreement with a third party vendor which obligated us to purchase $11.4 million in pipe. We will receive and pay for approximately $0.6 million of pipe each month during the term of the agreement. Our obligation may be reduced subject to the vendor identifying an opportunity to sell the pipe to the open market. We have taken delivery of eight shipments under this agreement and a $6.2 million commitment remained at March 31, 2016. We have not taken any deliveries from the vendor nor have we made any payments to the vendor since January 2016. As of March 31, 2016, we did not have any other changes in material commitments and contingencies, which include our outstanding and pending litigation.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 9 – Subsequent Events On April 15, 2016, we filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the Bankruptcy Code in the United States Bankruptcy Court for Southern District of Texas to pursue a pre-packaged Chapter 11 plan of reorganization. See Note 1 for further details.

Description of Business and S15

Description of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve month period following the date of these consolidated financial statements. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. Furthermore, the accompanying consolidated financial statements We adopted FASB Accounting Standard Update (ASU) 2015-03, Interest-Imputation of Interest, in 2016. This guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than an asset. This guidance requires retrospective application; therefore, prior year amounts within the consolidated balance sheets have been reclassified to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation — The consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accordingly, certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) has been condensed or omitted. The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period. We have evaluated subsequent events through the date of this filing.
Use of Estimates	Use of Estimates — Our management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with US GAAP.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents includes cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety days or less at the date of purchase.
Property and Equipment	Property and Equipment —As of March 31, 2016, we had interests in oil and natural gas properties totaling $67.4 million, net of accumulated depletion, which we account for under the successful efforts method. Under this method, costs of acquiring unproved and proved oil and natural gas leasehold acreage are capitalized. When proved reserves are found on an unproved property, the associated leasehold cost is transferred to proved properties. Significant unproved leases are reviewed periodically, and a valuation allowance is provided for any estimated decline in value. Costs of all other unproved leases are amortized over the estimated average holding period of the leases. Development costs are capitalized, including the costs of unsuccessful development wells.
Impairment	Impairment —We periodically assess our long-lived assets recorded in oil and natural gas properties on the Consolidated Balance Sheets to ensure that they are not carried in excess of fair value, which is computed using Level 3 inputs such as discounted cash flow models or valuations, based on estimated future commodity prices and our various operational assumptions. An evaluation is performed on a field-by-field basis at least annually or whenever changes in facts and circumstances indicate that our oil and natural gas properties may be impaired. To determine if a field is impaired, we compare the carrying value of the field to the undiscounted future net cash flows by applying management’s estimates of proved reserves, future oil and natural gas prices, future production of oil and natural gas reserves and future operating costs over the economic life of the property. In addition, other factors such as probable and possible reserves are taken into consideration when justified by economic conditions. If the carrying value is greater than the undiscounted cash flows we further evaluate the field to determine if an impairment exists. Fair value is estimated to be the present value of expected future net cash flows. Any impairment charge incurred is recorded in accumulated depletion, depreciation and amortization to reduce the carrying value of the field. Each part of this calculation is subject to a large degree of judgment, including the determination of the fields’ estimated reserves, future cash flows and fair value.
Fair Value Measurement	Fair Value Measurement —Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, our credit risk. We use various methods, including the income approach and market approach, to determine the fair values of our financial instruments that are measured at fair value on a recurring basis, which depend on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. For some of our instruments, the fair value is calculated based on directly observable market data or data available for similar instruments in similar markets. For other instruments, the fair value may be calculated based on these inputs as well as other assumptions related to estimates of future settlements of these instruments. We separate our financial instruments into three levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine the fair value of our instruments. Our assessment of an instrument can change over time based on the maturity or liquidity of the instrument, which could result in a change in the classification of the instruments between levels. Each of these levels and our corresponding instruments classified by level are further described below: · Level 1 Inputs— unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level are our senior notes; · Level 2 Inputs— quotes which are derived principally from or corroborated by observable market data. Included in this level are our Senior Credit Facility and commodity derivatives whose fair values are based on third-party quotes or available interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness or that of our counterparties; and · Level 3 Inputs— unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on our various assumptions and future commodity prices. Included in this level would be acquisitions and impairments of oil and natural gas properties, our 5.0% Convertible Exchange Senior Notes due 2032 (the “2032 Exchange Notes”), 8.0% Second Lien Senior Secured Notes due 2018 (the “8.0% Second Lien Notes”), the embedded derivative associated with the 8.0% Second Lien Notes (see Note 3) and 8.875% Second Lien Senior Secured Notes due 2018 (the “8.875% Second Lien Notes”) . As of March 31, 2016 and December 31, 2015, the carrying amounts of our cash and cash equivalents, trade receivables and payables represented fair value because of the short-term nature of these instruments. The following table summarizes the fair value of our financial instruments and long lived assets that are recorded or disclosed at fair value classified in each level as of March 31, 2016: Fair Value Measurements as of March 31, 2016 (in thousands) Description Level 1 Level 2 Level 3 Total Recurring Fair Value Measurements Commodity derivatives (see Note 6) $ — $ (6 ) $ — $ (6 ) Debt (see Note 3) (2,912 ) (40,000 ) (3,629 ) (46,541 ) Total recurring fair value measurements $ (2,912 ) $ (40,006 ) $ (3,629 ) $ (46,547 )
Depreciation	Depreciation— Depreciation and depletion of producing oil and natural gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements, is computed using the straight-line method over their estimated useful lives, which vary from three to five years
Transportation Obligation	Transportation Obligation — We entered into a natural gas gathering agreement with an independent service provider, effective July 27, 2010. The agreement was scheduled to remain in effect for a period of ten years and required the service provider to construct pipelines and facilities to connect our wells to the service provider’s gathering system in our Eagle Ford Shale Trend area of South Texas. In compensation for the services, we agreed to pay the service provider 110% of the total capital cost incurred by the service provider to construct new pipelines and facilities. The service provider billed us for 20% of the accumulated unpaid capital costs annually. This obligation was relieved upon the sale of our Eagle Ford Shale Trend properties in September 2015, however we are obligated to pay the 2015 annual billing. As a result of the sale, the transportation obligation liability was reduced to $1.0 million and remained unchanged through March 31, 2016. We accounted for the agreement by recording a long-term asset, included in “Deferred financing cost and other” on the Consolidated Balance Sheets. The asset was being amortized using the units-of-production method and the amortization expense was included in “Transportation and processing” on the Consolidated Statements of Operations. The related current and long-term liabilities were presented on the Consolidated Balance Sheets in “Accrued liabilities” and “Transportation obligation”, respectively.
Asset Retirement Obligations	Asset Retirement Obligations —Asset retirement obligations are related to the abandonment and site restoration requirements that result from the exploration and development of our oil and natural gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense is included in “Depreciation, depletion and amortization” on our Consolidated Statements of Operations. See Note 2. The estimated fair value of the Company’s asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy.
Revenue Recognition	Revenue Recognition —Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. We record a liability or an asset for natural gas balancing when we have sold more or less than our working interest share of natural gas production, respectively. At March 31, 2016 and December 31, 2015, the net liability for natural gas balancing was immaterial. Differences between actual production and net working interest volumes are routinely adjusted.
Derivative Instruments	Derivative Instruments — We use derivative instruments such as futures, forwards, options, collars and swaps for purposes of hedging our exposure to fluctuations in the price of crude oil and natural gas and to hedge our exposure to changing interest rates. Accounting standards related to derivative instruments and hedging activities require that all derivative instruments subject to the requirements of those standards be measured at fair value and recognized as assets or liabilities in the balance sheet. We offset the fair value of our asset and liability positions with the same counterparty for each commodity type. Changes in fair value are required to be recognized in earnings unless specific hedge accounting criteria are met. All our realized gain or losses on our derivative contracts are the result of cash settlements. We have not designated any of our derivative contracts as hedges; accordingly, changes in fair value are reflected in earnings. See Note 6.
Income or Loss Per Share	Income or Loss Per Share— Basic income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders for each reporting period by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders for each reporting period by the weighted average number of common shares outstanding during the period, plus the effects of potentially dilutive stock options, stock warrants and restricted stock calculated using the Treasury Stock method and the potential dilutive effect of the conversion of shares associated with our 5.375% Series B Convertible Preferred Stock (“Series B Preferred Stock”), 10.00% Series E Cumulative Convertible Preferred Stock (the “Series E Preferred Stock”), 3.25% Convertible Senior Notes due 2026 (the “2026 Notes”), 5.0% Convertible Senior Notes due 2029 (the “2029 Notes”), and 5.0% Convertible Senior Notes due 2032 (the “2032 Notes”) and 2032 Exchange Notes. See Note 4.
Commitments and Contingencies	Commitments and Contingencies —Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Recoveries from third parties, when probable of realization, are separately recorded and are not offset against the related environmental liability.
Guarantees	Guarantees —On March 2, 2011, we issued and sold $ 275 million aggregate principal amount of our 8.875% Senior Notes due 2019 (the “2019 Notes”). Upon issuance of the guarantee related to the 2019 Notes, our subsidiary also became a guarantor on our outstanding 2029 Notes and our 2026 Notes, pursuant to the respective indentures governing the 2029 Notes and 2026 Notes. On August 26, 2013 and October 1, 2013, we issued $109.25 million and $57.0 million, respectively, aggregate principal amount of our 2032 Notes, which are also guaranteed by our subsidiary pursuant to the terms of the indenture governing the 2032 Notes. The 2019 Notes, 2029 Notes, 2026 Notes and 2032 Notes are guaranteed on a senior unsecured basis by our 100% owned subsidiary, Goodrich Petroleum Company, L.L.C. On March 12, 2015, we issued and sold $100 million aggregate principal amount of our 8.0% Second Lien Notes and upon issuance our subsidiary became the guarantor of the 8.0% Second Lien Notes under the governing indenture. On September 8, 2015 and October 14, 2015 , we issued $27.5 million and $8.5 million, respectively, aggregate principal amount of our 2032 Exchange Notes and, upon issuance, our subsidiary became the guarantor of the 2032 Exchange Notes under the governing indenture. On October 1, 2015, we issued and sold $75 million aggregate principal amount of our 8.875% Second Lien Notes and upon issuance our subsidiary became the guarantor of the 8.875% Second Lien Notes under the governing indenture. The 2019 Notes, 2029 Notes, 2026 Notes, 2032 Notes, 8.0% Second Lien Notes, 2032 Exchange Notes, and 8.875 % Second Lien Notes are guaranteed on a senior unsecured basis by our wholly-owned subsidiary, Goodrich Petroleum Company, L.L.C. Goodrich Petroleum Corporation, as the parent company (the “Parent Company”), has no independent assets or operations. The guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing our 2019 Notes, 2026 Notes, 2029 Notes, 2032 Notes and 2032 Exchange Notes, as discussed below. The Parent Company has no other subsidiaries. In addition, there are no restrictions on the ability of the Parent Company to obtain funds from its subsidiary by dividend or loan. Finally, the Parent Company’s wholly-owned subsidiary does not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by the subsidiary without the consent of a third party. Guarantees of the 2019 Notes will be released under certain circumstances, including in the event a Subsidiary Guarantor (as defined in the indenture governing the 2019 Notes) is sold or disposed of (whether by merger, consolidation, the sale of its capital stock or the sale of all or substantially all of its assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving entity in such transaction to a person which is not the Parent Company or a Restricted Subsidiary of the Parent Company, such Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee if the sale or other disposition does not violate the covenants described under “Limitation on Sales of Assets and Subsidiary Stock” in the indenture governing the 2019 Notes. In addition, a Subsidiary Guarantor will be released from its obligations under the indenture and its guarantee if such Subsidiary Guarantor ceases to guarantee any other indebtedness of the Parent Company or a Subsidiary Guarantor under a credit facility, and is not a borrower under the Senior Secured Credit Agreement, provided no Event of Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing; or if the Parent Company designates such subsidiary as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of the indenture or if such subsidiary otherwise no longer meets the definition of a Restricted Subsidiary; or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the 2019 Notes in accordance with the indenture. Guarantees of the 2032 Exchange Notes, 2032 Notes, 2029 Notes and 2026 Notes will be released if the Subsidiary Guarantor no longer guarantees the 2019 Notes, if the Subsidiary Guarantor is dissolved or liquidated, if the Subsidiary Guarantor is no longer the Parent Company’s subsidiary or upon satisfaction and discharge of the 2032 Exchange Notes, 2032 Notes, 2029 Notes or 2026 Notes in accordance with their respective indentures. Guarantees of the 8.0% Second Lien Notes and 8.875% Second Lien Notes ( together the “Second Lien Notes” )
New Accounting Pronouncements	New Accounting Pronouncements On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any organization in any interim or annual period. However, if early adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Also, if early adopted, all amendments must be adopted in the same period. We are currently evaluating the provisions of this ASU and assessing the impact it may have on our consolidated financial statements. On February 25, 2016 the FASB issued ASU 2016-02, Leases (Topic 842). The key difference between the existing standards and ASU 2016-02 is the requirement for lessees to recognize on their balance sheet all lease contracts with lease terms greater than 12 months, including operating leases. Specifically, lessees are required to recognize on the balance sheet at lease commencement, both: (i) a right-of-use asset, representing the lessee’s right to use the leased asset over the term of the lease; and, (ii) a lease liability, representing the lessee’s contractual obligation to make lease payments over the term of the lease. For lessees, ASU 2016-02 requires classification of leases as either operating or finance leases, which are similar to the current operating and capital lease classifications. However, the distinction between these two classifications under the ASU does not relate to balance sheet treatment, but relates to treatment and recognition in the statements of income and cash flows. Lessor accounting is largely unchanged from current US GAAP. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for public entities. Early application is permitted. We are currently evaluating the provisions of this ASU and assessing the impact it may have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements.

Description of Business and S16

Description of Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Fair Value of Financial Instruments and Long Lived Assets	The following table summarizes the fair value of our financial instruments and long lived assets that are recorded or disclosed at fair value classified in each level as of March 31, 2016: Fair Value Measurements as of March 31, 2016 (in thousands) Description Level 1 Level 2 Level 3 Total Recurring Fair Value Measurements Commodity derivatives (see Note 6) $ — $ (6 ) $ — $ (6 ) Debt (see Note 3) (2,912 ) (40,000 ) (3,629 ) (46,541 ) Total recurring fair value measurements $ (2,912 ) $ (40,006 ) $ (3,629 ) $ (46,547 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Reconciliation of Asset Retirement Obligations	The reconciliation of the beginning and ending asset retirement obligation for the period ending March 31, 2016 is as follows (in thousands): March 31, 2016 Beginning balance at December 31, 2015 $ 3,728 Liabilities incurred — Revisions in estimated liabilities — Liabilities settled — Accretion expense 67 Dispositions — Ending balance $ 3,795 Current liability $ 83 Long term liability $ 3,712

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Components of Debt	Debt consisted of the following balances as of the dates indicated (in thousands): March 31, 2016 December 31, 2015 Principal Carrying Amount (4) Fair Value (1) Principal Carrying Amount Fair Value (1) Senior Credit Facility $ 40,000 $ 38,661 $ 40,000 $ 27,000 $ 25,387 $ 27,000 8.0% Second Lien Senior Secured Notes due 2018 (2) 100,000 86,235 2,252 100,000 87,529 14,512 8.875% Second Lien Senior Secured Notes due 2018 75,000 91,363 1,114 75,000 91,364 7,586 8.875% Senior Notes due 2019 116,828 115,694 2,862 116,828 115,599 9,346 3.25% Convertible Senior Notes due 2026 429 429 — 429 429 64 5.0% Convertible Senior Notes due 2029 6,692 6,692 40 6,692 6,692 67 5.0% Convertible Senior Notes due 2032 (3) 99,155 96,758 10 98,664 95,882 6,923 5.0% Convertible Exchange Senior Notes due 2032 6,305 10,237 263 26,849 42,625 26,649 Total debt $ 444,409 $ 446,069 $ 46,541 $ 451,462 $ 465,507 $ 92,147 (1) The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair values of the notes were obtained by direct market quotes within Level 1 of the fair value hierarchy. The fair value of our Second Lien Notes and 2032 Exchange Notes were obtained using a discounted cash flow model within Level 3 of the fair value hierarchy. ( 2 ) The debt discount is being amortized using the effective interest rate method based upon a two and a half year term through September 1, 2017, the first repurchase date applicable to the 8.0% December 31, 2015 was $11.0 million, respectively ( 3 ) The debt discount is being amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $1.7 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively. ( 4 ) Total debt includes deferred loan costs of $4.4 million and $5.1 million as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs are amortized using the straight-line method through the contractual maturity dates for the Senior Credit Facility and 2019 Notes, through the first put date of September 1, 2017 for the 8.0% Second Lien Notes and through the first put date of October 1, 2017 for the 2032 Notes.
Summary of Total Interest Expense and Effective Interest Rate on Debt	The following table summarizes the total interest expense (contractual interest expense, accretion, amortization of debt discount and financing costs) and the effective interest rate on the liability component of the debt (amounts in thousands, except effective interest rates): Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 Effective Effective Interest Interest Interest Interest Expense Rate Expense Rate Senior Credit Facility $ 870 7.2 % $ 1,537 3.9 % 8.0% Second Lien Senior Secured Notes due 2018 ** 1,109 18.7 % 555 15.6 % 8.875% Second Lien Senior Secured Notes due 2018 — — % — — % 8.875% Senior Notes due 2019 2,688 9.1 % 6,327 9.2 % 3.25% Convertible Senior Notes due 2026 3 3.3 % 3 3.3 % 5.0% Convertible Senior Notes due 2029 84 5.0 % 84 5.0 % 5.0% Convertible Senior Notes due 2032 2,053 8.4 % 3,573 8.6 % 5.0% Convertible Exchange Senior Notes due 2032 1,484 * — — % Other 22 * — — % Total $ 8,313 $ 12,079 * - Not meaningful ** - Includes $3.8 million gain from the change in fair value of the embedded derivative associated with the 8.0% Second Lien Notes

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Net Income (Loss) Per Common Share	The following table sets forth information related to the computations of basic and diluted loss per share: Three Months Ended March 31, 2016 2015 (Amounts in thousands, except per share data) Basic and Diluted loss per share: Net loss applicable to common stock $ (19,737 ) $ (28,549 ) Weighted average shares of common stock outstanding 74,521 49,110 Basic and Diluted loss per share (1) (2) (3) $ (0.26 ) $ (0.58 ) (1) Common shares issuable upon assumed conversion of convertible preferred stock or dividends paid were not presented as they would have been anti-dilutive. 16,878 3,588 (2) Common shares issuable upon assumed conversion of the 2026 Notes, 2029 Notes, 2032 Exchange Notes and 2032 Notes or interest paid were not presented as they would have been anti-dilutive. 5,910 4,997 (3) Common shares issuable on assumed conversion of restricted stock, stock warrants and employee stock options were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. 13,949 7,349

Commodity Derivative Activiti20

Commodity Derivative Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Gains and Losses on Derivatives	The following table summarizes gains and losses we recognized on our oil and natural gas derivatives for the three month periods ended March 31, 2016 and 2015. Three Months Ended March 31, Oil and Natural Gas Derivatives (in thousands) 2016 2015 Gain on commodity derivatives not designated as hedges $ 24 $ 4,430
Outstanding Commodity Derivative Contracts	As of March 31, 2016, our open positions on our outstanding commodity derivative contracts, all of which were with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., were as follows: Contract Type Daily Volume Total Volume Fixed Price Fair Value at March 31, 2016 (in thousands) Natural gas calls (MMBtu) 2016 20,000 5,500,000 $ 5.05-5.06 $ (6 ) $ (6 )
Derivative Assets and Liabilities Recorded at Fair Value	The following table summarizes the fair values of our derivative financial instruments that are recorded at fair value classified in each level as of March 31, 2016 (in thousands). We measure the fair value of our commodity derivative contracts by applying the income approach. See Note 1 “Description of Business and Significant Accounting Policies-Fair Value Measurement” for our discussion for inputs used and valuation techniques for determining fair values. March 31, 2016 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Current Assets Commodity Derivatives $ — $ — $ — $ — Non-current Assets Commodity Derivatives — — — — Current Liabilities Commodity Derivatives — (6 ) — (6 ) Non-current Liabilities Commodity Derivatives — — — — Total $ — $ (6 ) $ — $ (6 )
Derivative
Derivative Assets and Liabilities Recorded at Fair Value	The following table discloses and reconciles the gross amounts to the amounts as presented on the Consolidated Balance Sheets for the periods ending March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Fair Value of Oil and Natural Gas Derivatives (in thousands) Gross Amount Amount Offset As Presented Gross Amount Amount Offset As Presented Derivative Current Asset $ — $ — $ — $ — $ — $ — Derivative Non-current Asset — — — — — — Derivative Current Liability (6 ) — (6 ) (30 ) — (30 ) Derivative Non-current Liability — — — — — — Total $ (6 ) $ — $ (6 ) $ (30 ) $ — $ (30 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Components of Preferred Stock, Net	The following table sets forth information related to the components of Preferred stock, net on our Consolidated Statements of Operations: Three Months Ended March 31, 2016 2015 (Amounts in thousands) Preferred stock, net: Preferred stock dividends $ — $ 7,431 Preferred stock dividends in arrears 5,116 — Preferred stock exchange (4,112 ) — $ 1,004 $ 7,431

Description of Business and S22

Description of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands

Mar. 28, 2016

Oct. 14, 2015

Sep. 08, 2015

Oct. 01, 2013

Aug. 26, 2013

Mar. 02, 2011

Mar. 31, 2016

Dec. 31, 2015

Oct. 02, 2015

Oct. 01, 2015

Mar. 12, 2015

Dec. 31, 2013

Sep. 30, 2009

Description Of Company And Significant Accounting Policies [Line Items]

Interest payment due date

Mar. 15, 2016

Interest payment grace period

30 days

Debt instrument, principal amount

$ 444,409

$ 451,462

Interests in oil and gas properties, net of accumulated depletion

$ 67,400

Natural gas gathering agreement period

10 years

Percentage paid to service provider

110.00%

Percentage of accumulated capital costs charged annually

20.00%

Transportation obligation liability

$ 1,000

Maximum Wholly-owned subsidiary

Description Of Company And Significant Accounting Policies [Line Items]

Percentage of restricted assets that may not be transferred to the parent company

25.00%

Series B Convertible Preferred Stock

Description Of Company And Significant Accounting Policies [Line Items]

Preferred stock, dividend rate, percentage

5.375%

Series E Cumulative Convertible Preferred Stock

Description Of Company And Significant Accounting Policies [Line Items]

Preferred stock, dividend rate, percentage

10.00%

Minimum

Description Of Company And Significant Accounting Policies [Line Items]

Furniture, fixtures and equipment estimated useful lives

3 years

Maximum

Description Of Company And Significant Accounting Policies [Line Items]

Furniture, fixtures and equipment estimated useful lives

5 years

8.875% Senior Notes due 2019

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.875%

8.875%

Debt instruments maturity date

2,019

2,019

Debt instrument, principal amount

$ 275,000

$ 116,828

116,828

$ 75,000

Percentage owned in subsidiary

100.00%

8.0% Second Lien Senior Secured Notes due 2018

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.00%

Debt instruments maturity date

2,018

Debt instrument, principal amount

$ 100,000

[1]

100,000

[1]

$ 100,000

Percentage owned in subsidiary

100.00%

8.0% Second Lien Senior Secured Notes due 2018 | Restructuring Support Agreement

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.00%

Debt instruments maturity date

2,018

8.875% Second Lien Senior Secured Notes due 2018

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.875%

8.875%

Debt instruments maturity date

2,018

Debt instrument, principal amount

$ 75,000

75,000

$ 75,000

8.875% Second Lien Senior Secured Notes due 2018 | Restructuring Support Agreement

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.875%

Debt instruments maturity date

2,018

5.0% Convertible Senior Notes due 2029

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,029

Debt instrument, principal amount

$ 6,692

6,692

$ 218,500

5.0% Convertible Senior Notes due 2032

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,032

2,032

2,032

Debt instrument, principal amount

$ 8,500

$ 27,500

$ 57,000

$ 109,250

$ 99,155

[2]

98,664

[2]

$ 166,300

Percentage owned in subsidiary

100.00%

100.00%

5.0% Convertible Exchange Notes due 2032

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,032

2,032

2,032

Debt instrument, principal amount

$ 8,500

$ 27,500

$ 6,305

26,849

Second Lien Notes | Restructuring Support Agreement

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument, principal amount

$ 175,000

Percentage of pro rata membership interests receivable

100.00%

Grants of new equity interests, percentage

9.00%

3.25% Convertible Senior Notes due 2026

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

3.25%

Debt instruments maturity date

2,026

Debt instrument, principal amount

$ 429

$ 429

8.875% Second Lien Senior Secured Notes due 2018

Description Of Company And Significant Accounting Policies [Line Items]

Debt instrument interest rate

8.875%

Debt instrument, principal amount

$ 75,000

[1]

The debt discount is being amortized using the effective interest rate method based upon a two and a half year term through September 1, 2017, the first repurchase date applicable to the 8.0% Second Lien Notes. The debt discount as of March 31, 2016 and December 31, 2015 was $7.9 million and $11.0 million, respectively.

[2]

The debt discount is being amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $1.7 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Long Lived Assets (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Recurring Fair Value Measurements
Debt	[1]	$ (46,541)	$ (92,147)
Not Designated as Hedging Instrument | Commodity Derivatives
Recurring Fair Value Measurements
Commodity derivatives		(6)	$ (30)
Recurring Fair Value Measurements
Recurring Fair Value Measurements
Debt		(46,541)
Total recurring fair value measurements		(46,547)
Recurring Fair Value Measurements | Not Designated as Hedging Instrument | Commodity Derivatives
Recurring Fair Value Measurements
Commodity derivatives		(6)
Level 1 | Recurring Fair Value Measurements
Recurring Fair Value Measurements
Debt		(2,912)
Total recurring fair value measurements		(2,912)
Level 2 | Not Designated as Hedging Instrument | Commodity Derivatives
Recurring Fair Value Measurements
Commodity derivatives		(6)
Level 2 | Recurring Fair Value Measurements
Recurring Fair Value Measurements
Debt		(40,000)
Total recurring fair value measurements		(40,006)
Level 2 | Recurring Fair Value Measurements | Not Designated as Hedging Instrument | Commodity Derivatives
Recurring Fair Value Measurements
Commodity derivatives		(6)
Level 3 | Recurring Fair Value Measurements
Recurring Fair Value Measurements
Debt		(3,629)
Total recurring fair value measurements		$ (3,629)
[1]	The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair values of the notes were obtained by direct market quotes within Level 1 of the fair value hierarchy. The fair value of our Second Lien Notes and 2032 Exchange Notes were obtained using a discounted cash flow model within Level 3 of the fair value hierarchy.

Reconciliation of Asset Retirem

Reconciliation of Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Beginning balance	$ 3,728
Accretion expense	67
Ending balance	3,795
Current liability	83	$ 83
Long term liability	$ 3,712	$ 3,645

Components of Debt (Detail)

Components of Debt (Detail) - USD ($) $ in Thousands		Mar. 31, 2016		Dec. 31, 2015		Oct. 14, 2015	Oct. 02, 2015	Oct. 01, 2015	Sep. 08, 2015	Mar. 12, 2015	Dec. 31, 2013	Oct. 01, 2013	Aug. 26, 2013	Mar. 02, 2011	Sep. 30, 2009
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 444,409		$ 451,462
Debt Instrument, Carrying Amount		446,069	[1]	465,507
Debt Instrument, Fair Value	[2]	46,541		92,147
Senior Credit Facility
Debt Instrument [Line Items]
Debt instrument, principal amount		40,000		27,000
Debt Instrument, Carrying Amount		38,661	[1]	25,387
Debt Instrument, Fair Value	[2]	40,000		27,000
8.0% Second Lien Senior Secured Notes due 2018
Debt Instrument [Line Items]
Debt instrument, principal amount		100,000	[3]	100,000	[3]					$ 100,000
Debt Instrument, Carrying Amount	[3]	86,235	[1]	87,529
Debt Instrument, Fair Value	[2],[3]	2,252		14,512
8.875% Second Lien Senior Secured Notes due 2018
Debt Instrument [Line Items]
Debt instrument, principal amount		75,000		75,000				$ 75,000
Debt Instrument, Carrying Amount		91,363	[1]	91,364
Debt Instrument, Fair Value	[2]	1,114		7,586
8.875% Senior Notes due 2019
Debt Instrument [Line Items]
Debt instrument, principal amount		116,828		116,828			$ 75,000							$ 275,000
Debt Instrument, Carrying Amount		115,694	[1]	115,599			$ 116,800
Debt Instrument, Fair Value	[2]	2,862		9,346
3.25% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, principal amount		429		429
Debt Instrument, Carrying Amount		429	[1]	429
Debt Instrument, Fair Value	[2]			64
5.0% Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument, principal amount		6,692		6,692											$ 218,500
Debt Instrument, Carrying Amount		6,692	[1]	6,692
Debt Instrument, Fair Value	[2]	40		67
5.0% Convertible Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, principal amount		99,155	[4]	98,664	[4]	$ 8,500			$ 27,500		$ 166,300	$ 57,000	$ 109,250
Debt Instrument, Carrying Amount	[4]	96,758	[1]	95,882
Debt Instrument, Fair Value	[2],[4]	10		6,923
5.0% Convertible Exchange Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument, principal amount		6,305		26,849		$ 8,500			$ 27,500
Debt Instrument, Carrying Amount		10,237	[1]	42,625
Debt Instrument, Fair Value	[2]	$ 263		$ 26,649
[1]	Total debt includes deferred loan costs of $4.4 million and $5.1 million as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs are amortized using the straight-line method through the contractual maturity dates for the Senior Credit Facility and 2019 Notes, through the first put date of September 1, 2017 for the 8.0% Second Lien Notes and through the first put date of October 1, 2017 for the 2032 Notes.
[2]	The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair values of the notes were obtained by direct market quotes within Level 1 of the fair value hierarchy. The fair value of our Second Lien Notes and 2032 Exchange Notes were obtained using a discounted cash flow model within Level 3 of the fair value hierarchy.
[3]	The debt discount is being amortized using the effective interest rate method based upon a two and a half year term through September 1, 2017, the first repurchase date applicable to the 8.0% Second Lien Notes. The debt discount as of March 31, 2016 and December 31, 2015 was $7.9 million and $11.0 million, respectively.
[4]	The debt discount is being amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $1.7 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively.

Components of Debt (Parenthetic

Components of Debt (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 12, 2015	Dec. 31, 2013
Debt Instrument [Line Items]
Deferred loan costs	$ 4.4	$ 5.1
8.0% Second Lien Senior Secured Notes due 2018
Debt Instrument [Line Items]
Period of amortization on debt instrument	2 years 6 months
Debt discount amortization end date	Sep. 1, 2017
Debt instrument interest rate	8.00%
Debt discount	$ 7.9	11	$ 15.8
5.0% Convertible Senior Notes due 2032
Debt Instrument [Line Items]
Period of amortization on debt instrument	4 years
Debt discount amortization end date	Oct. 1, 2017
Debt instrument interest rate	5.00%
Debt discount	$ 1.7	$ 2		$ 7.5

Summary of Total Interest Expen

Summary of Total Interest Expense and Effective Interest Rate on Debt (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Interest Expense		$ 8,313	$ 12,079
Senior Credit Facility
Debt Instrument [Line Items]
Interest Expense		$ 870	$ 1,537
Effective Interest Rate		7.20%	3.90%
8.0% Second Lien Senior Secured Notes due 2018
Debt Instrument [Line Items]
Interest Expense	[1]	$ 1,109	$ 555
Effective Interest Rate	[1]	18.70%	15.60%
8.875% Senior Notes due 2019
Debt Instrument [Line Items]
Interest Expense		$ 2,688	$ 6,327
Effective Interest Rate		9.10%	9.20%
3.25% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest Expense		$ 3	$ 3
Effective Interest Rate		3.30%	3.30%
5.0% Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Interest Expense		$ 84	$ 84
Effective Interest Rate		5.00%	5.00%
5.0% Convertible Senior Notes due 2032
Debt Instrument [Line Items]
Interest Expense		$ 2,053	$ 3,573
Effective Interest Rate		8.40%	8.60%
5.0% Convertible Exchange Senior Notes due 2032
Debt Instrument [Line Items]
Interest Expense		$ 1,484
Other
Debt Instrument [Line Items]
Interest Expense		$ 22
[1]	Includes $3.8 million gain from the change in fair value of the embedded derivative associated with the 8.0% Second Lien Notes

Summary of Total Interest Exp28

Summary of Total Interest Expense and Effective Interest Rate on Debt (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
8.0% Second Lien Senior Secured Notes due 2018
Debt Instrument [Line Items]
Gain from the change in fair value of the embedded derivative	$ 3.8	$ 3.8

Debt - Additional Information (

Debt - Additional Information (Detail)

Oct. 14, 2015USD ($)

Oct. 02, 2015USD ($)$ / sharesshares

Sep. 08, 2015USD ($)

Mar. 12, 2015USD ($)NotesUnits$ / sharesshares

Feb. 26, 2015

Oct. 01, 2013USD ($)

Aug. 26, 2013USD ($)

Mar. 02, 2011USD ($)

Mar. 31, 2016USD ($)$ / shares

Mar. 31, 2015USD ($)

Dec. 31, 2015USD ($)$ / shares

Dec. 31, 2013USD ($)

Apr. 01, 2016USD ($)

Mar. 29, 2016USD ($)

Oct. 01, 2015USD ($)$ / sharesshares

Dec. 31, 2014USD ($)

Oct. 01, 2014USD ($)

Sep. 30, 2009USD ($)

Debt [Line Items]

Cash and cash equivalents

$ 12,680,000

$ 6,426,000

$ 11,782,000

$ 8,000

Warrant to purchase shares | shares

156.9

156.9

Common stock, par value | $ / shares

$ 0.20

$ 0.20

$ 0.20

$ 0.20

$ 0.20

Proceeds from Second Lien Notes

$ 100,000,000

100,000,000

Warrant exercise price | $ / shares

$ 1

$ 1

Warrant expiration period

10 years

Debt instrument, principal amount

$ 444,409,000

$ 451,462,000

Number of warrants to purchase common stock | shares

38,250

38,250

Gains on restructuring of debt

62,600,000

Debt Instrument, Carrying Amount

$ 446,069,000

[1]

$ 465,507,000

Gain on restructuring of debt on a basic and diluted loss per share basis | $ / shares

$ 1.11

Accretion rate

2.00%

8.0% Second Lien Senior Secured Notes due 2018

Debt [Line Items]

Debt instrument, maturity date

Mar. 15, 2018

Number of notes sold | NotesUnits

100,000

Debt instrument, aggregate principal amount each unit

$ 1,000

Warrant to purchase shares | shares

48.84

Debt Instrument, Maturity Date, Description

If the aggregate principal amount outstanding on the 2032 Notes on August 1, 2017 is more than $25.0 million then the outstanding amount of the Second Lien Notes shall be due on September 1, 2017.

Warrant exercise price | $ / shares

$ 4.664

Warrant expiration period

10 years

Number of days following registration effective date to consummate exchange offer

60 days

Discount rate

32.00%

Fair value of debt portion

$ 78,700,000

Debt discount

$ 15,800,000

7,900,000

$ 11,000,000

Equity component of debt

15,800,000

Embedded derivative, carrying value

5,900,000

Embedded derivative, fair value

$ 900,000

5,100,000

Debt discount amortization end date

Sep. 1, 2017

Debt instrument, principal amount

$ 100,000,000

$ 100,000,000

[2]

100,000,000

[2]

Debt Instrument, Carrying Amount

[2]

$ 86,235,000

[1]

87,529,000

Debt instrument interest rate

8.00%

Debt instruments maturity date

2,018

Period of amortization on debt instrument

2 years 6 months

8.0% Second Lien Senior Secured Notes due 2018 | Debt Component

Debt [Line Items]

Embedded derivative, fair value

4,700,000

8.0% Second Lien Senior Secured Notes due 2018 | Equity Component

Debt [Line Items]

Embedded derivative, fair value

400,000

8.0% Second Lien Senior Secured Notes due 2018 | Debt Instrument Redemption Period One

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

106.00%

Debt instrument, redemption date

Mar. 15, 2016

8.0% Second Lien Senior Secured Notes due 2018 | Debt Instrument Redemption Period Two

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

100.00%

Debt instrument, redemption date

Mar. 15, 2017

8.0% Second Lien Senior Secured Notes due 2018 | First Ninety Days

Debt [Line Items]

Additional interest on principal amount

0.25%

8.0% Second Lien Senior Secured Notes due 2018 | Each Additional Ninety Days

Debt [Line Items]

Additional interest on principal amount

0.25%

8.875% Senior Notes due 2019

Debt [Line Items]

Debt instrument, maturity date

Mar. 15, 2019

Aggregate principal amount retired

$ 158,200,000

Debt instrument, principal amount

75,000,000

$ 275,000,000

$ 116,828,000

116,828,000

Debt Instrument, Carrying Amount

116,800,000

$ 115,694,000

[1]

115,599,000

Debt instrument interest rate

8.875%

8.875%

Debt instruments maturity date

2,019

2,019

8.875% Senior Notes due 2019 | Debt Instrument Redemption Period One

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

104.00%

Debt instrument, redemption date

Mar. 15, 2015

Aggregate principal amount retired

81,700,000

8.875% Senior Notes due 2019 | Debt Instrument Redemption Period Two

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

102.00%

Debt instrument, redemption date

Mar. 15, 2016

Aggregate principal amount retired

$ 76,500,000

8.875% Senior Notes due 2019 | Option 3

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

100.00%

Debt instrument, redemption date

Mar. 15, 2017

8.875% Second Lien Senior Secured Notes due 2018

Debt [Line Items]

Debt instrument, maturity date

Mar. 15, 2018

Debt Instrument, Maturity Date, Description

If the aggregate principal amount outstanding on the 2032 Notes on August 1, 2017 is more than $25.0 million then the outstanding amount of the 8.875% Second Lien Notes shall be due on September 1, 2017

Debt instrument, principal amount

$ 75,000,000

75,000,000

$ 75,000,000

Debt instrument, covenant description

The 8.875% Second Lien Notes contain a number of covenants including restrictions on: (i) the incurrence of indebtedness similar to the restrictions in the Company’s 2019 Notes; (ii) the incurrence of liens including prior liens securing indebtedness in an amount in excess of the greater of $150 million and the borrowing base under Senior Credit Facility, equally ranking liens securing indebtedness in an amount (including the 8.875% Second Lien Notes) of more than $75 million, and junior liens securing indebtedness in an amount of more than $50 million; and (iii) restricted payments including the purchase or repayment of unsecured indebtedness prior to its scheduled maturity.

Minimum amount of indebtedness on borrowings including prior liens

$ 150,000,000

Minimum amount of indebtedness on borrowing base

75,000,000

Minimum amount of indebtedness on junior liens

50,000,000

Debt Instrument, Carrying Amount

$ 91,363,000

[1]

91,364,000

Fair value of warrants issued

2,500,000

Debt instrument interest rate

8.875%

8.875%

Debt instruments maturity date

2,018

8.875% Second Lien Senior Secured Notes due 2018 | Debt Instrument Redemption Period One

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

106.00%

Debt instrument, redemption date

Mar. 15, 2016

Debt instrument, principal amount

36,800,000

8.875% Second Lien Senior Secured Notes due 2018 | Debt Instrument Redemption Period Two

Debt [Line Items]

Redeemable redemption price, percentage of principal amount

100.00%

Debt instrument, redemption date

Mar. 15, 2017

Debt instrument, principal amount

$ 38,200,000

5.0% Convertible Senior Notes due 2029

Debt [Line Items]

Debt instrument, maturity date

Oct. 1, 2029

Debt discount amortization end date

Oct. 1, 2014

Aggregate principal amount retired

$ 166,700,000

Debt instrument, principal amount

$ 6,692,000

6,692,000

$ 218,500,000

Debt Instrument, Carrying Amount

$ 6,692,000

[1]

6,692,000

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,029

Debt Instrument, Repurchase Amount

$ 45,100,000

Notes to shares converted

28.8534

Principal amount of notes

$ 1,000

Base conversion price per share | $ / shares

$ 34.66

Conversion price, percentage

135.00%

Number of trading days in the period

20 days

Period of amortization on debt instrument

5 years

5.0% Convertible Senior Notes due 2032

Debt [Line Items]

Debt instrument, maturity date

Oct. 1, 2032

Debt instrument, aggregate principal amount each unit

$ 1,000

Fair value of debt portion

158,800,000

Debt discount

1,700,000

2,000,000

7,500,000

Equity component of debt

$ 24,400,000

Debt discount amortization end date

Oct. 1, 2017

Aggregate principal amount retired

$ 17,100,000

$ 55,000,000

Debt instrument, principal amount

8,500,000

27,500,000

$ 57,000,000

$ 109,250,000

$ 99,155,000

[3]

98,664,000

[3]

$ 166,300,000

Debt Instrument, Carrying Amount

[3]

$ 96,758,000

[1]

95,882,000

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,032

2,032

2,032

Notes to shares converted

28.8534

Base conversion price per share | $ / shares

$ 34.6580

Period of amortization on debt instrument

4 years

Aggregate principal amount outstanding excluding accretion

$ 94,200,000

Debt instrument, accretion start date

Aug. 26, 2013

Debt instrument, accretion end date

Oct. 1, 2017

Redemption price, percentage

100.00%

Accretion amount

$ 500,000

$ 800,000

Effective interest rate, debt instrument

8.00%

5.0% Convertible Senior Notes due 2032 | Debt Instrument Redemption Period One

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2017

5.0% Convertible Senior Notes due 2032 | Debt Instrument Redemption Period Two

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2022

5.0% Convertible Senior Notes due 2032 | Option 3

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2027

5.0% Convertible Exchange Notes due 2032

Debt [Line Items]

Debt instrument, maturity date

Oct. 1, 2032

Debt instrument, aggregate principal amount each unit

$ 1,000

Aggregate principal amount retired

17,100,000

55,000,000

Debt instrument, principal amount

$ 8,500,000

$ 27,500,000

6,305,000

26,849,000

Debt Instrument, Carrying Amount

$ 10,237,000

[1]

42,625,000

Debt instrument interest rate

5.00%

Debt instruments maturity date

2,032

2,032

2,032

Notes to shares converted

500

Principal amount of notes

$ 32,400,000

Base conversion price per share | $ / shares

$ 2

Number of trading days in the period

20 days

Redemption price, percentage

100.00%

Effective interest rate, debt instrument

1.40%

1.30%

Debt instrument, earlier conversion date

Oct. 1, 2017

Threshold trading price as percentage of conversion price

125.00%

Debt instrument conversion term, description

If the holders elect to convert the 2032 Exchange Notes on or before October 1, 2018, holders will receive a make-whole premium equal to (i) $100 per $1,000 face amount of the 2032 Exchange Notes if the conversion occurs prior to October 1, 2017 or (ii) $100 per $1,000 face amount of the 2032 Exchange Notes less an amount equal to 0.2778 multiplied by the number of days between September 30, 2017 and the conversion date, if the conversion occurs on or after October 1, 2017.

Carrying amount of convertible notes

$ 14,800,000

$ 45,200,000

Net fair of the convert feature in additional paid in capital

$ 2,500,000

$ 10,100,000

5.0% Convertible Exchange Notes due 2032 | Debt Instrument Redemption Period One

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2018

Debt instrument conversion premium amount

10.00%

5.0% Convertible Exchange Notes due 2032 | Debt Instrument Redemption Period Two

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2022

Debt instrument conversion premium amount

10.00%

Incremental share factor

27.78%

5.0% Convertible Exchange Notes due 2032 | Option 3

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2027

3.25% Convertible Senior Notes due 2026

Debt [Line Items]

Debt instrument, aggregate principal amount each unit

$ 1,000

Debt instrument, principal amount

429,000

429,000

Debt Instrument, Carrying Amount

$ 429,000

[1]

$ 429,000

Debt instrument interest rate

3.25%

Debt instruments maturity date

2,026

Notes to shares converted

15.1653

Base conversion price per share | $ / shares

$ 65.94

Incremental share factor

2.6762%

3.25% Convertible Senior Notes due 2026 | Debt Instrument Redemption Period One

Debt [Line Items]

Debt instrument, redemption date

Dec. 1, 2016

3.25% Convertible Senior Notes due 2026 | Debt Instrument Redemption Period Two

Debt [Line Items]

Debt instrument, redemption date

Dec. 1, 2021

Minimum | 5.0% Convertible Senior Notes due 2032

Debt [Line Items]

Debt instrument, redemption date

Oct. 1, 2016

Common stock trading price cap before conversion | $ / shares

$ 45.06

Conversion price percentage before conversion

130.00%

Maximum | 8.0% Second Lien Senior Secured Notes due 2018 | Each Additional Ninety Days

Debt [Line Items]

Additional interest on principal amount

1.00%

Senior Credit Facility

Debt [Line Items]

Total lender commitments under the Senior Credit Facility borrowing base

$ 40,300,000

Senior credit facility, current borrowing capacity

40,300,000

Amount outstanding under the senior credit facility

40,000,000

Cash and cash equivalents

$ 12,700,000

Debt instrument, additional interest rate over default interest

2.00%

Current Ratio

100.00%

Debt no greater than EBITDAX

125.00%

Senior Credit Facility | Subsequent Event

Debt [Line Items]

Senior credit facility, current borrowing capacity

$ 20,000,000

Senior credit facility, borrowing capacity deficiency

$ 20,000,000

Senior Credit Facility | Minimum

Debt [Line Items]

Interest Coverage Ratio of EBITDAX to interest expense

125.00%

Senior Credit Facility | Minimum | Base Rate

Debt [Line Items]

Debt instrument, interest rate over variable rate

1.25%

Senior Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)

Debt [Line Items]

Debt instrument, interest rate over variable rate

2.25%

Senior Credit Facility | Maximum | Base Rate

Debt [Line Items]

Debt instrument, interest rate over variable rate

2.25%

Senior Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)

Debt [Line Items]

Debt instrument, interest rate over variable rate

3.25%

Senior Credit Facility | Sixteen Amendment

Debt [Line Items]

Senior credit facility, remaining borrowing capacity

$ 40,300,000

Debt instrument, maturity date

Feb. 24, 2017

Credit facility, borrowing capacity description

The Sixteenth Amendment included the following key elements: (i) reduced total lender commitments to $40.3 million on March 29, 2016; (ii) the Company agreed not to request any borrowings, issue any new letters of credit or increase an existing letter of credit under the Senior Credit Facility before April 16, 2016; and (iii) requires that all letters of credit (except the letter of credit for the benefit of one specific vendor) expire at or prior to the earlier of (A) one year after the date of issuance or (B) five business days prior to February 24, 2017.

[1]

Total debt includes deferred loan costs of $4.4 million and $5.1 million as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs are amortized using the straight-line method through the contractual maturity dates for the Senior Credit Facility and 2019 Notes, through the first put date of September 1, 2017 for the 8.0% Second Lien Notes and through the first put date of October 1, 2017 for the 2032 Notes.

[2]

The debt discount is being amortized using the effective interest rate method based upon a two and a half year term through September 1, 2017, the first repurchase date applicable to the 8.0% Second Lien Notes. The debt discount as of March 31, 2016 and December 31, 2015 was $7.9 million and $11.0 million, respectively.

[3]

The debt discount is being amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $1.7 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively.

Net Loss Per Common Share - Add

Net Loss Per Common Share - Additional Information (Detail) $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)
Earnings Per Share [Abstract]
Preferred stock dividends suspended	$ 5.1

Computations of Basic and Dilut

Computations of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Basic and Diluted loss per share:
Net loss applicable to common stock		$ (19,737)	$ (28,549)
Weighted average shares of common stock outstanding		74,521	49,110
Basic and Diluted loss per share	[1],[2],[3]	$ (0.26)	$ (0.58)
[1]	Common shares issuable on assumed conversion of restricted stock, stock warrants and employee stock options were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive.
[2]	Common shares issuable upon assumed conversion of convertible preferred stock or dividends paid were not presented as they would have been anti-dilutive.
[3]	Common shares issuable upon assumed conversion of the 2026 Notes, 2029 Notes, 2032 Exchange Notes and 2032 Notes or interest paid were not presented as they would have been anti-dilutive.

Computations of Basic and Dil32

Computations of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Assumed Conversion of Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares issuable upon assumed conversion	16,878	3,588
Assumed Conversion of Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares issuable upon assumed conversion	5,910	4,997
Assumed Conversion of Restricted Stock, Stock Warrants and Employee Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares issuable upon assumed conversion	13,949	7,349

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2009
Income Tax Disclosure [Abstract]
Income tax expense or benefit	$ 0
Deferred tax assets, net			$ 0
Unrecognized tax benefits	$ 0	$ 0

Summary of Gains and Losses on

Summary of Gains and Losses on Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Gain on commodity derivatives not designated as hedges	$ 24	$ 4,430
Commodity Derivatives
Derivative [Line Items]
Gain on commodity derivatives not designated as hedges	$ 24	$ 4,430

Commodity Derivative Activiti35

Commodity Derivative Activities - Additional Information (Detail)	Mar. 31, 2016USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets	$ 0

Outstanding Commodity Derivativ

Outstanding Commodity Derivative Contracts (Detail) - Not Designated as Hedging Instrument $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)MMBTU / dMMBTU$ / MMBTU	Dec. 31, 2015USD ($)
Commodity Derivatives
Derivative [Line Items]
Fair Value | $	$ (6)	$ (30)
Natural Gas Calls | 2016
Derivative [Line Items]
Daily Volume | MMBTU / d	20,000
Total Volume | MMBTU	5,500,000
Fair Value | $	$ (6)
Minimum | Natural Gas Calls | 2016
Derivative [Line Items]
Fixed price, calls | $ / MMBTU	5.05
Maximum | Natural Gas Calls | 2016
Derivative [Line Items]
Fixed price, calls | $ / MMBTU	5.06

Derivative Assets and Liabiliti

Derivative Assets and Liabilities Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Current Liabilities Commodity Derivatives	$ (6)	$ (30)
Commodity Derivatives | Not Designated as Hedging Instrument
Derivative [Line Items]
Current Liabilities Commodity Derivatives	(6)	(30)
Total	(6)	$ (30)
Commodity Derivatives | Level 2 | Not Designated as Hedging Instrument
Derivative [Line Items]
Current Liabilities Commodity Derivatives	(6)
Total	$ (6)

Reconciliation of Gross Amounts

Reconciliation of Gross Amounts to Amounts as Presented on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative Current Liability	$ (6)	$ (30)
Commodity Derivatives | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Current Liability	(6)	(30)
Total	(6)	(30)
Commodity Derivatives | Gross Amount | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Current Liability	(6)	(30)
Total	$ (6)	$ (30)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2015
Stockholders Equity [Line Items]
Preferred stock dividends in arrears	$ 5,116
Common Stock
Stockholders Equity [Line Items]
Shares issued to series E preferred stock holders	3,300,000
5.0% Convertible Exchange Notes due 2032
Stockholders Equity [Line Items]
Debt instrument, principal amount	$ 19,600
Carrying amount of convertible notes	$ 32,400
5.0% Convertible Exchange Notes due 2032 | Common Stock
Stockholders Equity [Line Items]
Common stock, shares issued	9,800,000
Series B Convertible Preferred Stock
Stockholders Equity [Line Items]
Increase in dividend rate, percentage		1.00%
Preferred stock, dividend rate, percentage	5.375%
Series C Cumulative Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, dividend rate, percentage		10.00%
Series D Cumulative Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, dividend rate, percentage		9.75%
Series B, C and D Preferred Stock
Stockholders Equity [Line Items]
Preferred stock dividends in arrears	$ 15,300		$ 10,500
Series E Cumulative Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, dividend rate, percentage	10.00%
Preferred stock conversion rights exercised, shares	650,904

Stockholders' Equity - Componen

Stockholders' Equity - Components of Preferred Stock, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Preferred stock, net:
Preferred stock dividends		$ 7,431
Preferred stock dividends in arrears	$ 5,116
Preferred stock exchange	(4,112)
Preferred stock, net	$ 1,004	$ 7,431

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 10, 2015USD ($)Shipment	Mar. 31, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Purchase obligation	$ 11.4	$ 6.2
Purchase obligation agreement, period	18 months
Purchase obligation terms		We will receive and pay for approximately $0.6 million of pipe each month during the term of the agreement. Our obligation may be reduced subject to the vendor identifying an opportunity to sell the pipe to the open market.
Purchase obligation of material for each month	$ 0.6
Number of shipments delivery taken | Shipment	8