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Subsequent Events | 9 Months Ended
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Sep. 30, 2012
Subsequent Events | 14. Subsequent Events The Company has evaluated the period after the balance sheet date, noting no subsequent events or transactions that required recognition or disclosure in the financial statements, other than as noted below. Senior secured revolving line of credit. On October 2, 2012, the Company entered into its seventh amendment to its Amended Credit Facility (the “Seventh Amendment”). In connection with this amendment, the semi-annual redetermination of the Company’s borrowing base was completed on October 2, 2012, which resulted in an increase to the borrowing base of its Amended Credit Facility from $500 million to $750 million. However, the Company elected to have the lenders’ aggregate commitment remain at $500 million. The Seventh Amendment provides that the Company may increase its aggregate commitment from $500 million to $750 million by increasing the commitment of one or more lender(s). The Seventh Amendment also added a requirement that the Company maintain a ratio of consolidated EBITDAX (as defined in the Amended Credit Facility) to consolidated Interest Expense (as defined in the Amended Credit Facility) of no less than 2.5 to 1.0 for the four quarters ended on the last day of each quarter. This covenant replaces the Total Net Debt (as defined in the Amended Credit Facility) to consolidated EBITDAX ratio covenant described in Note 7 above. All other significant rates, terms and conditions of the Amended Credit Facility remained the same (see Note 7 – Long-Term Debt). Derivative instruments. In October 2012, the Company entered into new two-way and three-way costless collar options, all of which settle monthly based on the West Texas Intermediate crude oil index price, for a total notional amount of 668,000 barrels in 2013, 396,000 barrels in 2014 and 31,000 barrels in 2015. These derivative instruments do not qualify for and were not designated as hedging instruments for accounting purposes.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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