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Subsequent Events | 3 Months Ended
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Mar. 31, 2013
Subsequent Events [Abstract] |
Subsequent Events | 15. 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 April 5, 2013, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Facility”). In connection with entry into the Second Amended Credit Facility, the semi-annual redetermination of the Company’s borrowing base was completed on April 5, 2013, which resulted in an increase to the borrowing base of the Second Amended Credit Facility from $750 million to $1,250 million. However, the Company elected to limit the Lenders’ aggregate commitment to $900 million. The Lenders’ aggregate commitment can be increased to the full $1,250 million borrowing base by increasing the commitment of one or more lenders. In addition, under the Second Amended Credit Facility, the overall credit facility increased from $1 billion to $2.5 billion, and the Company added four new Lenders to the bank group. All other significant rates, terms and conditions of the Amended Credit Facility remained the same (see Note 7 – Long-Term Debt). Derivative instruments. In April 2013, the Company entered into new swaps, sub-floors and two-way costless collar options, all of which settle monthly based on the WTI crude oil index price, for a total notional amount of 321,000 barrels in 2013, 1,549,500 barrels in 2014 and 139,500 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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