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Subsequent Events | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
Subsequent Events | 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. Derivative instruments. In January and February 2016, the Company entered into new swap and two-way costless collar agreements with a weighted average floor price of $41.58 per barrel for total notional amounts of 1,131,000 barrels, 2,159,000 barrels and 186,000 barrels, which settle in 2016, 2017 and 2018, respectively, based on WTI. These derivative instruments do not qualify for and were not designated as a hedging instrument for accounting purposes. Sale of common stock. On February 2, 2016, the Company completed a public offering of 39,100,000 shares of its common stock (including 5,100,000 shares issued pursuant to the underwriter’s option to purchase additional common stock) at a purchase price of $4.685 per share. Net proceeds from the offering were $182.9 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds for general corporate purposes and to fund a portion of its 2016 capital expenditures. The offering was made pursuant to an effective shelf registration statement on Form S-3 filed with the SEC on July 15, 2014. Credit facility amendment. On February 23, 2016, the Lenders completed their regular semi-annual redetermination of the borrowing base of the Second Amended Credit Facility scheduled for April 1, 2016, resulting in a decrease in the borrowing base and aggregate elected commitment from $1,525.0 million to $1,150.0 million. The next redetermination of the borrowing base is scheduled for October 1, 2016.

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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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