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Goodwill | 12 Months Ended
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Dec. 31, 2012
Goodwill [Abstract] |
Goodwill Disclosure [Text Block] | Goodwill At December 31, 2011, the Company had $235.4 million of goodwill as a result of the excess consideration over the fair value of net assets acquired in the Arena Acquisition. Goodwill recorded in the Arena Acquisition was primarily attributable to operational and cost synergies realized from the acquisition by using the Company’s presence in the Permian Basin, its Fort Stockton, Texas service base and its existing rig ownership to increase its drilling and oil production from the assets acquired. Purchase price adjustments of $1.0 million were recorded during 2011 resulting in an increase to goodwill. The Company assigned the goodwill to its exploration and production segment, which is the reporting unit for impairment testing purposes. The Company’s annual evaluation of goodwill was completed as of July 1, 2012. As the reporting unit’s anticipated future cash flows were significantly greater than the reporting unit’s carrying value, no impairment was recognized at that time. In addition to performing an annual impairment assessment, the Company monitors potential impairment indicators throughout the year. In December 2012, the Company entered into an agreement to sell the Permian Properties which the Company determined to be a triggering event as the Permian Properties are included in the exploration and production segment, the reporting unit to which goodwill was assigned. As such, an impairment test was performed as of December 31, 2012. Primarily as a result of a decrease in the Company’s probable reserves as of December 31, 2012, which are one of the significant components in the determination of the fair value of the reporting unit, the carrying value of the reporting unit exceeded the fair value. Probable reserves used in the reporting unit fair value calculation decreased due to their reclassification to possible reserves as a result of the Company’s year end evaluation of drilling results across its acreage in the Mississippian formation. Possible reserves are not included in the fair value calculation of the reporting unit. The Company performed step two of the impairment test which indicated the entire balance of goodwill was impaired. As a result, the Company recorded an impairment of the full carrying amount of goodwill of $235.4 million at December 31, 2012, which is included in impairment in the accompanying consolidated statements of operations.

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- Definition The entire disclosure for goodwill. + References No definition available. + Details
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