Subsequent Events

Royalty Trust Distributions. On October 29, 2015, the Royalty Trusts announced quarterly distributions for the three-month period ended September 30, 2015. The following distributions are expected to be paid on or before November 27, 2015 to holders of record as of the close of business on November 13, 2015 (in thousands):



Royalty Trust	Total Distribution		Amount Distributed to Third-Party Unitholders
Mississippian Trust I	$	8,528	$	6,236
Permian Trust	9,844		9,844
Mississippian Trust II	8,317		6,924
Total	$	26,689	$	23,004

Purchase of PGC. In October 2015, the Company purchased PGC for $48.0 million cash and $78.0 million of Senior Secured Notes. PGC’s assets consist of approximately 370 miles ofgathering lines that support the Company’s production in the Piñon field in West Texas. The transaction resulted in the termination of the Company’s gas gathering agreement with PGC under which it was required to compensate PGC for any throughput shortfalls below a required minimum volume. The Company expects to recognize a loss on the termination of the gathering contract, however, is currently obtaining further information needed to evaluate the assets purchased, commitments extinguished and consideration conveyed in the transaction. See further discussion of PGC at Note 3.

Repurchase of Senior Unsecured Notes. In October 2015, the Company repurchased $100.0 million of its Senior Unsecured Notes comprised of (i) $2.2 million aggregate principal amount of its 8.75% Senior Notes due 2020, (ii) $46.6 million aggregate principal amount of its 7.5% Senior notes due 2021, (iii) $51.2 million aggregate principal amount of its 7.5% Senior Notes due 2023, for approximately $30.0 million cash.

Issuance of Convertible Senior Unsecured Notes. In conjunction with the repurchase of the Senior Unsecured Notes in October 2015, the Company also exchanged $300.0 million of its Senior Unsecured Notes, comprised of (i) $6.6 million aggregate principal amount of its 8.75% Senior Notes due 2020, (ii) $189.3 million aggregate principal amount of its 7.5% Senior Notes due 2021, (iii) $73.5 million aggregate principal amounts of its 8.125% Senior Notes due 2022 and (iv) $30.6 million aggregate principal amount of its 7.5% Senior Notes due 2023, for (i) $269.4 million aggregate principal amount of 8.125% Convertible Senior Notes due 2022 and (ii) $30.6 million aggregate principal amount of 7.5% Convertible Senior Notes due 2023.

Conversions of Long-Term debt to Common Stock. As of November 4, 2015, holders of $97.2 million aggregate principal amount of its 8.125% Convertible Senior Notes due 2022 and $6.9 million aggregate principal amount of its 7.5% Convertible Senior Notes due 2023 exercised conversion options applicable to those notes, resulting in the issuance of approximately 37.9 million shares of Company common stock and aggregate cash payments of $12.9 million for accrued interest and early conversion payments.

Sale of Other Property, Plant and Equipment. During October 2015, the Company signed an agreement to sell one of its properties located in downtown Oklahoma City, Oklahoma. See further discussion at Note 5.

Conversion of 7% Convertible Perpetual Preferred to Common Stock. During October 2015, holders of 216,000 shares of 7% convertible perpetual preferred stock converted such shares into shares of the Company’s common stock at the then-prevailing conversion rate, resulting in the issuance of approximately 2.8 million shares of common stock.

Purchase of Oil and Natural Gas Assets. On November 3, 2015, the Company signed an agreement to acquire 16 producing wells and approximately 136,000 acres in the North Park Basin, Jackson County, Colorado for approximately $190.0 million, pending standard due diligence and post-closing adjustments.