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Subsequent Events | 6 Months Ended
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Jun. 30, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On July 27, 2017, the Company entered into a $200.0 million drilling participation agreement with a private investment fund (the “Counterparty”) to develop new horizontal wells on the Company’s undeveloped leasehold acreage within the Meramec formation in Major and Woodward Counties in Oklahoma (the “NW STACK”). This is a wellbore only drilling program, and the Company will operate wells developed under this agreement. Pursuant to the terms of the agreement, the Counterparty will fund 90% of the net exploration and development costs, up to $100.0 million in the first tranche, in exchange for an initial 80% net working interest in each new well, subject to reversionary hurdles. As a result, the Company will receive a 20% net working interest after funding 10% of the exploration and development costs related to the subject wells. The parties will also have the option to fund a second $100.0 million tranche, subject to mutual agreement. The drilling participation agreement will become fully effective

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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