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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Officers and Directors of the Company Effective April 6, 2020, the Board of Directors (the “Board”) of the Company appointed Carl F. Giesler, Jr. as the Company’s President and Chief Executive Officer. Bob G. Alexander, a member of the Company’s Board, passed away on April 5, 2020. Mr. Alexander was one of three independent directors serving on the audit committee of the Board. Following Mr. Alexander’s passing, the Board appointed John. J. Lipinski to the Audit Committee. The Board has determined that Mr. Lipinski is financially sophisticated and qualifies as an audit committee financial expert under applicable rules. Mr. Alexander was also a member of the Nominating and Governance Committee of the Board. The Board has appointed Jonathan Christodoro to the Nominating and Governance Committee and appointed Mr. Lipinski as chairman of the committee. On April 14, 2020, the Company determined to effect the separation of employment of Michael A. Johnson from his position as Senior Vice President and Chief Financial Officer and John P. Suter from his position as Executive Vice President and Chief Operating, effective no earlier than July 1, 2020. Impact of COVID-19 and Commodity Price Volatility In December 2019, a novel strain of coronavirus disease ("COVID-19") was identified and subsequently declared a pandemic by the World Health Organization on March 11, 2020. The COVID-19 pandemic has adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. As a result, there has been a significant reduction in demand for and prices of crude oil, natural gas and NGL. The reduced demand for and prices of crude oil, natural gas and NGLs are expected to significantly impact our operations, financial condition, cash flows, level of expenditures and the quantity of estimated proved reserves that may be attributed to our properties in the second quarter of 2020 and potentially beyond. In particular, COVID-19 has caused the Company’s headquarters in Oklahoma City, Oklahoma to close due to suggested and mandated stay-at-home orders. In addition, the Company issued a work from home policy to protect its employees and others from potential virus transmission. The office closure and work from home policy resulted in limited availability of key personnel required to assist in the preparation of this Quarterly Report. Accordingly, the Company relied upon the U.S. Securities and Exchange Commission’s Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions From the Reporting and Proxy Delivery Requirements for Public Companies, dated March 25, 2020 (Release No. 34-88465), to extend the deadline by up to 45 days for the filing of this Quarterly Report. As a result of the decrease in demand for oil, gas and NGL's due to the impact of the COVID-19 pandemic and other pricing volatility caused by the announcement of production increases by the Saudi Arabia-led Organization of the Petroleum Exporting Countries ("OPEC") and Russia, the Company implemented additional cost cutting measures in the second quarter of 2020 as announced on April 7, 2020. These measures included carrying out an additional reduction in personnel and effecting salary reductions for a portion of remaining employees in the second quarter of 2020. Sale of Corporate Headquarters In May 2020, the Company entered into an agreement for the sale of its corporate headquarters building located in Oklahoma City, OK. The Company expects the sale to be completed in the third quarter of 2020 after a due diligence period and result in proceeds of approximately $35.5 million. The agreement includes an earnest money provision to be provided by the buyer in an amount of $100,000. The Company will also recognize an impairment of approximately $35.0 million when adjusting this asset to fair value in the second quarter of 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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