Long-Term Debt	12 Months Ended
Dec. 31, 2011
Long-Term Debt [Abstract]
Long-Term Debt	5. Long-Term Debt *Bank Debt:* Effective July 30, 2010 the Company entered into a Second Amended and Restated Credit Agreement between Compass Bank as agent and a syndicated group of lenders ("Credit Agreement"). The Credit Agreement has a revolving line of credit and letter of credit facility of up to $250 million with a final maturity date of July 30, 2014. The credit facility is subject to a borrowing base determined by the lenders taking into consideration the estimated value of PEC's oil and gas properties in accordance with the lenders' customary practices for oil and gas loans. This process involves reviewing PEC's estimated proved reserves and their valuation. The borrowing base is re-determined semi-annually, and the available borrowing amount could be increased or decreased as a result of such redetermination. In addition, PEC and the lenders each have at their discretion the right to request the borrowing base be re-determined with a maximum of one such request each year. A revision to PEC's reserves may prompt such a request on the part of the lenders, which could possibly result in a reduction in the borrowing base and availability under the credit facility. At any time if the sum of the outstanding borrowings and letter of credit exposures exceed the applicable portion of the borrowing base, PEC would be required to repay the excess amount within a prescribed period. The Credit Agreement has been amended from time to time to further define the limitations on loans or advances and investments made in the Company's limited partnerships; modify the Company's borrowing base and monthly reduction amounts; remove the floor rate component of LIBO rate loans; modify financial reporting requirements to the agent; increase hedging allowances; allow for a one-time advance to be made to the Company's offshore subsidiary; and amend restrictions on the payments for dividends, distributions or repurchase of PEC's stock. The Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio, total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio and interest coverage ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. The credit facility is collateralized by the mortgaged properties and any other property, including interests of the Company's limited partnerships, that was considered in determining the borrowing base in effect. The Company is required to mortgage, and grant a security interest in, consolidated proved oil and gas properties. Effective June 22, 2011 and subject to facility borrowing base availability amounts, the banks approved a one-time advance of up to $16.0 million to be made from PEC to its offshore subsidiary specifically to be used to pay in full the offshore subsidiary's indebtedness to a related party. The banks required this advance to be made within 30 days after the effective date and the Company completed the advance to its offshore subsidiary on June 24, 2011. Under the Credit Agreement, the maximum percentage of production available to enter into commodity hedge agreements is 90% of proved developed producing reserves for each of the next succeeding four calendar years for crude oil and natural gas computed separately. In addition, the Company's restrictions on the payment of dividends, distributions or purchase of treasury stock is limited to an aggregate of $2.5 million in each calendar year. As of December 31, 2011, the credit facility borrowing base was $125.0 million with no monthly reduction amount. The borrowings made within the credit facility may be placed in a base rate loan or LIBO rate loan. The Company's borrowing rates in the credit facility provide for base rate loans at the prime rate (3.25% at December 31, 2011) plus applicable margin utilization rates that range from 1.75% to 2.0%, and LIBO rate loans at LIBO published rates plus applicable utilization rates (2.75% to 3.00% at December 31, 2011). As of December 31, 2011, the Company had in place one base rate loan and one LIBO rate loan with effective rates of 5.00% and 3.02%, respectively. At December 31, 2011, the Company had $69.8 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 4.12% and $55.2 million available for future borrowings. The combined weighted average interest rates paid on outstanding bank borrowings subject to base rate and LIBO interest were 4.78% for the year ended December 31, 2011 as compared to 6.09% for the year ended December 31, 2010. The Company's long-term debt associated with an offshore credit facility with its principal lender was closed, and a final payment of $3.5 million was made on July 28, 2010. The Company entered into interest rate hedge agreements to help manage interest rate exposure. These contracts include interest rate swaps. Interest rate swap transactions generally involve the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts. The Company entered into interest swap agreements for a period of two years, which commenced in April 2008, related to $60 million of Company bank debt resulting in a fixed rate of 2.375% plus the Company's current applicable margin. The underlying debt contracts above were re-priced quarterly based upon the three-month LIBO rates, the Company's floor of 2% and the applicable margin per the onshore credit facility. These interest swap agreements expired in April 2010, and they have not been replaced. *Indebtedness to related parties—non-current:* During the second quarter 2008, the Company's offshore subsidiary entered into a subordinated credit facility with a private lender that is controlled by a Director of PEC with an availability of $50 million. The private lender had specific collateral pledged under a separate credit agreement. Effective June 30, 2009, the private lender agreed to release the pledged collateral under this credit facility in favor of an offshore credit facility with the Company's principal lender in exchange for a second lien position on all of the assets of the offshore subsidiary and a pledge from PEC to pay the outstanding balance under the facility in full after PEC's bank debt was paid off. PEC further agreed it will not secure debt in excess of $112 million under such credit facility without prior consent of the private lender. Borrowings under this facility bore interest, payable monthly, at a rate of 10% per annum and the private lender was entitled to additional consideration of Company stock based upon a percentage of the outstanding balance if by the last day of each calendar year commencing with December 30, 2011, the loan is outstanding. As of December 31, 2010, advances from this facility amounted to $20.0 million. Effective January 3, 2011, this loan was modified and provided for a payment from the Company's offshore subsidiary to the private lender of $4.0 million. On January 18, 2011, the Company's offshore subsidiary made a $4.0 million payment on this loan. Further, on June 27, 2011, this loan along with all accrued interest was paid in full from the Company's offshore subsidiary, and the note was cancelled.

5. Long-Term Debt

Bank Debt:

Effective July 30, 2010 the Company entered into a Second Amended and Restated Credit Agreement between Compass Bank as agent and a syndicated group of lenders ("Credit Agreement"). The Credit Agreement has a revolving line of credit and letter of credit facility of up to $250 million with a final maturity date of July 30, 2014. The credit facility is subject to a borrowing base determined by the lenders taking into consideration the estimated value of PEC's oil and gas properties in accordance with the lenders' customary practices for oil and gas loans. This process involves reviewing PEC's estimated proved reserves and their valuation. The borrowing base is re-determined semi-annually, and the available borrowing amount could be increased or decreased as a result of such redetermination. In addition, PEC and the lenders each have at their discretion the right to request the borrowing base be re-determined with a maximum of one such request each year. A revision to PEC's reserves may prompt such a request on the part of the lenders, which could possibly result in a reduction in the borrowing base and availability under the credit facility. At any time if the sum of the outstanding borrowings and letter of credit exposures exceed the applicable portion of the borrowing base, PEC would be required to repay the excess amount within a prescribed period.

The Credit Agreement has been amended from time to time to further define the limitations on loans or advances and investments made in the Company's limited partnerships; modify the Company's borrowing base and monthly reduction amounts; remove the floor rate component of LIBO rate loans; modify financial reporting requirements to the agent; increase hedging allowances; allow for a one-time advance to be made to the Company's offshore subsidiary; and amend restrictions on the payments for dividends, distributions or repurchase of PEC's stock.

The Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio, total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio and interest coverage ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. The credit facility is collateralized by the mortgaged properties and any other property, including interests of the Company's limited partnerships, that was considered in determining the borrowing base in effect. The Company is required to mortgage, and grant a security interest in, consolidated proved oil and gas properties.

Effective June 22, 2011 and subject to facility borrowing base availability amounts, the banks approved a one-time advance of up to $16.0 million to be made from PEC to its offshore subsidiary specifically to be used to pay in full the offshore subsidiary's indebtedness to a related party. The banks required this advance to be made within 30 days after the effective date and the Company completed the advance to its offshore subsidiary on June 24, 2011. Under the Credit Agreement, the maximum percentage of production available to enter into commodity hedge agreements is 90% of proved developed producing reserves for each of the next succeeding four calendar years for crude oil and natural gas computed separately. In addition, the Company's restrictions on the payment of dividends, distributions or purchase of treasury stock is limited to an aggregate of $2.5 million in each calendar year.

As of December 31, 2011, the credit facility borrowing base was $125.0 million with no monthly reduction amount. The borrowings made within the credit facility may be placed in a base rate loan or LIBO rate loan. The Company's borrowing rates in the credit facility provide for base rate loans at the prime rate (3.25% at December 31, 2011) plus applicable margin utilization rates that range from 1.75% to 2.0%, and LIBO rate loans at LIBO published rates plus applicable utilization rates (2.75% to 3.00% at December 31, 2011). As of December 31, 2011, the Company had in place one base rate loan and one LIBO rate loan with effective rates of 5.00% and 3.02%, respectively.

At December 31, 2011, the Company had $69.8 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 4.12% and $55.2 million available for future borrowings. The combined weighted average interest rates paid on outstanding bank borrowings subject to base rate and LIBO interest were 4.78% for the year ended December 31, 2011 as compared to 6.09% for the year ended December 31, 2010.

The Company's long-term debt associated with an offshore credit facility with its principal lender was closed, and a final payment of $3.5 million was made on July 28, 2010.

The Company entered into interest rate hedge agreements to help manage interest rate exposure. These contracts include interest rate swaps. Interest rate swap transactions generally involve the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts. The Company entered into interest swap agreements for a period of two years, which commenced in April 2008, related to $60 million of Company bank debt resulting in a fixed rate of 2.375% plus the Company's current applicable margin. The underlying debt contracts above were re-priced quarterly based upon the three-month LIBO rates, the Company's floor of 2% and the applicable margin per the onshore credit facility. These interest swap agreements expired in April 2010, and they have not been replaced.

Indebtedness to related parties—non-current:

During the second quarter 2008, the Company's offshore subsidiary entered into a subordinated credit facility with a private lender that is controlled by a Director of PEC with an availability of $50 million. The private lender had specific collateral pledged under a separate credit agreement. Effective June 30, 2009, the private lender agreed to release the pledged collateral under this credit facility in favor of an offshore credit facility with the Company's principal lender in exchange for a second lien position on all of the assets of the offshore subsidiary and a pledge from PEC to pay the outstanding balance under the facility in full after PEC's bank debt was paid off. PEC further agreed it will not secure debt in excess of $112 million under such credit facility without prior consent of the private lender. Borrowings under this facility bore interest, payable monthly, at a rate of 10% per annum and the private lender was entitled to additional consideration of Company stock based upon a percentage of the outstanding balance if by the last day of each calendar year commencing with December 30, 2011, the loan is outstanding. As of December 31, 2010, advances from this facility amounted to $20.0 million.

Effective January 3, 2011, this loan was modified and provided for a payment from the Company's offshore subsidiary to the private lender of $4.0 million. On January 18, 2011, the Company's offshore subsidiary made a $4.0 million payment on this loan. Further, on June 27, 2011, this loan along with all accrued interest was paid in full from the Company's offshore subsidiary, and the note was cancelled.