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Related Party Transactions
 12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

12. Related Party Transactions

The Company, as managing general partner or managing trustee, makes an annual offer to repurchase the interests of the partners and trust unit holders in certain of the Partnerships or Trusts. The Company purchased such interests in an amount totaling $149,000 during 2012 and $221,000 during 2011.

Treasury stock purchases in any reported period may include shares from a related party. In April 2012, the Company purchased 45,179 shares of common stock as treasury shares from a Director for $1.13 million. There were no other related party treasury stock purchases during the years ended December 31, 2012 and 2011.

Receivables from related parties consist of reimbursable general and administrative costs, lease operating expenses and reimbursement for property development and related costs. These receivables are due from joint venture partners, which may include members of the Company’s Board of Directors.

Payables owed to related parties primarily represent receipts collected by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors, for oil and gas sales net of expenses. Also included in interest expense in 2011 is $787,000 of interest expense paid to a private lender that is controlled by a director of the Company, with whom the Company’s offshore subsidiary entered into a credit agreement. The agreement provided for a loan of $20 million at a rate of 10% per annum and is secured by a second lien position of all the assets of the offshore subsidiary. 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.