XML 28 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012:

June 30, 2013		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of June 30, 2013
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	3,188			$	3,188
Interest rate derivative contracts			—				—				328				328
Total assets		$	—			$	—			$	3,516			$	3,516
Liabilities
Commodity derivative contracts		$	—			$	—			$	(814	)		$	(814	)
Interest rate derivative contracts			—				—				(66	)			(66	)
Total liabilities		$	—			$	—			$	(880	)		$	(880	)

December 31, 2012		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of December 31, 2012
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	1,347			$	1,347
Total assets		$	—			$	—			$	1,347			$	1,347
Liabilities
Commodity derivative contracts		$	—			$	—			$	(1,371	)		$	(1,371	)
Interest rate derivative contracts			—				—				(54	)			(54	)
Total liabilities		$	—			$	—			$	(1,425	)		$	(1,425	)

Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2013.

(Thousands of dollars)
Net liabilities – December 31, 2012		$	(78	)
Total realized and unrealized gains / losses:
Included in earnings (a)			2,471
Included in other comprehensive gain			316
Purchases, sales, issuances and settlements			(73	)
Net assets – June 30, 2013		$	2,636

(a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments, and interest rate swap instruments are reported as a reduction to interest expense.

Effect of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table sets forth the effect of derivative instruments on the condensed consolidated balance sheets at June 30, 2013 and December 31, 2012:

				Fair Value
(Thousands of dollars)		Balance Sheet Location		June 30, 2013				December 31, 2012
Asset Derivatives:
Derivatives designated as cash-flow hedging instruments:
Interest rate swap contracts		Other assets		$	329			$	—
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Other current assets			221				189
Natural gas commodity contracts		Other current assets			553				1,040
Crude oil commodity contracts		Other assets			2,363				118
Natural gas commodity contracts		Other assets			50				—
Total				$	3,516			$	1,347
Liability Derivatives:
Derivatives designated as cash-flow hedging instruments:
Interest rate swap contracts		Derivative liability short-term		$	(66	)		$	—
Interest rate swap contracts		Derivative liability long-term			—				(54	)
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term			(814	)			(994	)
Crude oil commodity contracts		Derivative liability long-term			—				(377	)
Total				$	(880	)		$	(1,425	)
Total derivative instruments				$	2,636			$	(78	)

Schedule of Offsetting Asset and Liability Derivatives in the Condensed Consolidated Balance Sheets

The following table sets forth the offsetting of asset and liability derivatives in the condensed consolidated balance sheets at June 30, 2013 and December 31, 2012:

(Thousands of dollars)		June 30, 2013				December 31, 2012
Asset Derivatives:
Gross amount of recognized assets		$	4,706			$	4,209
Gross amounts offset in the balance sheet			(1,190	)			(2,862	)
Net amount		$	3,516			$	1,347
Liability Derivatives:
Gross amount of recognized liabilities		$	(2,070	)		$	(4,287	)
Gross amounts offset in the balance sheet			1,190				2,862
Net amount		$	(880	)		$	(1,425	)
Total derivative instruments		$	2,636			$	(78	)

Effect of Derivative Instruments on Condensed Consolidated Statement of Operations

The following table sets forth the effect of derivative instruments on the condensed consolidated statement of operations for the six months ended June 30, 2013 and 2012:

		Location of gain/loss recognized in income		Amount of gain/loss recognized in income
(Thousands of dollars)				2013				2012
Derivatives not designated as cash-flow hedge instruments
Natural gas commodity contracts		Unrealized loss on derivative instruments, net		$	(437	)		$	—
Crude oil commodity contracts		Unrealized gain on derivative instruments, net			2,834				5,098
Natural gas commodity contracts		Realized gain on derivative instruments, net			331				—
Crude oil commodity contracts (a)		Realized gain (loss) on derivative instruments, net			(257	)			341
				$	2,471			$	5,439

(a) During the six months ended June 30, 2012, the Company unwound and monetized crude oil swaps with original settlement dates from January 2012 through December 2013 for net proceeds of $1,030,000. The $1,030,000 gain associated with these early settlement transactions is included in realized gain on derivative instruments for the six months ended June 30, 2012.

X

- Definition

Schedule of offsetting asset and liability derivatives.

+ References

No definition available.

+ Details

Name:	pnrg_ScheduleOfOffsettingAssetAndLiabilityDerivativesTableTextBlock
Namespace Prefix:	pnrg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration