Long-Term Debt	12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	4. 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 had a revolving line of credit and letter of credit facility of up to $250 million with a final maturity date of July 30, 2017. The credit facility was secured by substantially all of the Company’s oil and gas properties. The credit facility was 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 was redetermined 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 had at their discretion the right to request the borrowing base be redetermined with a maximum of one such request each year. A revision to PEC’s reserves could have prompted such a request on the part of the lenders, which would have possibly resulted 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 exceeded the applicable portion of the borrowing base, PEC would be required to repay the excess amount within a prescribed period. This Credit Agreement was 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 included 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 were placed on the payment of dividends, the amount of treasury stock the Company could purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. At December 31, 2016, the credit facility borrowing base was $80 million with no required monthly reduction amount. The borrowings made within the credit facility could be placed in a base rate loan or LIBO rate loan. The Company’s borrowing rates in the credit facility provided for base rate loans at the prime rate (3.75% at December 31, 2016) plus applicable margin utilization rates that ranged from 1.50% to 2.50%, and LIBO rate loans at LIBO published rates plus applicable utilization rates (2.50% to 3.50% at December 31, 2016). At December 31, 2016, the Company had in place one base rate loan and one LIBO rate loan with effective rates of 6.00% and 3.87%, respectively At December 31, 2016, the Company had a total of $63 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 4.49% and $17 million available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 3.93% for the year ended December 31, 2016 as compared to 3.44% for the year ended December 31, 2015. The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates. On February 15, 2017, the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “ 2017 Credit Agreement”) with a maturity date of February 15, 2021. The Second Amended and Restated Credit Agreement and subsequent amendments were incorporated into the 2017 Credit Agreement. Pursuant to the terms and conditions of the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. Currently, the Company’s borrowing base is $75 million. The 2017 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. At March 31, 2017, the Company had in place one LIBO rate loan of $24.8 million outstanding with an effective rate of 3.53%. 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. In July 2012, the Company entered into interest swap agreements for a period of two years, which commenced in January 2014, related to $75 million of the Company’s bank debt resulting in a LIBO fixed rate of 0.563% and terminated in January 2016. The Company recorded interest expense and paid $7,000 and $284,000 related to the settlement of interest rate swaps for years ended December 31, 2016 and 2015, respectively. *Equipment Loans:* On July 31, 2013, the Company entered into a $10.0 million Loan and Security Agreement with JP Morgan Chase Bank (“Equipment Loan”). The Equipment Loan is secured by a portion of the Company’s field service equipment, carries an interest rate of 3.95% per annum, requires monthly payments (principal and interest) of $184,000, and has a final maturity date of July 31, 2018. As December 31, 2016, the Company had a total of $3.34 million outstanding on this Equipment Loan. On July 29, 2014, the Company entered into additional equipment financing facilities (“Additional Equipment Loans”) totaling $6.0 million with JP Morgan Chase Bank. In August 2014, the Company drew down $4.8 million of this facility that is secured by field service equipment, carries an interest rate of 3.40% per annum, requires monthly payments (principal and interest) of $87,800, and has a final maturity date of July 31, 2019. The remaining $1.2 million under the Additional Equipment Loans was available for interim draws to finance the acquisition of any future field service equipment. In December 2014, the Company made an interim draw of an additional $0.5 million on this facility that is secured by recently purchased field service equipment. Interim draws on this facility carried a floating interest rate, payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan requiring monthly payments (principal and interest) of $8,700 with a final maturity date of June 26, 2020. As of December 31, 2016, the Company had a total of $2.91 million outstanding on the Additional Equipment Loans. The Company determined theses loans are Level 3 liabilities in the fair-value hierarchy and estimated their fair value as $6.3 million and $9.4 million at December 31, 2016 and 2015, respectively, using a discounted cash flow model.

4. 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 had a revolving line of credit and letter of credit facility of up to $250 million with a final maturity date of July 30, 2017. The credit facility was secured by substantially all of the Company’s oil and gas properties. The credit facility was 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 was redetermined 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 had at their discretion the right to request the borrowing base be redetermined with a maximum of one such request each year. A revision to PEC’s reserves could have prompted such a request on the part of the lenders, which would have possibly resulted 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 exceeded the applicable portion of the borrowing base, PEC would be required to repay the excess amount within a prescribed period.

This Credit Agreement was 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 included 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 were placed on the payment of dividends, the amount of treasury stock the Company could purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships.

At December 31, 2016, the credit facility borrowing base was $80 million with no required monthly reduction amount. The borrowings made within the credit facility could be placed in a base rate loan or LIBO rate loan. The Company’s borrowing rates in the credit facility provided for base rate loans at the prime rate (3.75% at December 31, 2016) plus applicable margin utilization rates that ranged from 1.50% to 2.50%, and LIBO rate loans at LIBO published rates plus applicable utilization rates (2.50% to 3.50% at December 31, 2016). At December 31, 2016, the Company had in place one base rate loan and one LIBO rate loan with effective rates of 6.00% and 3.87%, respectively

At December 31, 2016, the Company had a total of $63 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 4.49% and $17 million available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 3.93% for the year ended December 31, 2016 as compared to 3.44% for the year ended December 31, 2015. The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates.

On February 15, 2017, the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “ 2017 Credit Agreement”) with a maturity date of February 15, 2021. The Second Amended and Restated Credit Agreement and subsequent amendments were incorporated into the 2017 Credit Agreement. Pursuant to the terms and conditions of the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. Currently, the Company’s borrowing base is $75 million. The 2017 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. At March 31, 2017, the Company had in place one LIBO rate loan of $24.8 million outstanding with an effective rate of 3.53%.

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. In July 2012, the Company entered into interest swap agreements for a period of two years, which commenced in January 2014, related to $75 million of the Company’s bank debt resulting in a LIBO fixed rate of 0.563% and terminated in January 2016. The Company recorded interest expense and paid $7,000 and $284,000 related to the settlement of interest rate swaps for years ended December 31, 2016 and 2015, respectively.

Equipment Loans:

On July 31, 2013, the Company entered into a $10.0 million Loan and Security Agreement with JP Morgan Chase Bank (“Equipment Loan”). The Equipment Loan is secured by a portion of the Company’s field service equipment, carries an interest rate of 3.95% per annum, requires monthly payments (principal and interest) of $184,000, and has a final maturity date of July 31, 2018. As December 31, 2016, the Company had a total of $3.34 million outstanding on this Equipment Loan.

On July 29, 2014, the Company entered into additional equipment financing facilities (“Additional Equipment Loans”) totaling $6.0 million with JP Morgan Chase Bank. In August 2014, the Company drew down $4.8 million of this facility that is secured by field service equipment, carries an interest rate of 3.40% per annum, requires monthly payments (principal and interest) of $87,800, and has a final maturity date of July 31, 2019. The remaining $1.2 million under the Additional Equipment Loans was available for interim draws to finance the acquisition of any future field service equipment. In December 2014, the Company made an interim draw of an additional $0.5 million on this facility that is secured by recently purchased field service equipment. Interim draws on this facility carried a floating interest rate, payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan requiring monthly payments (principal and interest) of $8,700 with a final maturity date of June 26, 2020. As of December 31, 2016, the Company had a total of $2.91 million outstanding on the Additional Equipment Loans.

The Company determined theses loans are Level 3 liabilities in the fair-value hierarchy and estimated their fair value as $6.3 million and $9.4 million at December 31, 2016 and 2015, respectively, using a discounted cash flow model.