XML 27 R18.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent Events
13)      Subsequent Events

On October 7, 2011, the Company borrowed an additional $12.0 million under our senior credit facility with BNP Paribas to fund our drilling programs.  This brings our total debt drawn under the facility to $23.0 million.

On October 27, 2011, the Company entered into an agreement with Yuma Exploration and Production Company, Inc. to sell its interest in the Livingston prospect in Louisiana for $1.0 million.  The Company owns a 4.79% working interest in the prospect which included one gross producing well (approximately 5 BOE/day net) and one additional gross development well that was being completed at the time of the sale.  Our total investment in the prospect was approximately $2.0 million including seismic, drilling, leasehold acquisition and other development costs.