XML 44 R25.htm IDEA: XBRL DOCUMENT
v3.3.1.900

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS |
19. | SUBSEQUENT EVENTS
As discussed in Note 6, in February 2016 the Company disposed of its mining segment and issued Preferred Stock with an initial liquidation preference of $2,000. Since the cash consideration paid for the Preferred Stock was a nominal amount, during the first quarter of 2016 the Company expects to record a charge to operations of approximately $2,000 associated with the issuance. The Company’s quarterly reserve reports are prepared based on a trailing 12-month average for benchmark oil and gas prices. The weighted average oil price used to prepare reserve estimates and to calculate the Full Cost Ceiling limitation for the first quarter of 2016 is expected to decline from $50.28 to approximately $46.00 (both before further deductions for basis differentials). Assuming other variables remain substantially unchanged, the Company expects to record an impairment charge in the range of $3,000 to $4,000 during the first quarter of 2016. As discussed in Note 7, as of December 31, 2015, the Company was not in compliance with any of the financial covenants under its credit facility and on April 14, 2016, the lender provided a limited waiver for the Company’s noncompliance.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration