Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Oil and Gas Properties |
Our oil and gas properties comprised the following (in thousands):
|
|
|
December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
Mineral interests in properties: |
|
|
|
|
|
|
|
|
|
Unproved leasehold costs |
|
$ |
28,737 |
|
|
$ |
33,596 |
|
|
Proved leasehold costs |
|
|
60,077 |
|
|
|
44,643 |
|
|
Wells and related equipment and facilities |
|
|
1,819,836 |
|
|
|
1,774,314 |
|
|
Support equipment |
|
|
8,459 |
|
|
|
8,002 |
|
|
Uncompleted wells, equipment and facilities |
|
|
13,468 |
|
|
|
9,219 |
|
|
Total costs |
|
|
1,930,577 |
|
|
|
1,869,774 |
|
|
Less accumulated depreciation, depletion and
amortization |
|
|
(850,301 |
) |
|
|
(780,412 |
) |
|
Net capitalized costs |
|
$ |
1,080,276 |
|
|
$ |
1,089,362 |
|
|
| Summary of Accrued Liabilities |
The following is a summary of our accrued liabilities at December 31, 2017 and 2016 (in thousands):
|
|
|
2017 |
|
|
2016 |
|
|
Capital expenditures accrual |
|
$ |
1,522 |
|
|
$ |
1,067 |
|
|
Operating expenses and other |
|
|
6,551 |
|
|
|
6,750 |
|
|
Total |
|
$ |
8,073 |
|
|
$ |
7,817 |
|
|
| Reconciliations of Numerators and Denominators of Basic and Diluted Earnings Per Share |
The following are reconciliations of the numerators and denominators of our basic and diluted earnings per share, (dollars in thousands, except per-share amounts):
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|
|
For the Years Ended December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Income (numerator): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income — basic |
|
$ |
(112,359 |
) |
|
$ |
(52,243 |
) |
|
$ |
(174,104 |
) |
|
Weighted average shares (denominator): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares — basic |
|
|
83,404,104 |
|
|
|
41,488,206 |
|
|
|
40,464,283 |
|
|
Dilution effect of share-based compensation,
treasury method (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Weighted average shares — diluted |
|
|
83,404,104 |
|
|
|
41,488,206 |
|
|
|
40,464,283 |
|
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.35 |
) |
|
$ |
(1.26 |
) |
|
$ |
(4.30 |
) |
|
Diluted |
|
$ |
(1.35 |
) |
|
$ |
(1.26 |
) |
|
$ |
(4.30 |
) |
|
(1) |
Approximately 39,000 options to purchase our common stock were excluded from this calculation because they were antidilutive for the years ended December 31, 2016 and 2015. No options were outstanding as of December 31, 2017, as they had expired. |
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