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Subsequent Events
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6 Months Ended |
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Jun. 30, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
In July 2012, the Company entered into fixed price swap contracts for the period of August 2012 through December 2012 for 1,000 barrels of oil per day at a weighted average price of $99.98 per barrel. For the period of January 2013 through December 2013, the Company entered into fixed price swap contracts for 3,000 barrels of oil per day at a weighted average price of $100.04 per barrel. The Company’s fixed price swap contracts are tied to the commodity prices on the IPE. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price for oil as listed on the IPE for Brent Crude.
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- Details
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- 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. No definition available.
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