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Related Party Transactions
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12 Months Ended | ||
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Dec. 31, 2011
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| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
In the ordinary course of business, the Company conducts business activities with certain entities affiliated with its largest stockholder. Windsor Permian, LLC ("Windsor"), an entity controlled by Wexford, operates the Permian Basin wells in West Texas. At December 31, 2011 and 2010, the Company owed Windsor approximately $5,593,000 and $5,871,000, respectively, related to reimbursement for services provided. Approximately $5,489,000 and $2,386,000 of services provided by Windsor are included in lease operating expenses in the consolidated statements of operations for the years ended December 31, 2011 and 2010, respectively. Approximately $50,614,000 and $21,666,000 related to services performed by Windsor are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2011 and 2010, respectively. Athena Construction LLC ("Athena"), an entity controlled by Wexford, performs services for the Company at its WCBB and Hackberry fields. At December 31, 2011 and December 31, 2010, the Company owed Athena approximately $676,000 and $791,000, respectively, related to these services. Approximately $423,000 and $438,000 of services provided by Athena are included in lease operating expenses in the consolidated statements of operations for the years ended December 31, 2011 and 2010, respectively. Approximately $2,851,000 and $2,554,000 related to services performed by Athena are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2011 and 2010, respectively. Great White Directional Services LLC ("Directional") performs services for the Company at its WCBB and Hackberry fields. At December 31, 2011 and December 31, 2010, the Company owed Directional approximately $2,449,000 and $952,000, respectively, related to these services. Approximately $6,068,000 and $3,008,000 relating to services performed by Directional are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2011 and 2010, respectively. Directional was controlled by Wexford until it was sold to an unrelated third party in August 2011. Great White Pressure Control ("Pressure Control") performs services for the Company at its WCBB field. At December 31, 2010, the Company owed Pressure Control approximately $80,000 related to these services. Approximately $80,000 of services performed by Pressure Control are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2010. No services were performed by Pressure Control in 2011. Pressure Control was controlled by Wexford until it was sold to an unrelated third party in August 2011. Black Fin P&A, LLC ("Black Fin"), an entity controlled by Wexford, performs services for the Company at its WCBB field. At December 31, 2011, the Company owed Black Fin $436,000 related to these services. No amounts were owed to Black Fin at December 31, 2010. Approximately $436,000 and $826,000 of services performed by Black Fin are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2011 and 2010, respectively. |