Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Narrative) (Details)

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Long-Term Debt (Narrative) (Details) (USD $)
 3 Months Ended 6 Months Ended 1 Months Ended 0 Months Ended 0 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Senior Notes [Member]
Dec. 31, 2013
Senior Notes [Member]
Dec. 21, 2012
Senior Notes [Member]
Oct. 17, 2012
Senior Notes [Member]
Mar. 31, 2011
Building Loans [Member]
Jun. 30, 2014
Building Loans [Member]
Dec. 31, 2013
Building Loans [Member]
Dec. 21, 2012
Minimum [Member]
Senior Notes [Member]
Dec. 21, 2012
Maximum [Member]
Senior Notes [Member]
Jun. 30, 2014
Letter of Credit [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Jun. 30, 2014
Nova Scotia, Amegy, KeyBank [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Apr. 22, 2014
Nova Scotia, Amegy, KeyBank [Member]
Dec. 27, 2013
Nova Scotia, Amegy, KeyBank [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Base Rate Loans [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Base Rate Loans [Member]
Federal Funds Rate [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Base Rate Loans [Member]
Eurodollar [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Euro Dollar Loans [Member]
Jun. 30, 2014
Nova Scotia, Amegy, KeyBank [Member]
Letter of Credit [Member]
Apr. 23, 2014
Nova Scotia, Amegy, KeyBank [Member]
Letter of Credit [Member]
Apr. 22, 2014
Nova Scotia, Amegy, KeyBank [Member]
Letter of Credit [Member]
Jun. 30, 2014
Nova Scotia, Amegy, KeyBank [Member]
Revolving Credit Facility [Member]
Eurodollar [Member]
Debt Instrument [Line Items]                                                      
Interest cost capitalized, undeveloped properties $ 3,900,000 $ 2,900,000 $ 6,200,000 $ 5,500,000                                              
Revolving credit facility                                     1,500,000,000.0                
Borrowing capacity                                 275,000,000.0 150,000,000.0             70,000,000.0 20,000,000.0  
Applicable rate, minimum                                       0.50%     1.50%        
Applicable rate, maximum                                       1.50%     2.50%        
Stated interest rate             7.75% 7.75% 5.82%                                    
Credit facility outstanding                           40,000,000 [1]                   36,700,000 [1]      
Remaining borrowing capacity                               198,300,000                      
Basis spread                                         0.50% 1.00%          
Debt instrument, description of rate                             LIBOR01                        
Debt Instrument, Interest Rate at Period End                                                     1.66%
Debt covenant ratio for reasonable transactions 2.00   2.00                                                
Debt covenant ratio for EBITDAX 3.00   3.00                                                
Building Loan Outstanding Amount Of Building Loan Refinanced         300,000,000 [2] 300,000,000 [2] 300,000,000.0 300,000,000.0 2,400,000 1,910,000 [3] 1,995,000 [3]                                
Loan, periodic payment                 22,000                                    
Debt issued             50,000,000.0 250,000,000.0                                      
Redemption of principal amount plus aggregate net proceeds             100.00%           35.00%                            
Percentage of notes required to be outstanding for redemption                       65.00%                              
Discount issue price, price               98.534%                                      
Premium issue price, percent             101.00%                                        
Unamortized discount 3,000,000   3,000,000         3,700,000                                      
Effective interest rate             7.531% 8.00%                                      
Unamortized premium $ 400,000   $ 400,000       $ 500,000                                        
[1] On December 27, 2013, the Company entered into an Amended and Restated Credit Agreement with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and other lenders (The "Amended and Restated Credit Agreement") that provides for a maximum facility amount of $1.5 billion. The Amended and Restated Credit Agreement matures on June 6, 2018. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement. On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder. As of June 30, 2014, the Company had $40.0 million of borrowings outstanding under the Amended and Restated Credit Agreement. At June 30, 2014, the total availability for future borrowings under the Amended and Restated Credit Agreement, after giving effect to an aggregate of $36.7 million of letters of credit, was $198.3 million.Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on Reuters Screen LIBOR01 Page for deposits in U.S. dollars, or, if such rate is not available, the offered rate on such other page or service that displays the average British Bankers Association Interest Settlement Rate for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At June 30, 2014, amounts borrowed under the revolving credit facility bore interest at the eurodollar rate of 1.66%.The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: •incur indebtedness; •grant liens; •pay dividends and make other restricted payments; •make investments; •make fundamental changes; •enter into swap contracts and forward sales contracts; •dispose of assets; •change the nature of their business; and •enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of funded debt to EBITDAX (net income, excluding any non-cash revenue or expense associated with swap contracts resulting from ASC 815, plus without duplication and to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) non-cash losses from minority investments, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings, and less non-cash income attributable to equity income from minority investments) for a twelve-month period may not be greater than 2.00 to 1.00; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. The Company was in compliance with all covenants at June 30, 2014.
[2] On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "October Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "December Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The October Notes Offering and the December Notes Offering are collectively referred to as the "Notes Offerings". The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. Under the senior note indenture, interest on the Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Notes; provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption.
[3] In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land.