10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32367

BILL BARRETT CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	80-0000545
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

1099 18th Street, Suite 2300 Denver, Colorado	80202
(Address of principal executive offices)	(Zip Code)

(303) 293-9100

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    o  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    o  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o  (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    o  Yes    x  No

There were 50,038,500 shares of $0.001 par value common stock outstanding on April 24, 2015.

INDEX TO FINANCIAL STATEMENTS

PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	39
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 3.	Defaults Upon Senior Securities	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	41
Item 6.	Exhibits	41
SIGNATURES		42

2

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

BILL BARRETT CORPORATION

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2015			December 31, 2014
	(in thousands, except share data)
Assets:
Current assets:
Cash and cash equivalents	$	33,772		$	165,904
Short-term investments	114,918			—
Accounts receivable, net of allowance for doubtful accounts	55,474			112,209
Derivative assets	137,787			145,226
Prepayments and other current assets	3,932			2,766
Total current assets	345,883			426,105
Property and equipment - at cost, successful efforts method for oil and gas properties:
Proved oil and gas properties	2,101,105			2,009,292
Unproved oil and gas properties, excluded from amortization	155,792			148,834
Oil and gas properties held for sale, net of amortization and impairment	—			9,234
Furniture, equipment and other	40,572			39,963
	2,297,469			2,207,323
Accumulated depreciation, depletion, amortization and impairment	(507,137		)	(454,202		)
Total property and equipment, net	1,790,332			1,753,121
Derivative assets	45,251			49,750
Deferred financing costs and other noncurrent assets	14,635			15,508
Total	$	2,196,101		$	2,244,484
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable and accrued liabilities	$	122,200		$	126,252
Amounts payable to oil and gas property owners	26,025			19,187
Production taxes payable	30,961			38,060
Deferred income taxes	52,603			55,418
Current portion of long-term debt	1,008			25,770
Total current liabilities	232,797			264,687
Long-term debt	803,113			803,222
Asset retirement obligations	21,606			21,592
Liabilities associated with assets held for sale	—			146
Deferred income taxes	117,320			122,350
Derivatives and other noncurrent liabilities	3,232			2,999
Stockholders' equity:
Common stock, $0.001 par value; authorized 150,000,000 shares; 50,040,460 and 49,526,637 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively, with 1,755,808 and 1,407,141 shares subject to restrictions, respectively	48			48
Additional paid-in capital	913,895			913,619
Retained earnings	104,090			115,821
Treasury stock, at cost: zero shares at March 31, 2015 and December 31, 2014, respectively	—			—
Total stockholders' equity	1,018,033			1,029,488
Total	$	2,196,101		$	2,244,484

See notes to Unaudited Consolidated Financial Statements.

3

BILL BARRETT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended March 31,
	2015			2014
	(in thousands, except share and per share data)
Operating and Other Revenues:
Oil, gas and NGL production	$	48,486		$	127,169
Other	548			519
Total operating and other revenues	49,034			127,688
Operating Expenses:
Lease operating expense	13,791			16,164
Gathering, transportation and processing expense	942			11,704
Production tax expense	2,534			7,624
Exploration expense	33			303
Impairment, dry hole costs and abandonment expense	1,255			1,761
Gain on divestitures	(38		)	—
Depreciation, depletion and amortization	52,254			55,508
Unused commitments	4,388			—
General and administrative expense	13,329			15,407
Total operating expenses	88,488			108,471
Operating Income (Loss)	(39,454		)	19,217
Other Income and Expense:
Interest and other income	275			375
Interest expense	(16,430		)	(17,431		)
Commodity derivative gain (loss)	34,438			(25,155		)
Gain on extinguishment of debt	2,567			—
Total other income and expense	20,850			(42,211		)
Loss before Income Taxes	(18,604		)	(22,994		)
Benefit from Income Taxes	(6,873		)	(10,245		)
Net Loss	$	(11,731	)	$	(12,749	)
Net Loss Per Common Share, Basic	$	(0.24	)	$	(0.27	)
Net Loss Per Common Share, Diluted	$	(0.24	)	$	(0.27	)
Weighted Average Common Shares Outstanding, Basic	48,198,948			47,890,224
Weighted Average Common Shares Outstanding, Diluted	48,198,948			47,890,224

See notes to Unaudited Consolidated Financial Statements.

4

BILL BARRETT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Net Loss	$	(11,731	)	$	(12,749	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	—			(97		)
Other comprehensive loss	—			(97		)
Comprehensive Loss	$	(11,731	)	$	(12,846	)

See notes to Unaudited Consolidated Financial Statements.

5

BILL BARRETT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Operating Activities:
Net Loss	$	(11,731	)	$	(12,749	)
Adjustments to reconcile to net cash provided by operations:
Depreciation, depletion and amortization	52,254			55,508
Deferred income tax benefit	(6,873		)	(10,245		)
Impairment, dry hole costs and abandonment expense	1,255			1,761
Total commodity derivative (gain) loss	(34,438		)	25,155
Settlements of commodity derivatives	46,375			(9,200		)
Stock compensation and other non-cash charges	2,743			3,692
Amortization of debt discounts and deferred financing costs	1,067			1,067
Gain on extinguishment of debt	(2,567		)	—
Gain on sale of properties	(38		)	—
Change in operating assets and liabilities:
Accounts receivable	9,064			5,530
Prepayments and other assets	(1,364		)	408
Accounts payable, accrued and other liabilities	(1,661		)	6,134
Amounts payable to oil and gas property owners	6,838			9,401
Production taxes payable	(7,099		)	(1,268		)
Net cash provided by operating activities	53,825			75,194
Investing Activities:
Additions to oil and gas properties, including acquisitions	(111,009		)	(128,938		)
Additions of furniture, equipment and other	(609		)	(274		)
Proceeds from sale of properties and other investing activities	66,415			(388		)
Cash paid for short-term investments	(114,883		)	—
Net cash used in investing activities	(160,086		)	(129,600		)
Financing Activities:
Proceeds from debt	—			65,000
Principal payments on debt	(24,871		)	(1,137		)
Proceeds from stock option exercises	—			126
Deferred financing costs and other	(1,000		)	(1,946		)
Net cash provided by (used in) financing activities	(25,871		)	62,043
Increase (Decrease) in Cash and Cash Equivalents	(132,132		)	7,637
Beginning Cash and Cash Equivalents	165,904			54,595
Ending Cash and Cash Equivalents	$	33,772		$	62,232

See notes to Unaudited Consolidated Financial Statements.

6

BILL BARRETT CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)

(In thousands)

	Common Stock		Additional Paid-In Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income			Total Stockholders' Equity
Balance at December 31, 2013	$	48	$	904,261		$	100,740		$	—		$	669		$	1,005,718
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding	—		126			—			(2,684		)	—			(2,558		)
Stock-based compensation	—		11,916			—			—			—			11,916
Retirement of treasury stock	—		(2,684		)	—			2,684			—			—
Net Income	—		—			15,081			—			—			15,081
Effect of derivative financial instruments, net of $410 of taxes	—		—			—			—			(669		)	(669		)
Balance at December 31, 2014	$	48	$	913,619		$	115,821		$	—		$	—		$	1,029,488
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding	—		—			—			(975		)	—			(975		)
Stock-based compensation	—		2,847			—			—			—			2,847
Retirement of treasury stock	—		(975		)	—			975			—			—
Settlement of convertible notes	—		(1,596		)	—			—			—			(1,596		)
Net loss	—		—			(11,731		)	—			—			(11,731		)
Balance at March 31, 2015	$	48	$	913,895		$	104,090		$	—		$	—		$	1,018,033

See notes to Unaudited Consolidated Financial Statements.

7

BILL BARRETT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

March 31, 2015

1. Organization

Bill Barrett Corporation, a Delaware corporation, together with its wholly-owned subsidiaries (collectively, the "Company"), is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids ("NGLs"). Since its inception in January 2002, the Company has conducted its activities principally in the Rocky Mountain region of the United States.

2. Summary of Significant Accounting Policies

Basis of Presentation. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company's interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The Company's Annual Report on Form 10-K includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company's 2014 Annual Report on Form 10-K.

Use of Estimates. In the course of preparing the Company's financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established.

Areas requiring the use of assumptions, judgments and estimates relate to volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining asset retirement obligations, the timing of dry hole costs, impairments of undeveloped properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based compensation awards.

Short-term investments. Short-term investments have maturities of more than three months and less than one year. The Company's held-to-maturity securities have a carrying value of $114.9 million, which approximates fair value, as of March 31, 2015, and all have maturity dates of less than one year.

Accounts Receivable. Accounts receivable is comprised of the following:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Accrued oil, gas and NGL sales	$	35,383		$	35,099
Due from joint interest owners	16,910			27,937
Other	3,195			49,187
Allowance for doubtful accounts	(14		)	(14		)
Total accounts receivable	$	55,474		$	112,209

Oil and Gas Properties. The Company's oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does

8

not find proved reserves, the costs of drilling the well are charged to expense and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows when incurred. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized.

Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts.

Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage and other relevant matters.

Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value, on a first-in, first-out basis.

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Proved properties	$	403,052		$	390,482
Wells and related equipment and facilities	1,616,089			1,537,370
Support equipment and facilities	72,657			68,371
Materials and supplies	9,307			13,069
Total proved oil and gas properties	$	2,101,105		$	2,009,292
Unproved properties	64,327			78,898
Wells and facilities in progress	91,465			69,936
Total unproved oil and gas properties, excluded from amortization	155,792			148,834
Assets held for sale	—			9,234
Accumulated depreciation, depletion, amortization and impairment	(480,055		)	(427,954		)
Total oil and gas properties, net	$	1,776,842		$	1,739,406

All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of March 31, 2015 and December 31, 2014, there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling.

The Company reviews proved oil and gas properties on a field-by-field basis for impairment on a quarterly basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future cash flows of its oil and gas properties based on the Company's best estimate of future production, commodity pricing, gathering and transportation deducts, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying value of a property exceeds the undiscounted future cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company has no guarantee that the undiscounted future cash

9

flows analysis of its proved property represents the applicable market value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future revenues, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows.

The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Non-cash impairment of proved oil and gas properties	$	—	$	1,038	(1)
Non-cash impairment of unproved oil and gas properties	58		—
Dry hole costs	15		106
Abandonment expense and lease expirations	1,182		617
Total non-cash impairment, dry hole costs and abandonment expense	$	1,255	$	1,761

(1) Non-cash impairment of proved oil and gas properties for the three months ended March 31, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013.

The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation.

Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following:

	As of March 31, 2015		As of December 31, 2014
	(in thousands)
Accrued drilling, completion and facility costs	$	72,968	$	68,124
Accrued lease operating, gathering, transportation and processing expenses	10,786		12,526
Accrued general and administrative expenses	3,974		8,482
Accrued interest payable	28,524		14,284
Accrued payables for property sales	—		16,296
Trade payables and other	5,948		6,540
Total accounts payable and accrued liabilities	$	122,200	$	126,252

Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated.

Revenue Recognition. Oil, gas and NGL revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability of the revenue is reasonably assured. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenues are recorded on the basis of gas and NGLs actually sold by the Company. In addition, the Company records revenues for its share of gas and NGLs sold by other owners that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company also reduces revenues for other owners' volumetric share of gas and NGLs sold by the Company that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company's remaining over- and under-produced gas and NGLs balancing positions are taken into account in determining the Company's proved oil, gas and NGL reserves. Imbalances at March 31, 2015 and 2014 were not material.

10

Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities.

Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred income taxes also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates.

The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company currently does not have any uncertain tax positions recorded as of March 31, 2015.

Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested equity shares of common stock, in-the-money outstanding stock options to purchase the Company's common stock and shares into which the Convertible Notes are convertible. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three months ended March 31, 2015 and 2014.

The following table sets forth the calculation of basic and diluted loss per share:

	Three Months Ended March 31,
	2015			2014
	(in thousands, except per share amounts)
Net loss	$	(11,731	)	$	(12,749	)
Basic weighted-average common shares outstanding in period	48,199			47,890
Add dilutive effects of stock options and nonvested equity shares of common stock	—			—
Diluted weighted-average common shares outstanding in period	48,199			47,890
Basic net loss per common share	$	(0.24	)	$	(0.27	)
Diluted net loss per common share	$	(0.24	)	$	(0.27	)

New Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. The objective of this update is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the annual periods beginning after December 15, 2015, and for interim periods within that annual period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The objective of this update is to provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The standard will be adopted prospectively.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

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3. Supplemental Disclosures of Cash Flow Information

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Cash paid for interest	$	1,105		$	2,164
Cash paid for income taxes	1,050			—
Supplemental disclosures of non-cash investing and financing activities:
Accrued liabilities - oil and gas properties	74,984			80,356
Change in asset retirement obligations, net of disposals	(525		)	842
Retirement of treasury stock	(975		)	(1,946		)

4. Divestitures

During the year ended December 31, 2014, the Company completed the sale or exchange of the majority of its Powder River Basin assets (the "Powder River Oil Divestiture") in four separate transactions with effective dates of April 1, 2014 and closing dates during the three months ended September 30, 2014. The sale resulted in net cash proceeds of $31.8 million, after final closing adjustments. Three transactions involved the cumulative sale of 17,497 net mineral acres. The fourth transaction involved an exchange of 29,015 net mineral acres in the Powder River Basin for 7,856 net mineral acres within the southern block of the Company’s operated Northeast Wattenberg area of the Denver-Julesburg Basin, valued at $69.1 million. Assets sold or exchanged as part of the overall Powder River Oil Divestiture included $86.2 million in proved and $40.6 million in unproved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment of $33.1 million and $1.3 million in asset retirement obligations. A loss on sale of $24.5 million related to these transactions is included within operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2014 and a loss of $0.1 million is included within operating expenses in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 due to post-close adjustments.

During the three months ended March 31, 2015, the Company sold its remaining Powder River Basin assets, which included 19,492 net mineral acres. The Company received $9.8 million in cash proceeds, after initial closing estimates. These assets were classified as held for sale in the Consolidated Balance Sheet as of December 31, 2014. Upon the classification as held for sale, the assets were analyzed relative to their fair market values. The Company recognized proved and unproved property impairment of $14.8 million and $6.4 million, respectively, during the year ended December 31, 2014. The divestiture proceeds are subject to various purchase price adjustments incurred in the normal course of business and will be finalized in 2015.

On September 30, 2014, the Company completed the sale of its Gibson Gulch natural gas program in the Piceance Basin (the "Piceance Divestiture") with an effective date of July 1, 2014. The Company received $498.8 million in cash proceeds, after final closing adjustments. In addition to the cash proceeds, the Company recognized non-cash proceeds of $22.4 million related to the relief of the Company's asset retirement obligation and $36.1 million related to relief from the Company's lease financing obligation described in Note 5 (the "Lease Financing Obligation"). A loss on sale of $79.5 million related to this transaction is included within operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2014 and a gain of $0.1 million is included within operating expenses in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 due to post-close adjustments.

5. Long-Term Debt

The Company's outstanding debt is summarized below:

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		As of March 31, 2015						As of December 31, 2014
	Maturity Date	Principal		Unamortized Discount		Carrying Amount		Principal		Unamortized Discount		Carrying Amount
		(in thousands)
Amended Credit Facility	April 9, 2020	$	—	$	—	$	—	$	—	$	—	$	—
Convertible Notes (1)	March 15, 2028 (2)	579		—		579		25,344		—		25,344
7.625% Senior Notes (3)	October 1, 2019	400,000		—		400,000		400,000		—		400,000
7.0% Senior Notes (4)	October 15, 2022	400,000		—		400,000		400,000		—		400,000
Lease Financing Obligation (5)	August 10, 2020	3,542		—		3,542		3,648		—		3,648
Total Debt		$	804,121	$	—	$	804,121	$	828,992	$	—	$	828,992
Less: Current Portion of Long-Term Debt (6)		1,008		—		1,008		25,770		—		25,770
Total Long-Term Debt		$	803,113	$	—	$	803,113	$	803,222	$	—	$	803,222

(1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Notes to the Company, leaving $0.6 million principal amount remaining as of March 31, 2015.

(2) The Company has the right at any time, with at least 30 days' notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2018 and March 20, 2023.

(3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $391.5 million and $359.8 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $351.0 million and $366.0 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.4 million as of March 31, 2015 and $3.5 million as of December 31, 2014. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments.

(6) The current portion of the long-term debt as of March 31, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes.

Amended Credit Facility

On April 9, 2015, the Company entered into a Third Amendment to the Third Amended and Restated Credit Agreement dated March 16, 2010. The Third Amendment amended the definition of "Maturity Date" in the credit agreement to mean the earliest of (a) April 9, 2020 or (b) the date 181 days prior to the maturity of certain unsecured senior or senior subordinated debt of the Company in existence as of the date of the Third Amendment or that may be incurred by the Company as of a future date, or any permitted refinancing debt in respect thereof, with commitments and a borrowing base of $375.0 million from 13 lenders. As of March 31, 2015, the Company had no amounts outstanding under the Amended Credit Facility. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit has been issued under the Amended Credit Facility, which reduced the available borrowing capacity of the Amended Credit Facility as of March 31, 2015 to $349.0 million.

Interest rates are LIBOR plus applicable margins of 1.5% to 2.5% or ABR plus 0.5% to 1.5% and the commitment fee is between 0.375% to 0.5% based on borrowing base utilization. The Company had no amounts outstanding under the Amended Credit Facility as of March 31, 2015. The average annual interest rate incurred on the Amended Credit Facility was 1.6% for the three months ended March 31, 2014.

The borrowing base is required to be re-determined twice per year, on or about April 1 and October 1. Future semi-annual borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves, as well as any other outstanding debt of the Company.

The Amended Credit Facility contains certain financial covenants. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

5% Convertible Senior Notes Due 2028

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On March 12, 2008, the Company issued $172.5 million aggregate principal amount of Convertible Notes. On March 20, 2012, $147.2 million of the outstanding principal amount, or approximately 85% of the outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. On March 20, 2015, $24.8 million of the remaining outstanding principal amount, or approximately 98% of the remaining outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. The Company settled the notes in cash and recognized a gain on extinguishment of $2.6 million in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015. After the redemption, $0.6 million aggregate principal amount of the Convertible Notes were outstanding as of March 31, 2015. The Convertible Notes mature on March 15, 2028, unless earlier converted, redeemed or purchased by the Company. The Convertible Notes are senior unsecured obligations and rank equal in right of payment to all of the Company's existing and future senior unsecured indebtedness, are senior in right of payment to all of the Company's future subordinated indebtedness, and are effectively subordinated to all of the Company's secured indebtedness with respect to the collateral securing such indebtedness. The Convertible Notes are structurally subordinated to all present and future secured and unsecured debt and other obligations of the Company's subsidiaries. The Convertible Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the 7.625% Senior Notes and the 7.0% Senior Notes.

The Convertible Notes bear interest at a rate of 5% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. Holders of the remaining Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of March 20, 2018 and March 20, 2023 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, up to but excluding the applicable purchase date. The Company has the right with at least 30 days' notice to call the Convertible Notes.

7.625% Senior Notes Due 2019

On September 27, 2011, the Company issued $400.0 million in principal amount of 7.625% Senior Notes due 2019 at par. The 7.625% Senior Notes mature on October 1, 2019. Interest is payable in arrears semi-annually on April 1 and October 1 of each year. The 7.625% Senior Notes are senior unsecured obligations of the Company and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the Company's Convertible Notes and 7.0% Senior Notes. The 7.625% Senior Notes are redeemable at the Company's option beginning on October 1, 2015 at an initial redemption price of 103.813% of the principal amount of the notes. The 7.625% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.0% Senior Notes. The 7.625% Senior Notes include certain covenants that limit the Company's ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

7.0% Senior Notes Due 2022

On March 12, 2012, the Company issued $400.0 million in aggregate principal amount of 7.0% Senior Notes due 2022 at par. The 7.0% Senior Notes mature on October 15, 2022. Interest is payable in arrears semi-annually on April 15 and October 15 of each year. The 7.0% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the Company's Convertible Notes and 7.625% Senior Notes. The 7.0% Senior Notes are redeemable at the Company's option beginning on October 15, 2017 at an initial redemption price of 103.5% of the principal amount of the notes. The 7.0% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.625% Senior Notes. The 7.0% Senior Notes include certain covenants that limit the Company's ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

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Lease Financing Obligation Due 2020

The Company has a Lease Financing Obligation with a balance of $3.5 million as of March 31, 2015 whereby the Company sold and subsequently leased back the existing compressors and related facilities owned by the Company. The Lease Financing Obligation expires on August 10, 2020, and the Company has the option to purchase the equipment at the end of the lease term for the then current fair market value. The Lease Financing Obligation also contains an early buyout option pursuant to which the Company may purchase the equipment for $1.8 million on February 10, 2019. The lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.3%. See Note 11 for discussion of aggregate minimum future lease payments.

The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, the outstanding Convertible Notes, the 7.625% Senior Notes, the 7.0% Senior Notes and the Lease Financing Obligation along with the non-cash portion resulting from the amortization of the debt discount and transaction costs through interest expense:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Amended Credit Facility (1)
Cash interest	$	433	$	1,078
Non-cash interest	$	586	$	586
Convertible Notes (2)
Cash interest	$	276	$	310
Non-cash interest	$	3	$	1
7.625% Senior Notes (3)
Cash interest	$	7,625	$	7,625
Non-cash interest	$	273	$	272
7.0% Senior Notes (4)
Cash interest	$	7,000	$	7,000
Non-cash interest	$	204	$	203
Lease Financing Obligation (5)
Cash interest	$	29	$	262
Non-cash interest	$	—	$	4

(1) Cash interest includes amounts related to interest and commitment fees incurred on the Amended Credit Facility and participation and fronting fees paid on the letter of credit.

(2) The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $0.6 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012.

(3) The stated interest rate for the 7.625% Senior Notes is 7.625% per annum with an effective interest rate of 8.0% per annum.

(4) The stated interest rate for the 7.0% Senior Notes is 7.0% per annum with an effective interest rate of 7.2% per annum.

(5) The effective interest rate for the Lease Financing Obligation is 3.3% per annum. The decrease in cash interest from $0.3 million to $0.03 million for the three months ended March 31, 2014 and March 31, 2015, respectively, is due to the obligations transferred in the Piceance Divestiture.

6. Asset Retirement Obligations

A reconciliation of the Company's asset retirement obligations for the three months ended March 31, 2015 is as follows (in thousands):

15

As of December 31, 2014	$	22,852
Liabilities incurred	278
Liabilities settled	(58		)
Disposition of properties	(745		)
Accretion expense	357
Revisions to estimate	—
As of March 31, 2015	$	22,684
Less: Current asset retirement obligations	1,078
Long-term asset retirement obligations	$	21,606

7. Fair Value Measurements

Assets and Liabilities Measured on a Recurring Basis

The Company's financial instruments, including cash and cash equivalents, accounts and notes receivable and accounts payable are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Amended Credit Facility, as discussed in Note 5, approximates its fair value due to its floating rate structure based on the LIBOR spread and the Company's borrowing base utilization.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes a mid-market pricing convention (the mid-point price between bid and ask prices) for valuation as a practical expedient for assigning fair value. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These inputs can be readily observable, market corroborated or generally unobservable. The Company primarily applies the market and income approaches for recurring fair value measurements and utilizes the best available information. Given the Company's historical market transactions, its markets and instruments are fairly liquid. Therefore, the Company has been able to classify fair value balances based on the observability of those inputs. A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities.

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options.

Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs.

The following tables set forth by level within the fair value hierarchy the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

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	As of March 31, 2015
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,024	$	—	$	—	$	1,024
Cash Equivalents - Money Market Funds	15,085		—		—		15,085
Short-Term Investments	114,918		—		—		114,918
Commodity Derivatives	—		183,038		—		183,038
Liabilities
Commodity Derivatives	$	—	$	—	$	—	$	—

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,069	$	—	$	—	$	1,069
Cash Equivalents - Money Market Funds	75,066		—		—		75,066
Commodity Derivatives	—		195,176		—		195,176
Liabilities
Commodity Derivatives	$	—	$	200	$	—	$	200

All fair values reflected in the table above and in the Unaudited Consolidated Balance Sheets have been adjusted for non-performance risk. For applicable financial assets carried at fair value, the credit standing of the counterparties is analyzed and factored into the fair value measurement of those assets. In addition, the fair value measurement of a liability has been adjusted to reflect the nonperformance risk of the Company. The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above.

Level 1 Fair Value Measurements – The Company maintains a non-qualified deferred compensation plan which allows certain management employees to defer receipt of a portion of their compensation. The Company maintains assets for the deferred compensation plan in a rabbi trust. The assets of the rabbi trust are invested in publicly traded mutual funds and are recorded in other current and other long-term assets in the Unaudited Consolidated Balance Sheets. The Company also has highly liquid cash equivalents in money market funds and short-term investments in held-to-maturity securities. The deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. The money market fund and short-term investments are recorded at carrying value, which approximates fair value, which represent Level 1 inputs. The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $742.5 million as of March 31, 2015. The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $725.8 million as of December 31, 2014. The fair values of the Company's fixed rate Senior Notes are based on active market quotes, which represent Level 1 inputs.

Level 2 Fair Value Measurements – The fair value of crude oil, natural gas and NGL forwards and options are estimated using a combined income and market valuation methodology with a mid-market pricing convention based upon forward commodity price and volatility curves. The curves are obtained from independent pricing services reflecting broker market quotes. The Company did not make any adjustments to the obtained curves. The pricing services publish observable market information from multiple brokers and exchanges. No proprietary models are used by the pricing services for the inputs. The Company utilized the counterparties' valuations to assess the reasonableness of the Company's valuations.

There is no active, public market for the Company's Amended Credit Facility, Convertible Notes or Lease Financing Obligation. The Amended Credit Facility balance of zero as of March 31, 2015 and December 31, 2014. The Convertible Notes fair value of $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, are measured based on market-based parameters of the various components of the Convertible Notes and over the counter trades. The Lease Financing Obligation fair values of $3.4 million and $3.5 million as of March 31, 2015 and December 31, 2014, respectively, are measured based on market-based parameters of comparable term secured financing instruments. The fair value measurements for the Amended Credit Facility, Convertible Notes and Lease Financing Obligation represent Level 2 inputs.

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Level 3 Fair Value Measurements – As of March 31, 2015 and December 31, 2014, the Company did not have assets or liabilities that were measured on a recurring basis classified under a Level 3 fair value hierarchy.

Assets and Liabilities Measured on a Non-recurring Basis –The Company utilizes fair value on a non-recurring basis to perform impairment tests on its property and equipment when required. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and are classified within Level 3. See Note 2 for details related to impairment expense recognized during the three months ended March 31, 2015 and 2014.

8. Derivative Instruments

The Company uses financial derivative instruments as part of its price risk management program to achieve a more predictable cash flow from its production revenues by reducing its exposure to commodity price fluctuations. The Company has entered into financial commodity swap contracts related to the sale of a portion of the Company's production. The Company does not enter into derivative instruments for speculative or trading purposes.

In addition to financial contracts, the Company may at times be party to various physical commodity contracts for the sale of oil, natural gas and NGLs that have varying terms and pricing provisions. These physical commodity contracts qualify for the normal purchase and normal sale exception and, therefore, are not subject to hedge or mark-to-market accounting. The financial impact of physical commodity contracts is included in oil, natural gas and NGL production revenues at the time of settlement.

All derivative instruments, other than those that meet the normal purchase and normal sale exception, as mentioned above, are recorded at fair value and included in the Unaudited Consolidated Balance Sheets as assets or liabilities. The following table summarizes the location, as well as the gross and net fair value amounts of all derivative instruments presented in the Unaudited Consolidated Balance Sheets as of the dates indicated.

	As of March 31, 2015
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	137,787		$	—			$	137,787
Derivative assets (noncurrent)	45,251			—				45,251
Total derivative assets	$	183,038		$	—			$	183,038
	As of December 31, 2014
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	145,426		$	(200	)	(1)	$	145,226
Derivative assets (noncurrent)	49,750			—				49,750
Total derivative assets	$	195,176		$	(200	)		$	194,976
	Gross Amounts of Recognized Derivative Liabilities			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Liabilities Presented in the Balance Sheet
	(in thousands)
Derivative liabilities	$	(200	)	$	200		(2)	$	—
Derivatives and other noncurrent liabilities	—			—				—		(3)
Total derivative liabilities	$	(200	)	$	200			$	—

(1) Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets.

(2) Amounts are netted against derivative liability balances with the same counterparty, and therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets.

(3) As of March 31, 2015 and December 31, 2014, this line item in the Unaudited Consolidated Balance Sheets included $3.2 million and $3.0 million of other noncurrent liabilities, respectively.

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As of March 31, 2015, the Company had financial derivative instruments in place related to the sale of a portion of the Company's production for the following volumes for the periods indicated:

	April – December 2015			For the year 2016			For the year 2017
	Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price
Oil (Bbls)	3,015,500	$	90.01	1,737,000	$	87.46	365,000	$	84.74
Natural Gas (MMbtu)	5,500,000	$	4.13	1,830,000	$	4.10	—	$	—

The table below summarizes the commodity derivative gains and losses the Company recognized related to its oil, gas and NGL derivative instruments for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Commodity derivative gain settlements on derivatives designated as cash flow hedges (1)	$	—	$	156
Total commodity derivative gain (loss) (2)	34,438		(25,155		)

(1) Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations.

(2) Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

The Company's derivative financial instruments are generally executed with major financial or commodities trading institutions that expose the Company to market and credit risks and may, at times, be concentrated with certain counterparties or groups of counterparties. The Company had derivatives in place with eight different counterparties as of March 31, 2015. Although notional amounts are used to express the volume of these contracts, the amounts potentially subject to credit risk, in the event of non-performance by the counterparties, are substantially smaller. The creditworthiness of counterparties is subject to continual review by management, and the Company believes all of these institutions currently are acceptable credit risks. Full performance is anticipated, and the Company has no past due receivables from any of its counterparties.

It is the Company's policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility, affiliates of lenders in the Amended Credit Facility or potential lenders in the Amended Credit Facility. The Company's derivative contracts are documented using an industry standard contract known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. ("ISDA") Master Agreement or other contracts. Typical terms for these contracts include credit support requirements, cross default provisions, termination events and set-off provisions. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the properties securing the Amended Credit Facility. The Company has set-off provisions in its derivative contracts with lenders under its Amended Credit Facility which, in the event of a counterparty default, allow the Company to set-off amounts owed to the defaulting counterparty under the Amended Credit Facility or other obligations against monies owed the Company under derivative contracts. Where the counterparty is not a lender under the Company's Amended Credit Facility, it may not be able to set-off amounts owed by the Company under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility. The Company does not have any derivative balances that are offset by cash collateral.

9. Income Taxes

The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return in accordance with the FASB’s rules on income taxes. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities. During the three months ended March 31, 2015, the Company had no uncertain tax positions.

The Company’s policy is to classify accrued penalties and interest related to unrecognized tax benefits in the Company’s income tax provision. The Company did not record any accrued interest or penalties associated with unrecognized tax benefits during the three months ended March 31, 2015 and 2014.

Income tax benefit for the three months ended March 31, 2015 and 2014 differs from the amounts that would be provided by applying the U.S. federal income tax rate to income before income taxes principally due to the effect of stock-based

19

compensation, political lobbying expense, political contributions, nondeductible officer compensation, state taxes, gain on extinguishment of debt and other operating expenses that are not deductible for income tax purposes.

10. Equity Incentive Compensation Plans and Other Long-term Incentive Programs

The Company maintains various stock-based compensation plans and other employee benefits as discussed below. Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period).

The following table presents the non-cash stock-based compensation related to equity awards for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Common stock options	$	242	$	629
Nonvested equity common stock	1,574		1,671
Nonvested equity common stock units	261		249
Nonvested performance-based equity	430		818
Total	$	2,507	$	3,367

Unrecognized compensation cost as of March 31, 2015 was $18.0 million related to grants of nonvested stock options and nonvested equity shares of common stock that are expected to be recognized over a weighted-average period of 2.5 years.

Nonvested Equity Shares. The following table presents the equity awards granted pursuant to the Company's various stock compensation plans:

	Three Months Ended March 31, 2015			Three Months Ended March 31, 2014
	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Number of Shares	Weighted Average Grant Date Fair Value Per Share
Nonvested equity common stock	622,609	$	12.30	466,314	$	22.47
Nonvested equity common stock units	2,259	$	8.30	732	$	25.60
Nonvested performance-based equity shares	—	$	—	248,575	$	19.61
Total shares granted	624,868			715,621

Performance Cash Program

2015 Program. In February 2015, the Compensation Committee approved a new performance cash program (the "2015 Program") and will grant performance units that will settle in cash. The performance-based awards contingently vest in May 2018, depending on the level at which the performance goals are achieved. The performance goals, which will be measured over the three year period ending December 31, 2017, consist of the Company's total shareholder return ("TSR") ranking relative to a defined peer group's individual TSRs ("Relative TSR") (weighted at 60%) and the percentage change in discretionary cash flow per debt adjusted share relative to a defined peer group's percentage calculation ("DCF per Debt Adjusted Share") (weighted at 40%). The Relative TSR and DCF per Debt Adjusted Share goals will vest at 25% or 50% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the actual results for a metric are between the threshold and target levels or between the target and stretch levels, the vested number of units will be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics are not met, no units will vest. In any event, the total number of units that could vest will not exceed 200% of the original number of performance cash units granted. At the end of the three year vesting period, any units that have not vested will be forfeited. A total of 405,836 units were granted under this program with a par value of $10.00 during the three months ended March 31, 2015. The Company recognized $0.3 million in derivatives and other noncurrent liabilities on the Unaudited Consolidated Balance Sheets as of March 31, 2015 and in general and administrative expense on the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 for the 2015 Program.

11. Commitments and Contingencies

20

Lease Financing Obligation. The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5. The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below:

	As of March 31, 2015
	(in thousands)
2015	$	403
2016	537
2017	537
2018	537
2019	1,825
Thereafter	—
Total	$	3,839

Transportation Charges. The Company entered into two firm transportation contracts to provide capacity on natural gas pipeline systems. The remaining term on these contracts is six years. The contracts require the Company to pay transportation charges regardless of the amount of pipeline capacity utilized by the Company. Beginning October 1, 2014, these transportation costs are included in unused commitments expense in the Unaudited Consolidated Statements of Operations. As a result of the divestitures discussed in Note 4, the Company will likely not utilize the firm capacity on the natural gas pipelines.

The amounts in the table below represent the Company's future minimum transportation charges.

	As of March 31, 2015
	(in thousands)
2015	$	13,350
2016	18,692
2017	18,692
2018	18,692
2019	18,692
Thereafter	29,595
Total	$	117,713

Purchase Commitments. The Company has one take-or-pay purchase agreement for supply of carbon dioxide ("CO2"), which has a total financial commitment of $1.7 million. The CO2 is for use in fracture stimulation operations. Under this contract, the Company is obligated to purchase a minimum monthly volume at a set price. If the Company takes delivery of less than the minimum required amount, the Company is responsible for full payment (deficiency payment) in December 2015.

Lease and Other Commitments. The Company leases office space, vehicles and certain equipment under non-cancelable operating leases. Additionally, the Company has entered into various long-term agreements for telecommunication services.

The Company entered into a sales throughput contract in the South Altamont area of the Uinta Oil Basin. Under this contract, the Company is obligated to sell and deliver a minimum volume commitment ("MVC") of 450.0 MMcf for the period of December 1, 2014 to November 30, 2015. If the minimum volume is not delivered, the Company must make a deficiency payment in the amount of up to $0.8 million. This contract replaces the initial capital expenditures associated with the connection of South Altamont wells that would otherwise be incurred as connected. As of March 31, 2015, the Company had satisfied approximately 67.7 MMcf of this commitment, resulting in an estimated deficiency payment of up to $0.6 million due December 1, 2015.

Future minimum annual payments under lease and other agreements are as follows:

21

	As of March 31, 2015
	(in thousands)
2015	$	3,229
2016	2,876
2017	2,747
2018	2,530
2019	633
Thereafter	—
Total	$	12,015

Litigation. The Company is subject to litigation, claims and governmental and regulatory proceedings arising in the course of ordinary business. It is the opinion of the Company's management that current claims and litigation involving the Company are not likely to have a material adverse effect on its Unaudited Consolidated Balance Sheet, Cash Flows or Statements of Operations.

12. Guarantor Subsidiaries

In addition to the Amended Credit Facility, the 7.625% Senior Notes, 7.0% Senior Notes and Convertible Notes, which are registered securities, are jointly and severally guaranteed on a full and unconditional basis by the Company's 100% owned subsidiaries ("Guarantor Subsidiaries"). Presented below are the Company's unaudited condensed consolidating balance sheets, statements of operations, statements of other comprehensive income (loss) and statements of cash flows, as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.

During the three months ended June 30, 2014, Bill Barrett Corporation, as parent, merged two of the Company's 100% owned subsidiaries, CBM Production Company and GB Acquisition Corporation, into the parent company. During the three months ended March 31, 2015, Bill Barrett Corporation, as parent, merged another 100% owned subsidiary, Elk Production Uintah, LLC, into the parent company. The unaudited condensed consolidating financial statements reflect the new guarantor structure for all periods presented.

The following unaudited condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the Unaudited Consolidated Financial Statements. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate the Company and the Guarantor Subsidiaries are reflected in the intercompany eliminations column.

Condensed Consolidating Balance Sheets

	As of March 31, 2015
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	345,789	$	94		$	—		$	345,883
Property and equipment, net	1,768,533		21,799			—			1,790,332
Intercompany receivable (payable)	21,706		(21,706		)	—			—
Investment in subsidiaries	140		—			(140		)	—
Noncurrent assets	59,886		—			—			59,886
Total assets	$	2,196,054	$	187		$	(140	)	$	2,196,101
Liabilities and Stockholders' Equity:
Current liabilities	$	232,798	$	(1	)	$	—		$	232,797
Long-term debt	803,113		—			—			803,113
Deferred income taxes	117,320		—			—			117,320
Other noncurrent liabilities	24,790		48			—			24,838
Stockholders' equity	1,018,033		140			(140		)	1,018,033
Total liabilities and stockholders' equity	$	2,196,054	$	187		$	(140	)	$	2,196,101

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	As of December 31, 2014
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	426,103	$	2		$	—		$	426,105
Property and equipment, net	1,730,074		23,047			—			1,753,121
Intercompany receivable (payable)	22,840		(22,840		)	—			—
Investment in subsidiaries	163		—			(163		)	—
Noncurrent assets	65,258		—			—			65,258
Total assets	$	2,244,438	$	209		$	(163	)	$	2,244,484
Liabilities and Stockholders' Equity:
Current liabilities	$	264,687	$	—		$	—		$	264,687
Long-term debt	803,222		—			—			803,222
Deferred income taxes	122,350		—			—			122,350
Other noncurrent liabilities	24,691		46			—			24,737
Stockholders' equity	1,029,488		163			(163		)	1,029,488
Total liabilities and stockholders' equity	$	2,244,438	$	209		$	(163	)	$	2,244,484

Condensed Consolidating Statements of Operations

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	48,896		$	138		$	—	$	49,034
Operating expenses	(74,998		)	(161		)	—		(75,159		)
General and administrative	(13,329		)	—			—		(13,329		)
Interest income and other income (expense)	20,850			—			—		20,850
Income (loss) before income taxes and equity in earnings of subsidiaries	(18,581		)	(23		)	—		(18,604		)
Benefit from income taxes	6,873			—			—		6,873
Equity in earnings (loss) of subsidiaries	(23		)	—			23		—
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	127,701		$	(13	)	$	—	$	127,688
Operating expenses	(92,993		)	(71		)	—		(93,064		)
General and administrative	(15,407		)	—			—		(15,407		)
Interest and other income (expense)	(42,211		)	—			—		(42,211		)
Income (loss) before income taxes and equity in earnings of subsidiaries	(22,910		)	(84		)	—		(22,994		)
Benefit from income taxes	10,245			—			—		10,245
Equity in earnings (loss) of subsidiaries	(84		)	—			84		—
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

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	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	—			—			—		—
Other comprehensive loss	—			—			—		—
Comprehensive income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	(97		)	—			—		(97		)
Other comprehensive loss	(97		)	—			—		(97		)
Comprehensive income (loss)	$	(12,846	)	$	(84	)	$	84	$	(12,846	)

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Cash flows from operating activities	$	53,788		$	37		$	—		$	53,825
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(112,105		)	1,096			—			(111,009		)
Additions to furniture, fixtures and other	(609		)	—			—			(609		)
Proceeds from sale of properties and other investing activities	66,415			—			—			66,415
Cash paid for short-term investments	(114,883		)	—			—			(114,883		)
Intercompany transfers	1,133						(1,133		)	—
Cash flows from financing activities:
Proceeds from debt	—			—			—			—
Principal payments on debt	(24,871		)	—			—			(24,871		)
Intercompany transfers	—			(1,133		)	1,133			—
Other financing activities	(1,000		)	—			—			(1,000		)
Change in cash and cash equivalents	(132,132		)	—			—			(132,132		)
Beginning cash and cash equivalents	165,904			—			—			165,904
Ending cash and cash equivalents	$	33,772		$	—		$	—		$	33,772

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	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	75,153		$	41		$	—	$	75,194
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(127,342		)	(1,596		)	—		(128,938		)
Additions to furniture, fixtures and other	(274		)	—			—		(274		)
Proceeds from sale of properties and other investing activities	(388		)	—			—		(388		)
Cash flows from financing activities:
Proceeds from debt	65,000			—			—		65,000
Principal payments on debt	(1,137		)	—			—		(1,137		)
Intercompany transfers	(1,555		)	1,555			—		—
Other financing activities	(1,820		)	—			—		(1,820		)
Change in cash and cash equivalents	7,637			—			—		7,637
Beginning cash and cash equivalents	54,595			—			—		54,595
Ending cash and cash equivalents	$	62,232		$	—		$	—	$	62,232

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements as to our future plans, estimates, beliefs and expected performance. Forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to:

• potential failure to achieve expected production from existing and future exploration or development projects or acquisitions;

• volatility of market prices received for oil, natural gas and natural gas liquids ("NGLs");

• derivative and hedging activities;

• legislative, judicial or regulatory changes including initiatives related to drilling and completion techniques such as hydraulic fracturing;

• risks associated with operating in the Rocky Mountain region;

• compliance with environmental and other regulations;

• economic and competitive conditions;

• occurrence of property divestitures or acquisitions;

• costs and availability of third party facilities for gathering, processing, refining and transportation;

• future processing volumes and pipeline throughput;

• impact of health and safety issues on operations;

• operational risks, including industrial accidents and natural disasters;

• reductions in the borrowing base under our amended revolving bank credit facility (the "Amended Credit Facility");

• debt and equity market conditions;

• ability to receive drilling and other permits, regulatory approvals and required surface access and rights of way;

• higher than expected costs and expenses including production, drilling and well equipment costs;

• declines in the values of our oil and natural gas properties resulting in impairments;

• changes in estimates of proved reserves;

• the potential for production decline rates from our wells to be greater than we expect;

• ability to replace natural production declines with acquisitions, new drilling or recompletion activities;

• exploration risks such as drilling unsuccessful wells;

• capital expenditures and other contractual obligations;

• liabilities resulting from litigation concerning alleged damages related to environmental issues, pollution, contamination, personal injury, royalties, marketing, title to properties, validity of leases, or other matters that may not be covered by an effective indemnity or insurance;

• changes in tax laws and statutory tax rates; and

• other uncertainties, as well as those factors discussed below and in our Annual Report on Form 10-K for the year ended December 31, 2014 under the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" sections and in Item 1A, "Risk Factors" of this Quarterly Report on Form 10-Q, all of which are difficult to predict.

In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. Readers should not place undue reliance on these forward-looking statements, which reflect management's views only as of the date hereof. Other than as required under the securities laws, we do not undertake any obligation to publicly correct or update any forward-looking statements whether as a result of changes in internal estimates or expectations, new information, subsequent events or circumstances or otherwise.

Overview

We develop oil and natural gas in the Rocky Mountain region of the United States. We seek to build stockholder value by delivering profitable growth in cash flow, reserves and production through the development of oil and natural gas assets. In order to deliver profitable growth, we allocate capital to our highest return assets, concentrate expenditures on exploiting our core assets, maintain capital discipline and optimize operations while upholding high-level standards for health, safety and the environment. Substantially all of our revenues are generated through the sale of oil and natural gas production and NGL recovery at market prices.

We were formed in January 2002 and are incorporated in the State of Delaware. In December 2004, we completed our initial public offering of 14,950,000 shares of our common stock at a price to the public of $25.00 per share.

26

We are committed to developing and producing oil and natural gas in a responsible and safe manner. Our employees work diligently with regulatory agencies, as well as environmental, wildlife and community organizations, to ensure that exploration and development activities meet stakeholders' expectations and regulatory requirements.

Future acquisitions or dispositions could have a material impact on our financial condition and results of operations by increasing or decreasing our reserves, production and revenues as well as expenses and future capital expenditures. We currently anticipate that we would finance any future acquisitions with available borrowings under our Amended Credit Facility, sales of properties, other indebtedness, and/or debt, equity or equity-linked securities. Our prior acquisitions and capital expenditures were financed with a combination of cash on hand, funding from the sale of our equity securities, our Amended Credit Facility, other debt financing and cash flows from operations.

Because of our growth through acquisitions and, more recently, development of our properties and sales of properties in 2012, 2013, 2014 and 2015, our historical results of operations and period-to-period comparisons of these results and certain financial data may not be meaningful. In addition, past results are not indicative of future results.

Commodity prices are inherently volatile and are influenced by many factors outside of our control. We plan our activities and capital budget using what we believe to be conservative sales price assumptions and our existing hedge position. Our strategic objective is to hedge 50% to 70% of our anticipated production on a forward 12-month to 18-month basis using a combination of swaps and other financial derivative instruments. We currently have hedged approximately 90% of our expected remaining 2015 production at price levels that provide some economic certainty.

We operate in one industry segment, which is the development and production of crude oil, natural gas and NGLs, and all of our operations are conducted in the Rocky Mountain region of the United States. Consequently, we currently report a single reportable segment.

27

Three Months Ended March 31, 2015 Compared with Three Months Ended March 31, 2014

	Three Months Ended March 31,					Increase (Decrease)
	2015			2014		Amount			Percent
	($ in thousands, except per unit data)
Operating Results:
Operating and Other Revenues
Oil, gas and NGL production	$	48,486		$	127,169	$	(78,683	)	(62	)%
Other	548			519		29			6	%
Operating Expenses
Lease operating expense	13,791			16,164		(2,373		)	(15	)%
Gathering, transportation and processing expense (1)	942			11,704		(10,762		)	(92	)%
Production tax expense	2,534			7,624		(5,090		)	(67	)%
Exploration expense	33			303		(270		)	(89	)%
Impairment, dry hole costs and abandonment expense	1,255			1,761		(506		)	(29	)%
Gain on divestitures	(38		)	—		(38		)	*nm
Depreciation, depletion and amortization	52,254			55,508		(3,254		)	(6	)%
Unused commitments	4,388			—		4,388			*nm
General and administrative expense (2)	10,279			11,819		(1,540		)	(13	)%
Long-term cash and equity incentive compensation (2)	3,050			3,588		(538		)	(15	)%
Total operating expenses	$	88,488		$	108,471	$	(19,983	)	(18	)%
Production Data:
Oil (MBbls)	1,125			922		203			22	%
Natural gas (MMcf)	1,764			6,420		(4,656		)	(73	)%
NGLs (MBbls)	162			442		(280		)	(63	)%
Combined volumes (MBoe)	1,581			2,434		(853		)	(35	)%
Daily combined volumes (Boe/d)	17,567			27,044		(9,477		)	(35	)%
Average Realized Prices Before Hedging:
Oil (per Bbl)	$	37.12		$	82.60	$	(45.48	)	(55	)%
Natural gas (per Mcf)	2.60			5.57		(2.97		)	(50	)%
NGLs (per Bbl)	13.31			34.19		(20.88		)	(61	)%
Combined (per Boe)	30.68			52.19		(21.51		)	(41	)%
Average Realized Prices with Hedging:
Oil (per Bbl)	$	76.28		$	78.78	$	(2.50	)	(3	)%
Natural gas (per Mcf)	3.92			4.79		(0.87		)	(17	)%
NGLs (per Bbl)	13.31			33.00		(19.69		)	(60	)%
Combined (per Boe)	60.01			48.47		11.54			24	%
Average Costs (per Boe):
Lease operating expense	$	8.72		$	6.64	$	2.08		31	%
Gathering, transportation and processing expense (1)	0.60			4.81		(4.21		)	(88	)%
Production tax expense	1.60			3.13		(1.53		)	(49	)%
Depreciation, depletion and amortization	33.05			22.81		10.24			45	%
General and administrative expense (3)	6.50			4.86		1.64			34	%

* Not meaningful.

(1) Subsequent to the Piceance Divestiture on September 30, 2014, gathering, transportation and processing expense excludes demand charges associated with unused transportation contracts not included in the sale of certain gas assets during 2013 and 2014. We will continue to incur monthly demand charges of approximately $1.5 million for the remaining term ending July 31, 2021, and these costs are included in unused commitments in the Unaudited Consolidated Statements of Operations.

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(2) Long-term cash and equity incentive compensation is presented herein as a separate line item but is combined with general and administrative expense for a total of $13.3 million and $15.4 million for the three months ended March 31, 2015 and 2014, respectively, in the Unaudited Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of long-term cash and equity incentive compensation from general and administrative expense allows for a more accurate comparison to our peers, which may have higher or lower expenses associated with cash performance compensation programs and stock-based grants.

(3) Excludes long-term cash and equity incentive compensation as described in Note 2 above. This presentation is a non-GAAP measure. Average costs per Boe for general and administrative expense, including long-term cash and equity incentive compensation, as presented in the Unaudited Consolidated Statements of Operations, were $8.43 and $6.33 for the three months ended March 31, 2015 and 2014, respectively.

Production Revenues and Volumes. Production revenues decreased to $48.5 million for the three months ended March 31, 2015 from $127.2 million for the three months ended March 31, 2014. The decrease in production revenues was due to a 35%decrease in production volumes and a 41% decrease in average realized prices before hedging. The decrease in production volumes reduced production revenues by approximately $26.2 million, while the decrease in average realized prices before hedging decreased production revenues by approximately $52.5 million.

Total production volumes of 1.6 MMBoe for the three months ended March 31, 2015decreased from 2.4 MMBoe for the three months ended March 31, 2014. The decrease is primarily related to the Piceance Divestiture and Powder River Oil Divestiture, both of which were completed in the third quarter of 2014. These decreases were partially offset by a 82% overall increase in DJ Basin production. Additional information concerning production is in the following table:

	Three Months Ended March 31, 2015				Three Months Ended March 31, 2014				% Increase (Decrease)
	Oil	NGL	Natural Gas	Total	Oil	NGL	Natural Gas	Total	Oil		NGL		Natural Gas		Total
	(MBbls)	(MBbls)	(MMcf)	(MBoe)	(MBbls)	(MBbls)	(MMcf)	(MBoe)	(MBbls)		(MBbls)		(MMcf)		(MBoe)
DJ Basin	707	136	1,248	1,051	357	92	780	579	98	%	48	%	60	%	82	%
Uinta Oil Program	401	26	504	511	402	30	522	519	—	%	(13	)%	(3	)%	(2	)%
Other (1)	17	—	12	19	163	320	5,118	1,336	(90	)%	(100	)%	(100	)%	(99	)%
Total	1,125	162	1,764	1,581	922	442	6,420	2,434	22	%	(63	)%	(73	)%	(35	)%

(1) Other includes oil, NGL and gas volumes of 61 MBbls, 318 MBbls and 5,022 MMcf from the Piceance Basin and 99 MBbls, 2 MBbls and 114 MMcf from the Powder River Oil Program for the three months ended March 31, 2014.

Hedging Activities. During the three months ended March 31, 2015, approximately 90% of our oil volumes and 97% of our natural gas volumes were subject to financial hedges, which resulted in increased oil income of $44.0 million and natural gas income of $2.4 million after settlements for all commodity derivatives. The $46.4 milliongain on settlements for the three months ended March 31, 2015 was included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

During the three months ended March 31, 2014, approximately 88% of our oil volumes, 91% of our natural gas volumes, and 18% of our NGL related volumes were subject to financial hedges, which resulted in decreases in oil income of $3.5 million, decreases in natural gas income of $5.0 million and decreases in NGL income of $0.5 million after settlements for all commodity derivatives. Of the $9.0 million loss on settlements for the three months ended March 31, 2014, a $0.2 million gain was included in oil, gas and NGL production revenues and a $9.2 million loss was included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

Lease Operating Expense. Lease operating expense ("LOE") increased to $8.72 per Boe for the three months ended March 31, 2015 from $6.64 per Boe for the three months ended March 31, 2014. LOE on a per Boe basis is inherently higher for our oil producing properties such as those in our Uinta and DJ Basin development areas. In particular, the sale of natural gas properties with lower LOE per Boe through the Piceance Divestiture contributed to a higher LOE per Boe for the three months ended March 31, 2015.

Gathering, Transportation and Processing Expense. Gathering, transportation and processing ("GTP") expense decreased to $0.60 per Boe for the three months ended March 31, 2015 from $4.81 per Boe for the three months ended March 31, 2014.

29

GTP expense on a per Boe basis decreased due to inherently lower GTP expense from our oil producing properties in the Uinta and DJ Basin development areas and due to the sale of natural gas properties with higher GTP expense per Boe in the Piceance Divestiture.

During March 2010, we entered into two firm natural gas pipeline transportation contracts to provide a guaranteed outlet for production from the West Tavaputs area of the Uinta Basin and the Gibson Gulch area of the Piceance Basin. These transportation contracts were not included in the sales of these assets in December 2013 and September 2014, respectively. Accordingly, we will continue to incur monthly demand charges of approximately $1.5 million for the remaining term ending July 31, 2021, even though we no longer utilize these contracts. Subsequent to the Piceance Divestiture on September 30, 2014, these costs have been included in unused commitments in the Unaudited Consolidated Statements of Operations.

Production Tax Expense. Total production taxes decreased to $2.5 million for the three months ended March 31, 2015 from $7.6 million for the three months ended March 31, 2014. Production taxes are primarily based on the wellhead values of production, which exclude gains and losses associated with hedging activities. Production taxes as a percentage of oil, natural gas and NGL sales before hedging adjustments were 5.2% and 6.0% for the three months ended March 31, 2015 and 2014, respectively.

Production tax rates vary across the different areas in which we operate. As the proportion of our production changes from area to area, our average production tax rate will vary depending on the quantities produced from each area and the production tax rates in effect for those areas.

Impairment, Dry Hole Costs and Abandonment Expense. Our impairment, dry hole costs and abandonment expense for the three months ended March 31, 2015 and 2014 are summarized below:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Non-cash impairment of proved oil and gas properties (1)	$	—	$	1,038
Non-cash impairment of unproved oil and gas properties	58		—
Dry hole costs	15		106
Abandonment expense/Lease expirations	1,182		617
Total non-cash impairment, dry hole costs and abandonment expense	$	1,255	$	1,761

(1) Non-cash impairment of proved oil and gas properties for the three months ended March 31, 2014 related to our West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013.

Given the decline in current and future commodity prices, we will continue to review our acreage position and future drilling plans. In addition, we will assess the carrying value of our properties relative to their estimated future cash flows and estimated fair values. Estimated future net cash flows from our properties are based on our aggregate best estimates of future production, commodity pricing, gathering and transportation deducts, production tax rates, lease operating expenses and future development costs as of the balance sheet date. If commodity prices and actual operating results were to vary from management estimates, we may incur additional non-cash property impairments in future periods, which could have a material adverse effect on our results of operations in the period taken.

Depreciation, Depletion and Amortization. DD&A decreased to $52.3 million for the three months ended March 31, 2015 compared with $55.5 million for the three months ended March 31, 2014. The decrease of $3.3 million was a result of the 35%decrease in production for the three months ended March 31, 2015 compared with the three months ended March 31, 2014, partially offset by an increase in the DD&A rate. The decrease in production accounted for a $19.5 million decrease in DD&A expense, while the overall increase in the DD&A rate accounted for $16.2 million of additional DD&A expense.

Under successful efforts accounting, depletion expense is calculated on a field-by-field basis based on geologic and reservoir delineation using the unit-of-production method. The capital expenditures for proved properties for each field compared to the proved reserves corresponding to each producing field determine a depletion rate for current production. For

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the three months ended March 31, 2015, the relationship of capital expenditures, proved reserves and production from certain producing fields yielded a depletion rate of $33.05 per Boe compared with $22.81 per Boe for the three months ended March 31, 2014. The increase in the DD&A rate during the three months ended March 31, 2015 compared with the three months ended March 31, 2014 was due to an increase in oil development, which has higher capital cost per Boe compared to natural gas development, and to the sale of natural gas properties in the Piceance Divestiture which had lower capital cost per Boe compared to oil development. Future depletion rates will be adjusted to reflect capital expenditures, proved reserve changes and well performance.

General and Administrative Expense. General and administrative expense, excluding long-term cash and equity incentive compensation, decreased to $10.3 million for the three months ended March 31, 2015 from $11.8 million for the three months ended March 31, 2014. The decrease of $1.5 million was primarily the result of a decrease in the number of employees as of March 31, 2015 compared to March 31, 2014, due to our divestitures. General and administrative expense, excluding long-term cash and equity incentive compensation, is a non-GAAP measure. See Note 2 to the table on page 28 for a reconciliation and explanation. On a per Boe basis, general and administrative expense, excluding long-term cash and equity incentive compensation, increased to $6.50 per Boe for the three months ended March 31, 2015 from $4.86 per Boe for the three months ended March 31, 2014, primarily due to the 35%decrease in production as the result of the divestitures.

Long-term cash and equity incentive compensation for the three months ended March 31, 2015 and 2014 was $3.1 million and $3.6 million, respectively. The components of long-term cash and equity incentive compensation for the three months ended March 31, 2015 and 2014 are shown in the following table:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Stock options and nonvested equity shares of common stock	$	2,510	$	3,300
Shares issued for 401(k) plan	270		269
Shares issued for directors' fees	19		19
Performance cash units	251		—
Total	$	3,050	$	3,588

Interest Expense. Interest expense decreased to $16.4 million for the three months ended March 31, 2015 from $17.4 million for the three months ended March 31, 2014. The decrease for the three months ended March 31, 2015 was primarily due to using the proceeds from the Piceance Divestiture to reduce the average debt balance. Our weighted average interest rate for the three months ended March 31, 2015 was 8.0% compared to 6.9% for the three months ended March 31, 2014. The increase in the average interest rate for the three months ended March 31, 2015 was due to paying down our credit facility, which has a lower interest rate than our remaining bonds.

Commodity Derivative Gain (Loss).Commodity derivative gain (loss) changed to a gain of $34.4 million for the three months ended March 31, 2015 compared with a loss of $25.2 million for the three months ended March 31, 2014. The gain or loss on commodity derivatives is related to fluctuations of oil, natural gas and NGL future pricing compared to actual pricing of commodity hedges in place as of March 31, 2015 and 2014.

The table below summarizes our commodity derivative gains and losses that were recognized in the periods presented:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Realized gain (loss) on derivatives not designated as cash flow hedges (1)	$	46,375		$	(9,200	)
Unrealized gain (loss) on derivatives not designated as cash flow hedges (1)	(11,937		)	(15,955		)
Total commodity derivative gain (loss)	$	34,438		$	(25,155	)

(1) Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better

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understanding of our hedge position. We also believe that this disclosure allows for a more accurate comparison to our peers.

Income Tax Benefit. Income tax benefit totaled $6.9 million for the three months ended March 31, 2015 compared with an income tax benefit of $10.2 million for the three months ended March 31, 2014, resulting in effective tax rates of 36.9% and 44.6%, respectively. For both the 2015 and 2014 periods, our effective tax rate differs from the federal statutory rate primarily as a result of recording permanent differences for stock-based compensation expense, lobbying and political contributions, officer's compensation, state taxes and gain on extinguishment of debt, which are not deductible or considered income for income tax purposes. For the three months ended March 31, 2015, the permanent items disallowed were $1.1 million less than they were in the three months ended March 31, 2014 primarily due to the stock-based compensation and officer compensation limitation. The decrease in the effective tax rate is a result of the relationship of these items to the projected book loss for each year.

Capital Resources and Liquidity

Our primary sources of liquidity since our formation in January 2002 have been net cash provided by operating activities, sales and other issuances of equity and debt securities, notes and senior notes, bank credit facilities, proceeds from sale-leasebacks, joint exploration agreements and sales of interests in properties. Our primary use of capital has been for the development, exploration and acquisition of oil and natural gas properties. As we pursue profitable reserves and production growth, we continually monitor the capital resources, including potential issuances of equity and debt securities, available to us to meet our future financial obligations, planned capital expenditure activities and liquidity. Our future success in growing proved reserves and production will be highly dependent on capital resources available to us and our success in finding or acquiring additional reserves. We believe that we have sufficient liquidity available to us from cash on hand, cash flows from operations and under our Amended Credit Facility for our planned uses of capital for the remainder of 2015. However, we expect to pursue opportunities to further improve our liquidity position through capital markets or other transactions if we believe conditions to be favorable.

At March 31, 2015, we had cash and cash equivalents of $33.8 million, short-term investments of $114.9 million and no amounts outstanding under our Amended Credit Facility. Our borrowing base is dependent on our proved reserves and hedge position and as of March 31, 2015 was $375.0 million. Our remaining borrowing capacity was reduced by $26.0 million to $349.0 million as of March 31, 2015 due to an outstanding irrevocable letter of credit related to a firm transportation agreement.

Cash Flow from Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2015 and 2014 was $53.8 million and $75.2 million, respectively. The decrease in net cash provided by operating activities was primarily due to a decrease in production revenues offset by an increase in commodity derivative settlements.

Commodity Hedging Activities

Our operating cash flow is sensitive to many variables, the most significant of which is the volatility of prices for oil, natural gas and NGLs. Prices for these commodities are determined primarily by prevailing market conditions. National and worldwide economic activity and political stability, weather, infrastructure capacity to reach markets, supply levels and other variable factors influence market conditions for these products. These factors are beyond our control and are difficult to predict.

To mitigate some of the potential negative impact on cash flow caused by changes in oil, natural gas and NGL prices, we have entered into financial commodity swap contracts to receive fixed prices for a portion of our production revenues. At March 31, 2015, we had in place crude oil swaps covering portions of our 2015, 2016 and 2017 production and natural gas swaps covering portions of our 2015 and 2016 production.

In addition to financial contracts, we may at times enter into various physical commodity contracts for the sale of oil and natural gas that cover varying periods of time and have varying pricing provisions. These physical commodity contracts qualify for the normal purchase and normal sales exception and, therefore, are not subject to hedge or mark-to-market accounting. The financial impact of physical commodity contracts is included in oil, gas and NGL production revenues at the time of settlement.

All derivative instruments, other than those that meet the normal purchase and normal sales exception as mentioned above, are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities. All fair values are adjusted for non-performance risk. All changes in the derivative's fair value are recorded in earnings. These mark-to-

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market adjustments produce a degree of earnings volatility but have no cash flow impact relative to changes in market prices. Our cash flow is only impacted when the associated derivative instrument contract is settled by making a payment to or receiving a payment from the counterparty.

At March 31, 2015, the estimated fair value of all of our commodity derivative instruments was a net asset of $183.0 million, comprised of current and noncurrent assets.

The table below summarizes the realized and unrealized gains and losses that we recognized related to our oil, natural gas and NGL derivative instruments for the periods indicated:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Commodity derivative settlements on derivatives designated as cash flow hedges (1)	$	—		$	156
Realized gains (losses) on derivatives not designated as cash flow hedges (2)(3)	$	46,375		$	(9,200	)
Unrealized losses on derivatives not designated as cash flow hedges (2)(3)	(11,937		)	(15,955		)
Total commodity derivative gain (loss)	$	34,438		$	(25,155	)

(1) Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations.

(2) Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

(3) Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations. This separate presentation is a non-GAAP measure. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful because the realized cash settlement portion provides a better understanding of our hedge position. We also believe that this disclosure allows for a more accurate comparison to our peers.

The following table summarizes all of our hedges in place as of March 31, 2015:

Contract	Total Hedged Volumes	Quantity Type	Weighted Average Fixed Price		Index Price (1)	Fair Market Value (in thousands)
Swap Contracts:
2015
Oil	3,015,500	Bbls	$	90.01	WTI	$	112,868
Natural gas	5,500,000	MMBtu	$	4.13	NWPL	8,969
2016
Oil	1,737,000	Bbls	$	87.46	WTI	50,538
Natural gas	1,830,000	MMBtu	$	4.10	NWPL	2,330
2017
Oil	365,000	Bbls	$	84.74	WTI	8,333
Total						$	183,038

(1) WTI refers to West Texas Intermediate price as quoted on the New York Mercantile Exchange ("NYMEX"). NWPL refers to Northwest Pipeline Corporation price as quoted in Platt's Inside FERC on the first business day of each month.

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The following table includes all hedges entered into subsequent to March 31, 2015 through April 24, 2015:

Contract	Total Hedged Volumes	Quantity Type	Weighted Average Fixed Price		Index Price
Swap Contracts:
2016
Oil	91,000	Bbls	$	63.25	WTI

By removing the price volatility from a portion of our oil, natural gas and NGL related revenue, we have mitigated, but not eliminated, the potential effects of changing prices on our operating cash flow for those periods. While mitigating negative effects of falling commodity prices, these derivative contracts also limit the benefits we would receive from increases in commodity prices.

It is our policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility, affiliates of lenders in the Amended Credit Facility or potential lenders in the Amended Credit Facility. Our derivative contracts are documented using an industry standard contract known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. ("ISDA") Master Agreement or other contracts. Typical terms for these contracts include credit support requirements, cross default provisions, termination events and set-off provisions. We are not required to provide any credit support to our counterparties other than cross collateralization with the properties securing the Amended Credit Facility. We have set-off provisions in our derivative contracts with lenders under our Amended Credit Facility which, in the event of a counterparty default, allow us to set-off amounts owed to the defaulting counterparty under the Amended Credit Facility or other obligations against monies owed us under derivative contracts. Where the counterparty is not a lender under the Amended Credit Facility, we may not be able to set-off amounts owed by us under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility.

Capital Expenditures

Our capital expenditures are summarized in the following tables for the periods indicated:

	Three Months Ended March 31,
Basin/Area	2015		2014
	(in millions)
DJ	$	99.6	$	95.0
Uinta Oil Program	12.9		29.7
Other	1.8		9.8
Total	$	114.3	$	134.5

	Three Months Ended March 31,
	2015		2014
	(in millions)
Acquisitions of proved and unproved properties and other real estate	$	1.6	$	3.7
Drilling, development, exploration and exploitation of oil and natural gas properties	108.1		127.8
Gathering and compression facilities	2.7		2.3
Geologic and geophysical costs	1.3		0.3
Furniture, fixtures and equipment	0.6		0.4
Total	$	114.3	$	134.5

Our current estimated capital expenditure budget in 2015 is up to $280.0 million. Expenditures are expected to be at the higher end of the initial 2015 budget of $240.0 million to $280.0 million due to drilling and completing an additional seven gross wells in the DJ Basin as well as drilling four to eight gross wells in the Blacktail Ridge area of the Uinta Oil Program that are required under our Economic Development Agreement with the Ute Tribe. The budget targets all oil activities and includes

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facilities costs and excludes acquisitions. We may adjust capital expenditures throughout the year as business conditions and operating results warrant. The amount, timing and allocation of capital expenditures is generally discretionary and within our control. If oil, natural gas and NGL prices decline or costs increase relative to levels we consider acceptable, we could choose to defer a portion of our budgeted capital expenditures until later periods to achieve the desired balance between sources and uses of liquidity generally by prioritizing capital projects to first focus on those that we believe will have the highest expected financial returns and ability to generate near-term cash flow. We routinely monitor and adjust our capital expenditures, including those relating to acquisitions and divestitures, in response to changes in prices and other economic and market conditions, availability of financing, drilling and acquisition costs, industry conditions, the timing of regulatory approvals, the availability of rigs, success or lack of success in drilling activities, contractual obligations, internally generated cash flow and other factors both within and outside of our control.

We believe that we have sufficient available liquidity with available with cash on hand, capacity under the Amended Credit Facility and cash flow from operations to fund our 2015 budgeted capital expenditures. Future cash flows are subject to a number of variables, including our level of oil and natural gas production, commodity prices and operating costs. There can be no assurance that operations and other capital resources will provide sufficient amounts of cash flow to maintain planned levels of capital expenditures.

Financing Activities

Amended Credit Facility

On April 9, 2015, we entered into a Third Amendment to the Third Amended and Restated Credit Agreement dated March 16, 2010. The Third Amendment amended the definition of "Maturity Date" in the credit agreement to mean the earliest of (a) April 9, 2020 or (b) the date 181 days prior to the maturity of certain unsecured senior or senior subordinated debt of ours in existence as of the date of the Third Amendment or that may be incurred by us as of a future date, or any permitted refinancing debt in respect thereof, with commitments and borrowing base of $375.0 million from 13 lenders. As of March 31, 2015, we had no amounts outstanding under the Amended Credit Facility. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit has been issued under the Amended Credit Facility, which reduced the available borrowing capacity of the Amended Credit Facility as of March 31, 2015 to $349.0 million.

Interest rates are LIBOR plus applicable margins of 1.5% to 2.5% or ABR plus 0.5% to 1.5% and the commitment fee is between 0.375% to 0.5% based on borrowing base utilization. We had no amounts outstanding under the Amended Credit Facility as of March 31, 2015. The average annual interest rate incurred on the Amended Credit Facility was 1.6% for the three months ended March 31, 2014.

The borrowing base is required to be re-determined twice per year, on or about April 1 and October 1. Future semi-annual borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves, as well as any other outstanding debt of ours.

The Amended Credit Facility contains certain financial covenants. We are currently in compliance with all financial covenants and have complied with all financial covenants since issuance.

5% Convertible Senior Notes Due 2028

On March 12, 2008, we issued $172.5 million aggregate principal amount of Convertible Notes. On March 20, 2012, $147.2 million of the outstanding principal amount, or approximately 85% of the outstanding Convertible Notes, were put to us and redeemed by us at par. On March 20, 2015, $24.8 million of the remaining outstanding principal amount, or approximately 98% of the remaining outstanding Convertible Notes, were put to us and redeemed by us at par. We settled the notes in cash and recognized a gain on extinguishment of $2.6 million in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015. After the redemption, $0.6 million aggregate principal amount of the Convertible Notes were outstanding as of March 31, 2015. The Convertible Notes mature on March 15, 2028, unless earlier converted, redeemed or purchased by us. The Convertible Notes are senior unsecured obligations and rank equal in right of payment to all of our existing and future senior unsecured indebtedness, are senior in right of payment to all of our future subordinated indebtedness, and are effectively subordinated to all of our secured indebtedness with respect to the collateral securing such indebtedness. The Convertible Notes are structurally subordinated to all present and future secured and unsecured debt and other obligations of our subsidiaries. The Convertible Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee our indebtedness under the Amended Credit Facility, the 7.625% Senior Notes and the 7.0% Senior Notes.

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The Convertible Notes bear interest at a rate of 5% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. Holders of the remaining Convertible Notes may require us to purchase all or a portion of their Convertible Notes for cash on each of March 20, 2018 and March 20, 2023 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, up to but excluding the applicable purchase date. We have the right with at least 30 days' notice to call the Convertible Notes.

7.625% Senior Notes Due 2019

On September 27, 2011, we issued $400.0 million in principal amount of 7.625% Senior Notes due 2019 at par. The 7.625% Senior Notes mature on October 1, 2019. Interest is payable in arrears semi-annually on April 1 and October 1 of each year. The 7.625% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of our other existing and future senior unsecured indebtedness, including the Convertible Notes and 7.0% Senior Notes. The 7.625% Senior Notes are redeemable beginning on October 1, 2015 at our option at an initial redemption price of 103.813% of the principal amount of the notes. The 7.625% Senior Notes are fully and unconditionally guaranteed by our subsidiaries that guarantee our indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.0% Senior Notes. The 7.625% Senior Notes include certain covenants that limit our ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit us from paying dividends. We are currently in compliance with all financial covenants and have complied with all financial covenants since issuance.

7.0% Senior Notes Due 2022

On March 12, 2012, we issued $400.0 million in aggregate principal amount of 7.0% Senior Notes due 2022 at par. The 7.0% Senior Notes mature on October 15, 2022. Interest is payable in arrears semi-annually on April 15 and October 15 of each year. The 7.0% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of our other existing and future senior unsecured indebtedness, including the Convertible Notes and 7.625% Senior Notes. The 7.0% Senior Notes are redeemable at our option beginning on October 15, 2017 at an initial redemption price of 103.5% of the principal amount of the notes. The 7.0% Senior Notes are fully and unconditionally guaranteed by our subsidiaries that guarantee the Amended Credit Facility, the Convertible Notes and the 7.625% Senior Notes. The 7.0% Senior Notes include certain covenants that limit our ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit us from paying dividends. We are currently in compliance with all financial covenants and have complied with all financial covenants since issuance.

Lease Financing Obligation Due 2020

We have a Lease Financing Obligation with a balance of $3.5 million as of March 31, 2015 whereby we sold and subsequently leased back the existing compressors and related facilities owned by us. The Lease Financing Obligation expires on August 10, 2020, and we have the option to purchase the equipment at the end of the lease term for the then current fair market value. The Lease Financing Obligation also contains an early buyout option pursuant to which we may purchase the equipment for $1.8 million on February 10, 2019. The lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.3%. See Note 11 for discussion of aggregate minimum future lease payments.

Our outstanding debt is summarized below:

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		As of March 31, 2015						As of December 31, 2014
	Maturity Date	Principal		Unamortized Discount		Carrying Amount		Principal		Unamortized Discount		Carrying Amount
		(in thousands)
Amended Credit Facility	April 9, 2020	$	—	$	—	$	—	$	—	$	—	$	—
Convertible Notes (1)	March 15, 2028 (2)	579		—		579		25,344		—		25,344
7.625% Senior Notes (3)	October 1, 2019	400,000		—		400,000		400,000		—		400,000
7.0% Senior Notes (4)	October 15, 2022	400,000		—		400,000		400,000		—		400,000
Lease Financing Obligation (5)	August 10, 2020	3,542		—		3,542		3,648		—		3,648
Total Debt		$	804,121	$	—	$	804,121	$	828,992	$	—	$	828,992
Less: Current Portion of Long-Term Debt (6)		1,008		—		1,008		25,770		—		25,770
Total Long-Term Debt		$	803,113	$	—	$	803,113	$	803,222	$	—	$	803,222

(1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Notes to us, leaving $0.6 million principal amount remaining as of March 31, 2015.

(2) We have the right at any time with at least 30 days' notice to call the Convertible Notes, and the holders have the right to require us to purchase the notes on each of March 20, 2018 and March 20, 2023.

(3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $391.5 million and $359.8 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $351.0 million and $366.0 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.4 million and $3.5 million as of March 31, 2015 and December 31, 2014, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments.

(6) The current portion of the long-term debt as of March 31, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes.

Credit Ratings. Our credit risk is evaluated by two independent rating agencies based on publicly available information and information obtained during our ongoing discussions with the rating agencies. Moody's Investor Services and Standard & Poor's Rating Services currently rate our 7.625% Senior Notes and 7.0% Senior Notes and have assigned a credit rating. We do not have any provisions that are linked to our credit ratings, nor do we have any credit rating triggers that would accelerate the maturity of amounts due under our Amended Credit Facility, Convertible Notes, 7.625% Senior Notes or the 7.0% Senior Notes. However, our ability to raise funds and the costs of any financing activities will be affected by our credit rating at the time any such financing activities are conducted.

Contractual Obligations. A summary of our contractual obligations as of and subsequent to March 31, 2015 is provided in the following table:

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	Payments Due By Year
	Year 1		Year 2		Year 3		Year 4		Year 5		Thereafter		Total
	Twelve Months Ended March 31, 2016		Twelve Months Ended March 31, 2017		Twelve Months Ended March 31, 2018		Twelve Months Ended March 31, 2019		Twelve Months Ended March 31, 2020		After March 31, 2020
	(in thousands)
Notes payable (1)	$	553	$	553	$	553	$	45	$	—	$	—	$	1,704
7.625% Senior Notes (2)	30,500		30,500		30,500		30,500		415,250		—		537,250
7.0% Senior Notes (3)	28,000		28,000		28,000		28,000		28,000		471,167		611,167
Convertible Notes (4)	562		—		—		—		—		—		562
Lease Financing Obligation (5)	537		537		537		2,228		—		—		3,839
Purchase commitments (6)	1,695		—		—		—		—		—		1,695
Office and office equipment leases and other (7)(8)	3,972		2,827		2,684		2,532		—		—		12,015
Firm transportation and processing agreements (9)	18,023		18,692		18,692		18,692		18,692		24,922		117,713
Asset retirement obligations (10)	1,078		606		514		468		448		19,570		22,684
Total	$	84,920	$	81,715	$	81,480	$	82,465	$	462,390	$	515,659	$	1,308,629

(1) Included in notes payable is a $26.0 million letter of credit that accrues interest at 2.0% and 0.125% per annum for participation fees and fronting fees, respectively. The expected term for the letter of credit is April 30, 2018. There is currently no balance outstanding under our Amended Credit Facility due April 9, 2020.

(2) On September 27, 2011, we issued $400.0 million aggregate principal amount of 7.625% Senior Notes. We are obligated to make annual interest payments through maturity in 2019 equal to $30.5 million.

(3) On March 25, 2012, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes. We are obligated to make annual interest payments through maturity in 2022 equal to $28.0 million.

(4) On March 12, 2008, we issued $172.5 million aggregate principal amount of Convertible Notes. On March 20, 2012 approximately 85% of the outstanding Convertible Notes, representing $147.2 million of the then outstanding principal amount, were put to us. On March 20, 2015, approximately 98% of the remaining outstanding Convertible Notes, representing $24.8 million of the then outstanding principal amount, were put to us, leaving $0.6 million principal amount remaining as of March 31, 2015. We are obligated to make semi-annual interest payments on the Convertible Notes until either we call the remaining Convertible Notes or the holders put the Convertible Notes to us.

(5) The Lease Financing Obligation is calculated based on the aggregate undiscounted minimum future lease payments, which include both an interest and principal component.

(6) We have one take-or-pay CO2 purchasing agreement that expires in December 2015. The agreement imposes a minimum volume commitment ("MVC") to purchase CO2 at a contracted price. The contract provides CO2 used in fracture stimulation operations. If we do not take delivery of the minimum volume required, we are obligated to pay for the deficiency. As of March 31, 2015, $1.7 million of the future commitment is due by December 31, 2015.

(7) The lease for our principal office in Denver extends through March 2019.

(8) Includes a sales throughput contract in the South Altamont area of the Uinta Oil Basin. Under this contract, we are obligated to sell and deliver a MVC of 450.0 MMcf for the period of December 1, 2014 to November 30, 2015. If the minimum volume is not delivered, we must make a deficiency payment of up to $0.8 million. As of March 31, 2015, we have satisfied approximately 67.7 MMcf of this commitment, resulting in an estimated deficiency payment of up to $0.6 million due December 1, 2015.

(9) We have entered into contracts that provide firm transportation capacity on pipeline systems. The remaining term on these contracts is six years. The contracts require us to pay transportation demand and processing charges regardless of the amount of gas we deliver to the processing facility or pipeline.

(10) Neither the ultimate settlement amounts nor the timing of our asset retirement obligations can be precisely determined in advance. See "Critical Accounting Policies and Estimates" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014 for a more detailed discussion of the nature of the accounting estimates involved in estimating asset retirement obligations.

Trends and Uncertainties

We refer you to the corresponding section in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014 for a discussion of trends and uncertainties that may affect our financial condition or liquidity.

Critical Accounting Policies and Estimates

38

We refer you to the corresponding section in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014 and the notes to the Unaudited Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q for a description of critical accounting policies and estimates.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term "market risk" refers to the risk of loss arising from adverse changes in oil, natural gas and NGL prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market risk exposures. All of our market risk sensitive instruments were entered into for purposes other than speculative trading.

Commodity Price Risk

Our primary market risk exposure is in the prices we receive for our production. Commodity pricing is primarily driven by the prevailing worldwide price for crude oil and spot regional market prices applicable to our U.S. oil and natural gas production. Pricing for oil, natural gas and NGLs has been volatile and unpredictable for several years, and we expect this volatility to continue in the future. For example, the West Texas Intermediate price per Bbl as quoted on the NYMEX was $101.58 per Bbl at March 31, 2014 compared to $47.60 per Bbl at March 31, 2015. The prices we receive for future production depend on many factors outside of our control, including volatility in the differences between product prices at sales points and the applicable index price. Based on our average daily production and our derivative contracts in place for the three months ended March 31, 2015, our annual revenues would have decreased by approximately $0.1 million for each $1.00 per barrel decrease in crude oil prices, an immaterial amount for each $0.10 decrease per MMBtu in natural gas prices and $0.2 million for each $1.00 per barrel decrease in NGL prices.

We routinely enter into commodity hedges relating to a portion of our projected production revenue through various financial transactions that hedge future prices received. These transactions may include financial price swaps whereby we will receive a fixed price and pay a variable market price to the contract counterparty. These commodity hedging activities are intended to support oil, natural gas and NGL prices at targeted levels that provide an acceptable rate of return and to manage our exposure to oil, natural gas and NGL price fluctuations.

As of April 24, 2015, we have financial derivative instruments related to oil and natural gas volumes in place for the following periods indicated. Further detail of these hedges is summarized in the table presented under "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations— Capital Resources and Liquidity— Commodity Hedging Activities."

	April – December 2015			For the year 2016			For the year 2017
	Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price
Oil (Bbls)	3,015,500	$	90.01	1,828,000	$	86.25	365,000	$	84.74
Natural Gas (MMbtu)	5,500,000	$	4.13	1,830,000	$	4.10	—	$	—

Interest Rate Risks

At March 31, 2015, we had no amounts outstanding under our Amended Credit Facility, which bears interest at floating rates. The average annual interest rate incurred on this debt for the three months ended March 31, 2014 was 1.6%. A 1.0% increase in each of the average LIBOR rate and federal funds rate for the three months ended March 31, 2014 would have resulted in an estimated $0.3 million increase in interest expense.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. As of March 31, 2015, we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934 (the "Exchange Act"). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of March 31, 2015.

39

Changes in Internal Controls. There has been no change in our internal control over financial reporting during the first fiscal quarter of 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a party to any material pending legal or governmental proceedings, other than ordinary routine litigation incidental to our business. While the ultimate outcome and impact of any proceeding cannot be predicted with certainty, our management does not believe that the resolution of any currently pending proceeding will have a material effect on our financial condition or results of operations.

Item 1A. Risk Factors.

As of the date of this filing, there have been no material changes or updates to the risk factors previously disclosed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2014. An investment in our securities involves various risks. When considering an investment in our Company, you should carefully consider all of the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2014 and subsequent reports filed with the SEC. These risks and uncertainties are not the only ones facing us, and there may be additional matters that we are unaware of or that we currently consider immaterial. All of these could adversely affect our business, financial condition, results of operations and cash flows and, thus, the value of an investment in our Company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Securities

There were no sales of unregistered equity securities during the period covered by this report.

Issuer Purchases of Equity Securities

The following table contains information about our acquisitions of equity securities during the three months ended March 31, 2015:

Period	Total Number of Shares (1)	Weighted Average Price Paid Per Share		Total Number of  Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number  (or Approximate  Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
January 1 – 31, 2015	944	$	11.33	—	—
February 1 – 28, 2015	76,382	12.56		—	—
March 1 – 31, 2015	543	8.74		—	—
Total	77,869	$	12.52	—	—

(1) Represents shares delivered by employees to satisfy the exercise price of stock options and tax withholding obligations in connection with the exercise of stock options and shares withheld from employees to satisfy tax withholding obligations in connection with the vesting of restricted shares of common stock issued pursuant to our employee incentive plans.

Item 3. Defaults upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

40

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

Exhibit Number	Description of Exhibits
10.1	Third Amendment dated effective as of April 9, 2015 to Third Amended and Restated Credit Agreement dated as of March 16, 2010, among Bill Barrett Corporation, certain of its subsidiaries party thereto and the banks named therein. [Incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed with the Commission on April 9, 2015.]
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1	Section 1350 Certification of Chief Executive Officer.
32.2	Section 1350 Certification of Chief Financial Officer.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

41

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BILL BARRETT CORPORATION
Date:	May 8, 2015	By:	/s/ R. Scot Woodall
			R. Scot Woodall
			Chief Executive Officer and President
			(Principal Executive Officer)
Date:	May 8, 2015	By:	/s/ Robert W. Howard
			Robert W. Howard
			Chief Financial Officer
			(Principal Financial Officer)

42

EX-31.1

Exhibit 31.1

CERTIFICATION

I, R. Scot Woodall, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bill Barrett Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2015

/s/ R. Scot Woodall

R. Scot Woodall

Chief Executive Officer, President and Director

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Robert W. Howard, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bill Barrett Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2015

/s/ Robert W. Howard

Robert W. Howard

Chief Financial Officer and Treasurer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

BILL BARRETT CORPORATION

SARBANES-OXLEY ACT SECTION 906 CERTIFICATION

In connection with this quarterly report on Form 10-Q of Bill Barrett Corporation for the fiscal quarter ended March 31, 2015, I, R. Scot Woodall, Chief Executive Officer and President of Bill Barrett Corporation, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. This Form 10-Q for the fiscal quarter ended March 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in this Form 10-Q for the fiscal quarter ended March 31, 2015 fairly presents, in all material respects, the financial condition and results of operations of Bill Barrett Corporation for the periods presented therein.

Date: May 8, 2015

/s/ R. Scot Woodall

R. Scot Woodall

Chief Executive Officer and President

(Principal Executive Officer)

EX-32.2

Exhibit 32.2

BILL BARRETT CORPORATION

SARBANES-OXLEY ACT SECTION 906 CERTIFICATION

In connection with this quarterly report on Form 10-Q of Bill Barrett Corporation for the fiscal quarter ended March 31, 2015, I, Robert W. Howard, Chief Financial Officer and Treasurer of Bill Barrett Corporation, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. This Form 10-Q for the fiscal quarter ended March 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in this Form 10-Q for the fiscal quarter ended March 31, 2015 fairly presents, in all material respects, the financial condition and results of operations of Bill Barrett Corporation for the periods presented therein.

Date: May 8, 2015

/s/ Robert W. Howard

Robert W. Howard

Chief Financial Officer and Treasurer

(Principal Financial Officer)

XML

Long-Term Debt - Outstanding Debt (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 27, 2011	Mar. 12, 2012
Debt Instrument [Line Items]
Principal amount of debt instrument	$ 803,113,000	$ 803,222,000
Discount	0	0
Carrying Amount	803,113,000	803,222,000
Debt, fair value	742,500,000	725,800,000
Amended Credit Facility
Debt Instrument [Line Items]
Maturity Date	Apr. 09, 2020
Principal amount of debt instrument	0	0
Discount	0	0
Carrying Amount	0	0
Debt, fair value	0
Convertible Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 15, 2028
Principal amount of debt instrument	579,000	25,344,000
Discount	0	0
Carrying Amount	579,000	25,344,000
Aggregate fair value of convertible notes	600,000	25,100,000
Debt, stated interest rate	5.00%
Debt, fair value	600,000	25,100,000
7.625% Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 01, 2019
Principal amount of debt instrument	400,000,000	400,000,000	400,000,000.0
Discount	0	0
Carrying Amount	400,000,000	400,000,000
Debt, stated interest rate	7.625%	7.625%
Debt, fair value	391,500,000	359,800,000
7.0% Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 15, 2022
Principal amount of debt instrument	400,000,000	400,000,000		400,000,000.0
Discount	0	0
Carrying Amount	400,000,000	400,000,000
Debt, stated interest rate	7.00%	7.00%
Debt, fair value	351,000,000	366,000,000
Lease Financing Obligation
Debt Instrument [Line Items]
Maturity Date	Aug. 10, 2020
Principal amount of debt instrument	3,542,000	3,648,000
Discount	0	0
Carrying Amount	3,542,000	3,648,000
Debt, fair value	3,400,000	3,500,000
Long-term Debt
Debt Instrument [Line Items]
Principal amount of debt instrument	804,121,000	828,992,000
Discount	0	0
Carrying Amount	804,121,000	828,992,000
Current Portion of Long-Term Debt
Debt Instrument [Line Items]
Principal amount of debt instrument	1,008,000	25,770,000
Discount	0	0
Carrying Amount	$ 1,008,000	$ 25,770,000

XML

Commitments and Contingencies - Gross Future Minimum Transportation Demand and Firm Processing Charges (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
2015	$ 13,350
2016	18,692
2017	18,692
2018	18,692
2019	18,692
Thereafter	29,595
Total	$ 117,713

XML

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015 Counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of counterparties for hedges at period end	8

XML

Commitments and Contingencies - Future Minimum Annual Payments under Drilling, Lease and Other Agreements (Detail) (Office & Equipment Leases, USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Office & Equipment Leases
Operating Leased Assets [Line Items]
2015	$ 3,229
2016	2,876
2017	2,747
2018	2,530
2019	633
Thereafter	0
Total	$ 12,015

XML

Derivative Instruments - Financial Instruments for Hedging Volume (Detail) (USD $)	Mar. 31, 2015 MMBTU bbl
April – December 2015
Derivative Instruments, Gain (Loss) [Line Items]
Oil (Bbls)	3,015,500
Weighted Average Price, Hedge Backed Oil Volumes	$ 90.01
Natural Gas (MMbtu)	5,500,000
Weighted Average Price, Hedge Backed Gas Volumes	4.13
For the year 2016
Derivative Instruments, Gain (Loss) [Line Items]
Oil (Bbls)	1,737,000
Weighted Average Price, Hedge Backed Oil Volumes	87.46
Natural Gas (MMbtu)	1,830,000
Weighted Average Price, Hedge Backed Gas Volumes	4.10
For the year 2017
Derivative Instruments, Gain (Loss) [Line Items]
Oil (Bbls)	365,000
Weighted Average Price, Hedge Backed Oil Volumes	84.74
Natural Gas (MMbtu)	0
Weighted Average Price, Hedge Backed Gas Volumes	$ 0.00

XML

Summary of Significant Accounting Policies - Net Capitalized Costs and Associated Accumulated Depreciation, Depletion & Amortization and Non Cash Impairments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Proved properties	$ 403,052	$ 390,482
Wells and related equipment and facilities	1,616,089	1,537,370
Support equipment and facilities	72,657	68,371
Materials and supplies	9,307	13,069
Total proved oil and gas properties	2,101,105	2,009,292
Unproved properties	64,327	78,898
Wells and facilities in progress	91,465	69,936
Total unproved oil and gas properties, excluded from amortization	155,792	148,834
Assets held for sale	0	9,234
Accumulated depreciation, depletion, amortization and impairment	(480,055)	(427,954)
Total oil and gas properties, net	$ 1,776,842	$ 1,739,406

XML

Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Current assets	$ 345,883	$ 426,105
Property and equipment, net	1,790,332	1,753,121
Intercompany receivable (payable)	0	0
Investment in subsidiaries	0	0
Noncurrent assets	59,886	65,258
Total	2,196,101	2,244,484
Liabilities and Stockholders' Equity:
Current liabilities	232,797	264,687
Long-term debt	803,113	803,222
Deferred income taxes	117,320	122,350
Other noncurrent liabilities	24,838	24,737
Stockholders' equity	1,018,033	1,029,488	1,005,718
Total liabilities and stockholders' equity	2,196,101	2,244,484
Parent Issuer
Assets:
Current assets	345,789	426,103
Property and equipment, net	1,768,533	1,730,074
Intercompany receivable (payable)	21,706	22,840
Investment in subsidiaries	140	163
Noncurrent assets	59,886	65,258
Total	2,196,054	2,244,438
Liabilities and Stockholders' Equity:
Current liabilities	232,798	264,687
Long-term debt	803,113	803,222
Deferred income taxes	117,320	122,350
Other noncurrent liabilities	24,790	24,691
Stockholders' equity	1,018,033	1,029,488
Total liabilities and stockholders' equity	2,196,054	2,244,438
Guarantor Subsidiaries
Assets:
Current assets	94	2
Property and equipment, net	21,799	23,047
Intercompany receivable (payable)	(21,706)	(22,840)
Investment in subsidiaries	0	0
Noncurrent assets	0	0
Total	187	209
Liabilities and Stockholders' Equity:
Current liabilities	(1)	0
Long-term debt	0	0
Deferred income taxes	0	0
Other noncurrent liabilities	48	46
Stockholders' equity	140	163
Total liabilities and stockholders' equity	187	209
Intercompany Eliminations
Assets:
Current assets	0	0
Property and equipment, net	0	0
Intercompany receivable (payable)	0	0
Investment in subsidiaries	(140)	(163)
Noncurrent assets	0	0
Total	(140)	(163)
Liabilities and Stockholders' Equity:
Current liabilities	0	0
Long-term debt	0	0
Deferred income taxes	0	0
Other noncurrent liabilities	0	0
Stockholders' equity	(140)	(163)
Total liabilities and stockholders' equity	$ (140)	$ (163)

XML

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2015

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations

A reconciliation of the Company's asset retirement obligations for the three months ended March 31, 2015 is as follows (in thousands):

As of December 31, 2014	$	22,852
Liabilities incurred	278
Liabilities settled	(58		)
Disposition of properties	(745		)
Accretion expense	357
Revisions to estimate	—
As of March 31, 2015	$	22,684
Less: Current asset retirement obligations	1,078
Long-term asset retirement obligations	$	21,606

XML

Equity Incentive Compensation Plans and Other Employee Benefits - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized compensation cost	$ 18,000,000
Weighted-average period (years)	2 years 6 months
2015 Performance Program
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Weighted Percentage Of Stockholders Return Related To Performance Goals	60.00%
Performance Goals Percentage for Change In Discretionary Cash Flow Per Debt Adjusted Share Relative To Defined Peer Groups Percentage	40.00%
Maximum Number Of Cash Units Vest As Percentage Of Performance Cash Units Granted	200.00%
Number Of Performance Cash Units Granted	405,836
Par Value Of Performance Cash Unit	10.00
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 300,000
2015 Performance Program | Minimum [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage Of Grant That Will Vest For Performance Met At Threshold Level	25.00%
2015 Performance Program | Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage Of Grant That Will Vest For Performance Met At Threshold Level	50.00%
Percentage of total grant that will vest for metrics met at target level	100.00%
Percentage of total grant that will vest for metrics met at stretch level	200.00%

XML

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2014	$ 22,852
Liabilities incurred	278
Liabilities settled	(58)
Disposition of properties	(745)
Accretion expense	357
Revisions to estimate	0
As of March 31, 2015	22,684
Less: Current asset retirement obligations	1,078
Long-term asset retirement obligations	$ 21,606

XML

Supplemental Disclosures of Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 1,105	$ 2,164
Cash paid for income taxes	1,050	0
Supplemental disclosures of non-cash investing and financing activities:
Accrued liabilities - oil and gas properties	74,984	80,356
Change in asset retirement obligations, net of disposals	(525)	842
Retirement of treasury stock	$ (975)	$ (1,946)

XML

Commitments and Contingencies - Schedule of Aggregate Undiscounted Minimum Future Lease Payments (Detail) (Lease Financing Obligation, USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Lease Financing Obligation
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items]
2015	$ 403
2016	537
2017	537
2018	537
2019	1,825
Thereafter	0
Total	$ 3,839

XML

Derivative Instruments - Realized and Unrealized Gains and Losses on Commodity Derivative Instruments (Detail) (Oil and Natural Gas Derivative Instruments, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Oil and Natural Gas Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Commodity derivative gain settlements on derivatives designated as cash flow hedges	$ 0	$ 156
Total commodity derivative gain (loss)	$ 34,438	$ (25,155)

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Organization

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Bill Barrett Corporation, a Delaware corporation, together with its wholly-owned subsidiaries (collectively, the "Company"), is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids ("NGLs"). Since its inception in January 2002, the Company has conducted its activities principally in the Rocky Mountain region of the United States.

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Fair Value Measurements - Fair Value, Balance Sheet Grouping (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Deferred Compensation Plan	$ 1,024	$ 1,069
Cash Equivalents - Money Market Funds	33,772	165,904	62,232	54,595
Short-term investments	114,918	0
Cash Equivalents - Money Market Funds
Assets
Cash Equivalents - Money Market Funds	15,085	75,066
Commodity Derivatives
Assets
Commodity Derivatives	183,038	195,176
Liabilities
Commodity Derivatives	0	200
Level 1
Assets
Deferred Compensation Plan	1,024	1,069
Short-term investments	114,918
Level 1 | Cash Equivalents - Money Market Funds
Assets
Cash Equivalents - Money Market Funds	15,085	75,066
Level 1 | Commodity Derivatives
Assets
Commodity Derivatives	0	0
Liabilities
Commodity Derivatives	0	0
Level 2
Assets
Deferred Compensation Plan	0	0
Level 2 | Cash Equivalents - Money Market Funds
Assets
Cash Equivalents - Money Market Funds	0	0
Level 2 | Commodity Derivatives
Assets
Commodity Derivatives	183,038	195,176
Liabilities
Commodity Derivatives	0	200
Level 3
Assets
Deferred Compensation Plan	0	0
Level 3 | Cash Equivalents - Money Market Funds
Assets
Cash Equivalents - Money Market Funds	0	0
Level 3 | Commodity Derivatives
Assets
Commodity Derivatives	0	0
Liabilities
Commodity Derivatives	$ 0	$ 0

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Aggregate Undiscounted Minimum Future Lease Payments

The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5. The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below:

	As of March 31, 2015
	(in thousands)
2015	$	403
2016	537
2017	537
2018	537
2019	1,825
Thereafter	—
Total	$	3,839

Gross Future Minimum Transportation Demand and Firm Processing Charges

The amounts in the table below represent the Company's future minimum transportation charges.

	As of March 31, 2015
	(in thousands)
2015	$	13,350
2016	18,692
2017	18,692
2018	18,692
2019	18,692
Thereafter	29,595
Total	$	117,713

Future Minimum Annual Payments Under Drilling, Lease and Other Agreements

Future minimum annual payments under lease and other agreements are as follows:

	As of March 31, 2015
	(in thousands)
2015	$	3,229
2016	2,876
2017	2,747
2018	2,530
2019	633
Thereafter	—
Total	$	12,015

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Equity Incentive Compensation Plans and Other Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Non-Cash Stock-Based Compensation Cost Related to Equity Awards

The following table presents the non-cash stock-based compensation related to equity awards for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Common stock options	$	242	$	629
Nonvested equity common stock	1,574		1,671
Nonvested equity common stock units	261		249
Nonvested performance-based equity	430		818
Total	$	2,507	$	3,367

Stock Options and Nonvested Equity Shares, Equity Awards Granted

The following table presents the equity awards granted pursuant to the Company's various stock compensation plans:

	Three Months Ended March 31, 2015			Three Months Ended March 31, 2014
	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Number of Shares	Weighted Average Grant Date Fair Value Per Share
Nonvested equity common stock	622,609	$	12.30	466,314	$	22.47
Nonvested equity common stock units	2,259	$	8.30	732	$	25.60
Nonvested performance-based equity shares	—	$	—	248,575	$	19.61
Total shares granted	624,868			715,621

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Guarantor Subsidiaries - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Guarantor Subsidiaries [Line Items]
Percentage of Guarantor Subsidiaries	100.00%
7.625% Senior Notes
Guarantor Subsidiaries [Line Items]
Debt, stated interest rate	7.625%	7.625%
7.0% Senior Notes
Guarantor Subsidiaries [Line Items]
Debt, stated interest rate	7.00%	7.00%

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Fair Value Measurements - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurements [Line Items]
Debt, fair value	$ 742.5	$ 725.8
7.625% Senior Notes
Fair Value Measurements [Line Items]
Debt, stated interest rate	7.625%	7.625%
Debt, fair value	391.5	359.8
7.0% Senior Notes
Fair Value Measurements [Line Items]
Debt, stated interest rate	7.00%	7.00%
Debt, fair value	351.0	366.0
Amended Credit Facility
Fair Value Measurements [Line Items]
Debt, fair value	0
Convertible Notes
Fair Value Measurements [Line Items]
Debt, stated interest rate	5.00%
Debt, fair value	0.6	25.1
Lease Financing Obligation
Fair Value Measurements [Line Items]
Debt, fair value	$ 3.4	$ 3.5

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Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of March 31, 2015
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	345,789	$	94		$	—		$	345,883
Property and equipment, net	1,768,533		21,799			—			1,790,332
Intercompany receivable (payable)	21,706		(21,706		)	—			—
Investment in subsidiaries	140		—			(140		)	—
Noncurrent assets	59,886		—			—			59,886
Total assets	$	2,196,054	$	187		$	(140	)	$	2,196,101
Liabilities and Stockholders' Equity:
Current liabilities	$	232,798	$	(1	)	$	—		$	232,797
Long-term debt	803,113		—			—			803,113
Deferred income taxes	117,320		—			—			117,320
Other noncurrent liabilities	24,790		48			—			24,838
Stockholders' equity	1,018,033		140			(140		)	1,018,033
Total liabilities and stockholders' equity	$	2,196,054	$	187		$	(140	)	$	2,196,101

	As of December 31, 2014
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	426,103	$	2		$	—		$	426,105
Property and equipment, net	1,730,074		23,047			—			1,753,121
Intercompany receivable (payable)	22,840		(22,840		)	—			—
Investment in subsidiaries	163		—			(163		)	—
Noncurrent assets	65,258		—			—			65,258
Total assets	$	2,244,438	$	209		$	(163	)	$	2,244,484
Liabilities and Stockholders' Equity:
Current liabilities	$	264,687	$	—		$	—		$	264,687
Long-term debt	803,222		—			—			803,222
Deferred income taxes	122,350		—			—			122,350
Other noncurrent liabilities	24,691		46			—			24,737
Stockholders' equity	1,029,488		163			(163		)	1,029,488
Total liabilities and stockholders' equity	$	2,244,438	$	209		$	(163	)	$	2,244,484

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	48,896		$	138		$	—	$	49,034
Operating expenses	(74,998		)	(161		)	—		(75,159		)
General and administrative	(13,329		)	—			—		(13,329		)
Interest income and other income (expense)	20,850			—			—		20,850
Income (loss) before income taxes and equity in earnings of subsidiaries	(18,581		)	(23		)	—		(18,604		)
Benefit from income taxes	6,873			—			—		6,873
Equity in earnings (loss) of subsidiaries	(23		)	—			23		—
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	127,701		$	(13	)	$	—	$	127,688
Operating expenses	(92,993		)	(71		)	—		(93,064		)
General and administrative	(15,407		)	—			—		(15,407		)
Interest and other income (expense)	(42,211		)	—			—		(42,211		)
Income (loss) before income taxes and equity in earnings of subsidiaries	(22,910		)	(84		)	—		(22,994		)
Benefit from income taxes	10,245			—			—		10,245
Equity in earnings (loss) of subsidiaries	(84		)	—			84		—
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)

Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	—			—			—		—
Other comprehensive loss	—			—			—		—
Comprehensive income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	(97		)	—			—		(97		)
Other comprehensive loss	(97		)	—			—		(97		)
Comprehensive income (loss)	$	(12,846	)	$	(84	)	$	84	$	(12,846	)

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Cash flows from operating activities	$	53,788		$	37		$	—		$	53,825
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(112,105		)	1,096			—			(111,009		)
Additions to furniture, fixtures and other	(609		)	—			—			(609		)
Proceeds from sale of properties and other investing activities	66,415			—			—			66,415
Cash paid for short-term investments	(114,883		)	—			—			(114,883		)
Intercompany transfers	1,133						(1,133		)	—
Cash flows from financing activities:
Proceeds from debt	—			—			—			—
Principal payments on debt	(24,871		)	—			—			(24,871		)
Intercompany transfers	—			(1,133		)	1,133			—
Other financing activities	(1,000		)	—			—			(1,000		)
Change in cash and cash equivalents	(132,132		)	—			—			(132,132		)
Beginning cash and cash equivalents	165,904			—			—			165,904
Ending cash and cash equivalents	$	33,772		$	—		$	—		$	33,772

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	75,153		$	41		$	—	$	75,194
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(127,342		)	(1,596		)	—		(128,938		)
Additions to furniture, fixtures and other	(274		)	—			—		(274		)
Proceeds from sale of properties and other investing activities	(388		)	—			—		(388		)
Cash flows from financing activities:
Proceeds from debt	65,000			—			—		65,000
Principal payments on debt	(1,137		)	—			—		(1,137		)
Intercompany transfers	(1,555		)	1,555			—		—
Other financing activities	(1,820		)	—			—		(1,820		)
Change in cash and cash equivalents	7,637			—			—		7,637
Beginning cash and cash equivalents	54,595			—			—		54,595
Ending cash and cash equivalents	$	62,232		$	—		$	—	$	62,232

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Short-term investments	$ 114,918		$ 0
Proved Oil And Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-cash impairment of oil and gas properties	0	1,038
Unproved Oil And Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-cash impairment of oil and gas properties	$ 58	$ 0

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Effect of derivative financial instruments, taxes	$ 0	$ 410

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Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (14)	$ (14)
Accounts receivable	55,474	112,209
Accrued Oil, Gas, and NGL Sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable gross	35,383	35,099
Due from Joint Interest Owners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable gross	16,910	27,937
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable gross	$ 3,195	$ 49,187

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Long-Term Debt Long-Term Debt - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 20, 2015	Mar. 20, 2012	Sep. 27, 2011	Apr. 09, 2015	Dec. 31, 2014	Mar. 12, 2008	Mar. 12, 2012
Debt Instrument [Line Items]
Average annual interest rates incurred on Amended Credit Facility		1.60%
Line of credit facility, remaining borrowing capacity	$ 349,000,000
Principal amount	803,113,000						803,222,000
Gain on extinguishment of debt	2,567,000	0
Purchase of equipment	1,800,000
Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 09, 2020
Letters of credit issued amount	26,000,000
Principal amount	0						0
5% Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount								172,500,000.0
Face Amount of Outstanding Convertible Notes Repaid			24,800,000	147,200,000
Percentage of notes put to company			98.00%	85.00%
Debt, stated interest rate	5.00%
Convertible Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Mar. 15, 2028
Principal amount	579,000						25,344,000
Debt, stated interest rate	5.00%
Debt instrument conversion price rate of redemption	100.00%
Minimum days notice to call Convertible Notes	30 days
7.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 01, 2019
Principal amount	400,000,000				400,000,000.0		400,000,000
Debt, stated interest rate	7.625%						7.625%
Par value of senior notes					103.813%
7.0% Senior Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 15, 2022
Principal amount	400,000,000						400,000,000		400,000,000.0
Debt, stated interest rate	7.00%						7.00%
Par value of senior notes	103.50%
Lease Financing Obligation
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 10, 2020
Principal amount	3,542,000						3,648,000
Weighted average implicit rate based on interest expense	3.30%
Minimum
Debt Instrument [Line Items]
Revolving credit facility, interest rate above London Interbank Offered Rate	1.50%
Revolving credit facility interest rate percent above LIBOR alternate interest rate	0.50%
Commitment fee percentage	0.375%
Maximum
Debt Instrument [Line Items]
Revolving credit facility, interest rate above London Interbank Offered Rate	2.50%
Revolving credit facility interest rate percent above LIBOR alternate interest rate	1.50%
Commitment fee percentage	0.50%
Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 375,000,000
Number of Lenders, Credit Facility						13
Subsequent Event | Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date						Apr. 09, 2020

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 Agreement
Contingencies And Commitments [Line Items]
Number of take-or-pay purchase agreements for supply of carbon dioxide	1
Total financial commitment on take-or-pay purchase agreements for supply of carbon dioxide	$ 1.7
Maximum
Contingencies And Commitments [Line Items]
Contract term, years	6 years
Scenario, Forecast [Member]
Contingencies And Commitments [Line Items]
Minimum Volume Commitment, Estimated Deficiency Payment	0.6
Commitment Ending November 30, 2015 [Member]
Contingencies And Commitments [Line Items]
Minimum Volume Commitment	450,000,000
Minimum Volume Commitment Deficiency Payment	$ 0.8
Minimum Volume Commitment, Volumes Satisfied	67,700,000

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 33,772	$ 165,904
Short-term investments	114,918	0
Accounts receivable, net of allowance for doubtful accounts	55,474	112,209
Derivative assets	137,787	145,226
Prepayments and other current assets	3,932	2,766
Total current assets	345,883	426,105
Property and equipment - at cost, successful efforts method for oil and gas properties:
Proved oil and gas properties	2,101,105	2,009,292
Unproved oil and gas properties, excluded from amortization	155,792	148,834
Oil and gas properties held for sale, net of amortization and impairment	0	9,234
Furniture, equipment and other	40,572	39,963
Property, plant and equipment, gross	2,297,469	2,207,323
Accumulated depreciation, depletion, amortization and impairment	(507,137)	(454,202)
Total property and equipment, net	1,790,332	1,753,121
Derivative assets	45,251	49,750
Deferred financing costs and other noncurrent assets	14,635	15,508
Total	2,196,101	2,244,484
Current liabilities:
Accounts payable and accrued liabilities	122,200	126,252
Amounts payable to oil and gas property owners	26,025	19,187
Production taxes payable	30,961	38,060
Deferred income taxes	52,603	55,418
Current portion of long-term debt	1,008	25,770
Total current liabilities	232,797	264,687
Long-term debt	803,113	803,222
Asset retirement obligations	21,606	21,592
Liabilities associated with assets held for sale	0	146
Deferred income taxes	117,320	122,350
Derivatives and other noncurrent liabilities	3,232	2,999
Stockholders' equity:
Common stock, $0.001 par value; authorized 150,000,000 shares; 50,040,460 and 49,526,637 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively, with 1,755,808 and 1,407,141 shares subject to restrictions, respectively	48	48
Additional paid-in capital	913,895	913,619
Retained earnings	104,090	115,821
Treasury stock, at cost: zero shares at March 31, 2015 and December 31, 2014, respectively	0	0
Total stockholders' equity	1,018,033	1,029,488
Total liabilities and stockholders' equity	$ 2,196,101	$ 2,244,484

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Derivative Instruments - Fair Value Amounts of Derivative Instruments (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Derivative Assets	$ 183,038,000	$ 195,176,000
Gross Amounts Offset in the Balance Sheet	0	(200,000)
Net Amounts of Derivative Assets Presented in the Balance Sheet	183,038,000	194,976,000
Gross Amounts of Recognized Derivative Liabilities		(200,000)
Gross Amounts Offset in the Balance Sheet		200,000
Net Amounts of Derivative Liabilities Presented in the Balance Sheet		0
Derivative assets (current)
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Derivative Assets	137,787,000	145,426,000
Gross Amounts Offset in the Balance Sheet	0	(200,000)
Net Amounts of Derivative Assets Presented in the Balance Sheet	137,787,000	145,226,000
Derivative assets (noncurrent)
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Derivative Assets	45,251,000	49,750,000
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	45,251,000	49,750,000
Derivative liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Derivative Liabilities		(200,000)
Gross Amounts Offset in the Balance Sheet		200,000
Net Amounts of Derivative Liabilities Presented in the Balance Sheet		0
Derivative Financial Instruments, Liabilities
Derivatives, Fair Value [Line Items]
Balance included in other noncurrent liabilities excluding hedge instruments	3,200,000	3,000,000
Derivatives and other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Derivative Liabilities		0
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Derivative Liabilities Presented in the Balance Sheet		$ 0

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities:
Net Income (Loss)	$ (11,731)	$ (12,749)
Adjustments to reconcile to net cash provided by operations:
Depreciation, depletion and amortization	52,254	55,508
Deferred income tax benefit	(6,873)	(10,245)
Impairment, dry hole costs and abandonment expense	1,255	1,761
Total commodity derivative (gain) loss	(34,438)	25,155
Settlements of commodity derivatives	46,375	(9,200)
Stock compensation and other non-cash charges	2,743	3,692
Amortization of debt discounts and deferred financing costs	1,067	1,067
Gain on extinguishment of debt	(2,567)	0
Gain on sale of properties	(38)	0
Change in operating assets and liabilities:
Accounts receivable	9,064	5,530
Prepayments and other assets	(1,364)	408
Accounts payable, accrued and other liabilities	(1,661)	6,134
Amounts payable to oil and gas property owners	6,838	9,401
Production taxes payable	(7,099)	(1,268)
Net cash provided by operating activities	53,825	75,194
Investing Activities:
Additions to oil and gas properties, including acquisitions	(111,009)	(128,938)
Additions of furniture, equipment and other	(609)	(274)
Proceeds from sale of properties and other investing activities	66,415	(388)
Cash paid for short-term investments	(114,883)	0
Net cash used in investing activities	(160,086)	(129,600)
Financing Activities:
Proceeds from debt	0	65,000
Principal payments on debt	(24,871)	(1,137)
Proceeds from stock option exercises	0	126
Deferred financing costs and other	(1,000)	(1,946)
Net cash provided by (used in) financing activities	(25,871)	62,043
Increase (Decrease) in Cash and Cash Equivalents	(132,132)	7,637
Beginning Cash and Cash Equivalents	165,904	54,595
Ending Cash and Cash Equivalents	$ 33,772	$ 62,232

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Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (11,731)	$ (12,749)	$ 15,081
Effect of derivative financial instruments	0	(97)	(669)
Other comprehensive income (loss)	0	(97)
Comprehensive Income (Loss)	(11,731)	(12,846)
Parent Issuer
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(11,731)	(12,749)
Effect of derivative financial instruments	0	(97)
Other comprehensive income (loss)	0	(97)
Comprehensive Income (Loss)	(11,731)	(12,846)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(23)	(84)
Effect of derivative financial instruments	0	0
Other comprehensive income (loss)	0	0
Comprehensive Income (Loss)	(23)	(84)
Intercompany Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	23	84
Effect of derivative financial instruments	0	0
Other comprehensive income (loss)	0	0
Comprehensive Income (Loss)	$ 23	$ 84

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Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accrued drilling, completion and facility costs	$ 72,968	$ 68,124
Accrued lease operating, gathering, transportation and processing expenses	10,786	12,526
Accrued general and administrative expenses	3,974	8,482
Accrued interest payable	28,524	14,284
Accrued payables for property sales	0	16,296
Trade payables and other	5,948	6,540
Total accounts payable and accrued liabilities	$ 122,200	$ 126,252

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Accounts Receivable

Accounts receivable is comprised of the following:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Accrued oil, gas and NGL sales	$	35,383		$	35,099
Due from joint interest owners	16,910			27,937
Other	3,195			49,187
Allowance for doubtful accounts	(14		)	(14		)
Total accounts receivable	$	55,474		$	112,209

Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Proved properties	$	403,052		$	390,482
Wells and related equipment and facilities	1,616,089			1,537,370
Support equipment and facilities	72,657			68,371
Materials and supplies	9,307			13,069
Total proved oil and gas properties	$	2,101,105		$	2,009,292
Unproved properties	64,327			78,898
Wells and facilities in progress	91,465			69,936
Total unproved oil and gas properties, excluded from amortization	155,792			148,834
Assets held for sale	—			9,234
Accumulated depreciation, depletion, amortization and impairment	(480,055		)	(427,954		)
Total oil and gas properties, net	$	1,776,842		$	1,739,406

Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations

The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Non-cash impairment of proved oil and gas properties	$	—	$	1,038	(1)
Non-cash impairment of unproved oil and gas properties	58		—
Dry hole costs	15		106
Abandonment expense and lease expirations	1,182		617
Total non-cash impairment, dry hole costs and abandonment expense	$	1,255	$	1,761

(1) Non-cash impairment of proved oil and gas properties for the three months ended March 31, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are comprised of the following:

	As of March 31, 2015		As of December 31, 2014
	(in thousands)
Accrued drilling, completion and facility costs	$	72,968	$	68,124
Accrued lease operating, gathering, transportation and processing expenses	10,786		12,526
Accrued general and administrative expenses	3,974		8,482
Accrued interest payable	28,524		14,284
Accrued payables for property sales	—		16,296
Trade payables and other	5,948		6,540
Total accounts payable and accrued liabilities	$	122,200	$	126,252

Calculation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the calculation of basic and diluted loss per share:

	Three Months Ended March 31,
	2015			2014
	(in thousands, except per share amounts)
Net loss	$	(11,731	)	$	(12,749	)
Basic weighted-average common shares outstanding in period	48,199			47,890
Add dilutive effects of stock options and nonvested equity shares of common stock	—			—
Diluted weighted-average common shares outstanding in period	48,199			47,890
Basic net loss per common share	$	(0.24	)	$	(0.27	)
Diluted net loss per common share	$	(0.24	)	$	(0.27	)

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Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounting Policies [Abstract]
Net Income (Loss)	$ (11,731)	$ (12,749)	$ 15,081
Basic weighted-average common shares outstanding in period (in shares)	48,198,948	47,890,224
Add dilutive effects of stock options and nonvested equity shares of common stock (in shares)	0	0
Diluted weighted-average common shares outstanding in period (in shares)	48,198,948	47,890,224
Net Income (Loss) Per Common Share, Basic (in dollars per share)	$ (0.24)	$ (0.27)
Net Income (Loss) Per Common Share, Diluted (in dollars per share)	$ (0.24)	$ (0.27)

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Outstanding Debt

The Company's outstanding debt is summarized below:

		As of March 31, 2015						As of December 31, 2014
	Maturity Date	Principal		Unamortized Discount		Carrying Amount		Principal		Unamortized Discount		Carrying Amount
		(in thousands)
Amended Credit Facility	April 9, 2020	$	—	$	—	$	—	$	—	$	—	$	—
Convertible Notes (1)	March 15, 2028 (2)	579		—		579		25,344		—		25,344
7.625% Senior Notes (3)	October 1, 2019	400,000		—		400,000		400,000		—		400,000
7.0% Senior Notes (4)	October 15, 2022	400,000		—		400,000		400,000		—		400,000
Lease Financing Obligation (5)	August 10, 2020	3,542		—		3,542		3,648		—		3,648
Total Debt		$	804,121	$	—	$	804,121	$	828,992	$	—	$	828,992
Less: Current Portion of Long-Term Debt (6)		1,008		—		1,008		25,770		—		25,770
Total Long-Term Debt		$	803,113	$	—	$	803,113	$	803,222	$	—	$	803,222

(1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Notes to the Company, leaving $0.6 million principal amount remaining as of March 31, 2015.

(2) The Company has the right at any time, with at least 30 days' notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2018 and March 20, 2023.

(3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $391.5 million and $359.8 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $351.0 million and $366.0 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.4 million as of March 31, 2015 and $3.5 million as of December 31, 2014. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments.

(6) The current portion of the long-term debt as of March 31, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes.

Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt

The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, the outstanding Convertible Notes, the 7.625% Senior Notes, the 7.0% Senior Notes and the Lease Financing Obligation along with the non-cash portion resulting from the amortization of the debt discount and transaction costs through interest expense:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Amended Credit Facility (1)
Cash interest	$	433	$	1,078
Non-cash interest	$	586	$	586
Convertible Notes (2)
Cash interest	$	276	$	310
Non-cash interest	$	3	$	1
7.625% Senior Notes (3)
Cash interest	$	7,625	$	7,625
Non-cash interest	$	273	$	272
7.0% Senior Notes (4)
Cash interest	$	7,000	$	7,000
Non-cash interest	$	204	$	203
Lease Financing Obligation (5)
Cash interest	$	29	$	262
Non-cash interest	$	—	$	4

(1) Cash interest includes amounts related to interest and commitment fees incurred on the Amended Credit Facility and participation and fronting fees paid on the letter of credit.

(2) The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $0.6 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012.

(3) The stated interest rate for the 7.625% Senior Notes is 7.625% per annum with an effective interest rate of 8.0% per annum.

(4) The stated interest rate for the 7.0% Senior Notes is 7.0% per annum with an effective interest rate of 7.2% per annum.

(5) The effective interest rate for the Lease Financing Obligation is 3.3% per annum. The decrease in cash interest from $0.3 million to $0.03 million for the three months ended March 31, 2014 and March 31, 2015, respectively, is due to the obligations transferred in the Piceance Divestiture.

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) In Thousands, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2013	$ 1,005,718	$ 48	$ 904,261	$ 100,740	$ 0	$ 669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding	(2,558)		126		(2,684)
Stock-based compensation	11,916		11,916
Retirement of treasury stock	0		(2,684)		2,684
Net income (loss)	15,081			15,081
Effect of derivative financial instruments, net of taxes	(669)					(669)
Balance at Dec. 31, 2014	1,029,488	48	913,619	115,821	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding	(975)				(975)
Stock-based compensation	2,847		2,847
Retirement of treasury stock	0		(975)		975
Settlement of convertible notes	(1,596)	0	(1,596)	0	0	0
Net income (loss)	(11,731)			(11,731)
Effect of derivative financial instruments, net of taxes	0
Balance at Mar. 31, 2015	$ 1,018,033	$ 48	$ 913,895	$ 104,090	$ 0

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	50,040,460	49,526,637
Common stock, shares outstanding (in shares)	50,040,460	49,526,637
Common stock, shares subject to restrictions (in shares)	1,755,808	1,407,141
Treasury stock, shares (in shares)	0	0

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return in accordance with the FASB’s rules on income taxes. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities. During the three months ended March 31, 2015, the Company had no uncertain tax positions.

The Company’s policy is to classify accrued penalties and interest related to unrecognized tax benefits in the Company’s income tax provision. The Company did not record any accrued interest or penalties associated with unrecognized tax benefits during the three months ended March 31, 2015 and 2014.

Income tax benefit for the three months ended March 31, 2015 and 2014 differs from the amounts that would be provided by applying the U.S. federal income tax rate to income before income taxes principally due to the effect of stock-based compensation, political lobbying expense, political contributions, nondeductible officer compensation, state taxes, gain on extinguishment of debt and other operating expenses that are not deductible for income tax purposes.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 24, 2015
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	BBG
Entity Registrant Name	BILL BARRETT CORPORATION
Entity Central Index Key	0001172139
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		50,038,500

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Equity Incentive Compensation Plans and Other Employee Benefits

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Incentive Compensation Plans and Other Employee Benefits

Equity Incentive Compensation Plans and Other Long-term Incentive Programs

The Company maintains various stock-based compensation plans and other employee benefits as discussed below. Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period).

The following table presents the non-cash stock-based compensation related to equity awards for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Common stock options	$	242	$	629
Nonvested equity common stock	1,574		1,671
Nonvested equity common stock units	261		249
Nonvested performance-based equity	430		818
Total	$	2,507	$	3,367

Unrecognized compensation cost as of March 31, 2015 was $18.0 million related to grants of nonvested stock options and nonvested equity shares of common stock that are expected to be recognized over a weighted-average period of 2.5 years.

Nonvested Equity Shares. The following table presents the equity awards granted pursuant to the Company's various stock compensation plans:

	Three Months Ended March 31, 2015			Three Months Ended March 31, 2014
	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Number of Shares	Weighted Average Grant Date Fair Value Per Share
Nonvested equity common stock	622,609	$	12.30	466,314	$	22.47
Nonvested equity common stock units	2,259	$	8.30	732	$	25.60
Nonvested performance-based equity shares	—	$	—	248,575	$	19.61
Total shares granted	624,868			715,621

Performance Cash Program

2015 Program. In February 2015, the Compensation Committee approved a new performance cash program (the "2015 Program") and will grant performance units that will settle in cash. The performance-based awards contingently vest in May 2018, depending on the level at which the performance goals are achieved. The performance goals, which will be measured over the three year period ending December 31, 2017, consist of the Company's total shareholder return ("TSR") ranking relative to a defined peer group's individual TSRs ("Relative TSR") (weighted at 60%) and the percentage change in discretionary cash flow per debt adjusted share relative to a defined peer group's percentage calculation ("DCF per Debt Adjusted Share") (weighted at 40%). The Relative TSR and DCF per Debt Adjusted Share goals will vest at 25% or 50% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the actual results for a metric are between the threshold and target levels or between the target and stretch levels, the vested number of units will be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics are not met, no units will vest. In any event, the total number of units that could vest will not exceed 200% of the original number of performance cash units granted. At the end of the three year vesting period, any units that have not vested will be forfeited. A total of 405,836 units were granted under this program with a par value of $10.00 during the three months ended March 31, 2015. The Company recognized $0.3 million in derivatives and other noncurrent liabilities on the Unaudited Consolidated Balance Sheets as of March 31, 2015 and in general and administrative expense on the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 for the 2015 Program.

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating and Other Revenues:
Oil, gas and NGL production	$ 48,486	$ 127,169
Other	548	519
Total operating and other revenues	49,034	127,688
Operating Expenses:
Lease operating expense	13,791	16,164
Gathering, transportation and processing expense	942	11,704
Production tax expense	2,534	7,624
Exploration expense	33	303
Impairment, dry hole costs and abandonment expense	1,255	1,761
Gain on divestitures	(38)	0
Depreciation, depletion and amortization	52,254	55,508
Unused commitments	4,388	0
General and administrative expense	13,329	15,407
Total operating expenses	88,488	108,471
Operating Income (Loss)	(39,454)	19,217
Other Income and Expense:
Interest and other income	275	375
Interest expense	(16,430)	(17,431)
Commodity derivative gain (loss)	34,438	(25,155)
Gain on extinguishment of debt	2,567	0
Total other income and expense	20,850	(42,211)
Loss before Income Taxes	(18,604)	(22,994)
Benefit from Income Taxes	(6,873)	(10,245)
Net Income (Loss)	$ (11,731)	$ (12,749)
Net Income (Loss) Per Common Share, Basic (in dollars per share)	$ (0.24)	$ (0.27)
Net Income (Loss) Per Common Share, Diluted (in dollars per share)	$ (0.24)	$ (0.27)
Weighted Average Common Shares Outstanding, Basic (in shares)	48,198,948	47,890,224
Weighted Average Common Shares Outstanding, Diluted (in shares)	48,198,948	47,890,224

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Divestitures

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

During the year ended December 31, 2014, the Company completed the sale or exchange of the majority of its Powder River Basin assets (the "Powder River Oil Divestiture") in four separate transactions with effective dates of April 1, 2014 and closing dates during the three months ended September 30, 2014. The sale resulted in net cash proceeds of $31.8 million, after final closing adjustments. Three transactions involved the cumulative sale of 17,497 net mineral acres. The fourth transaction involved an exchange of 29,015 net mineral acres in the Powder River Basin for 7,856 net mineral acres within the southern block of the Company’s operated Northeast Wattenberg area of the Denver-Julesburg Basin, valued at $69.1 million. Assets sold or exchanged as part of the overall Powder River Oil Divestiture included $86.2 million in proved and $40.6 million in unproved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment of $33.1 million and $1.3 million in asset retirement obligations. A loss on sale of $24.5 million related to these transactions is included within operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2014 and a loss of $0.1 million is included within operating expenses in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 due to post-close adjustments.

During the three months ended March 31, 2015, the Company sold its remaining Powder River Basin assets, which included 19,492 net mineral acres. The Company received $9.8 million in cash proceeds, after initial closing estimates. These assets were classified as held for sale in the Consolidated Balance Sheet as of December 31, 2014. Upon the classification as held for sale, the assets were analyzed relative to their fair market values. The Company recognized proved and unproved property impairment of $14.8 million and $6.4 million, respectively, during the year ended December 31, 2014. The divestiture proceeds are subject to various purchase price adjustments incurred in the normal course of business and will be finalized in 2015.

On September 30, 2014, the Company completed the sale of its Gibson Gulch natural gas program in the Piceance Basin (the "Piceance Divestiture") with an effective date of July 1, 2014. The Company received $498.8 million in cash proceeds, after final closing adjustments. In addition to the cash proceeds, the Company recognized non-cash proceeds of $22.4 million related to the relief of the Company's asset retirement obligation and $36.1 million related to relief from the Company's lease financing obligation described in Note 5 (the "Lease Financing Obligation"). A loss on sale of $79.5 million related to this transaction is included within operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2014 and a gain of $0.1 million is included within operating expenses in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 due to post-close adjustments.

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Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental Disclosures of Cash Flow Information

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Cash paid for interest	$	1,105		$	2,164
Cash paid for income taxes	1,050			—
Supplemental disclosures of non-cash investing and financing activities:
Accrued liabilities - oil and gas properties	74,984			80,356
Change in asset retirement obligations, net of disposals	(525		)	842
Retirement of treasury stock	(975		)	(1,946		)

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Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Cash paid for interest	$	1,105		$	2,164
Cash paid for income taxes	1,050			—
Supplemental disclosures of non-cash investing and financing activities:
Accrued liabilities - oil and gas properties	74,984			80,356
Change in asset retirement obligations, net of disposals	(525		)	842
Retirement of treasury stock	(975		)	(1,946		)

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Lease Financing Obligation. The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5. The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below:

	As of March 31, 2015
	(in thousands)
2015	$	403
2016	537
2017	537
2018	537
2019	1,825
Thereafter	—
Total	$	3,839

Transportation Charges. The Company entered into two firm transportation contracts to provide capacity on natural gas pipeline systems. The remaining term on these contracts is six years. The contracts require the Company to pay transportation charges regardless of the amount of pipeline capacity utilized by the Company. Beginning October 1, 2014, these transportation costs are included in unused commitments expense in the Unaudited Consolidated Statements of Operations. As a result of the divestitures discussed in Note 4, the Company will likely not utilize the firm capacity on the natural gas pipelines.

The amounts in the table below represent the Company's future minimum transportation charges.

	As of March 31, 2015
	(in thousands)
2015	$	13,350
2016	18,692
2017	18,692
2018	18,692
2019	18,692
Thereafter	29,595
Total	$	117,713

Purchase Commitments. The Company has one take-or-pay purchase agreement for supply of carbon dioxide ("CO2"), which has a total financial commitment of $1.7 million. The CO2 is for use in fracture stimulation operations. Under this contract, the Company is obligated to purchase a minimum monthly volume at a set price. If the Company takes delivery of less than the minimum required amount, the Company is responsible for full payment (deficiency payment) in December 2015.

Lease and Other Commitments. The Company leases office space, vehicles and certain equipment under non-cancelable operating leases. Additionally, the Company has entered into various long-term agreements for telecommunication services.

The Company entered into a sales throughput contract in the South Altamont area of the Uinta Oil Basin. Under this contract, the Company is obligated to sell and deliver a minimum volume commitment ("MVC") of 450.0 MMcf for the period of December 1, 2014 to November 30, 2015. If the minimum volume is not delivered, the Company must make a deficiency payment in the amount of up to $0.8 million. This contract replaces the initial capital expenditures associated with the connection of South Altamont wells that would otherwise be incurred as connected. As of March 31, 2015, the Company had satisfied approximately 67.7 MMcf of this commitment, resulting in an estimated deficiency payment of up to $0.6 million due December 1, 2015.

Future minimum annual payments under lease and other agreements are as follows:

	As of March 31, 2015
	(in thousands)
2015	$	3,229
2016	2,876
2017	2,747
2018	2,530
2019	633
Thereafter	—
Total	$	12,015

Litigation. The Company is subject to litigation, claims and governmental and regulatory proceedings arising in the course of ordinary business. It is the opinion of the Company's management that current claims and litigation involving the Company are not likely to have a material adverse effect on its Unaudited Consolidated Balance Sheet, Cash Flows or Statements of Operations.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and Liabilities Measured on a Recurring Basis

The Company's financial instruments, including cash and cash equivalents, accounts and notes receivable and accounts payable are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Amended Credit Facility, as discussed in Note 5, approximates its fair value due to its floating rate structure based on the LIBOR spread and the Company's borrowing base utilization.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes a mid-market pricing convention (the mid-point price between bid and ask prices) for valuation as a practical expedient for assigning fair value. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These inputs can be readily observable, market corroborated or generally unobservable. The Company primarily applies the market and income approaches for recurring fair value measurements and utilizes the best available information. Given the Company's historical market transactions, its markets and instruments are fairly liquid. Therefore, the Company has been able to classify fair value balances based on the observability of those inputs. A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities.

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options.

Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs.

The following tables set forth by level within the fair value hierarchy the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

	As of March 31, 2015
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,024	$	—	$	—	$	1,024
Cash Equivalents - Money Market Funds	15,085		—		—		15,085
Short-Term Investments	114,918		—		—		114,918
Commodity Derivatives	—		183,038		—		183,038
Liabilities
Commodity Derivatives	$	—	$	—	$	—	$	—

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,069	$	—	$	—	$	1,069
Cash Equivalents - Money Market Funds	75,066		—		—		75,066
Commodity Derivatives	—		195,176		—		195,176
Liabilities
Commodity Derivatives	$	—	$	200	$	—	$	200

All fair values reflected in the table above and in the Unaudited Consolidated Balance Sheets have been adjusted for non-performance risk. For applicable financial assets carried at fair value, the credit standing of the counterparties is analyzed and factored into the fair value measurement of those assets. In addition, the fair value measurement of a liability has been adjusted to reflect the nonperformance risk of the Company. The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above.

Level 1 Fair Value Measurements – The Company maintains a non-qualified deferred compensation plan which allows certain management employees to defer receipt of a portion of their compensation. The Company maintains assets for the deferred compensation plan in a rabbi trust. The assets of the rabbi trust are invested in publicly traded mutual funds and are recorded in other current and other long-term assets in the Unaudited Consolidated Balance Sheets. The Company also has highly liquid cash equivalents in money market funds and short-term investments in held-to-maturity securities. The deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. The money market fund and short-term investments are recorded at carrying value, which approximates fair value, which represent Level 1 inputs. The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $742.5 million as of March 31, 2015. The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $725.8 million as of December 31, 2014. The fair values of the Company's fixed rate Senior Notes are based on active market quotes, which represent Level 1 inputs.

Level 2 Fair Value Measurements – The fair value of crude oil, natural gas and NGL forwards and options are estimated using a combined income and market valuation methodology with a mid-market pricing convention based upon forward commodity price and volatility curves. The curves are obtained from independent pricing services reflecting broker market quotes. The Company did not make any adjustments to the obtained curves. The pricing services publish observable market information from multiple brokers and exchanges. No proprietary models are used by the pricing services for the inputs. The Company utilized the counterparties' valuations to assess the reasonableness of the Company's valuations.

There is no active, public market for the Company's Amended Credit Facility, Convertible Notes or Lease Financing Obligation. The Amended Credit Facility balance of zero as of March 31, 2015 and December 31, 2014. The Convertible Notes fair value of $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, are measured based on market-based parameters of the various components of the Convertible Notes and over the counter trades. The Lease Financing Obligation fair values of $3.4 million and $3.5 million as of March 31, 2015 and December 31, 2014, respectively, are measured based on market-based parameters of comparable term secured financing instruments. The fair value measurements for the Amended Credit Facility, Convertible Notes and Lease Financing Obligation represent Level 2 inputs.

Level 3 Fair Value Measurements – As of March 31, 2015 and December 31, 2014, the Company did not have assets or liabilities that were measured on a recurring basis classified under a Level 3 fair value hierarchy.

Assets and Liabilities Measured on a Non-recurring Basis –The Company utilizes fair value on a non-recurring basis to perform impairment tests on its property and equipment when required. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and are classified within Level 3. See Note 2 for details related to impairment expense recognized during the three months ended March 31, 2015 and 2014.

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Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 53,825	$ 75,194
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(111,009)	(128,938)
Additions to furniture, fixtures and other	(609)	(274)
Proceeds from sale of properties and other investing activities	66,415	(388)
Cash paid for short-term investments	(114,883)	0
Intercompany Transfers Investing Activities	0
Cash flows from financing activities:
Proceeds from debt	0	65,000
Principal payments on debt	(24,871)	(1,137)
Intercompany Transfer Financing Activities	0	0
Other financing activities	(1,000)	(1,820)
Increase (Decrease) in Cash and Cash Equivalents	(132,132)	7,637
Beginning Cash and Cash Equivalents	165,904	54,595
Ending Cash and Cash Equivalents	33,772	62,232
Parent Issuer
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	53,788	75,153
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(112,105)	(127,342)
Additions to furniture, fixtures and other	(609)	(274)
Proceeds from sale of properties and other investing activities	66,415	(388)
Cash paid for short-term investments	(114,883)
Intercompany Transfers Investing Activities	1,133
Cash flows from financing activities:
Proceeds from debt	0	65,000
Principal payments on debt	(24,871)	(1,137)
Intercompany Transfer Financing Activities	0	(1,555)
Other financing activities	(1,000)	(1,820)
Increase (Decrease) in Cash and Cash Equivalents	(132,132)	7,637
Beginning Cash and Cash Equivalents	165,904	54,595
Ending Cash and Cash Equivalents	33,772	62,232
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	37	41
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	1,096	(1,596)
Additions to furniture, fixtures and other	0	0
Proceeds from sale of properties and other investing activities	0	0
Cash paid for short-term investments	0
Intercompany Transfers Investing Activities
Cash flows from financing activities:
Proceeds from debt	0	0
Principal payments on debt	0	0
Intercompany Transfer Financing Activities	(1,133)	1,555
Other financing activities	0	0
Increase (Decrease) in Cash and Cash Equivalents	0	0
Beginning Cash and Cash Equivalents	0	0
Ending Cash and Cash Equivalents	0	0
Intercompany Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	0	0
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	0	0
Additions to furniture, fixtures and other	0	0
Proceeds from sale of properties and other investing activities	0	0
Cash paid for short-term investments	0
Intercompany Transfers Investing Activities	(1,133)
Cash flows from financing activities:
Proceeds from debt	0	0
Principal payments on debt	0	0
Intercompany Transfer Financing Activities	1,133	0
Other financing activities	0	0
Increase (Decrease) in Cash and Cash Equivalents	0	0
Beginning Cash and Cash Equivalents	0	0
Ending Cash and Cash Equivalents	$ 0	$ 0

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Long-Term Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

The Company's outstanding debt is summarized below:

		As of March 31, 2015						As of December 31, 2014
	Maturity Date	Principal		Unamortized Discount		Carrying Amount		Principal		Unamortized Discount		Carrying Amount
		(in thousands)
Amended Credit Facility	April 9, 2020	$	—	$	—	$	—	$	—	$	—	$	—
Convertible Notes (1)	March 15, 2028 (2)	579		—		579		25,344		—		25,344
7.625% Senior Notes (3)	October 1, 2019	400,000		—		400,000		400,000		—		400,000
7.0% Senior Notes (4)	October 15, 2022	400,000		—		400,000		400,000		—		400,000
Lease Financing Obligation (5)	August 10, 2020	3,542		—		3,542		3,648		—		3,648
Total Debt		$	804,121	$	—	$	804,121	$	828,992	$	—	$	828,992
Less: Current Portion of Long-Term Debt (6)		1,008		—		1,008		25,770		—		25,770
Total Long-Term Debt		$	803,113	$	—	$	803,113	$	803,222	$	—	$	803,222

(1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Notes to the Company, leaving $0.6 million principal amount remaining as of March 31, 2015.

(2) The Company has the right at any time, with at least 30 days' notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2018 and March 20, 2023.

(3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $391.5 million and $359.8 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $351.0 million and $366.0 million as of March 31, 2015 and December 31, 2014, respectively, based on reported market trades of these instruments.

(5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.4 million as of March 31, 2015 and $3.5 million as of December 31, 2014. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments.

(6) The current portion of the long-term debt as of March 31, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes.

Amended Credit Facility

On April 9, 2015, the Company entered into a Third Amendment to the Third Amended and Restated Credit Agreement dated March 16, 2010. The Third Amendment amended the definition of "Maturity Date" in the credit agreement to mean the earliest of (a) April 9, 2020 or (b) the date 181 days prior to the maturity of certain unsecured senior or senior subordinated debt of the Company in existence as of the date of the Third Amendment or that may be incurred by the Company as of a future date, or any permitted refinancing debt in respect thereof, with commitments and a borrowing base of $375.0 million from 13 lenders. As of March 31, 2015, the Company had no amounts outstanding under the Amended Credit Facility. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit has been issued under the Amended Credit Facility, which reduced the available borrowing capacity of the Amended Credit Facility as of March 31, 2015 to $349.0 million.

Interest rates are LIBOR plus applicable margins of 1.5% to 2.5% or ABR plus 0.5% to 1.5% and the commitment fee is between 0.375% to 0.5% based on borrowing base utilization. The Company had no amounts outstanding under the Amended Credit Facility as of March 31, 2015. The average annual interest rate incurred on the Amended Credit Facility was 1.6% for the three months ended March 31, 2014.

The borrowing base is required to be re-determined twice per year, on or about April 1 and October 1. Future semi-annual borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves, as well as any other outstanding debt of the Company.

The Amended Credit Facility contains certain financial covenants. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

5% Convertible Senior Notes Due 2028

On March 12, 2008, the Company issued $172.5 million aggregate principal amount of Convertible Notes. On March 20, 2012, $147.2 million of the outstanding principal amount, or approximately 85% of the outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. On March 20, 2015, $24.8 million of the remaining outstanding principal amount, or approximately 98% of the remaining outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. The Company settled the notes in cash and recognized a gain on extinguishment of $2.6 million in the Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015. After the redemption, $0.6 million aggregate principal amount of the Convertible Notes were outstanding as of March 31, 2015. The Convertible Notes mature on March 15, 2028, unless earlier converted, redeemed or purchased by the Company. The Convertible Notes are senior unsecured obligations and rank equal in right of payment to all of the Company's existing and future senior unsecured indebtedness, are senior in right of payment to all of the Company's future subordinated indebtedness, and are effectively subordinated to all of the Company's secured indebtedness with respect to the collateral securing such indebtedness. The Convertible Notes are structurally subordinated to all present and future secured and unsecured debt and other obligations of the Company's subsidiaries. The Convertible Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the 7.625% Senior Notes and the 7.0% Senior Notes.

The Convertible Notes bear interest at a rate of 5% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. Holders of the remaining Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of March 20, 2018 and March 20, 2023 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, up to but excluding the applicable purchase date. The Company has the right with at least 30 days' notice to call the Convertible Notes.

7.625% Senior Notes Due 2019

On September 27, 2011, the Company issued $400.0 million in principal amount of 7.625% Senior Notes due 2019 at par. The 7.625% Senior Notes mature on October 1, 2019. Interest is payable in arrears semi-annually on April 1 and October 1 of each year. The 7.625% Senior Notes are senior unsecured obligations of the Company and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the Company's Convertible Notes and 7.0% Senior Notes. The 7.625% Senior Notes are redeemable at the Company's option beginning on October 1, 2015 at an initial redemption price of 103.813% of the principal amount of the notes. The 7.625% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.0% Senior Notes. The 7.625% Senior Notes include certain covenants that limit the Company's ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

7.0% Senior Notes Due 2022

On March 12, 2012, the Company issued $400.0 million in aggregate principal amount of 7.0% Senior Notes due 2022 at par. The 7.0% Senior Notes mature on October 15, 2022. Interest is payable in arrears semi-annually on April 15 and October 15 of each year. The 7.0% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the Company's Convertible Notes and 7.625% Senior Notes. The 7.0% Senior Notes are redeemable at the Company's option beginning on October 15, 2017 at an initial redemption price of 103.5% of the principal amount of the notes. The 7.0% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.625% Senior Notes. The 7.0% Senior Notes include certain covenants that limit the Company's ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that generally prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance.

Lease Financing Obligation Due 2020

The Company has a Lease Financing Obligation with a balance of $3.5 million as of March 31, 2015 whereby the Company sold and subsequently leased back the existing compressors and related facilities owned by the Company. The Lease Financing Obligation expires on August 10, 2020, and the Company has the option to purchase the equipment at the end of the lease term for the then current fair market value. The Lease Financing Obligation also contains an early buyout option pursuant to which the Company may purchase the equipment for $1.8 million on February 10, 2019. The lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.3%. See Note 11 for discussion of aggregate minimum future lease payments.

The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, the outstanding Convertible Notes, the 7.625% Senior Notes, the 7.0% Senior Notes and the Lease Financing Obligation along with the non-cash portion resulting from the amortization of the debt discount and transaction costs through interest expense:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Amended Credit Facility (1)
Cash interest	$	433	$	1,078
Non-cash interest	$	586	$	586
Convertible Notes (2)
Cash interest	$	276	$	310
Non-cash interest	$	3	$	1
7.625% Senior Notes (3)
Cash interest	$	7,625	$	7,625
Non-cash interest	$	273	$	272
7.0% Senior Notes (4)
Cash interest	$	7,000	$	7,000
Non-cash interest	$	204	$	203
Lease Financing Obligation (5)
Cash interest	$	29	$	262
Non-cash interest	$	—	$	4

(1) Cash interest includes amounts related to interest and commitment fees incurred on the Amended Credit Facility and participation and fronting fees paid on the letter of credit.

(2) The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $0.6 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012.

(3) The stated interest rate for the 7.625% Senior Notes is 7.625% per annum with an effective interest rate of 8.0% per annum.

(4) The stated interest rate for the 7.0% Senior Notes is 7.0% per annum with an effective interest rate of 7.2% per annum.

(5) The effective interest rate for the Lease Financing Obligation is 3.3% per annum. The decrease in cash interest from $0.3 million to $0.03 million for the three months ended March 31, 2014 and March 31, 2015, respectively, is due to the obligations transferred in the Piceance Divestiture.

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Asset Retirement Obligations

3 Months Ended

Mar. 31, 2015

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

A reconciliation of the Company's asset retirement obligations for the three months ended March 31, 2015 is as follows (in thousands):

As of December 31, 2014	$	22,852
Liabilities incurred	278
Liabilities settled	(58		)
Disposition of properties	(745		)
Accretion expense	357
Revisions to estimate	—
As of March 31, 2015	$	22,684
Less: Current asset retirement obligations	1,078
Long-term asset retirement obligations	$	21,606

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Derivative Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

The Company uses financial derivative instruments as part of its price risk management program to achieve a more predictable cash flow from its production revenues by reducing its exposure to commodity price fluctuations. The Company has entered into financial commodity swap contracts related to the sale of a portion of the Company's production. The Company does not enter into derivative instruments for speculative or trading purposes.

In addition to financial contracts, the Company may at times be party to various physical commodity contracts for the sale of oil, natural gas and NGLs that have varying terms and pricing provisions. These physical commodity contracts qualify for the normal purchase and normal sale exception and, therefore, are not subject to hedge or mark-to-market accounting. The financial impact of physical commodity contracts is included in oil, natural gas and NGL production revenues at the time of settlement.

All derivative instruments, other than those that meet the normal purchase and normal sale exception, as mentioned above, are recorded at fair value and included in the Unaudited Consolidated Balance Sheets as assets or liabilities. The following table summarizes the location, as well as the gross and net fair value amounts of all derivative instruments presented in the Unaudited Consolidated Balance Sheets as of the dates indicated.

	As of March 31, 2015
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	137,787		$	—			$	137,787
Derivative assets (noncurrent)	45,251			—				45,251
Total derivative assets	$	183,038		$	—			$	183,038
	As of December 31, 2014
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	145,426		$	(200	)	(1)	$	145,226
Derivative assets (noncurrent)	49,750			—				49,750
Total derivative assets	$	195,176		$	(200	)		$	194,976
	Gross Amounts of Recognized Derivative Liabilities			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Liabilities Presented in the Balance Sheet
	(in thousands)
Derivative liabilities	$	(200	)	$	200		(2)	$	—
Derivatives and other noncurrent liabilities	—			—				—		(3)
Total derivative liabilities	$	(200	)	$	200			$	—

(1) Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets.

(2) Amounts are netted against derivative liability balances with the same counterparty, and therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets.

(3) As of March 31, 2015 and December 31, 2014, this line item in the Unaudited Consolidated Balance Sheets included $3.2 million and $3.0 million of other noncurrent liabilities, respectively.

As of March 31, 2015, the Company had financial derivative instruments in place related to the sale of a portion of the Company's production for the following volumes for the periods indicated:

	April – December 2015			For the year 2016			For the year 2017
	Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price
Oil (Bbls)	3,015,500	$	90.01	1,737,000	$	87.46	365,000	$	84.74
Natural Gas (MMbtu)	5,500,000	$	4.13	1,830,000	$	4.10	—	$	—

The table below summarizes the commodity derivative gains and losses the Company recognized related to its oil, gas and NGL derivative instruments for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Commodity derivative gain settlements on derivatives designated as cash flow hedges (1)	$	—	$	156
Total commodity derivative gain (loss) (2)	34,438		(25,155		)

(1) Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations.

(2) Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

The Company's derivative financial instruments are generally executed with major financial or commodities trading institutions that expose the Company to market and credit risks and may, at times, be concentrated with certain counterparties or groups of counterparties. The Company had derivatives in place with eight different counterparties as of March 31, 2015. Although notional amounts are used to express the volume of these contracts, the amounts potentially subject to credit risk, in the event of non-performance by the counterparties, are substantially smaller. The creditworthiness of counterparties is subject to continual review by management, and the Company believes all of these institutions currently are acceptable credit risks. Full performance is anticipated, and the Company has no past due receivables from any of its counterparties.

It is the Company's policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility, affiliates of lenders in the Amended Credit Facility or potential lenders in the Amended Credit Facility. The Company's derivative contracts are documented using an industry standard contract known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. ("ISDA") Master Agreement or other contracts. Typical terms for these contracts include credit support requirements, cross default provisions, termination events and set-off provisions. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the properties securing the Amended Credit Facility. The Company has set-off provisions in its derivative contracts with lenders under its Amended Credit Facility which, in the event of a counterparty default, allow the Company to set-off amounts owed to the defaulting counterparty under the Amended Credit Facility or other obligations against monies owed the Company under derivative contracts. Where the counterparty is not a lender under the Company's Amended Credit Facility, it may not be able to set-off amounts owed by the Company under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility. The Company does not have any derivative balances that are offset by cash collateral.

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Summary of Significant Accounting Policies - Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Dry hole costs	$ 15	$ 106
Abandonment expense and lease expirations	1,182	617
Impairment, dry hole costs and abandonment expense	1,255	1,761
Proved Oil And Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-cash impairment of oil and gas properties	0	1,038
Unproved Oil And Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-cash impairment of oil and gas properties	$ 58	$ 0

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Equity Incentive Compensation Plans and Other Employee Benefits - Stock Options and Nonvested Equity Shares, Equity Awards Granted (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested equity shares, Number of Shares	622,609	466,314
Nonvested equity common stock units, Number of Shares	2,259	732
Nonvested performance-based equity shares, Number of Shares	0	248,575
Total shares granted	624,868	715,621
Nonvested equity shares, Weighted Average Grant Date Fair Value	$ 12.30	$ 22.47
Nonvested equity common stock units, Weighted Average Grant Date Fair Value	$ 8.30	$ 25.60
Nonvested performance-based equity shares, Weighted Average Grant Date Fair Value	$ 0.00	$ 19.61

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company's interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The Company's Annual Report on Form 10-K includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company's 2014 Annual Report on Form 10-K.

Use of Estimates

Use of Estimates. In the course of preparing the Company's financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established.

Areas requiring the use of assumptions, judgments and estimates relate to volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining asset retirement obligations, the timing of dry hole costs, impairments of undeveloped properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based compensation awards.

Oil and Gas Properties

Oil and Gas Properties. The Company's oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows when incurred. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized.

Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts.

Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage and other relevant matters.

Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value, on a first-in, first-out basis.

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Proved properties	$	403,052		$	390,482
Wells and related equipment and facilities	1,616,089			1,537,370
Support equipment and facilities	72,657			68,371
Materials and supplies	9,307			13,069
Total proved oil and gas properties	$	2,101,105		$	2,009,292
Unproved properties	64,327			78,898
Wells and facilities in progress	91,465			69,936
Total unproved oil and gas properties, excluded from amortization	155,792			148,834
Assets held for sale	—			9,234
Accumulated depreciation, depletion, amortization and impairment	(480,055		)	(427,954		)
Total oil and gas properties, net	$	1,776,842		$	1,739,406

All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of March 31, 2015 and December 31, 2014, there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling.

The Company reviews proved oil and gas properties on a field-by-field basis for impairment on a quarterly basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future cash flows of its oil and gas properties based on the Company's best estimate of future production, commodity pricing, gathering and transportation deducts, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying value of a property exceeds the undiscounted future cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company has no guarantee that the undiscounted future cash flows analysis of its proved property represents the applicable market value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future revenues, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows.

The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Non-cash impairment of proved oil and gas properties	$	—	$	1,038	(1)
Non-cash impairment of unproved oil and gas properties	58		—
Dry hole costs	15		106
Abandonment expense and lease expirations	1,182		617
Total non-cash impairment, dry hole costs and abandonment expense	$	1,255	$	1,761

(1) Non-cash impairment of proved oil and gas properties for the three months ended March 31, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013.

The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following:

	As of March 31, 2015		As of December 31, 2014
	(in thousands)
Accrued drilling, completion and facility costs	$	72,968	$	68,124
Accrued lease operating, gathering, transportation and processing expenses	10,786		12,526
Accrued general and administrative expenses	3,974		8,482
Accrued interest payable	28,524		14,284
Accrued payables for property sales	—		16,296
Trade payables and other	5,948		6,540
Total accounts payable and accrued liabilities	$	122,200	$	126,252

Environmental Liabilities

Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated.

Revenue Recognition

Revenue Recognition. Oil, gas and NGL revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability of the revenue is reasonably assured. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenues are recorded on the basis of gas and NGLs actually sold by the Company. In addition, the Company records revenues for its share of gas and NGLs sold by other owners that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company also reduces revenues for other owners' volumetric share of gas and NGLs sold by the Company that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company's remaining over- and under-produced gas and NGLs balancing positions are taken into account in determining the Company's proved oil, gas and NGL reserves. Imbalances at March 31, 2015 and 2014 were not material.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities.

Income Taxes

Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred income taxes also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates.

The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company currently does not have any uncertain tax positions recorded as of March 31, 2015.

Earnings/Loss Per Share

Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested equity shares of common stock, in-the-money outstanding stock options to purchase the Company's common stock and shares into which the Convertible Notes are convertible. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three months ended March 31, 2015 and 2014.

The following table sets forth the calculation of basic and diluted loss per share:

	Three Months Ended March 31,
	2015			2014
	(in thousands, except per share amounts)
Net loss	$	(11,731	)	$	(12,749	)
Basic weighted-average common shares outstanding in period	48,199			47,890
Add dilutive effects of stock options and nonvested equity shares of common stock	—			—
Diluted weighted-average common shares outstanding in period	48,199			47,890
Basic net loss per common share	$	(0.24	)	$	(0.27	)
Diluted net loss per common share	$	(0.24	)	$	(0.27	)

New Accounting Pronouncements

New Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. The objective of this update is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the annual periods beginning after December 15, 2015, and for interim periods within that annual period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The objective of this update is to provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The standard will be adopted prospectively.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, Balance Sheet Grouping

The following tables set forth by level within the fair value hierarchy the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

	As of March 31, 2015
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,024	$	—	$	—	$	1,024
Cash Equivalents - Money Market Funds	15,085		—		—		15,085
Short-Term Investments	114,918		—		—		114,918
Commodity Derivatives	—		183,038		—		183,038
Liabilities
Commodity Derivatives	$	—	$	—	$	—	$	—

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Deferred Compensation Plan	$	1,069	$	—	$	—	$	1,069
Cash Equivalents - Money Market Funds	75,066		—		—		75,066
Commodity Derivatives	—		195,176		—		195,176
Liabilities
Commodity Derivatives	$	—	$	200	$	—	$	200

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Equity Incentive Compensation Plans and Other Employee Benefits - Non-Cash Stock-Based Compensation Cost Related to Equity Awards (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Based Compensation [Line Items]
Non-cash stock-based compensation equity awards	$ 2,507	$ 3,367
Common Stock Options
Stock Based Compensation [Line Items]
Non-cash stock-based compensation equity awards	242	629
Nonvested Equity Common Stock
Stock Based Compensation [Line Items]
Non-cash stock-based compensation equity awards	1,574	1,671
Nonvested Equity Common Stock Units
Stock Based Compensation [Line Items]
Non-cash stock-based compensation equity awards	261	249
Nonvested Performance-Based Equity
Stock Based Compensation [Line Items]
Non-cash stock-based compensation equity awards	$ 430	$ 818

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Long-Term Debt - Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 27, 2011	Mar. 12, 2012
Debt Instrument [Line Items]
Principal amount of debt instrument	$ 803,113,000		$ 803,222,000
Cash interest [Member]
Debt Instrument [Line Items]
Amended Credit Facility interest	433,000	1,078,000
Non-cash interest [Member]
Debt Instrument [Line Items]
Amended Credit Facility interest	586,000	586,000
Convertible Notes
Debt Instrument [Line Items]
Debt, stated interest rate	5.00%
Effective interest rate of debt instrument	5.00%
Principal amount of debt instrument	579,000		25,344,000
Convertible Notes | Cash interest [Member]
Debt Instrument [Line Items]
Convertible Notes interest	276,000	310,000
Convertible Notes | Non-cash interest [Member]
Debt Instrument [Line Items]
Convertible Notes interest	3,000	1,000
7.625% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	7.625%		7.625%
Effective interest rate of debt instrument	8.00%
Principal amount of debt instrument	400,000,000		400,000,000	400,000,000.0
7.625% Senior Notes | Cash interest [Member]
Debt Instrument [Line Items]
Senior Notes interest	7,625,000	7,625,000
7.625% Senior Notes | Non-cash interest [Member]
Debt Instrument [Line Items]
Senior Notes interest	273,000	272,000
7.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	7.00%		7.00%
Effective interest rate of debt instrument	7.20%
Principal amount of debt instrument	400,000,000		400,000,000		400,000,000.0
7.0% Senior Notes | Cash interest [Member]
Debt Instrument [Line Items]
Senior Notes interest	7,000,000	7,000,000
7.0% Senior Notes | Non-cash interest [Member]
Debt Instrument [Line Items]
Senior Notes interest	204,000	203,000
Lease Financing Obligation
Debt Instrument [Line Items]
Effective interest rate of debt instrument	3.30%
Principal amount of debt instrument	3,542,000		3,648,000
Lease Financing Obligation | Cash interest [Member]
Debt Instrument [Line Items]
Financial Obligation interest	29,000	262,000
Lease Financing Obligation | Non-cash interest [Member]
Debt Instrument [Line Items]
Financial Obligation interest	$ 0	$ 4,000

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (11,731)	$ (12,749)	$ 15,081
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	0	(97)	(669)
Other comprehensive loss	0	(97)
Comprehensive Income (Loss)	$ (11,731)	$ (12,846)

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company's interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The Company's Annual Report on Form 10-K includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company's 2014 Annual Report on Form 10-K.

Use of Estimates. In the course of preparing the Company's financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established.

Areas requiring the use of assumptions, judgments and estimates relate to volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining asset retirement obligations, the timing of dry hole costs, impairments of undeveloped properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based compensation awards.

Short-term investments. Short-term investments have maturities of more than three months and less than one year. The Company's held-to-maturity securities have a carrying value of $114.9 million, which approximates fair value, as of March 31, 2015, and all have maturity dates of less than one year.

Accounts Receivable. Accounts receivable is comprised of the following:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Accrued oil, gas and NGL sales	$	35,383		$	35,099
Due from joint interest owners	16,910			27,937
Other	3,195			49,187
Allowance for doubtful accounts	(14		)	(14		)
Total accounts receivable	$	55,474		$	112,209

Oil and Gas Properties. The Company's oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows when incurred. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized.

Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts.

Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage and other relevant matters.

Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value, on a first-in, first-out basis.

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities:

	As of March 31, 2015			As of December 31, 2014
	(in thousands)
Proved properties	$	403,052		$	390,482
Wells and related equipment and facilities	1,616,089			1,537,370
Support equipment and facilities	72,657			68,371
Materials and supplies	9,307			13,069
Total proved oil and gas properties	$	2,101,105		$	2,009,292
Unproved properties	64,327			78,898
Wells and facilities in progress	91,465			69,936
Total unproved oil and gas properties, excluded from amortization	155,792			148,834
Assets held for sale	—			9,234
Accumulated depreciation, depletion, amortization and impairment	(480,055		)	(427,954		)
Total oil and gas properties, net	$	1,776,842		$	1,739,406

All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of March 31, 2015 and December 31, 2014, there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling.

The Company reviews proved oil and gas properties on a field-by-field basis for impairment on a quarterly basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future cash flows of its oil and gas properties based on the Company's best estimate of future production, commodity pricing, gathering and transportation deducts, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying value of a property exceeds the undiscounted future cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company has no guarantee that the undiscounted future cash flows analysis of its proved property represents the applicable market value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future revenues, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows.

The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Non-cash impairment of proved oil and gas properties	$	—	$	1,038	(1)
Non-cash impairment of unproved oil and gas properties	58		—
Dry hole costs	15		106
Abandonment expense and lease expirations	1,182		617
Total non-cash impairment, dry hole costs and abandonment expense	$	1,255	$	1,761

(1) Non-cash impairment of proved oil and gas properties for the three months ended March 31, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013.

The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation.

Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following:

	As of March 31, 2015		As of December 31, 2014
	(in thousands)
Accrued drilling, completion and facility costs	$	72,968	$	68,124
Accrued lease operating, gathering, transportation and processing expenses	10,786		12,526
Accrued general and administrative expenses	3,974		8,482
Accrued interest payable	28,524		14,284
Accrued payables for property sales	—		16,296
Trade payables and other	5,948		6,540
Total accounts payable and accrued liabilities	$	122,200	$	126,252

Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated.

Revenue Recognition. Oil, gas and NGL revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability of the revenue is reasonably assured. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenues are recorded on the basis of gas and NGLs actually sold by the Company. In addition, the Company records revenues for its share of gas and NGLs sold by other owners that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company also reduces revenues for other owners' volumetric share of gas and NGLs sold by the Company that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company's remaining over- and under-produced gas and NGLs balancing positions are taken into account in determining the Company's proved oil, gas and NGL reserves. Imbalances at March 31, 2015 and 2014 were not material.

Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities.

Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred income taxes also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates.

The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company currently does not have any uncertain tax positions recorded as of March 31, 2015.

Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested equity shares of common stock, in-the-money outstanding stock options to purchase the Company's common stock and shares into which the Convertible Notes are convertible. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three months ended March 31, 2015 and 2014.

The following table sets forth the calculation of basic and diluted loss per share:

	Three Months Ended March 31,
	2015			2014
	(in thousands, except per share amounts)
Net loss	$	(11,731	)	$	(12,749	)
Basic weighted-average common shares outstanding in period	48,199			47,890
Add dilutive effects of stock options and nonvested equity shares of common stock	—			—
Diluted weighted-average common shares outstanding in period	48,199			47,890
Basic net loss per common share	$	(0.24	)	$	(0.27	)
Diluted net loss per common share	$	(0.24	)	$	(0.27	)

New Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. The objective of this update is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the annual periods beginning after December 15, 2015, and for interim periods within that annual period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The objective of this update is to provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The standard will be adopted prospectively.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements.

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Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Operating and other revenues	$ 49,034	$ 127,688
Operating expenses	(75,159)	(93,064)
General and administrative	(13,329)	(15,407)
Interest and other income (expense)	20,850	(42,211)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	(18,604)	(22,994)
(Provision for) Benefit from Income Taxes	6,873	10,245
Equity in earnings (loss) of subsidiaries	0	0
Net Income (Loss)	(11,731)	(12,749)	15,081
Parent Issuer
Condensed Financial Statements, Captions [Line Items]
Operating and other revenues	48,896	127,701
Operating expenses	(74,998)	(92,993)
General and administrative	(13,329)	(15,407)
Interest and other income (expense)	20,850	(42,211)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	(18,581)	(22,910)
(Provision for) Benefit from Income Taxes	6,873	10,245
Equity in earnings (loss) of subsidiaries	(23)	(84)
Net Income (Loss)	(11,731)	(12,749)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Operating and other revenues	138	(13)
Operating expenses	(161)	(71)
General and administrative	0	0
Interest and other income (expense)	0	0
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	(23)	(84)
(Provision for) Benefit from Income Taxes	0	0
Equity in earnings (loss) of subsidiaries	0	0
Net Income (Loss)	(23)	(84)
Intercompany Eliminations
Condensed Financial Statements, Captions [Line Items]
Operating and other revenues	0	0
Operating expenses	0	0
General and administrative	0	0
Interest and other income (expense)	0	0
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	0	0
(Provision for) Benefit from Income Taxes	0	0
Equity in earnings (loss) of subsidiaries	23	84
Net Income (Loss)	$ 23	$ 84

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Amounts of Derivative Instruments

The following table summarizes the location, as well as the gross and net fair value amounts of all derivative instruments presented in the Unaudited Consolidated Balance Sheets as of the dates indicated.

	As of March 31, 2015
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	137,787		$	—			$	137,787
Derivative assets (noncurrent)	45,251			—				45,251
Total derivative assets	$	183,038		$	—			$	183,038
	As of December 31, 2014
Balance Sheet	Gross Amounts of Recognized Derivative Assets			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Assets Presented in the Balance Sheet
	(in thousands)
Derivative assets (current)	$	145,426		$	(200	)	(1)	$	145,226
Derivative assets (noncurrent)	49,750			—				49,750
Total derivative assets	$	195,176		$	(200	)		$	194,976
	Gross Amounts of Recognized Derivative Liabilities			Gross Amounts Offset in the Balance Sheet				Net Amounts of Derivative Liabilities Presented in the Balance Sheet
	(in thousands)
Derivative liabilities	$	(200	)	$	200		(2)	$	—
Derivatives and other noncurrent liabilities	—			—				—		(3)
Total derivative liabilities	$	(200	)	$	200			$	—

(1) Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets.

(2) Amounts are netted against derivative liability balances with the same counterparty, and therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets.

(3) As of March 31, 2015 and December 31, 2014, this line item in the Unaudited Consolidated Balance Sheets included $3.2 million and $3.0 million of other noncurrent liabilities, respectively.

Financial Instruments for Hedging Volumes

As of March 31, 2015, the Company had financial derivative instruments in place related to the sale of a portion of the Company's production for the following volumes for the periods indicated:

	April – December 2015			For the year 2016			For the year 2017
	Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price		Derivative Volumes	Weighted Average Price
Oil (Bbls)	3,015,500	$	90.01	1,737,000	$	87.46	365,000	$	84.74
Natural Gas (MMbtu)	5,500,000	$	4.13	1,830,000	$	4.10	—	$	—

Realized and Unrealized Gains and Losses on Commodity Derivative Instruments

The table below summarizes the commodity derivative gains and losses the Company recognized related to its oil, gas and NGL derivative instruments for the periods indicated:

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Commodity derivative gain settlements on derivatives designated as cash flow hedges (1)	$	—	$	156
Total commodity derivative gain (loss) (2)	34,438		(25,155		)

(1) Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations.

(2) Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations.

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Divestitures (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated Depreciation Depletion Amortization And Impairment Property Plant And Equipment	$ 507,137,000		$ 454,202,000
Gain (Loss) on Divestitures	38,000	0
Powder River Oil [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	31,800,000
Net Mineral Acres Sold	17,497
Net Mineral Acres Exchanged Relinquished	29,015
Net Mineral Acres Exchanged Received	7,856
Assets, Fair Value Disclosure, Nonrecurring	69,100,000
Proved Oil and Gas Assets Sold or Exchanged	86,200,000
Unproved Oil and Gas Assets Sold	40,600,000
Accumulated Depreciation Depletion Amortization And Impairment Property Plant And Equipment	33,100,000
Relief of Asset Retirement Obligation	1,300,000
Gain (Loss) on Divestitures	(100,000)		(24,500,000)
Powder River Oil Remaining Acreage [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	9,800,000
Net Mineral Acres Sold	19,492
Proved, Powder River Oil Remaining Acreage [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss recognized	14,800,000
Proved Oil And Gas Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss recognized	6,400,000
Piceance [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	498,800,000
Relief of Asset Retirement Obligation	22,400,000
Gain (Loss) on Divestitures	100,000	(79,500,000)
Relief of Lease Financing Obligation	$ 36,100,000

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Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Guarantor Subsidiaries

Guarantor Subsidiaries

In addition to the Amended Credit Facility, the 7.625% Senior Notes, 7.0% Senior Notes and Convertible Notes, which are registered securities, are jointly and severally guaranteed on a full and unconditional basis by the Company's 100% owned subsidiaries ("Guarantor Subsidiaries"). Presented below are the Company's unaudited condensed consolidating balance sheets, statements of operations, statements of other comprehensive income (loss) and statements of cash flows, as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.

During the three months ended June 30, 2014, Bill Barrett Corporation, as parent, merged two of the Company's 100% owned subsidiaries, CBM Production Company and GB Acquisition Corporation, into the parent company. During the three months ended March 31, 2015, Bill Barrett Corporation, as parent, merged another 100% owned subsidiary, Elk Production Uintah, LLC, into the parent company. The unaudited condensed consolidating financial statements reflect the new guarantor structure for all periods presented.

The following unaudited condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the Unaudited Consolidated Financial Statements. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate the Company and the Guarantor Subsidiaries are reflected in the intercompany eliminations column.

Condensed Consolidating Balance Sheets

	As of March 31, 2015
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	345,789	$	94		$	—		$	345,883
Property and equipment, net	1,768,533		21,799			—			1,790,332
Intercompany receivable (payable)	21,706		(21,706		)	—			—
Investment in subsidiaries	140		—			(140		)	—
Noncurrent assets	59,886		—			—			59,886
Total assets	$	2,196,054	$	187		$	(140	)	$	2,196,101
Liabilities and Stockholders' Equity:
Current liabilities	$	232,798	$	(1	)	$	—		$	232,797
Long-term debt	803,113		—			—			803,113
Deferred income taxes	117,320		—			—			117,320
Other noncurrent liabilities	24,790		48			—			24,838
Stockholders' equity	1,018,033		140			(140		)	1,018,033
Total liabilities and stockholders' equity	$	2,196,054	$	187		$	(140	)	$	2,196,101

	As of December 31, 2014
	Parent Issuer		Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Current assets	$	426,103	$	2		$	—		$	426,105
Property and equipment, net	1,730,074		23,047			—			1,753,121
Intercompany receivable (payable)	22,840		(22,840		)	—			—
Investment in subsidiaries	163		—			(163		)	—
Noncurrent assets	65,258		—			—			65,258
Total assets	$	2,244,438	$	209		$	(163	)	$	2,244,484
Liabilities and Stockholders' Equity:
Current liabilities	$	264,687	$	—		$	—		$	264,687
Long-term debt	803,222		—			—			803,222
Deferred income taxes	122,350		—			—			122,350
Other noncurrent liabilities	24,691		46			—			24,737
Stockholders' equity	1,029,488		163			(163		)	1,029,488
Total liabilities and stockholders' equity	$	2,244,438	$	209		$	(163	)	$	2,244,484

Condensed Consolidating Statements of Operations

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	48,896		$	138		$	—	$	49,034
Operating expenses	(74,998		)	(161		)	—		(75,159		)
General and administrative	(13,329		)	—			—		(13,329		)
Interest income and other income (expense)	20,850			—			—		20,850
Income (loss) before income taxes and equity in earnings of subsidiaries	(18,581		)	(23		)	—		(18,604		)
Benefit from income taxes	6,873			—			—		6,873
Equity in earnings (loss) of subsidiaries	(23		)	—			23		—
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	127,701		$	(13	)	$	—	$	127,688
Operating expenses	(92,993		)	(71		)	—		(93,064		)
General and administrative	(15,407		)	—			—		(15,407		)
Interest and other income (expense)	(42,211		)	—			—		(42,211		)
Income (loss) before income taxes and equity in earnings of subsidiaries	(22,910		)	(84		)	—		(22,994		)
Benefit from income taxes	10,245			—			—		10,245
Equity in earnings (loss) of subsidiaries	(84		)	—			84		—
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	—			—			—		—
Other comprehensive loss	—			—			—		—
Comprehensive income (loss)	$	(11,731	)	$	(23	)	$	23	$	(11,731	)

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(12,749	)	$	(84	)	$	84	$	(12,749	)
Other Comprehensive Loss, net of tax:
Effect of derivative financial instruments	(97		)	—			—		(97		)
Other comprehensive loss	(97		)	—			—		(97		)
Comprehensive income (loss)	$	(12,846	)	$	(84	)	$	84	$	(12,846	)

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2015
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
	(in thousands)
Cash flows from operating activities	$	53,788		$	37		$	—		$	53,825
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(112,105		)	1,096			—			(111,009		)
Additions to furniture, fixtures and other	(609		)	—			—			(609		)
Proceeds from sale of properties and other investing activities	66,415			—			—			66,415
Cash paid for short-term investments	(114,883		)	—			—			(114,883		)
Intercompany transfers	1,133						(1,133		)	—
Cash flows from financing activities:
Proceeds from debt	—			—			—			—
Principal payments on debt	(24,871		)	—			—			(24,871		)
Intercompany transfers	—			(1,133		)	1,133			—
Other financing activities	(1,000		)	—			—			(1,000		)
Change in cash and cash equivalents	(132,132		)	—			—			(132,132		)
Beginning cash and cash equivalents	165,904			—			—			165,904
Ending cash and cash equivalents	$	33,772		$	—		$	—		$	33,772

	Three Months Ended March 31, 2014
	Parent Issuer			Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	75,153		$	41		$	—	$	75,194
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(127,342		)	(1,596		)	—		(128,938		)
Additions to furniture, fixtures and other	(274		)	—			—		(274		)
Proceeds from sale of properties and other investing activities	(388		)	—			—		(388		)
Cash flows from financing activities:
Proceeds from debt	65,000			—			—		65,000
Principal payments on debt	(1,137		)	—			—		(1,137		)
Intercompany transfers	(1,555		)	1,555			—		—
Other financing activities	(1,820		)	—			—		(1,820		)
Change in cash and cash equivalents	7,637			—			—		7,637
Beginning cash and cash equivalents	54,595			—			—		54,595
Ending cash and cash equivalents	$	62,232		$	—		$	—	$	62,232