Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS

On October 1, 2012, the Company entered into additional costless collar contracts to mitigate its exposure to commodity price risk associated with natural gas on a portion of its future anticipated natural gas production. The following table summarizes these contracts.

Commodity	Calculation Period	Notional Quantity (MMBtu/month)		Price Floor ($/MMBtu)		Price Ceiling ($/MMBtu)
Natural Gas	01/01/2013 - 12/31/2013		100,000		3.00		4.95
Natural Gas	01/01/2013 - 12/31/2013		100,000		3.00		4.96
Natural Gas	01/01/2014 - 12/31/2014		100,000		3.25		5.37
Natural Gas	01/01/2014 - 12/31/2014		100,000		3.25		5.42

On November 1, 2012, the Company entered into additional swap contracts to mitigate its exposure to commodity price risk associated with natural gas liquids on a portion of its future anticipated natural gas liquids production. The following table summarizes these contracts.

Commodity	Calculation Period	Notional  Quantity (Gal/month)		Fixed  Price ($/Gal)
Natural Gasoline	11/01/2012 - 11/30/2012		12,000		2.200
Natural Gasoline	12/01/2012 - 12/31/2012		12,000		2.120
Natural Gasoline	01/01/2013 - 12/31/2013		12,000		2.025

In October and November 2012, the Company borrowed an additional $14 million and $15 million, respectively, under the Credit Agreement to fund a portion of its working capital requirements and capital expenditures. At November 14, 2012, the Company had $135 million in borrowings outstanding under the Credit Agreement, approximately $1.1 million in outstanding letters of credit issued pursuant to the Credit Agreement and approximately $63.9 million available for additional borrowings.

On November 8, 2012, the Company awarded a total of 73,000 shares of restricted stock to certain employees. Of these 73,000 shares, 13,833 were fully vested as of the grant date; the remaining 59,167 vest between November 2013 and November 2016. The grant date fair value of these awards is approximately $0.6 million.