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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Summary of Other Current Assets

Other current assets at December 31, 2016 and 2017 consist of the following:

 

 

 

 

 

 

As of December 31,

 

 

 

2016

 

 

2017

 

 

 

 

(In thousands)

 

 

Pipe and oil field equipment inventory

 

$

1,183

 

 

$

998

 

Production tax refunds receivable

 

 

303

 

 

 

1,409

 

Other

 

 

338

 

 

 

338

 

 

 

$

1,824

 

 

$

2,745

 

 
Schedule of Fair Value Impairments, Average Prices of Oil and Gas Properties And Applicable Discount Rates

The following table presents the fair value and impairments recorded by the Company in the third quarter and fourth quarter of 2015, as well as the average oil price per barrel and gas price per thousand cubic feet over the life of the properties and the applicable discount rates utilized in the Company's assessments:

 

 

Fair

Value

 

 

Impairment

 

 

 

Management's Price Outlook

 

 

Annual
Discount Rate

 

 

Oil

 

 

Gas

 

 

(In thousands)

 

 

 

(Per barrel)

 

 

(Per Mcf)

 

 

 

 

Impairments recorded at September 30, 2015:

Oil properties

 

 

$330,257

 

 

 

$405,308

 

  

 

$73.70

 

 

$4.04

 

 

10%-20%

 

Natural gas properties

 

 

$61,625

 

 

 

$139,406

 

 

 

$75.91

 

 

$3.91

 

 

10%-20%

 

 

Impairments recorded at December 31, 2015:

 

Oil properties

 

 

$3,030

 

 

 

$16,036

 

  

 

$73.48

 

 

 

 

 

10%-20%

 

Natural gas properties

 

 

$123,926

 

 

 

$238,210

 

 

 

$70.76

 

 

$3.74

 

 

10%-20%

 

 
Summary of Accrued Expenses

Accrued expenses at December 31, 2016 and 2017 consist of the following:

  

 

As of December 31,

 

 

 

2016

 

  

2017

 

 

 

(In thousands)

 

 

Accrued drilling costs

 

 

7,498

 

 

$

5,874

 

Accrued interest payable

 

$

22,721

 

 

 

21,277

 

Accrued transportation costs

 

 

2,227

  

  

 

3,269

 

Accrued employee compensation

 

 

6,292

  

  

 

6,449

 

Asset retirement obligation – assets held for sale

 

 

—

 

 

 

4,557

 

Other

 

 

1,628

  

  

 

1,029

 

 

 

$

40,366

  

  

$

42,455

  

 
Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in the Company's total estimated liability:

 

 

 

2016

 

 

2017

 

 

 

(In thousands)

 

Reserve for Future Abandonment Costs at beginning of the year

 

$

20,093

 

 

$

15,804

 

New wells placed on production

 

 

3

 

 

 

7

 

Changes in estimates and timing

 

 

(553

)

 

 

(1,260

)

Liabilities settled

 

 

(409

)

 

 

(77

)

Assets held for sale

 

 

—

 

 

 

(4,557

)

Asset divestitures

 

 

(4,268

)

 

 

(320

)

Accretion expense

 

 

938

 

 

 

810

 

Reserve for Future Abandonment Costs at end of the year

 

$

15,804

 

 

$

10,407

 

 
Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the years ended December 31, 2015, 2016 and 2017 were determined as follows:

 

 

 

2015

 

 

2016

 

 

2017

 

 

 

Income
(Loss)

 

 

Shares

 

  

Per Share

 

 

Loss

 

 

Shares

 

  

Per Share

 

 

Loss

 

  

Shares

 

  

Per Share

 

 

 

(In thousands except per share data)

 

 

 

 

 

Basic and Diluted
Net Loss
Attributable to Common Stock

 

$

(1,047,109

)

  

 

9,223

 

  

$

(113.53

)

 

$

(135,134

)

  

 

11,729

 

  

$

(11.52

)

 

$

(111,405

)

 

 

14,644

 

 

$

(7.61

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

  

 

 

 

 
Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock included in common stock outstanding were as follows:

 

 

 

2015

  

 

2016

  

 

2017

 

 

 

(In thousands)

 

 

Unvested restricted stock

 

 

293

 

 

 

344

 

 

 

612

 

 
Common Stock Stock Options and Convertible Stock Anti-Dilutive to Earnings Excluded from Weighted Average Shares Used in Computation of Earning Per Share

All stock options, unvested PSUs, warrants exercisable into common stock and contingently issuable shares related to the convertible debt that were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss in each period were as follows:

 

 

2015

  

 

2016

  

 

2017

 

 

 

(In thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average stock options

 

  

20

  

 

 

11

 

 

 

—

 

Weighted average exercise price per share

 

$

164.75

  

 

$

166.10

 

 

 

—

 

Weighted average warrants for common stock

 

 

—

 

 

 

337

 

 

 

463

 

Weighted average exercise price per share

 

$

—

 

 

$

0.01

 

 

$

0.01

 

Weighted average PSUs

 

 

136

 

 

 

136

 

 

 

274

 

Weighted average grant date fair value per unit

 

$

35.35

 

 

$

22.17

 

 

$

17.12

 

Weighted average contingently convertible shares

 

 

—

 

 

 

11,574

 

 

 

37,046

 

Weighted average conversion price per share

 

$

—

 

 

$

12.32

 

 

$

12.32

 

 
Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes for the years ended December 31, 2015, 2016 and 2017, respectively, were as follows:

 

 

2015

 

 

2016

 

 

2017

 

 

 

(In thousands)

 

Interest payments

 

$

94,177

  

 

$

105,449

  

 

$

73,941

  

Income tax payments

 

$

77

 

 

$

—

 

 

$

3