Common Stock

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

The holders of common stock have full voting rights on all matters requiring stockholder action, with each share of common stock entitled to one vote. Holders of common stock are not entitled to cumulate votes in elections of directors.  No stockholder has any preemptive right to subscribe to an additional issue of any stock or to any security convertible into such stock.

In addition, as long as any shares of the Series B-1, Series C-1 or Series D Preferred Stock discussed above are outstanding, the Company may not pay or declare any dividends on common stock (other than dividends payable in common stock) unless the Company has paid, or at the same time pays or provides for the payment of, all accrued and unpaid dividends on the Series B, Series C and Series D Preferred Stock.  In addition, the terms of the Company’s preferred stock and the Company’s debt agreements further restrict the Company’s ability to pay dividends on common stock.  No dividends on common stock have been declared for any periods presented.

On December 18, 2009, the Company issued 4,000,000 shares of its common stock at a public offering price of $9.25 per share. In addition, the Company issued 750,000 shares to Avista in connection with the exchange of the Series B-2 preferred stock for the new series C preferred stock.

On January 14, 2010, in conjunction with the December 18, 2009 common stock issuance, the underwriters of the stock exercised their option to purchase 207,200 shares of common stock for approximately $1.8 million.

On February 12, 2010, the Company issued 2,153,616 shares of its common stock to PGS in connection with the acquisition of PGS Onshore.

On August 29, 2011, the Company issued 1,041,668 shares of its common stock to the Lenders as payment of the advisory fee associated with the Whitebox Revolving Credit Facility.

Common Equity Interests

On the effective date of the Plan, holders of common stock will receive no distribution and their equity interests will be cancelled without consideration.

The new Common Stock will be issued pursuant to one or more exemptions from registration under federal and state securities laws and will: (i) not be registered and (ii) be transferable by the recipients thereof only under an effective registration statement or pursuant to an exemption from registration, including, without limitation, section 1145 of the U.S. Code. The Plan shall provide that the new Common Stock is being issued pursuant to section 1145 of the U.S. Code. The reorganized Company will initially be a private company. The organizational structure of the reorganized Company shall be structured in the most tax efficient manner as determined by the majority Noteholders (and the terms of the Plan shall be revised to the extent necessary to be consistent with any such structure).