Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Note 13 — Related Party Transactions

In April 2000, we acquired a 20% working interest in Gunnison,  a  deepwater Gulf of Mexico prospect, from a third party.  Financing for the exploratory costs of approximately $20 million was provided by an investment partnership, OKCD Investments, Ltd.  (“OKCD”), the investors of which include current and former Helix management, in exchange for a revenue interest that is an overriding royalty interest of 25% of Helix’s working interest.  Production began in December 2003.  Our payments to OKCD totaled $0.6 million and $1.7 million in the three-month periods ended March 31, 2013 and2012, respectively.Our Chief Executive Officer, Owen Kratz, through Class A limited partnership interests in OKCD, personally owns approximately 83% of the partnership. In 2000, OKCD also awarded Class B income participations to key Helix employees who are required to maintain their employment status with Helix in order to retain such income participations.  The royalty agreement with OKCD was assumed by the purchaser of ERT following the sale of ERT in February 2013.