Subsequent Event

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Event

Note 12 – Subsequent Event

In October 2014, we contracted a deep water drilling rig for our multi-year, deep water program in the GOM. The primary term contract is for 30 months and is expected to commence during the second quarter of 2015 at a rate of approximately $350,000 per day, representing a total commitment of approximately $319 million. The contract permits us to exercise options to extend the term up to an additional 12 months. We also have the option to reduce the primary term contract by up to six months, subject to notification no later than March 31, 2015.