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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net revenue:        
Oil revenue, net $ 12,776 $ 32,679 $ 26,057 $ 69,154
Other revenue 39 2 70 80
Total net revenue 12,815 32,681 26,127 69,234
Operating and administrative expenses:        
Lease operating expense 8,102 12,694 14,775 24,062
General and administrative expense 6,451 9,347 11,926 15,547
Geological, geophysical and engineering expense 746 3,520 1,104 28,741
Depreciation, depletion and amortization expense 7,955 11,648 14,859 23,154
Standby costs 2,225 1,409 3,368 2,599
Other expense   756   756
Total operating and administrative expenses 25,479 39,374 46,032 94,859
Operating loss (12,664) (6,693) (19,905) (25,625)
Other income (expense):        
Income (loss) from investment in Ecuador property, net 216 (47) 169 (94)
Interest expense, net (4,280) (4,080) (8,578) (10,290)
Loss on extinguishment of debt (3,786) (7,318) (3,786) (7,318)
Gain on derivatives 1,277 8,407 729 2,039
Interest income 38 7 47 10
Other expense (818) (198) (1,147) (245)
Total other expense, net (7,353) (3,229) (12,566) (15,898)
Loss before income taxes (20,017) (9,922) (32,471) (41,523)
Income tax benefit (377) (1,422) (47) (5,732)
Net loss $ (19,640) $ (8,500) $ (32,424) $ (35,791)
Basic net loss per share (in Dollars per share) $ (0.17) $ (0.07) $ (0.28) $ (0.31)
Diluted net loss per share (in Dollars per share) $ (0.17) $ (0.07) $ (0.28) $ (0.31)
Basic weighted average common shares outstanding (in Shares) 115,935 115,573 115,862 115,543
Diluted weighted average common shares outstanding (in Shares) 115,935 115,573 115,862 115,543