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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

Note 28– Subsequent Events

 

As a result of the recent decline in oil and gas prices and the implications on our liquidity and results of operations, we have had discussions with certain of our creditors and/or their advisors.  Following these discussions, on February 3, 2015, we filed a Notice of Adjournment of Confirmation Hearing with the Bankruptcy Court.  That notice discloses the delay of the Bankruptcy Court’s review and confirmation hearing regarding the RSA Plan.  A new date for the confirmation hearing has not yet been determined.  Subsequent to filing the Notice, we continued to have discussions with certain of our creditors and their advisors and the advisors to the Official Committee of Unsecured Creditors appointed by the Bankruptcy Court concerning the impact of such price declines on the RSA Plan and potential amendments thereto and to the RSA.

 

We have determined that as a result of this decline in commodity prices, the RSA Plan is not feasible and, accordingly, we will not continue to seek its confirmation.  See Note 3 - Voluntary Reorganization under Chapter 11 for additional information concerning our Bankruptcy Cases and potential defaults under our Amended Term Loan Facility and liquidity concerns.