Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 17 – Subsequent Events

On April 29, 2015, the Debtors terminated the RSA and filed a notice with the Bankruptcy Court to withdraw the Plan.  We have determined that as a result of the recent decline in commodity prices, the Plan was not feasible and, accordingly, we will not continue to seek its confirmation. 

On April 29, 2015, in light of the foregoing, the Company also filed with the Bankruptcy Court a motion to, among other things, approve the sale of substantially all of the Company’s U.S. oil and gas assets and, in connection with such sale, establish bidding procedures and an auction.  Certain non-Debtors are also exploring restructuring alternatives, including preparing for the commencement of a separate marketing process in the U.K. for the sale of substantially all their U.K.-based oil and gas assets.

Refer to Note 3 – Voluntary Reorganization Under Chapter 11 for further information.