Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

Note 16 — Subsequent Events

Our evaluation has identified the following matters which require disclosure as events subsequent to December 31, 2011:

During 2012 through March 9, we sold for $65 million certain Overrides in our Gomez Hub. Similar to previous Overrides sold by us, the purchasers receive a designated portion of the revenues produced at the Gomez Hub until they have obtained the amount of their investment plus a designated return. Once payout of the Overrides has been achieved, the interests revert back to us. In March 2012, we entered into certain commodity price derivatives contracts which have provided us with net cash advances of $19.4 million and obligate us to pay market prices at the time of settlement. See also the discussion in Note 7, Other Long-term Obligations of changes to deferred payments related to our Cheviot field in the North Sea.

On March 9, 2012, we entered into Amendment and Restatement and Incremental Loan Assumption Agreement to the Credit Facility ("The Amendment"). The Amendment provides for an increase to the principal amount of the Credit Facility from $210 million to the lesser of $365.0 million or 10% of the Company's Adjusted Consolidated Net Tangible Assets, as defined. The amendment also reduces the interest rate of the Credit Facility from 9% fixed to a floating rate of 8.75% calculated based on a Libor floor of 1.50% plus 7.25%. The other terms of the Credit Facility are essentially unchanged by the Amendment.