Capital Stock

9 Months Ended

Sep. 30, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

CAPITAL STOCK

Share Lending Arrangement

In February 2008, in connection with the offer and sale of the 5.00% convertible notes, we entered into a share lending agreement (the “Share Lending Agreement”). Under this agreement, we loaned to the share borrower up to the maximum number of shares of our common stock underlying the 5.00% convertible notes. As of September 30, 2011, 2,364,375 shares of our common stock were subject to outstanding loans to the share borrower under the Share Lending Agreement.

Sale/Issuance of Common and Preferred Stock

In February 2011, we completed an offering of 21,075,000 shares of our common stock at a price of $4.75 per share. The net proceeds to the Company were $93.6 million after underwriters' discounts and commissions and expenses of the offering payable by the Company. In March 2011, the underwriters exercised the over-allotment option granted in connection with the February 2011 offering and purchased an additional 1,098,518 shares of common stock, which increased the net proceeds to the Company by $4.9 million after underwriters' discounts and commissions and expenses of the offering payable by the Company. The Company used the net proceeds, together with proceeds from a concurrent private placement of the 11.375% Senior Notes, to (i) fund an offer to purchase up to $50.0 million of its 5.00% convertible notes, (ii) repay the then outstanding balance under its revolving bank credit facility and (iii) fund the cash portion of the purchase price of the acquisitions described in Note A. The Company used the remaining net proceeds to fund its exploration and development program and for other general corporate purposes.

In February 2011, the Company issued 2,268,971 common shares in connection with an acquisition of undeveloped Bakken oil and gas properties described in Note A. In April 2011, the Company issued an additional 3,542,091 shares of its common stock in connection with other acquisitions of undeveloped Bakken oil and gas properties also described in Note A.

During the nine months endedSeptember 30, 2011, the Company received $25.8 million related to the issuance of 1,135,565 shares of its 9.25% Series B Cumulative Preferred Stock pursuant to an at-the-market sales program by the Company.