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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

Note 13 — Subsequent Events

On August 1, 2012, White Deer purchased 3,076,923 shares of the Company’s common stock at a price of $1.95 per share, $6.0 million initial liquidation preference of the Company’s Series A Cumulative Redeemable Preferred Stock and warrants to purchase 3,076,923 shares of common stock at an exercise price of $1.95 per share. The total purchase price was $12.0 million. The Company used the net proceeds to repay amounts outstanding under the Borrowing Base Facility and for working capital purposes. Following that repayment, the borrowing base under the Borrowing Base Facility was reduced by $7.5 million as of August 2, 2012. The terms of the Series A preferred stock and warrants are substantially the same as the Series A preferred stock and warrants issued in September 2010, except that the warrants are not coupled with a fractional share of Series B Voting Preferred Stock (and therefore have no voting right attached) and warrants issued upon the accrual of dividends on the related Series A preferred stock will be issued with an exercise price of $1.95, rather than the market price at the time of issuance. In addition, the date through which the Company may accrue dividends rather than pay them in cash for all outstanding Series A preferred stock was extended from July 1, 2013 to December 31, 2014.