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Subsequent Events
 3 Months Ended
Mar. 31, 2013
Subsequent Events

12.              Subsequent events

Additional Derivative Instruments

In April 2013, the Company entered into one new commodity contract, as summarized below (volume is expressed in MMcf and contracts are indexed to NYMEX).

 

 

 

 

 

Type of Contract

Remaining
Contractual
Volume

Term

Price

 

 

 

 

Fixed Price Swap

              3,000,000             

              01/15-12/15             

$              4.28             

 

 

Total

              3,000,000             

 

 

 

 

 

 

 

Main Fork Unit Update

In 2009, the Company entered into an agreement to give optional farm-in rights to a third party to re-enter the TTU #1 well located in the Main Fork Unit in Utah.  The Company was notified in April 2013 that the third party was terminating the agreement and would not exercise its farm-in right.  In accordance with the agreement, the third party will pay $500 to the Company.