Commitments and Contingencies Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(10)           Commitments and Contingencies

In the ordinary course of business, we are party to various legal actions, which arise primarily from our activities as operator of oil and natural gas wells. In management's opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on our financial position or results of operations.

Through April 22, 2016, most of our pending legal proceedings were stayed by virtue of our voluntary petition filed on December 31, 2015 seeking relief under Chapter 11 of the Bankruptcy Code.

During the second quarter of 2016, in connection with the bankruptcy, the Company rejected the lease for office space in Houston, Texas and entered into an agreement on May 15, 2016 to reduce our existing Houston office space. The agreement is on a month-to-month basis through December 31, 2016 and the minimum annual obligation under non-cancelable lease commitments is $2.1 million for 2016.

In connection with the bankruptcy, our previous gas transportation and processing minimum obligations were adjusted and are now $7.7 million for 2016, $9.3 million for 2017, $8.7 million for 2018, $8.3 million for 2019, $7.9 million for 2020 and $41.9 million in the aggregate.