Restatment of Previously Issued Consolidated Financial Statements (Tables)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2014

Mar. 31, 2015

Jun. 30, 2015

Pushdown Accounting [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Details of the restatement applicable to these quarterly consolidated financial statements are as follows:

	As of September 30, 2014						As of June 30, 2014
	As Reported		Adjustment		Restated		As Reported		Adjustment		Restated
	(In thousands)
Total Assets	$	3,377,657	$	-	$	3,377,657	$	3,669,830	$	-	$	3,669,830
Total Current Liabilities	$	332,185	$	-	$	332,185	$	325,730	$	-	$	325,730
Deferred Income Taxes		496,629		28		496,657		483,798		12		483,810
Other Non-Current Liabilities		1,255,457		-		1,255,457		1,260,576		-		1,260,576
Total Liabilities		2,084,271		28		2,084,299		2,070,104		12		2,070,116
Stockholders' Equity
Preferred stock		-		-		-		-		-		-
Common stock		-		-		-		-		-		-
Additional paid-in capital		1,599,341		-		1,599,341		1,599,341		-		1,599,341
Retained earnings (accumulated loss)		(312,734)		6,751		(305,983)		6,637		(6,264)		373
Accumulated other comprehensive loss, net of income taxes		6,779		(6,779)		-		(6,252)		6,252		-
Total Stockholders' Equity		1,293,386		(28)		1,293,358		1,599,726		(12)		1,599,714
Total Liabilities and Stockholders' Equity	$	3,377,657	$	-	$	3,377,657	$	3,669,830	$	-	$	3,669,830

	Three Months Ended September 30, 2014
	As Reported		Adjustment		Restated
	(In thousands)
Revenues
Oil and natural gas	$	173,720	$	(1,839)	$	171,881
Gain (loss) on derivative financial instruments		-		21,857		21,857
Other		389		-		389
Total Revenues		174,109		20,018		194,127
Costs and Expenses		476,735		-		476,735
Operating Income		(302,626)		20,018		(282,608)
Other Income (Expense)
Interest income		-		-		-
Interest expense		(10,901)		-		(10,901)
Loss on derivative instruments		(30)		30		-
Total other expense		(10,931)		30		(10,901)
Income (Loss) Before Income Taxes		(313,557)		20,048		(293,509)
Income Tax Expense (Benefit)		5,814		7,033		12,847
Net Income (Loss)		(319,371)		13,015		(306,356)
Net Income (Loss)	$	(319,371)	$	13,015	$	(306,356)
Other Comprehensive Loss
Crude Oil and Natural Gas Cash Flow Hedges
Unrealized change in fair value net of ineffective portion		21,887		(21,887)		-
Effective portion reclassified to earnings during the period		(1,839)		1,839		-
Total Other Comprehensive Loss		20,048		(20,048)		-
Income Tax Expense (Benefit)		7,017		(7,017)		-
Net Other Comprehensive Income (Loss)		13,031		(13,031)		-
Comprehensive Income	$	(306,340)	$	(16)	$	(306,356)

Details of the restatement applicable to these quarterly consolidated financial statements are as follows:

	As of December 31, 2014						As of June 30, 2014
	As Reported		Adjustment		Restated		As Reported		Adjustment		Restated
	(In thousands)
Total Current Assets	$	97,213	$	-	$	97,213	$	129,010	$	-	$	129,010
Property and equipment, net		2,554,922		(7,443)		2,547,479		3,205,187		-		3,205,187
Total Other Assets		6,040		-		6,040		335,633		-		335,633
Total Assets	$	2,658,175	$	(7,443)	$	2,650,732	$	3,669,830	$	-	$	3,669,830
Total Current Liabilities	$	336,240	$	-	$	336,240	$	325,730	$	-	$	325,730
Deferred Income Taxes		240,049		(3,088)		236,961		483,798		12		483,810
Other Non-Current Liabilities		1,238,785		-		1,238,785		1,260,576		-		1,260,576
Total Liabilities		1,815,074		(3,088)		1,811,986		2,070,104		12		2,070,116
Stockholders' Equity
Preferred stock		-		-		-		-		-		-
Common stock		-		-		-		-		-		-
Additional paid-in capital		1,599,341		-		1,599,341		1,599,341		-		1,599,341
Retained earnings (accumulated loss)		(762,212)		1,617		(760,595)		6,637		(6,264)		373
Accumulated other comprehensive loss, net of income taxes		5,972		(5,972)		-		(6,252)		6,252		-
Total Stockholders' Equity		843,101		(4,355)		838,746		1,599,726		(12)		1,599,714
Total Liabilities and Stockholders' Equity	$	2,658,175	$	(7,443)	$	2,650,732	$	3,669,830	$	-	$	3,669,830

	Three Months Ended December 31, 2014						Six Months Ended December 31, 2014
	As Reported		Adjustment		Restated		As Reported		Adjustment		Restated
	(In thousands)						(In thousands)
Revenues
Oil and natural gas	$	156,070	$	(23,237)	$	132,833	$	329,790	$	(25,076)	$	304,714
Gain (loss) on derivative financial instruments		-		22,262		22,262		-		44,119		44,119
Other		543		-		543		932		-		932
Total Revenues		156,613		(975)		155,638		330,722		19,043		349,765
Costs and Expenses
Impairment of oil and natural gas properties		682,868		7,444		690,312		682,868		7,444		690,312
All other costs and expenses		159,852		-		159,852		636,587		-		636,587
Total Costs and Expenses		842,720		7,444		850,164		1,319,455		7,444		1,326,899
Operating Income		(686,107)		(8,419)		(694,526)		(988,733)		11,599		(977,134)
Other Income (Expense)
Interest income		4		-		4		4		-		4
Interest expense		(10,947)		-		(10,947)		(21,848)		-		(21,848)
Loss on derivative instruments		(26)		26		-		(56)		56		-
Total other expense		(10,969)		26		(10,943)		(21,900)		56		(21,844)
Income (Loss) Before Income Taxes		(697,076)		(8,393)		(705,469)		(1,010,633)		11,655		(998,978)
Income Tax Expense (Benefit)		(247,598)		(3,259)		(250,857)		(241,784)		3,774		(238,010)
Net Income (Loss)		(449,478)		(5,134)		(454,612)		(768,849)		7,881		(760,968)
Net Income (Loss)	$	(449,478)	$	(5,134)	$	(454,612)	$	(768,849)	$	7,881	$	(760,968)
Other Comprehensive Loss
Crude Oil and Natural Gas Cash Flow Hedges
Unrealized change in fair value net of ineffective portion		21,887		(21,887)		-		21,887		(21,887)		-
Effective portion reclassified to earnings during the period		(1,839)		1,839		-		(1,839)		1,839		-
Total Other Comprehensive Loss		20,048		(20,048)		-		20,048		(20,048)		-
Income Tax Expense (Benefit)		7,017		(7,017)		-		7,017		(7,017)		-
Net Other Comprehensive Income (Loss)		13,031		(13,031)		-		13,031		(13,031)		-
Comprehensive Income	$	(436,447)	$	(18,165)	$	(454,612)	$	(755,818)	$	(5,150)	$	(760,968)

Details of the restatement applicable to these quarterly consolidated financial statements are as follows:

	As of March 31, 2015						As of June 30, 2014
	As Reported		Adjustment		Restated		As Reported		Adjustment		Restated
	(In thousands)
Total Current Assets	$	79,888	$	-	$	79,888	$	129,010	$	-	$	129,010
Property and equipment, net		2,053,534		19,388		2,072,922		3,205,187		-		3,205,187
Total Other Assets		7,092		-		7,092		335,633		-		335,633
Total Assets	$	2,140,514	$	19,388	$	2,159,902	$	3,669,830	$	-	$	3,669,830
Total Current Liabilities	$	328,594	$	-	$	328,594	$	325,730	$	-	$	325,730
Deferred Income Taxes		49,308		6,677		55,985		483,798		12		483,810
Other Non-Current Liabilities		1,232,210		-		1,232,210		1,260,576		-		1,260,576
Total Liabilities		1,610,112		6,677		1,616,789		2,070,104		12		2,070,116
Stockholders' Equity
Preferred stock		-		-		-		-		-		-
Common stock		-		-		-		-		-		-
Additional paid-in capital		1,599,341		-		1,599,341		1,599,341		-		1,599,341
Retained earnings (accumulated loss)		(1,072,729)		16,501		(1,056,228)		6,637		(6,264)		373
Accumulated other comprehensive loss, net of income taxes		3,790		(3,790)		-		(6,252)		6,252		-
Total Stockholders' Equity		530,402		12,711		543,113		1,599,726		(12)		1,599,714
Total Liabilities and Stockholders' Equity	$	2,140,514	$	19,388	$	2,159,902	$	3,669,830	$	-	$	3,669,830

	Three Months Ended March 31, 2015						Nine Months Ended March 31, 2015
	As Reported		Adjustment		Restated		As Reported		Adjustment		Restated
	(In thousands)						(In thousands)
Revenues
Oil and natural gas	$	87,253	$	(1,830)	$	85,423	$	417,043	$	(26,906)	$	390,137
Gain (loss) on derivative financial instruments		-		(2,213)		(2,213)		-		41,906		41,906
Other		-		-		-		932		-		932
Total Revenues		87,253		(4,043)		83,210		417,975		15,000		432,975
Costs and Expenses
Depreciation, depletion and amortization		73,576		(227)		73,349		235,868		(227)		235,641
Impairment of oil and natural gas properties		430,859		(26,605)		404,254		1,113,727		(19,161)		1,094,566
All other costs and expenses		70,675		-		70,675		544,970		-		544,970
Total Costs and Expenses		575,110		(26,832)		548,278		1,894,565		(19,388)		1,875,177
Operating Income		(487,857)		22,789		(465,068)		(1,476,590)		34,388		(1,442,202)
Other Income (Expense)
Interest income		6		-		6		10		-		10
Interest expense		(12,558)		-		(12,558)		(34,406)		-		(34,406)
Loss on derivative instruments		(579)		579		-		(635)		635		-
Total other expense		(13,131)		579		(12,552)		(35,031)		635		(34,396)
Income (Loss) Before Income Taxes		(500,988)		23,368		(477,620)		(1,511,621)		35,023		(1,476,598)
Income Tax Expense (Benefit)		(190,471)		8,484		(181,987)		(432,255)		12,258		(419,997)
Net Income (Loss)		(310,517)		14,884		(295,633)		(1,079,366)		22,765		(1,056,601)
Net Income (Loss)	$	(310,517)	$	14,884	$	(295,633)	$	(1,079,366)	$	22,765	$	(1,056,601)
Other Comprehensive Loss
Crude Oil and Natural Gas Cash Flow Hedges
Unrealized change in fair value net of ineffective portion		(954)		954		-		43,220		(43,220)		-
Effective portion reclassified to earnings during the period		(2,510)		2,510		-		(27,586)		27,586		-
Total Other Comprehensive Loss		(3,464)		3,464		-		15,634		(15,634)		-
Income Tax Expense (Benefit)		(1,282)		1,282		-		5,592		(5,592)		-
Net Other Comprehensive Income (Loss)		(2,182)		2,182		-		10,042		(10,042)		-
Comprehensive Income	$	(312,699)	$	17,066	$	(295,633)	$	(1,069,324)	$	12,723	$	(1,056,601)

While these non-cash reclassifications impact revenues, net income (loss) in each period,  net income (loss) attributable to common stockholders, and net income (loss) per common share they have no material impact on total stockholders’ equity or cash flows. See additional disclosures of the effects of the restatement within Notes 10, 12, 16, 18 and 20.  Details of the restatement for 2014 are as follows:

	As of June 30, 2014
	As Reported		Adjustment		Restated
	(In thousands, except per share amounts)
Total Assets	$	3,669,830	$	-	$	3,669,830
Total Current Liabilities	$	325,730		-		325,730
Deferred Income Taxes		483,798		12		483,810
Other Non-Current Liabilities		1,260,576		-		1,260,576
Total Liabilities		2,070,104		12		2,070,116
Stockholders' Equity
Preferred stock		-		-		-
Common stock		-		-		-
Additional paid-in capital		1,599,341		-		1,599,341
Retained earnings		6,637		(6,264)		373
Accumulated other comprehensive loss, net of income taxes		(6,252)		6,252		-
Total Stockholders' Equity		1,599,726		(12)		1,599,714
Total Liabilities and Stockholders' Equity	$	3,669,830	$	-	$	3,669,830

	Period from June 4, 2014 through June 30, 2014
	As Reported		Adjustment		Restated
	(In thousands)
Revenues
Oil and natural gas	$	59,811	$	1,460	$	61,271
Other Income (Expense)		332				332
Gain (loss) on derivative financial instruments		-		(11,079)		(11,079)
Total Revenues		60,143		(9,619)		50,524
Costs and Expenses		46,309		-		46,309
Operating Income		13,834		(9,619)		4,215
Total Other Expense, net		(3,623)		-		(3,623)
Income Before Income Taxes		10,211		(9,619)		592
Income Tax Expense		3,574		(3,355)		219
Net Income	$	6,637		(6,264)	$	373
Net Income	$	6,637	$	(6,264)	$	373
Other Comprehensive Loss
Crude Oil and Natural Gas Cash Flow Hedges
Unrealized change in fair value net of ineffective portion		(11,170)		11,170		-
Effective portion reclassified to earnings during the period		1,551		(1,551)		-
Total Other Comprehensive Loss		(9,619)		9,619		-
Income Tax Benefit		(3,367)		3,367		-
Net Other Comprehensive Loss		(6,252)		6,252		-
Comprehensive Income	$	385	$	(12)	$	373