SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

In October 2011, we announced our intention to divest our acreage located in the Wolfberry Trend in the Permian Basin in West Texas to refocus our efforts in our horizontal drilling programs and to provide funds for our 2012 capital program. On December 20, 2011, we executed a purchase and sales agreement with COG for the sale of our Permian Basin Wolfberry assets for a total price of $173.9 million, subject to customary post-closing adjustments. The transaction closed on February 28, 2012 with total proceeds received of $184.4 million after preliminary closing adjustments. The proceeds from the sale will be used to pay down our corporate credit facility and provide liquidity to fund our 2012 capital budget. The divestiture is expected to provide us with capital funding to allow us to accelerate the development of our liquid-rich inventory of projects in the Wattenberg Field. Our Permian Basin assets were classified as held for sale as of December 31, 2011 and 2010, and the results of operations related to those assets were reported as discontinued operations in the consolidated statements of operations in 2010, year of acquisition, and 2011. See Note 13.