Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2011
Significant Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies Principles of Consolidation We have prepared our condensed consolidated financial statements without audit, in accordance with U.S. generally accepted accounting principles (“GAAP”) as codified by the Financial Accounting Standards Board (“FASB”) in its Accounting Standards Codification (“ASC”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, such condensed consolidated financial statements reflect all adjustments necessary to present fair condensed consolidated statements of operations, financial position and cash flows. We believe that the disclosures are adequate and the presented information is not misleading. This report has been prepared in accordance with the SEC’s Form 10-Q instructions and therefore, certain information and footnote disclosures normally included in audited financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the SEC’s rules and regulations. Our accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our annual report on Form 10-K and Amendment No. 1 on Form 10-K/A for the fiscal year ended December 31, 2010 (“Annual Report”). The results of operations for the three and nine months ended September 30, 2011, are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2011. Accounting Estimates We have made a number of estimates and assumptions related to the reporting of condensed consolidated assets and liabilities and to the disclosure of contingent assets and liabilities to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. This includes assessing the realization of an outstanding note receivable, the estimated useful life of pipeline assets, valuation of stock-based payments and reserve information, which affects the depletion calculation and the full-cost ceiling limitation. While we believe current estimates are reasonable and appropriate, actual results could differ from those estimated. Going Concern Our condensed consolidated financial statements, which have been prepared in accordance with GAAP, contemplated that we would continue as a going concern. As such, our condensed consolidated financial statements do not contain any adjustments that might result if we were unable to continue as a going concern. On August 3, 2011, we received proceeds of approximately $3.7 million in cash pursuant to the sale of a portion of our onshore facilities and pipeline assets. We anticipate that our current cash reserves will provide us with sufficient cash to fund our operations beyond the next twelve months. See Note (9), Disposition of Assets, in the “Notes to Condensed Consolidated Financial Statements” included in this report. Cash and Cash Equivalents Cash equivalents include liquid investments with an original maturity of three months or less. We maintain cash and cash equivalent balances at one financial institution that is insured by the Federal Deposit Insurance Corporation (the “FDIC”). Cash balances are maintained in depository and overnight investment accounts with financial institutions which at times, exceed insured limits. We monitor the financial condition of the financial institutions and have experienced no losses associated with these accounts. In October 2008, the FDIC amended its deposit insurance provisions to increase the basic limit amount from $100,000 to $250,000 per depositor. The coverage increase, which was intended to be temporary, was to revert back to $100,000 per depositor limit on December 31, 2009. However, in May 2009, the FDIC extended the coverage date through December 31, 2013. The temporary increase was made permanent in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are customer obligations due under normal trade terms. The allowance for doubtful accounts represents our estimate of the amount of probable credit losses existing in our accounts receivable. We have a limited number of customers with individually large amounts due at any given date. Any unanticipated change in any one of these customers’ credit worthiness or other matters affecting the collectability of amounts due from such customers could have a material adverse effect on our results of operations in the period in which such changes or events occur. We regularly review all aged accounts receivables for collectability and establish an allowance as necessary for individual customer balances. As of September 30, 2011 and December 31, 2010, there was no allowance recorded related to trade accounts receivable. Oil and Gas Properties We account for our oil and gas properties using the full-cost method of accounting, whereby all costs associated with acquisition, exploration, and development of oil and gas properties, including directly related internal costs, are capitalized on a cost center basis. We use one cost center for domestic properties and one cost center for foreign properties. Amortization of such costs and estimated future development costs are determined using the unit-of-production method. Costs directly associated with the acquisition and evaluation of unproved properties are excluded from the amortization computation until it is determined whether or not proved reserves can be assigned to the properties or impairment has occurred. Impairment of Oil and Gas Properties We account for our oil and natural gas exploration and development activities using the full cost method of accounting. Under this method of accounting, we are required on a quarterly basis to determine whether the book value of our oil and natural gas properties (excluding unevaluated properties) is less than or equal to a “ceiling,” which is determined based upon the expected after tax present value (discounted at 10%) of the future net cash flows from our proved reserves, calculated using prevailing oil and natural gas prices on the last day of the period, or a subsequent higher price under certain circumstances. Any excess of the net book value of our oil and natural gas properties over the ceiling must be recognized as a non-cash impairment expense. Our ceiling for the three and nine months ended September 30, 2011, was calculated using domestic prices of $94.50 per barrel of oil and $4.09 per MMbtu of gas and an international price of $107.59 per barrel of oil. Our ceiling for the three and nine months ended September 30, 2010, was calculated using domestic prices of $77.61 per barrel of oil and $4.42 per MMbtu of gas. Pipelines and Facilities Pipelines and facilities are recorded at cost. Depreciation is computed using the straight-line method over estimated useful lives ranging from 10 to 22 years. In accordance with the ASC on accounting for the impairment or disposal of long-lived assets, assets are grouped and evaluated for impairment based on the ability to identify separate cash flows generated therefrom. We did not have any impairment of our pipelines and facilities for the three and nine month periods ended September 30, 2011 and 2010. During the quarter ended September 30, 2011, BDPL sold its eighty-three and one-third percent (83⅓%) undivided interest in the Buccaneer Pipeline to Sunoco Partners Marketing and Terminals L.P. (“Sunoco”). BDPL still maintains its 83⅓% undivided interest in the Galveston Area Block 350 Pipeline, as well as an 83⅓% undivided interest in the Omega Pipeline. Other Property and Equipment Depreciation of furniture, fixtures and other equipment is computed using the straight-line method over estimated useful lives ranging from 3 to 10 years. Stock-Based Compensation Stock-based compensation is recognized in our condensed consolidated financial statements based on the fair value, on the date of grant or modification, of the equity instrument awarded. Stock-based compensation expense is recognized in the condensed consolidated financial statements on a straight-line basis over the vesting period of the entire award. Recognition of Oil and Gas Revenue Sales from producing wells are recognized on the entitlement method of accounting, which defers recognition of sales when, and to the extent that, deliveries to customers exceed our net revenue interest in production. Similarly, when deliveries are below our net revenue interest in production, sales are recorded to reflect the full net revenue interest. Our imbalance liability at September 30, 2011 and 2010 was not material. Recognition of Pipeline Transportation Revenue Revenue from our pipelines is derived from fee-based contracts and is typically based on transportation fees per unit of volume transported multiplied by the volume delivered. Revenue is recognized when volumes have been physically delivered for the customer through the pipeline.