Acquisitions and Dispositions	9 Months Ended
Sep. 30, 2014
Dispositions and Acquisitions [Abstract]
Acquisitions and Dispositions	Note 3– Acquisitions and Dispositions Liberty Participation Agreement On February 25, 2014, Nytis LLC entered into a participation agreement (the “Participation Agreement”) with Liberty Energy LLC (“Liberty”) that allows Liberty to participate with Nytis LLC in the drilling and completion of wells on certain of Nytis LLC’s leases located in Kentucky. Pursuant to the Participation Agreement, Liberty paid Nytis LLC approximately $1.7 million. Upon receipt of this payment, Nytis LLC assigned to Liberty a 40% working interest in the covered leases. In accordance with the agreement, Liberty will pay a disproportionate percentage of the costs associated with drilling and completing 20 wells on the covered leases. In addition, pursuant to the Participation Agreement, as of September 30, 2014, Liberty purchased a 40% interest in additional acreage for approximately $1.1 million. The Participation Agreement also provided for the reservation by Nytis LLC of an overriding royalty interest with respect to the covered leases, subject to an agreed upon minimum net revenue interest. Following the drilling of these 20 wells, Nytis LLC and Liberty will pay their respective costs on a basis proportionate to their working interests. As the transaction did not significantly alter the relationship between capitalized costs and proved reserves, the Company did not recognize a gain or loss. The proceeds from the Participation Agreement were recorded as a reduction of the Company’s investment in its unproved and proved oil and gas properties.

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2014

Dispositions and Acquisitions [Abstract]

Note 3– Acquisitions and Dispositions

Liberty Participation Agreement

On February 25, 2014, Nytis LLC entered into a participation agreement (the “Participation Agreement”) with Liberty Energy LLC (“Liberty”) that allows Liberty to participate with Nytis LLC in the drilling and completion of wells on certain of Nytis LLC’s leases located in Kentucky.

Pursuant to the Participation Agreement, Liberty paid Nytis LLC approximately $1.7 million. Upon receipt of this payment, Nytis LLC assigned to Liberty a 40% working interest in the covered leases. In accordance with the agreement, Liberty will pay a disproportionate percentage of the costs associated with drilling and completing 20 wells on the covered leases. In addition, pursuant to the Participation Agreement, as of September 30, 2014, Liberty purchased a 40% interest in additional acreage for approximately $1.1 million.

The Participation Agreement also provided for the reservation by Nytis LLC of an overriding royalty interest with respect to the covered leases, subject to an agreed upon minimum net revenue interest.

Following the drilling of these 20 wells, Nytis LLC and Liberty will pay their respective costs on a basis proportionate to their working interests.

As the transaction did not significantly alter the relationship between capitalized costs and proved reserves, the Company did not recognize a gain or loss. The proceeds from the Participation Agreement were recorded as a reduction of the Company’s investment in its unproved and proved oil and gas properties.