Related Party Transactions

6 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Note 13 — Related Party Transactions

In April 2000, ERT acquired a 20% working interest in Gunnison,  a  deepwater Gulf of Mexico prospect, from a third party.  Financing for the exploratory costs of approximately $20 million was provided by an investment partnership, OKCD Investments, Ltd.  (“OKCD”), the investors of which include current and former Helix management, in exchange for a revenue interest that is an overriding royalty interest of 25% of ERT’s 20%  working interest.  Production began in December 2003.  Payments to OKCD during the period in which Helix owned ERT  totaled $0.6 million in the three-month period ended March 31, 2013, and  $2.2 million and $3.9 million, respectively, in the three- and six-month periods ended June 30, 2012.Our Chief Executive Officer, Owen Kratz, through Class A limited partnership interests in OKCD, personally owns approximately 84% of the partnership.Payments to OKCD by Helix ceased with the sale of ERT in February 2013, when the royalty agreement with OKCD was transferred to a third party along with ERT (and all of its assets and obligations).