Business Segments

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segments

Business Segments

The Company has operations in only one industry segment, the oil and gas exploration and production industry; however, beginning in 2010, the Company was organizationally structured along geographic operating segments or regions. The Company has reportable operations in the United States and Canada.

In 2011, three customers accounted for approximately 28% of our consolidated oil and gas revenue. Two customers accounted for approximately 26% of United States revenue and one customer accounted for 100% of revenue in Canada. In 2012, four customers accounted for approximately 31% of our consolidated oil and  gas revenue. Three customers accounted for approximately 28% of United States revenue and one customer accounted for 100% of revenue in Canada. In 2013, three customers accounted for approximately 50% of our consolidated oil and  gas revenue. Two customers accounted for approximately 49% of United States revenue and one customer accounted for 100% of revenue in Canada.

The following tables provide the Company’s geographic operating segment data as of and for the year ended December 31, 2011, 2012 and 2013:

	Year Ended December 31, 2011
	U.S.		Canada			Corporate			Total
	(In thousands)
Revenues:
Oil and gas production	$	63,105	$	1,510		$	—		$	64,615
Other	—		—			7			7
	63,105		1,510			7			64,622
Costs and expenses:
Lease operating	20,788		793			—			21,581
Production taxes	5,764		2			—			5,766
Depreciation, depletion and amortization	15,236		709			249			16,194
Impairment	—		—			—			—
General and administrative	1,698		654			7,081			9,433
Net interest	448		4			4,439			4,891
Amortization of deferred financing fees	—		—			1,762			1,762
Loss on derivative contracts - realized	—		—			676			676
Gain on derivative contracts - unrealized	—		—			(7,476		)	(7,476		)
Earnings from equity method investment	—		—			(2,187		)	(2,187		)
Other	—		—			316			316
Income tax	—		—			(77		)	(77		)
Income (loss)	$	19,171	$	(652	)	$	(4,776	)	$	13,743

	Year Ended December 31, 2012
	U.S.		Canada			Corporate			Total
	(In thousands)
Revenues:
Oil and gas production	$	65,590	$	2,909		$	—		$	68,499
Other	—		—			74			74
	65,590		2,909			74			68,573
Costs and expenses:
Lease operating	22,578		2,228			—			24,806
Production taxes	6,588		25			—			6,613
Depreciation, depletion and amortization	20,704		2,063			249			23,016
Impairment	—		19,774			—			19,774
General and administrative	1,980		699			8,033			10,712
Net interest	457		17			5,042			5,516
Amortization of deferred financing fees	—		—			937			937
Loss on derivative contracts - realized	—		—			459			459
Gain on derivative contracts - unrealized	—		—			(2,669		)	(2,669		)
Earnings from equity method investment	—		—			(2,207		)	(2,207		)
Income tax expense	—		—			310			310
Other	—		—			97			97
Income (loss)	$	13,283	$	(21,897	)	$	(10,177	)	$	(18,791	)

	Year Ended December 31, 2013
	U.S.		Canada			Corporate			Total
	(In thousands)
Revenues:
Oil and gas production	$	92,268	$	2,007		$	—		$	94,275
Other	—		—			56			56
	92,268		2,007			56			94,331
Costs and expenses:
Lease operating	23,205		2,156			—			25,361
Production taxes	8,437		73			—			8,510
Depreciation, depletion and amortization	25,338		1,045			249			26,632
Impairment	—		6,025			—			6,025
General and administrative	2,471		879			9,526			12,876
Net interest	615		23			3,939			4,577
Amortization of deferred financing fees	—		—			1,367			1,367
Gain on sale of properties	—		—			(33,377		)	(33,377		)
Loss on derivative contracts - realized	—		—			5,035			5,035
Gain on derivative contracts - unrealized	—		—			(2,561		)	(2,561		)
Income tax	—		—			700			700
Other	—		—			539			539
Income (loss)	$	32,202	$	(8,194	)	$	14,639		$	38,647

The following table provides the Company’s geographic asset data as of December 31, 2012 and December 31, 2013:

Segment Assets:	December 31,   2012		December 31,   2013
	(In thousands)
United States	$	223,253	$	213,212
Canada	7,053		1,640
Corporate	10,301		8,798
	$	240,607	$	223,650