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Related Parties
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12 Months Ended |
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Dec. 31, 2011
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| Related Parties [Abstract] | |
| Related Parties |
18. Related Parties During 2011, 2010, and 2009, there were certain transactions between us and companies that were controlled by our majority shareholder. The transactions were primarily for use of jet services and transactions related to insurance. Our majority shareholder owns a certain aircraft that the Company used and reimbursed him for such use and for his use. Jet services were charged to us at rates that were either equal to or below rates charges by non-related, third-party companies. Jet services transactions were approximately $1.1 million, $0.9 million and $0.1 million for the years 2011, 2010 and 2009, respectively. In addition, our majority shareholder has ownership interests in certain wells operated by us. Revenues are disbursed and expenses are collected in accordance with ownership interest. Proportionate insurance premiums were paid to us and proportionate collections of insurance reimbursements attributable to damage on certain wells were disbursed. |
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- Definition
The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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