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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule of Outstanding Commodity Derivative Instruments

As of December 31, 2012, the Company had the following outstanding commodity derivative contracts, all of which settle monthly based on the WTI crude oil index price:

 

Settlement

Period

   

Derivative

Instrument

    Total
Notional
Amount of
Oil (Barrels)		      Average
Swap Price		      Average
Sub-Floor
Price		      Average
Floor Price		      Average
Ceiling  Price		      Fair Value
Asset
(Liability)		  
                                             (In thousands)  
2013    Two-way collar      2,116,000             $ 87.05       $ 98.78         56   
2013    Three-way collar      2,357,420          $ 65.96       $ 92.16       $ 111.26         8,603   
2013    Put Spreads      1,717,080          $ 70.71       $ 91.24            7,567   
2013    Swaps      1,033,000       $ 94.76                  1,742   
2014    Two-way collar      170,500             $ 86.82       $ 97.75         (69 ) 
2014    Three-way collar      2,361,030          $ 70.38       $ 90.90       $ 106.88         3,453   
2014    Put Spreads      150,970          $ 71.03       $ 91.03            889   
2014    Swaps      93,000       $ 94.76                  154   
2015    Three-way collar      201,500          $ 70.77       $ 90.77       $ 106.48         174   
                    

 

 

  
                     $ 22,569   
                    

 

 

  
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following table summarizes the location and fair value of all outstanding commodity derivative contracts recorded in the Consolidated Balance Sheet for the periods presented:

 

Fair Value of Derivative Instrument Assets (Liabilities)

  
        Fair Value
December 31,		  

Instrument Type

  

Balance Sheet Location

   2012     2011  
        (In thousands)  

Crude oil collar

   Derivative instruments — current assets   $ 19,016      $ —     

Crude oil collar

   Derivative instruments — non-current assets     4,981        4,362  

Crude oil collar

   Derivative instruments — current liabilities     (1,048 )      (5,907 ) 

Crude oil collar

   Derivative instruments — non-current liabilities     (380 )      (3,505 ) 
   

 

 

    

 

 

  

Total derivative instruments

     $  22,569      $ (5,050 ) 
   

 

 

    

 

 

  
Realized and Unrealized Gains and Losses From Commodity Derivative Instruments

The following table summarizes the location and amounts of realized and unrealized gains and losses from the Company’s commodity derivative contracts for the periods presented:

 

          December 31,  
    

Statement of Operations Location

    2012      2011     2010  
          (In thousands)  

Change in unrealized gain (loss) on derivative instruments

    Net gain (loss) on derivative instruments    $ 27,619       $ 5,436      $ (7,533 ) 

Realized gain (loss) on derivative instruments

    Net gain (loss) on derivative instruments      6,545         (3,841 )      (120 ) 
     

 

 

     

 

 

    

 

 

  

Total net gain (loss) on derivative instruments

       $ 34,164       $ 1,595      $ (7,653 )