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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

As of March 31, 2013, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average NYMEX West Texas Intermediate (“WTI”) crude oil index price:

Settlement Period		Derivative Instrument		Total Notional Amount of Oil				Average Swap Price				Average Sub-Floor Price				Average Floor Price				Average Ceiling Price				Fair Value Asset (Liability)
				(Barrels)																				(In thousands)
2013		Two-Way Collars			1,512,500											$	86.82			$	97.75			$	(2,930	)
2013		Three-Way Collars			1,685,750							$	65.92			$	92.45			$	111.45				2,588
2013		Put Spreads			1,400,250							$	70.76			$	91.20								2,242
2013		Swaps			1,100,000			$	94.55																(2,366	)
2014		Two-Way Collars			170,500											$	86.82			$	97.75				(268	)
2014		Three-Way Collars			2,695,030							$	70.33			$	90.79			$	106.21				6,056
2014		Put Spreads			150,970							$	71.03			$	91.03								569
2014		Swaps			458,000			$	92.80																(311	)
2015		Three-Way Collars			232,500							$	70.67			$	90.67			$	105.81				660
2015		Swaps			31,000			$	92.15																31
																								$	6,271

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 instruments recorded in the balance sheet for the periods presented:

Fair Value of Derivative Instrument Assets (Liabilities)
				Fair Value
Commodity		Balance Sheet Location		March 31, 2013				December 31, 2012
				(In thousands)
Crude oil		Derivative instruments — current assets		$	5,647			$	19,016
Crude oil		Derivative instruments — non-current assets			5,284				4,981
Crude oil		Derivative instruments — current liabilities			(4,660	)			(1,048	)
Crude oil		Derivative instruments — non-current liabilities			—				(380	)
Total derivative instruments				$	6,271			$	22,569

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 instruments for the periods presented:

				Three Months Ended March 31,
		Income Statement Location		2013				2012
				(In thousands)
Change in unrealized gain (loss) on derivative instruments		Net loss on derivative instruments		$	(16,298	)		$	(17,295	)
Realized gain (loss) on derivative instruments		Net loss on derivative instruments			1,686				(1,291	)
Total net loss on derivative instruments				$	(14,612	)		$	(18,586	)

Summary of Gross and Net Information about Commodity Derivative Instruments

The following tables summarize gross and net information about the Company’s commodity derivative instruments for the periods presented:

Offsetting of Derivative Assets
Derivative Instruments		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet
As of March 31, 2013		$	32,140			$	(21,209	)		$	10,931
As of December 31, 2012			68,970				(44,973	)			23,997
Offsetting of Derivative Liabilities
Derivative Instruments		Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Balance Sheet				Net Amounts of Liabilities Presented in the Balance Sheet
As of March 31, 2013		$	25,869			$	(21,209	)		$	4,660
As of December 31, 2012			46,401				(44,973	)			1,428

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