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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | At September 30, 2016, the Company had various costless collar contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling. Each contract is set to expire at varying times during 2016 and 2017. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at September 30, 2016.
Commodity | Calculation Period |  | Notional Quantity (Bbl or MMBtu) |  | Weighted Average Price Floor ($/Bbl or $/MMBtu) |  | Weighted Average Price Ceiling ($/Bbl or $/MMBtu) |  | Fair Value of Asset (Liability) (thousands)
Oil | 10/01/2016 - 12/31/2016 |  | 690,000 |  |  | $ | 42.48 |  |  | $ | 61.16 |  |  | $ | (788 | )
Oil | 01/01/2017 - 12/31/2017 |  | 2,160,000 |  |  | $ | 39.56 |  |  | $ | 50.36 |  |  | (11,097 | )
Natural Gas | 10/01/2016 - 12/31/2016 |  | 4,660,000 |  |  | $ | 2.65 |  |  | $ | 3.68 |  |  | (43 | )
Natural Gas | 01/01/2017 - 12/31/2017 |  | 16,860,000 |  |  | $ | 2.40 |  |  | $ | 3.59 |  |  | (2,049 | )
Total open derivative financial instruments |  |  |  |  |  |  |  | $ | (13,977 | )
These derivative financial instruments are subject to master netting arrangements; all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 (in thousands).
Derivative Instruments | Gross amounts recognized |  | Gross amounts netted in the condensed consolidated balance sheets |  | Net amounts presented in the condensed consolidated balance sheets
September 30, 2016 |  |  |  |  |
Current assets | $ | 3,498 |  |  | $ | (3,498 | ) |  | $ | — |
Other assets | 1,512 |  |  | (1,512 | ) |  | — |
Current liabilities | (13,637 | ) |  | 3,498 |  |  | (10,139 | )
Other liabilities | (5,350 | ) |  | 1,512 |  |  | (3,838 | )
Total | $ | (13,977 | ) |  | $ | — |  |  | $ | (13,977 | )
December 31, 2015 |  |  |  |  |
Current assets | $ | 16,767 |  |  | $ | (483 | ) |  | $ | 16,284 |
Current liabilities | (483 | ) |  | 483 |  |  | — |
Total | $ | 16,284 |  |  | $ | — |  |  | $ | 16,284 |
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Type of Instrument | Location in Condensed Consolidated Statement of Operations |  | 2016 |  | 2015 |  | 2016 |  | 2015
Derivative Instrument |  |  |  |  |  |  |  |  |
Oil | Revenues: Realized gain on derivatives |  | $ | 837 |  |  | $ | 17,056 |  |  | $ | 6,861 |  |  | $ | 42,013 |
Natural Gas | Revenues: Realized gain on derivatives |  | 48 |  |  | 2,215 |  |  | 3,552 |  |  | 8,531 |
Natural Gas Liquids | Revenues: Realized gain on derivatives |  | — |  |  | 591 |  |  | — |  |  | 1,602 |
Realized gain on derivatives |  | 885 |  |  | 19,862 |  |  | 10,413 |  |  | 52,146 |
Oil | Revenues: Unrealized gain (loss) on derivatives |  | 2,007 |  |  | 6,421 |  |  | (24,967 | ) |  | (19,923 | )
Natural Gas | Revenues: Unrealized gain (loss) on derivatives |  | 1,196 |  |  | 808 |  |  | (5,294 | ) |  | (4,035 | )
Natural Gas Liquids | Revenues: Unrealized loss on derivatives |  | — |  |  | (496 | ) |  | — |  |  | (1,398 | )
Unrealized gain (loss) on derivatives |  | 3,203 |  |  | 6,733 |  |  | (30,261 | ) |  | (25,356 | )
Total |  |  | $ | 4,088 |  |  | $ | 26,595 |  |  | $ | (19,848 | ) |  | $ | 26,790 |

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